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TOP STORY
NZ auction partially clears, spot NZU price falls 17%
The first New Zealand ETS auction for 2024 has partially cleared, with 2.974 million NZUs being sold, the first time the government-run auctions have sold units since Dec. 2022.
EMEA
EU must be open to CBAM changes, says senior lawmaker
The chair of the European Parliament’s international trade committee has called on the EU to be “flexible” with the Carbon Border Adjustment Mechanism (CBAM), saying legislators should be ready to amend the regulation if needed at the end of the transitional period.
UK seeks feedback on biomethane production support, UK ETS integration
The UK is seeking feedback on a policy framework to support biomethane production, including on how to distinguish its emissions from those from fossil gas in the country’s ETS.
Experts warn against ‘dark side’ of including carbon removals in EU ETS
There is a risk of the “dark side of carbon dioxide removals (CDR) taking over” if technologies to suck CO2 from the atmosphere are included in the EU’s Emissions Trading Scheme (EU ETS), experts warned at an event in Brussels on Tuesday.
Euro Markets: EUAs snap three-day winning streak, swing in €3.40 range in line with volatile gas
European carbon allowance prices whipsawed sharply on Tuesday, making early gains of as much as 2.4% and briefly topping a technical resistance level as benchmark TTF futures rose to a six-week high, before slumping as low as 3.1% in the afternoon as the market continued to be driven by swings on gas.
Non-profit calls on the EU to come up with a dedicated CO2 removal strategy
The EU needs to develop a carbon dioxide removal (CDR) strategy and lay out a roadmap for carbon removals deployment from now to 2050 in order to achieve net zero emissions by mid-century, according to a climate non-profit.
European Commission to publish EU ETS verified emissions data for 2023 on Apr. 3
The European Commission will publish preliminary 2023 verified emissions figures for the EU ETS on Apr. 3, it announced late Tuesday.
AMERICAS
Draft Mexican VCM regulation poses “nearly zero” risk to developers -lawyer
The draft regulation for the national voluntary carbon market (VCM) in Mexico poses “nearly zero” risk to project developers in its current form due to deep structural issues, a conference heard from a legal expert Tuesday.
TotalEnergies buys into US CCS projects with $148 mln Talos Energy deal
TotalEnergies announced on Monday the acquisition of a 25% stake in Bayou Bend carbon capture and storage facility plus shares in two other projects, in a $148 million deal for the CCS subsidiary of Talos Energy.
ASIA PACIFIC
NZ auction partially clears, spot NZU price falls 12%
The first New Zealand ETS auction for 2024 has partially cleared, with 2.974 million NZUs being sold, the first time the government-run auctions have sold units since Dec. 2022.
Two groups sign on for low carbon, synthetic fuel collaborations
There has been another step towards low-carbon fuels this week, as two groups signed agreements to develop e-fuels, or synthetic replicas of traditional fossil fuels made with captured CO2 and renewable energy.
ID Market: National carbon exchange remains dormant, but int’l trade expected to be allowed in second half of 2024
Indonesia’s national carbon exchange has remained quiet in the first two months of this year, according to newly published data, but market sources believe the exchange will open itself up to international trade later this year.
US, Japanese gas giants join for CCS study
Chevron and JX Nippon Gas have signed a non-binding agreement to look at capturing CO2 in Japan and sending it to Australia and other nearby nations for permanent sequestration.
China thermal power generation continues to outpace total electricity output
China saw thermal power generation in the first two months of 2024 continue to outpace the growth of total power output amid rosier economic figures, according to the latest government data.
London brokerage to expand into New Zealand carbon market via acquisition
A London-based brokerage will acquire a New Zealand energy and carbon firm to offer its international clients better access to the New Zealand ETS.
INTERNATIONAL
Oil and gas companies far off course on Paris goals -report
The world’s largest oil and gas companies are far from aligning with the Paris Agreement’s goals, instead targeting new fossil fuel developments and production in the near term, according to analysis published on Wednesday.
Study calls for broader definition of blue carbon ecosystems to help finance conservation efforts
A broader definition of blue carbon ecosystems could help fund conservation efforts by unlocking greater carbon credit supply, according to a study released this week.
