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TOP STORY
Canadian project financier receives first correspondingly-adjusted, Article 6 authorised carbon credits
A Toronto-headquartered carbon project financier announced Monday that it has received the first-ever correspondingly-adjusted and Article 6 authorised credits.
INTERNATIONAL
INTERVIEW: A third of barriers to trade now due to climate, WTO deputy head says
Countries need to more actively engage on climate change issues within the WTO, as an ever-increasing share of barriers and notifications brought before the international trade body are related to climate policies, the organisation’s deputy head told Carbon Pulse in an interview.
Top 50 global corporations falling short on 1.5C-aligned emission cuts -study
An analysis of the voluntary climate commitments made by 51 of the world’s biggest corporations show their emissions would decrease by as little as 30-33% by 2030 compared to 2019 levels — short of the 42-48% reduction needed to keep global warming within 1.5C.
ASIA PACIFIC
Indian firm teams up with farmers’ cooperative to produce clean ammonia, gets ready for ITMO trading
An Indian renewable energy company has signed an agreement with a major farmers’ cooperative for the production of ammonia through renewable sources and is ready to provide credits to be generated in the international market.
South Korea election to set pace for nuclear development, carbon tax
South Korea could see the results of this week’s parliamentary elections determine the trajectory of the country’s carbon pricing schemes and energy policy.
New Zealand may be justified to strengthen 2050 target, Climate Change Commission says
New Zealand’s Climate Change Commission launched a consultation on Monday to assess the country’s emissions budgets, saying key circumstances had changed that could mean the target should be bolstered.
Australia’s Clean Energy Regulator takes legal action against trading company
The Clean Energy Regulator (CER) is taking a trading company and its former director to the Federal Court for allowing unauthorised persons access to its emissions registry unit (ANREU) account, it announced Monday.
NZ govt-appointed review on methane targets decried as ‘dangerous duplication’
The New Zealand government’s independent review of the country’s methane science and targets has been criticised by the Green Party, pointing out it is duplicating work already being carried out by the Climate Change Commission (CCC).
Indonesia plans green hydrogen push via state oil company
Indonesia’s state owned oil company is planning to use its significant geothermal resources to create green hydrogen to supply industries already using a less environmentally friendly form of the gas.
Carbon standard launches hub to bolster access to finance for Vietnamese rice growers
Carbon standard Gold Standard and the International Rice Research Institute (IRRI) have created a resource hub designed to help rice growers access carbon finance, they announced Monday.
VOLUNTARY
VCM Report: ICE CORSIA voluntary carbon futures strengthen further on thin trade as sources point to ‘panic’ buying
ICE’s CORSIA Phase 1-eligible (2024-26) voluntary carbon futures extended gains to reach a fresh record last week, on very low volume, with the price strength coming off the back of ‘panic’ buying given the supply uncertain outlook, according to sources.
Peru draws backlash over proposed J-REDD+ methodology, which could slash carbon crediting -media
Peru’s Ministry of Environment (Minam) is attempting to consolidate the country’s carbon projects under a national jurisdictional REDD+ (J-REDD+) programme, which critics claim uses out-of-touch methodologies that will reduce incomes and compromise forest protection, according to local media.
UK taskforce delivers sector-specific corporate guidelines for climate transition disclosure plans
The UK’s Transition Plan Taskforce (TPT) on Tuesday unveiled its latest sector-specific transition strategy to guide businesses in their plans to reach net zero, with sections including recommendations for voluntary carbon market engagement.
Canadian carbon offset fund collaboration to decarbonise Wyoming mine
A Canadian fund that develops offset projects across North America revealed Monday that it has entered a long-term agreement with a Belgian chemicals company to reduce GHG emissions at its mine in Wyoming.
AMERICAS
US economist raises social cost of carbon to $225/tonne
One of the key architects of the ‘social cost of carbon’ (SCC) price on climate impacts has released new projections judging that it now sits at $225/tonne CO2 – higher than earlier estimates, including those of the US Environmental Protection Agency (EPA).
RGGI Market: Permit prices descend from peaks as traders brace for more volatility
RGGI Allowance (RGA) prices retreated from the highs of the previous week as observers anticipate continued volatility in the absence of a market signal and amid ongoing silence from member states regarding proposed programme changes.
Washington’s cap-and-invest participation increases in Q1 despite programme repeal risks
The number of entities registered with active accounts in Washington’s cap-and-trade programme increased in Q1 under the spectre of the scheme’s potential repeal.
Illinois energy subsidiary tamps down CO2 pipeline capacity in wake of public opposition
A subsidiary of an Illinois energy firm has announced plans to reduce the capacity of a proposed CO2 pipeline by roughly a third following public backlash, according to recent testimony.
NY-based carbon removals project developer completes planting of 10 mln trees
A New York-based carbon removals project developer has completed the second phase of its afforestation project, which it said is the largest Gold Standard-approved initiative of its kind in the US.
