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TOP STORY

ANALYSIS: Low EUA price will do little to boost utility hedging amid crushing drop in power demand

With EUA prices trading below €60 per tonne and benchmark European gas futures down by double-digits in the year to date, current market dynamics should incentivise some utility forward hedging, analysts have said, but any added compliance demand for carbon permits will be limited by the overall bearish fundamentals, widespread power sector decarbonisation, and the tough macroeconomic environment.

EMEA

FEATURE: “We need to plan a revolution” — CCS industry sets out EU election plea

The carbon capture and storage (CCS) industry is urging policymakers to put the emphasis on CO2 transport infrastructure and target-setting to make Europe a world leader in industrial decarbonisation.

EU accounting rules could cost banks €28 bln if they divest entirely from fossil fuels -study

Divesting from fossil fuels could cost banks dearly as a result of model-based EU financial regulations that rely on backward-looking risk estimates, which are insensitive to ‘structural breaks’ like the clean energy transition, according to peer-reviewed research published Tuesday.

Steelmaker SSAB set to build second fossil-free mill, potentially cutting Swedish emissions 7%

Swedish steel producer SSAB plans to turn one of its steel plants fossil-free, shaving an estimated 7% off the country’s CO2 emissions, the company announced on Tuesday.

EFTA watchdog opens probe into Norway’s CO2 tax exemptions amid EU ETS overlap concerns

The body that monitors compliance by members of the European Free Trade Association (EFTA) with the EU’s single market rules has opened an investigation into Norway’s proposed exemptions from certain carbon taxes for industries covered by the EU ETS, saying it “has doubts” as to whether the country’s measures are in line with the bloc’s state aid rules.

CCS from waste-to-energy project in northwest England moves step closer to reality

A project set to capture more than 900,000 tonnes of CO2 annually from an incinerator in northwest England has progressed further by agreeing a statement of principles with the UK government’s Department for Energy Security and Net Zero (DESNZ).

Euro Markets: EUAs plunge most in six weeks after weak auction as traders await 2023 emissions data

European carbon prices tumbled by the most in six weeks on Tuesday as traders began to anticipate the publication of verified emissions data for 2023, expected to show a sharp drop in emissions last year, while demand in the daily auction was among the weakest yet seen.

AMERICAS

RGGI confirms near-universal compliance in fifth control period, as RGA prices drop

RGGI confirmed near-universal compliance for the fifth three-year compliance period of the regional power sector cap-and-trade scheme, while RGGI allowance (RGA) prices dipped considerably in an unrelated development, correcting from historic highs in the face of continued lack of Program Review news.

Oregon commences rulemaking to re-establish GHG reduction programme

An Oregon Department of Environmental Protection (DEQ) advisory committee on Tuesday discussed modifications to emissions caps, covered entity thresholds, and compliance distribution alternatives as part of a new rulemaking for the state’s scrapped Climate Protection Program (CPP).

Canadian conservation groups urge federal govt to address forestry, logging gap in GHG emissions review

Eleven Canadian conservation groups have urged federal government ministries to include logging and forestry emissions in an ongoing review of national greenhouse gas accounting practices.

Nova Scotia’s new climate plan “better than a carbon tax” but a rehash of old measures

Nova Scotia on Tuesday submitted an alternative strategy to the Canadian federal carbon tax, though observers noted that the proposal was a rehash of previously-released measures aimed at achieving the province’s environmental targets.

ASIA PACIFIC

Safeguard facilities offer up reasons for heavy ACCU reliance for first time

Facilities covered under the Safeguard Mechanism have for the first time been asked to provide explanations for heavy reliance on Australian Carbon Credit Units (ACCUs) to meet their obligations, giving reasons ranging from unexpected production increases to limited carbon abatement technologies being available.

UK remote sensing firm enters Japanese carbon market with local partner

A UK-based remote sending firm has partnered with a Japanese project developer with an eye to generating carbon units under the Joint Crediting Mechanism (JCM) and voluntary schemes, starting with a large rice project in Japan.