VOLUNTARY
Community leaders slam investigation process that led to REDD voluntary carbon project suspension
Community leaders of a Kenyan REDD avoided deforestation voluntary carbon project that was mired by a sexual offences scandal have sternly rebuked the handling of the investigation, alleging disgruntled former employees were offered cash to make statements that were embellished to suit the narrative.
Shell spends $86 mln on voluntary carbon projects in 2023
Oil major Shell spent $86 million on voluntary carbon credit-generating projects last year, and saw its retirements rise 275% year-on-year to 21.8 mln.
US federal agency eyes development of voluntary carbon offset standard
A US federal agency is looking to begin formal engagement with voluntary carbon market (VCM) participants this summer as part of its goal to enhance the quality and confidence of carbon removals, agency staff said Tuesday.
Gold Standard to soon require voluntary credit retirements to include purpose, entity information
Gold Standard will update its requirements to comply with those of the Integrity Council for the Voluntary Carbon Market (ICVCM), meaning voluntary carbon credits will need to include data on the entity and purpose of retirement when the action is completed on its registry.
Tech firm builds interoperable platform to track fungible carbon credits globally
An environmental commodities tech provider is building an interoperable digital platform for fungible carbon credits that can be traded and tracked across a global marketplace, it told a conference Tuesday.
Insurer launches product to cover both physical and political risks of buying carbon credits
An insurance provider is entering the carbon insurance market with the launch of a new product to cover both the physical and political risks of buying voluntary carbon credits on a forward basis.
Biochar developer secures €25 mln to build out European carbon removal network
A developer of biochar-based carbon removal parks has secured €25 million in growth funding from a French impact investor to further its network across Europe.
Survey adds pressure on SBTi to allow voluntary carbon credits to be used for climate targets
Pressure is mounting on the Science Based Targets initiative (SBTi) to recognise the use of voluntary carbon credits in setting and achieving emission targets after a comprehensive survey of large corporations found the move would accelerate their spend in the market by 9% a year.
DAC facility with 2 Mt of capacity to open in the US, aiming to drive tenfold cost reduction
A new direct air capture (DAC) and sequestration facility is set to open in the US, claiming to capture and store 2 million tonnes of carbon annually and to achieve a tenfold cost reduction for the technology.
DAC hopeful designs digital twin for speedier deployment of the real thing
A direct air capture (DAC) startup has partnered with a simulation company for the development of a digital twin, or digital model, of its planned real-world plants.
Global trading house, Japanese gas supplier team up for Asian nature-based projects
The carbon arm of an international commodities trader has partnered with one of Japan’s largest gas suppliers to grow their offset portfolios, eyeing nature-based solutions in Asia.
BIODIVERSITY (FREE TO READ)
India urged to scrap “dangerous” forestry crediting in green scheme
A group of nearly 100 former government officials and civil servants in India has published an open letter to the government, urging it to withdraw the recently published guidelines for awarding credits to forestry projects under the country’s Green Credit Scheme.
Watchdogs investigating UK government over potential bird protection failures
UK environmental watchdogs have announced investigations into arms of the governments in England, Scotland, and Northern Ireland for possible failures to comply with bird protection laws, in a move seen as significant.
Canadian asset manager introduces biodiversity screen
A Vancouver-based asset manager has launched an investment screen focused on biodiversity in an effort to align its portfolio with conservation goals.
Rewilding offers similar CO2 storage potential to new native woodland -study
Projects to rewild habitats offer similar CO2 sequestration rates as new native woodland initiatives over a 19-year period, in addition to better biodiversity outcomes, according to a study of an estate in southern England.
Danish foundation pledges $1 mln to develop ocean impact metrics for finance
Denmark-based Velux Foundation has allocated $1 million to a newly launched programme aimed at developing metrics to support financial institutions in measuring their impacts and dependencies on oceans, Carbon Pulse has learned.
Biodiversity Pulse: Tuesday March 19, 2024
A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).