EMEA
‘Demand destruction’ fuelled record drop in EU industrial emissions last year, analysts say
The record decline in CO2 emissions registered in Europe in 2023 was caused in part by “demand destruction” across a range of energy-intensive industries, which could prove “permanent” due to high gas prices and carbon pricing policies, analysts say.
Europe’s black market for climate-warming refrigerant gases persists as traders evade detection -report
The illegal trade in climate-warming refrigerant gases entering Europe is continuing at a significant level despite the worsening climate emergency, as organised criminals become more sophisticated in evading law enforcement, according to a report by an environmental NGO.
European carbon removals coalition opens public consultation on industry commitments
A private sector group of European and international supporters of carbon removals (CDR) launched a public consultation on proposed industry commitments Monday.
NGOs call on Parliament to reject EU’s carbon removal certification scheme
Carbon removals should be kept separate from offsets, NGOs said in a letter urging members of the European Parliament to reject the EU’s draft Carbon Removal Certification Framework (CRCF) in a plenary vote this week.
Euro Markets: EUAs post biggest daily gain in two weeks amid surge in power, gas prices
European carbon allowance prices rose on Monday, shrugging off a sharp fall at the opening to move to their highest in nine days, as the market once again tracked rising power and natural gas prices, while UKAs rose more modestly, widening their spread to EUAs to the most in two months.
BIODIVERSITY (FREE TO READ)
FEATURE: Lack of corporate demand holds back nature credit market as carbon developers sit tight
Voluntary nature credit suppliers are exploring strategies to spur companies’ appetite for units, including streamlining purchases and organising awareness-raising events, as players in the carbon space do not yet have the confidence to foray into the market.
Advisory firm, NGO release how-to guide for corporates to create nature positive strategy
Companies should quickly establish and deploy nature positive aligned strategies, according to a global advisory firm and an NGO that on Monday released a step-by-step guide for doing so, in order to contribute to global conservation targets.
Global farm alliance’s tool can enhance reporting on biodiversity in agriculture, paper says
A “first evidence-based” tool developed by a global alliance could enable farmers to better assess their impacts on biodiversity, as the need to address nature protection in the agricultural sector is being increasingly emphasised, according to an international group of researchers.
Corporate disclosure standards on nature urged to align to ensure transparency
The lack of a common approach to biodiversity reporting among emerging standards for corporate disclosures is poised to hamper comparability of companies’ impacts on nature, a paper has said, calling for a global framework that integrates and aligns existing methodologies to be established.
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Job listings this week
- *Technical Advisory Committee Member, Plan Vivo Foundation – Remote
- *Climate Policy & Market Specialist (f/m/d), KAYA Climate Solutions GmbH – Berlin
- *Chief Commercial Officer, Perimeter Forest Limited Partnership – Remote
- *Forest Carbon Specialist, Perimeter Forest Limited Partnership – Remote
- *Feature Writer/Sub-Editor, Carbon Pulse – North America
- *Environmental Markets Correspondent, Carbon Pulse – Latin America
- Project Manager, Carbon Link – Brisbane
- CEO, Carbon Tanzania – Arusha
- Senior Marketing Professional, Carbon Offsets, East Africa, AltGen – Kenya
- Carbon Capture and Storage Expert (Senior Advisor), Carbon Limits – Oslo
- Business Development Manager, Carbon Offsets, East Africa, AltGen – Kenya
- Senior Manager, Carbon Project Finance, Carbon Growth Partners – Melbourne (preferred)/Hong Kong
*Premium listings
Or click here to see all listings
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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.
Eurelectric “Lights ON” Power Summit – May 22-23, Lagonissi, Greece: This is our biggest event gathering every year around 500 energy experts across Europe. This year, we’ll welcome more than 60 speakers to discuss:
- Getting Europe’s power infrastructure ready for net-zero
- Delivering on the EU 2040 climate targets
- Powering Europe’s industrial competitiveness with affordable energy
- Ensuring security of supply in more hostile energy geopolitics
- Implementing the electricity market reform
- Speeding up digitalisation
- Integrating renewables with biodiversity
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
G20 zero-carbon policy scoreboard – BloombergNEF has published its annual G20 Zero-Carbon Policy Scoreboard for this year, with France, Germany, and the EU as a whole leading the scores. BNEF attributed this to incentives for low-carbon solutions and increasingly stringent regulatory measures targeting emission-intensive technologies. However, these leaders, as well as the US, saw their total score decrease this year, and in some cases roll back programmes like Germany’s purchase subsidies for electric vehicles, slowed progress on the ground such as renewables build, or faced other challenges like political opposition or red tape for clean energy projects. In the fourth edition of the scoreboard, G20 countries scored on average just 49%, a 1 percentage point rise from 2023. “The world’s largest economies have made limited progress in boosting their decarbonisation policies over the past year – a red flag for climate action as the urgency of the crisis ramps up,” the report said. An extensive executive summary of the study is available for download here.