NZ Market: Q1 auction drives new secondary market volume record

The New Zealand ETS saw a new volume record in the secondary market thanks to the surge in trading activity in the lead up to and aftermath of last month’s NZU auction, a broker told Carbon Pulse Tuesday.

China to see big CO2 cuts from first industrial-use nuclear steam supply project

China has given the green light to the country’s first industrial-use nuclear energy steam supply project, which could significantly reduce the coal consumption and carbon emissions of a major Chinese economic hub.

Energy major begins ammonia co-firing trial at coal plant in Japan

One of the world’s first trials of a large amount of ammonia to be used in a coal-fired power plant began this week, and if successful could help pave the way to further decarbonisation.

Australia’s new Net Zero Authority has a long road ahead but targets achievable, chair says

The road to net zero and clean energy will be long, but the chief of Australia’s newly created Net Zero Authority believes the target is entirely achievable despite such a large chunk of the nation’s GDP made up of exports of fossil fuels, he said Tuesday.

Australia Market Roundup: 1 mln ACCUs issued, industry body calls for sufficient budgetary funding

Australia’s Clean Energy Regulator has issued just over 1 million new Australian Carbon Credit Units (ACCUs), while an industry body calls for sufficient budget funding from the government to ensure reforms to the market are carried out.

INTERNATIONAL

Commonwealth’s carbon tax law model aims to help countries price polluters

The Commonwealth of Nations is looking to help member countries implement a carbon tax based on a model law designed to make it easy to administer, ensure a just transition, and reduce the impact on low-income and vulnerable groups.

Major energy projections suggest carbon removal essential to limit warming, but full fossil fuel phaseout not required -report

Eight energy outlooks published in 2023, alongside historical data sources, see substantial fossil fuel consumption through at least 2050, implying a scale-up of carbon removal technologies will be required in order to meet international climate targets, according to a report published Tuesday by a US non-profit research institution.

VOLUNTARY

Glut of surplus voluntary carbon credits from big four standards hits almost 1 bln

The glut of available credits in the voluntary carbon market started to grow again in March to leave the surplus close to 1 billion credits from across the big four standard bodies, according to Carbon Pulse VCM Portal data.

Japanese developer to set up biochar project in the Philippines

A Japanese project developer has teamed up with a listed real estate company in the Philippines to promote a carbon removal project featuring rice husk biochar, as it seeks to continue expanding its presence in Asia’s voluntary market.

Brazilian steelmaker sells 15,000 biochar carbon credits to California-based removals marketplace

The bioenergy division of a Brazil-based steelmaker has sold a San Francisco-headquartered carbon removals marketplace 15,000 tonnes of biochar credits so far in 2024, they said Tuesday.

Canadian carbon offset financier sees project revaluation income boost but faces cash squeeze

A Toronto-headquartered voluntary carbon investor saw positive income in 2023 following a major revaluation of its only credit-issuing project to-date, but needs to raise more cash to fund planned operations for the next 12 months, it reported Tuesday.

BIODIVERSITY (FREE TO READ)

Chilean national fund eyes $100 mln in financing to enhance conservation of protected areas

The Chilean government has presented the board of a national fund tasked with mobilising resources for the conservation and restoration of biodiversity, seeking to raise efforts on bridging the financial gap that hampers protected areas (PAs) preservation in the country.

Biden brings back rules for wildlife protection cancelled by Trump

The Biden-Harris administration has restored a series of rules for protecting threatened and endangered species and their habitats in the US under the Endangered Species Act (ESA), rolled back by the previous Trump administration.

Japanese IT firm, financial strike nature positive partnership

A large tech company in Japan has partnered with a major financial group to drive nature positive actions aimed at conserving natural capital and biodiversity, they announced this week.