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CONFERENCES
North American Carbon World (NACW) 2024 – March 19-21, San Francisco: Attend NACW 2024 to learn, collaborate, and network with the North American carbon community and provide a stronger, unified force in advancing climate solutions. Hosted by the Climate Action Reserve, NACW will dive into major new policies, innovations, and developments that will shape and scale carbon markets and climate solutions with integrity and ambition. In addition to outstanding speakers, discussions, and insights, NACW provides premier networking opportunities with an active and engaged audience of leading climate and carbon professionals from all sectors of the economy. www.nacwconference.com
European Climate Summit – April 16-18, Florence: To kick off its annual regional climate summit series this year, IETA looks forward to welcoming delegates to its flagship ECS2024 event, taking place in Italy. ECS comes at a key inflection point for the region’s carbon market. How will the European carbon market evolve in its next phase, which starts in 2031? Around the world, carbon markets are emerging at the fastest ever pace, with new emissions trading systems being developed from Brazil to Vietnam. More markets may mean more opportunities for international cooperation and linking, and some of these could come to Europe. The health of the voluntary carbon market is also a hot topic this year, as the market works to overcome challenges. Environmental integrity and robust quality assurance are at the top of everyone’s mind, and IETA’s ECS2024 will address these issues as well. To register, simply click HERE to join as a delegate. In-person event.
Next steps for the UK Emissions Trading Scheme – April 22, Online: Hosted by Westminster Energy, Environment & Transport Forum, stakeholders and policymakers will explore priorities for implementation and maximising the carbon market’s contribution toward the UK’s net zero strategy. Discussion will consider policy priorities, challenges for industries, and plans to expand the scheme to include domestic shipping and energy from waste. Sessions will also explore the auction reserve price, the forthcoming CBAM, and strategies to enhance the UK ETS’s efficacy while mitigating negative impacts. Book your place
Carbon Forward Turkiye – May 9-10, Izmir: With the launch of the pilot ETS in Q4 and a burgeoning voluntary carbon market in the country, this event will give attendees an understanding of the significant impact these schemes, as well as the EU’s CBAM, will have on your business. Full conference agenda coming soon. Secure your spot
Argus Asia Carbon Conference – May 13-15, Kuala Lumpur: Join over 200 industry leaders and senior government officials at the Argus Asia Carbon Conference in Kuala Lumpur on 13-15 May 2024. Connect with key players and explore new opportunities in the region as we discuss innovations in carbon technology, advances in voluntary and compliance markets, the impact of CBAM, financing, nature-based project developments, and more. With ministerial addresses and keynote sessions from Petronas and SaraCarbon, this is your opportunity to gain valuable insights on pan-Asia’s evolving carbon markets. Register
Argus Europe Carbon Conference – May 21-23, Nice: Plan your carbon strategy through market-driven decarbonisation solutions at the at the Argus Europe Carbon Conference on 21-23 May in Nice, France, as we examine the EU ETS and other global compliance structures, voluntary carbon markets and their intersection with carbon abatement industries. This year’s agenda covers the integration of the maritime sector into the EU ETS, the impact of Europe’s exported carbon price through CBAM, developments in carbon removal technologies, voluntary certification methods, and developments around diverse, high-quality credits from Verra and many other leading standards. Register your place to explore new opportunities within Europe and globally.
Carbon Forward North America – June 11-12, Toronto: Join us in the Great White North to hear about the evolving carbon pricing and climate policy landscape in North America. Whether you are an emitter, investor, developer, or a new participant in any of the continent’s carbon markets – compliance or voluntary – Carbon Forward North America offers you the opportunity to gain knowledge on both present and future policy developments and market opportunities. Explore the chance to meet the right people or source the right solutions to help you enhance your business prospects or minimise your risk. Come meet the region’s world-leading carbon market experts, compliance players, government officials, investors, project developers, analysts, brokers, and other stakeholders. Agenda to be released soon. To express an interest in speaking or sponsoring, please email michelle@carbon-forward.com
Carbon Forward Expo – October 8-10, London and Online: Save the date! More info coming soon…
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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
Collateral damage – The EU’s Carbon Border Adjustment Mechanism (CBAM) will cause power prices to rise for consumers in the bloc and lead to increased CO2 emissions Europe-wide, the energy industry has warned. The tax, due to take effect in 2026, will also reduce North Sea energy co-operation between the UK and Europe and deter renewable energy investment, according to industry analysis. The analysis by consultants Afry warns that the CBAM risks curbing EU imports of green electricity from the UK, leading to extra carbon emissions in Europe equivalent to up to 8.3 mln cars a year. While it also says that the mechanism would effectively impose a 40% tax on electricity flowing from the UK to EU, leading to higher prices for the bloc’s consumers.