Biodiversity Pulse: Tuesday April 2, 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

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

INTERNATIONAL

Refinery loss – The world could lose some 3.6 mln barrels per day of refinery capacity this year, according to consultancy Wood Mackenzie. Climate concerns and gasoline margins in Europe may drive 45% of this possible shutdown. In total, some 11 refineries across the continent could close. In China, there are seven sites at risk, which will all struggle to compete against larger, more integrated sites. “Future carbon taxes could take up a significant portion of a refinery’s operating costs so facilities that invest in decarbonisation strategies could significantly improve their relative competitiveness,” it said.

California-China connection – California Secretary for Environmental Protection Yana Garcia and Transportation Secretary Toks Omishakin recently visited Shanghai, Hong Kong, and the Chinese provinces of Guangdong and Hainan to advance subnational partnerships on climate and identify additional opportunities for collaboration. The trip built on Governor Gavin Newsom’s (D) Oct. 2023 visit that saw California sign five MoUs to strengthen cooperation with China on climate. Moving forward, the state will continue to advance efforts with its national, provincial, and municipal partners in China, including to enhance collaboration between the San Francisco Bay Area and China’s Guangdong–Hong Kong–Macao Greater Bay Area, according to a release from the California Environmental Protection Agency.  

Blair for Baku – Former UK Prime Minister Tony Blair is vying to help Azerbaijan organise November’s COP29 climate talks, after previously lobbying on the country’s behalf for a gas pipeline that activists described as a “carbon bomb”, Politico reports. Boston Consulting Group (BCG) and Deloitte are also pitching to advise the Azeris. The non-profit Tony Blair Institute for Global Change, as well as BCG and McKinsey & Co, are among the consultancies and think tanks that provided staff to help the UAE run last year’s COP28, it said.

EMEA

Culls to coal – Germany has finally shut down 15 coal-fired power plants that were kept online temporarily to combat the energy crisis resulting from the war in Ukraine, Euractiv reports. The plants were shut down over Easter to ensure that the country would meet its climate neutrality targets, in line with Germany’s plans to phase out coal-fired power by 2030. Energy prices have since recovered since they rose following the war with Ukraine, with German inflation falling alongside. The 15 coal-fired power stations had a total capacity of 4.4 GW. The energy share from coal-fired power plants already recorded a significant decline in 2023, falling to 26.1%, down from 33.2% in 2022, yet coal is still Germany’s second-most important energy source for electricity generation.

Hey, small spender – Germany’s Climate and Transformation Fund (CTF) fell significantly short of spending targets in 2023, with only €20.1 bln of the €36 bln designated for spending in the CTF last year allocated to projects and 45% of the funds remaining unused. The multi-year federal budget set up to finance climate and energy transition policy measures is designed to support initiatives such as industrial decarbonisation and modernisation of buildings. The finance ministry expects significant additional spending in 2024, compared to current plans, such as on programmes regarding renewables support and building renovations. The CTF is largely funded via German and EU ETS revenue, with income this year set to be lower than initially expected, due to a decrease in CO2 allowance prices in the EU ETS.

Climate obstruction – Shell has told a Dutch court that the 2021 order forcing it to drastically cut GHG emissions lacks a legal basis and risks obstructing the fight against climate change, Reuters reports. The ruling three years ago by a lower Dutch court ordered Shell to curb its carbon emissions by 45% by 2030 from 2019 levels, including those emissions caused by the buyers and users of its products. Shell claims that implementing the ruling would force it to shrink its business and would only lead buyers to shift to other fuel suppliers.

Bad bets – Some of the projects so far supported by the EU’s €40 bln Innovation Fund have struggled to get off the ground, with several hiccups in the manufacturing and hydrogen sectors, Bloomberg reports. The investment vehicle aims to support Europe’s plans to become net zero by 2050 and is also part of the EU’s response to the US Inflation Reduction Act (IRA). Since its launch four years ago, the fund has allocated over €6 bln to scaling up clean technologies, such as capturing CO2 from industrial polluters like industrial gas giant Air Liquide and cement maker Holcim, as well as backing energy producers Shell and RWE in efforts to produce hydrogen, while it has also supported large-scale plants to make solar panels and batteries. Manufacturing projects, however, are among those to have faced the most difficulty, with staff being laid off, projects discontinued, or operations shut down completely. Even if the money can largely be rerouted elsewhere when projects fail to move ahead, it still means that valuable time was lost for decarbonisation and marks an erosion of Europe’s competitive advantage if companies leave for elsewhere.

Fracking momentum – Europe’s desire to transition away from Russian gas and the energy transition are leading to renewed interest in fracking for gas in the Middle East, though the process could threaten already fragile water supplies in the desert, say critics. Gas offers oil exporters in the Middle East the chance to export a less carbon-intensive fuel, while it also offers the prospect of producing ‘blue’ hydrogen fuel — whereby the CO2 emitted during the process of steam methane reforming for hydrogen is subsequently captured. The Medgaz pipeline, which runs from Algeria to Spain, and the TransMed pipeline, which runs from Algeria to Italy via Tunisia, are two notable routes for this gas to be exported. (EnergyMonitor)

CCS launch – Stockholm Exergi has received permission to build a large-scale carbon capture facility at a bio-energy plant in Stockholm, after having received the go-ahead by the Land and Environmental Court. When operational, the facility will capture 800,000 tonnes of CO2 annually, helping Stockholm and Sweden achieve their climate goals. The application for the CCS facility was made in March 2023 and the permit includes constructing and operating facilities for the separation of CO2 from flue gases from a biofuel-fired cogeneration plant and to compress, liquefy, and temporarily store the separated CO2. The decision is a prerequisite for Stockholm Exergi to make an investment decision and begin constructing the facility, planned to enter use in 2027.

Carbon-free chemicals – Chemicals manufacturer Again has received a €1.5 mln grant in conjunction with the Danish Technical Institute to convert waste CO2 into biodegradable plastics, with the grant provides by Innovation Fund Denmark, the company announced today. The plastic to be produced by the consortium of which Again is a part is a biodegradable plastic monomer that can be used in medicine, agriculture, horticulture, and possibly packaging and other environmentally friendly applications. The consortium also consists of the Danish Technological Institute, fellow Danish startup Pond, and the Technical University of Denmark. Last month, Again partnered with HELM to distribute 50,000 tonnes of acetic acid made using CO2 captured from large emitters.

Solar fencing – China’s solar panel production boom has made panels so cheap that they are being used to build garden fences in the Netherlands and Germany — catching less sun but saving on labour and scaffolding costs, the FT reports. The global supply of solar panels is expected to reach 1,100 GW by the end of this year, which is three times the forecast for demand, according to the International Energy Agency. However, installations are becoming more expensive because of higher labour costs and a longer wait to connect panels to power grids. As Chinese exports exceed installation capacity in its markets, the European industry has been mired in recent months by job losses, bankruptcies, and closures, the FT said.

Capturing the Greek sun – The European Commission has approved, under EU state aid rules, a €1 bln Greek measure to support two projects for the generation and storage of renewable energy in Greece. The funding will go to two projects. The Faethon project entails the construction of two photovoltaic units, each with a capacity of 252 MW, along with integrated molten-salt thermal storage units and an extra-high voltage substation. The Seli project foresees the build-out of a 309 MW photovoltaic unit with an integrated lithium-ion battery energy storage system. Both projects are meant to be finished by mid-2025. The aid will come in the form of a two-way contract for difference over a period of 20 years.

ASIA PACIFIC

Transmit – Australia power infrastructure company Genus has been awarded two contracts with a value of around A$50 mln ($32 mln) by Fortescue to build a 220kV transmission line. The line will transmit electricity between the power station at Fortescue’s Solomon Mine and Eliwana Mine in Western Australia. Fortescue is targeting reaching net zero emissions by 2030, which will include the development of 2-3 GW of renewable energy and storage to power its mining operations. Genus said it expected the contracts to be complete by mid-2025.