Swiss miss – The Swiss National Bank (SNB) is facing backlash from environmental groups after revealing in its sustainability report that its investments contributed to 12 Mt of carbon emissions in the last year. This disclosure, a first for the SNB, highlights the environmental impact of its shareholdings, including investments in oil giants like Chevron and Exxon Mobil, as part of its foreign currency reserves, which amounted to 655 billion Swiss francs at the end of 2023. Amidst global temperature records, this figure has been criticised as excessively high by Climate Alliance Switzerland, with predictions that the true emissions figure could be significantly higher when considering indirect emissions. Despite the SNB’s influence as one of the world’s largest investors, it stated its commitment to reducing its own CO2 emissions and achieving net zero by 2050. However, it clarified that its investment policy would remain unchanged, emphasising its mandate to ensure price stability over pursuing economic, social, or political goals, including those related to reducing emissions from its investments. This stance has drawn calls for the SNB to either push for environmental impact reduction in its investee companies or divest where this is not feasible. (Reuters)
Reaching higher – Supermarket chain Sainsbury’s has revised its science-based targets to achieve net zero in its own operations and value chain, now aiming to reduce its absolute Scope 1 and 2 emissions by 68% and Scope 3 emissions associated with energy, industry, and transport by 50.4%, by 2030. While the retailer is also setting targets to tackle emissions originating from forests, land, and agriculture (FLAG) for the first time, following new SBTi requirements, pledging to reduce its FLAG emissions 36.4% by 2030.
CO2 from waste – Enfinium, a UK waste-to-energy (W2E) operator, is partnering with Hitachi Zosen Inova (HZI) to install the UK’s first carbon capture pilot plant at a W2E facility. The technology supplied by HZI will be a scaled-down version of the CCS technology that could be applied to W2E facilities on a commercial scale, with the unit set to capture up to 1 tonne of CO2 a day from Enfinium’s operations at its Ferrybridge-1 site, in West Yorkshire. The trial will run for at least 12 months and will be operational from July 2024. The pilot will be a key demonstration of CCS technology at a W2E facility in Europe.
Dangerous distraction – Nuclear energy is a dangerous distraction from the transition to a fully renewables-based energy system and threatens to delay the urgently needed phase out of fossil fuels”, according to Climate Action Network (CAN) Europe, ahead of the Nuclear Energy Summit on March 21 in Brussels. New nuclear energy in Europe is too slow and expensive to meaningfully contribute to decarbonising the power system by 2040, CAN states. It is undermining renewables and doesn’t present an alternative to wind or solar in the energy transition, it adds. Meanwhile small modular reactors, or SMRs, are unproven and if developed, would increase the unit price for electricity, says the press release.
Greener buildings please – Demand for environmentally friendly buildings looks to increase strongly over the next two years as companies with emissions reduction commitments see their leases come up for renewal and seek a greener alternative, according to real estate company JLL. Yet, demand for low-carbon buildings is set to outstrip supply. There will be price friction and a race for low-carbon buildings, said Guy Grainger, JLL’s global head of sustainability services and ESG. Only 30% of future demand for low-carbon workspace is projected to be met by 2030, Reuters reports.
New blood – Steel and mining company ArcelorMittal has announced Kleber Silva as its newly nominated Executive Vice President of ArcelorMittal and CEO of ArcelorMittal Mining, effective on April, 8, 2024. Kleber will report to Aditya Mittal, CEO of Arcelor Mittal and will be a member of the group management committee. Stefan Buys, CEO since Oct. 2021, is leaving the company to pursue other opportunities. Kleber is re-joining ArcelorMittal after leaving in 2017 to join Eramet as deputy CEO and COO responsible for mining and metals. He has extensive 35-year mining and metal industries experience, having begun his career in 1988 at MBR and Vale.