New farming solution – Food producer and amino acid supplier Ajinomoto has teamed up with the government of Japan’s Kagoshima prefecture to promote a special feed supplement containing amino acids that can help cut emissions from the local livestock farming sector, it announced Tuesday. The supplement can be used to replace conventional soybean meals, increase the amount of amino acids, improve productivity, as well as reduce methane emissions. Ajinomoto said it will work with different stakeholders in the industry to consider incentive mechanisms for such businesses, including the creation of carbon credits through the domestic J-Credit Scheme.

Geothermal hopes – A small Australia-listed oil and gas company which has producing assets in Canada and an undeveloped unconventional gas project onshore Western Australia said Tuesday it had been offered new geothermal acreage in Queensland’s Cooper Basin. Whitebark Energy told the market that this is the second geothermal block it has picked up and is 3,875 square kilometres, bringing its total holding to 4,464 sq.km. Whitebark plans to produce clean energy and green hydrogen. It said its holdings are relatively close to energy markets. A prior geothermal boom in Australia some years ago was hampered by the great distances the deep ‘hot rocks’ of South Australia were from demand centres. 

It’s a gas – Indonesia has switched on a new combined cycle gas turbine plant it says will reduce emissions by 3.3 mln tonnes a year. National Oil company Pertamina said its Java-1 steam gas power plant  (PLTGU) with a nameplate capacity of 1,760 MW was ready to operate at full steam after a series of tests. Marubeni and Sojitz are joint owners.  The power plant has a floating regasification unit (FSRU) that converts LNG back to its gaseous state. “This project connects the availability of gas supplies in Papua with electricity needs on the islands of Java and Bali,” the company said. “By using liquefied natural gas (LNG) as a fuel source, the resulting greenhouse gas emissions are lower than coal or fuel-based power plants.” 

AMERICAS

Brazil billions – The Brazilian Ministry of Environment and Climate Change (MMA) and the National Bank for Economic and Social Development (BNDES) signed an agreement on Monday for the transfer of R$ 10.4 bln ($2.1 bln) to the National Fund on Climate Change (Climate Fund). The contribution is a record for the fund, which has operated with resources of between R$300-500 mln per year on average, according to MMA. The funds will finance public sector, private company, and third sector projects in six priority areas: Resilient and Sustainable Urban Development; Green Industry; Transport Logistics, Public Transport, and Green Mobility; Energy Transition; Native Forests and Water Resources; and Green Services and Innovation. Native forests and water resources-related projects will see the lowest interest rate financing at only 1% per year, while other areas such as solar and wind energy-related projects will see interest rates up to 8% annually.

Decarbonisation hub – The Brazilian Federation of Industries will present the FIESC Decarbonisation Hub on Wednesday, which intends to focus on research and development and capacity training for decarbonisation, as well as advancing the measurement of GHGs, mapping renewable energies, and gauging the potential for the generation of carbon credits. The hub will be located Santa Catarina, which the CEO of a carbon credit certifier from the state described as Brazil’s “small Silicon Valley” in an interview with Carbon Pulse.

Here to help – The US Department of Energy (DOE) is urging more companies to seek federal assistance for clean energy projects at closed coal plants and former industrial sites following its announcement that the agency would allocate $475 mln for such projects, E&E News reported Tuesday. The funding has been set aside for five projects in Arizona, Kentucky, Nevada, Pennsylvania, and West Virginia on current and former mine land. Last week, the DOE also approved $1.5 bln in conditional loans to reopen the Palisades nuclear facility in Michigan. These investments aim to boost funding in regions that have not received financial backing in recent years.