ASIA PACIFIC
Abel and willing – Australia’s Abel Energy is planning a A$1.7 bln ($1.1 bln) green methanol plant that will supply Singapore. The Townsville, Queensland, plant will supply 400,000 tonnes after the company completed a tender with the Singapore Marine Ports Authority. It signed a memorandum of understanding (MoU) with the Port of Townsville last week. The commodity would be sent from the Townsville Port, and would also be bunkered there. Singapore and Australia signed a MoU on establishing a Green and Digital Shipping Corridor on March 5. Abel said a final investment decision is due in 2027 and production would start in 2029. The company’s flagship project is at the other end of Australia in Bell Bay, Tasmania.
Scope 3 disclosures – The world’s second-largest miner Rio Tinto has responded to activist shareholder concern over its Scope 3 emissions by promising to provide more detail at its 2025 annual general meeting. The Australasian Centre for Corporate Responsibility (ACCR) tabled a proposal asking for more disclosure on plans to reduce these emissions. Rio’s Scope 3’s, or those from use of its product, total 578 million tonnes of CO2e on an equity basis and 400MtCO2e come from processing of its iron ore. It will provide information on its actual and forecast spend on steel decarbonisation over a three-year period; information on its spend on its own initiatives in this area; its milestones and timelines, and the potential abatement opportunities of partnerships and projects. The ACCR welcomed the move. Other resolutions put forward by the organisation prior to other AGMs, such as the removal of the chairs of Australia’s two largest oil and gas companies, have not seen such mutual cooperation and warmth.
Indigenous backing – The Australian Renewable Energy Agency (ARENA) has provided A$1.6 mln ($1 mln) in grant funding to the Aboriginal Clean Energy Partnership to conduct a feasibility study on a large-scale Indigenous-owned renewable hydrogen and ammonia project in Western Australia. The project aims to scale up renewable hydrogen production in Western Australia while leading the way in First Nations partnership in renewable energy developments, involving Traditional Owners as shareholders and not just stakeholders in the development phase of clean energy projects, ARENA said. If proven feasible, the project would consist of around 1 GW of solar generation and 850 MW of electrolysers that would produce 50,000 tonnes of renewable hydrogen per year. The hydrogen would be transported by pipeline, to existing port facilities at Wyndham where it could be exported as renewable ammonia. The project has an estimated capital cost of A$2.7-3.2 bln.
Financial support – The government of South Korea has pledged to allocate 420 trillion won ($313 bln) from the state budget to finance projects that will help the country meet its 2030 climate targets, according to the Korea Times, which cited a decision announced Tuesday by the Financial Services Commission (FSC). By the end of this decade, state-run financial institutions are set to supply a total of 420 trillion won designated for investments in low-carbon facilities, the production of eco-friendly products and technology support. At the same time, the domestic banking industry also plans to establish a future energy fund valued at 9 trillion won, the report said.
New market access – Seoul-based carbon marketplace operator WinCL has teamed up with Swiss project developer Arborify to provide Korean clients access to international carbon credits and revitalise the domestic voluntary market, it said in a statement released this week. The two companies said they aim to establish a long-term partnership and further expand customer participation in South Korea’s carbon market. Arborify is currently in charge of eight nature-based projects in several countries including Colombia, Togo, and Indonesia, according to the statement.
Greening operations – Bangkok-based Kasikornbank, or KBank, has launched a 100 bln baht ($2.7 bln) climate strategy for 2024 to support businesses in the country in their energy transition, the Bangkok Post reported. Main strategies of the bank will include reducing GHG emissions from the its portfolio, extension of green loans and transitional finance to its customers, providing climate solutions to its customers through pilot projects, and connecting with carbon ecosystem to develop services in carbon credit-related transactions. This involves studying and purchasing carbon credits to offset the carbon emissions of KBank. It has also partnered with Innopower, a joint venture between Thailand’s leading energy companies, in launching a platform for Renewable Energy Certificate (REC) registration and sale to facilitate individuals and small- and medium-sized businesses that have installed solar rooftops to register and sell RECs, the newspaper added.
AMERICAS
Brazil ETS – Brazil’s Secretary for Climate Change, Ana Toni, acknowledged tensions in the country’s carbon market legislation, currently stalled in the Senate, and addressed issues regarding the role of the voluntary carbon market (VCM) and the agricultural industry, in Brazilian news outlet Joio. Toni said that while there is a “point” to the exclusion of agribusiness – noting that there aren’t many other compliance markets that include the industry and current methodologies for measurement of the industry’s carbon credits are not as consolidated – the industry does generate emissions and “should be part of the solution”. Toni also noted the problem of an influx of “very, very cheap” REDD carbon credits should the role of the VCM not be better elaborated in current legislation.