Polluters closer to paying – Vermont’s “Climate Superfund Act”, which would require fossil fuel companies to pay for a share of damage caused by climate change, passed the Senate Tuesday on a 26-3 vote and will soon head to the House. S 259 would legislate the Vermont state treasurer to provide a report by Jan. 15, 2026, on the total cost to residents and the state from GHG emissions from Jan. 1, 1995, to Dec. 31, 2024. Democrats currently control both chambers of the state legislature under Governor Phil Scott (R).

Eyeing nuclear – Examining nuclear energy’s role in Washington may be an important part of exploring climate solutions for the state, despite pushback from an environmental group against a governor-approved $25 mln feasibility and review study to consider the pros and cons of building a small modular nuclear reactor near Columbia Generating Station, the state’s only commercial nuclear energy facility, Herald Net reported Tuesday. Columbia Riverkeeper had asked Governor Jay Inslee (D) to veto the project from being part of the supplemental capital budget reasoning nuclear power is “too costly, too dirty, and too late to be part of the solution to climate change”. But Inslee signed the budget – including the nuclear investigation project – on Friday, which the local outlet says could be a timely investment considering its potential to provide low-carbon electricity. The $25 mln project will be entrusted to Energy Northwest, a partnership of 28 public utility districts and municipalities in Washington. Energy Northwest has commenced the investigation of building up to 12 such modular reactors near the Columbia Generating Station, which generates about 1,200 MW of power.

Building zero carbon buildings – Governor Kathy Hochul (D) on Tuesday announced an $8 mln grant to nine projects through the fourth round of the $58 mln Buildings of Excellence Competition, which seeks to increase zero carbon multifamily residential units in New York. In addition to the awards, Hochul is also allocating $2 mln to help implement the most cost-effective low carbon solutions into projects from the start of design. The competition aims at advancing the targets of the Community Protection Act to slash GHG emissions by 85% by 2050, and also support the state’s goal of developing 2 mln climate-friendly homes.

VOLUNTARY

Orizon’s offsets – Brazilian waste management company Orizon is preparing to sell carbon offsets from landfill projects in the second half of this year, with some 1 mln-2 mln worth of offsets listed on Gold Standard expected to go for $6-7/ t CO2 in the second quarter. The company has been stockpiling carbon credits and is in the process of finalising the sale of these offsets as and when the projects are certified by Gold Standard.

INVESTMENT

Climate ETF – UBS Asset Management has launched what it claims to be the first exchange-traded fund (ETF) tracking a climate transition index based on the S&P 500 index universe. The offering, UBS ETF S&P 500 Climate Transition ESG UCITS ETF, tracks the S&P 500 Climate Transition Base ESG Index, meets the EU Climate Transition Benchmark, and is classified as Article 9 under the EU’s Sustainable Finance Disclosure Regulation. The fund is designed for investors who require US large cap exposure with a net zero overlay, combined with improvement of the overall ESG profile, UBS stated.

Doubled – E-commerce giant Shopify will match all carbon removal funding for the month of April on deliveries from merchants made via its app, Planet, the company announced Tuesday. Planet allows merchants to offer their customers carbon-neutral shipping and provides the option for customers to fund carbon removal by adding 25 cents to their order. The funding goes to companies developing carbon removal technologies such as DAC, ocean carbon removal, bio-oil sequestration, soil carbon storage, and enhanced rock weathering, Shopify said.

AND FINALLY…

A climate wrinkle in time – Global warming could be helping timekeepers by delaying the need for history’s first ‘negative leap second’ by three years, the AFP reports. Time has been measured by atomic clocks since 1967, using the more precise frequency of atoms as the tick-tock rather than the rotation of the Earth preferred by sailors. The problem has historically been that Earth’s rotation is slower than atomic time, so a ‘leap seconds’, or 59-second minute, occasionally needs to be introduced, it said. But as the Earth’s rotation is speeding up, scientists have worried that the first negative leap second would be needed as soon as 2026, wreaking havoc on computer systems that aren’t equipped for it. However, the impact of climate change — as melting ice which spreads more water and increases the moment of inertia — is slowing the rotation back down — delaying the need for a negative leap.

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