Ethanol tax – US lawmakers urged the Biden Administration to repeal Brazil’s tariff on American ethanol, expected to increase to 18% this year, in two letters addressed to US Trade Representative Katherine Tai and Secretary of Agriculture Tom Vilsack. Representatives Darin LaHood (R) and Randy Feenstra (R) both of Midwest states, urged for more action in developing new markets for biofuels exports, suggesting the creation of free trade agreements.
Climate funding pushback – The White House on Tuesday threatened to veto House Bill 1023 (HB 1023), which seeks to repeal sections of the Inflation Reduction Act to remove methane-related programme and the Greenhouse Gas Reduction Fund (GGRF). The Methane Emissions Reduction Program offers over $1.5 bln in investments to identify and help the industry curb methane leaks from oil and natural gas production, while the GGRF provides $27 bln for clean energy technology deployment. But sponsor of HB 1023 Senator Gary Palmer (R) said the GGRF raised concerns about lack of accountability and oversight, adding that the Biden administration’s policies also fail to help the US economy’s energy needs.
Fresh equity – Abaxx Technologies, a financial technology startup, is raising C$10 mln ($7.4 mln) in fresh equity as it prepares to launch trading in commodities futures, including two physically-settled voluntary carbon futures contracts, one focused on units eligible for the current phase of CORSIA, and the second on jurisdictional REDD+ credits, reports Bloomberg. The Canadian company is the parent company of Singapore- based Abaxx Commodity Futures Exchange and Clearinghouse. Abaxx has previously received financial backing from BlackRock and CBOE Global Markets, among others, to fund the development of its technology and futures contracts, including LNG and nickel sulphate. The company has been working for about five years to set up the technology and obtain regulatory approvals to run a futures exchange and clearinghouse. It’s focused purely on contracts for commodities that can be physically delivered. In LNG, its three planned contracts will cover deliveries in the Asia-Pacific, Europe, and Gulf of Mexico regions.
Russian waste – Russia’s Registry of Carbon Units has published draft methodologies for climate projects in the field of solid municipal waste management. The set includes: energetic utilisation of solid municipal waste (including production of refuse-derived fuel, RDF); anaerobic digestion of organic waste; and incineration and energy utilisation of landfill gas. A consultation will last until Apr. 17, and interested participants can comment using the form provided at this link.
INVESTMENT
SCIENCE & TECH
Mapping California’s canopy – Scientists at non-profit CTrees have comprehensively mapped the height of all California’s trees by implementing a deep learning model to extremely high resolution aerial imagery from the US Department of Agriculture’s National Agriculture Imagery Program (NAIP), the organisation announced Monday. Results revealed that trees taller than five meters covered approximately 19.3% of California, while trees as tall as 40 meters or more covered 0.7% of the state’s forests. The non-profit said its approach has yielded the most accurate map of the Golden State’s canopy height to date. The scientists are now planning to make the California data available next month on AWS Open Registry, a platform for access to datasets. The research team is also developing a canopy height model for other US regions, including Alaska, Hawaii, and Puerto Rico. The model’s success in California’s varied landscapes indicates that it will likely also accurately capture canopy height in temperate forests across the country, and potentially even the world, said CTrees. The methodology and results were published on Monday in Remote Sensing of Environment.
AND FINALLY…
Solar-powered champions – Premier League Champions Manchester City are looking to make its training facility, the City Football Academy, one of the largest producers of renewable energy in football globally, the team announced. Man City is seeking planning approval from Manchester’s city council to install 10,887 solar panels, which would generate up to 4.39 MWh of renewable energy every year. The self-supplied energy will completely offset the City Football Academy’s annual usage and be shared with the Etihad Stadium, where the team plays matches. The project is a key part of the club’s goal to reach net zero carbon emissions by 2030. Man City plans to install more than 3,000 panels on the roof of Joie Stadium, home to Manchester City Women, and 3,942 panels on the roofs of other facilities. Subject to planning approval, the panels will be fully operational by the end of this year. The club has been running entirely on renewables through a power purchase agreement that started eight years ago.
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