Joint call – The governments of Austria and Australia have announced a €12 mln Industrial Decarbonisation Demonstration Partnerships Program will be open for funding requests soon. The partnership will support advancing the development of innovative technologies to decarbonise hard-to-abate energy-intensive industries, as well as strengthen connections and share knowledge between Australia and Austrian industry. Applicants must have at least one partner from both countries, the Australian government announced. Up to €7.2 mln is available for Australian industry, with €2.1 mln available per grant. Austrian and transnational applications open on Apr. 17, and close July 18.
EMEA
The only way is down – Around 1,730 stationary installations in Germany covered by the EU ETS emitted around 289 MtCO2e in 2023, according to preliminary figures from the German Emissions Trading Authority (DEHSt). This roughly corresponds to a reduction of 18% compared to emissions in 2022, even greater than the approximate 16% EU-wide fall. Emissions from energy-intensive industry in Germany fell by 10% to 101 MtCO2e – the lowest level since 2013. Meanwhile, emissions from energy supply fell by 22% to 188 MtCO2e, the lowest level since the introduction of the EU ETS in 2005. These falls were caused by a significant decline in energy demand from industry and private households, the growing share of renewable energies and the associated decline in fossil energy generation, DEHSt said. A weak economic situation was also a key driver. Germany is the largest energy demand source, and emitter, in the EU. Meanwhile, emissions from aircraft operators managed by Germany amounted to around 7.6 MtCO2e in 2023, a rise of 4.5% compared to the previous year, much lower than the 10% EU-wide rise.
Climate adaptation – Adapting the French economy to climate change could cost between €5-20 bln a year by 2050, with impacts spread across buildings, road and rail transport, and crop farming, according to estimates by government-funded think tank I4CE. The estimates come in ahead of the National Plan for Adaptation to Global Warming (PNACC), expected in a few weeks’ time. It is preferable to proactively adapt before climate change impacts arise, rather than reacting after the fact, I4CE notes, with changes needed to French building stock to better modify buildings to cope with anticipated heatwave risks, while roads and railways need to be protected against heat-related warping and buckling. (Euractiv)
Green buses – Zero-emission buses in the UK are set to get a funding boost via the launch of a new £100 mln funding platform. The platform will be provided by a new partnership between the UK Infrastructure Bank, Aviva Capital Partners, and Rock Rail, which will support zero-emission bus financier Rock Road in accelerating the UK’s transition to a greener bus network. The partnership, alongside a debt facility from UK Infrastructure Bank and HSBC UK, is committing an initial £100 mln to fund up to 250 zero emission buses and associated infrastructure. Rock Road provides a finance solution for UK bus operators and public transport authorities to decarbonise their fleet, while minimising capital outlay and reducing ownership risks. The partnership’s first deal will fund 60 battery-electric buses that will be leased to The Go-Ahead Group and deployed on routes throughout London.
Sunny days – Kenyan startup SunCulture, offering Verra-verified solar irrigation solutions in sub-Saharan Africa, has received $27.5 mln in Series B fundraising, including a $12 mln equity investment by a subsidiary of the Private Infrastructure Development Group (PIDG). SunCulture claims to be the first African solar water pump provider producing carbon credits, which it claims help to reduce upfront costs for farmers. SunCulture provides access to internet-enabled solar-powered irrigation systems, aiming to scale to hundreds of thousands of smallholder farmers by 2030. The company operates on a ‘pay-as-you-grow’ model, offering pump ownership to smallholder farmers at a discount of 40-60% compared to fuel-based pumps, depending on payment plans. In December, the Shell Foundation and UK development finance corporation British International Investment (BII) jointly announced a $2.6 mln investment in SunCulture that would see BII’s $2.1 mln share of the investment repaid from carbon credit proceeds.
Sharing is caring – Central and Eastern Europe (CEE) is moving towards renewable energy sources but not fast enough, and the Three Seas Initiative (3SI) hopes to change that by fostering cross-border collaboration and connectivity in the region. The intergovernmental platform 3SI includes Estonia, Latvia, Lithuania, Poland, Czechia, Slovakia, Hungary, Slovenia, Croatia, Bulgaria, Romania, Austria, and Greece, and is working with strategic partners like the US, Germany, and European Commission to enable convergence in the areas of transport, energy, and digitalisation. Last year, renewables accounted for almost 40% of electricity generated across 3SI members, yet the region is still expanding gas infrastructure over cross border transmission grids, undermining its vast renewable potential.
Climate in court – People in Switzerland and Portugal await pivotal court rulings on climate change, following cases brought against governments for inadequate climate policies, the FT reports. In Portugal, nationals aged from their early teens to mid-20s brought the claim that 32 governments, including 27 EU member states plus Norway, Turkey, the UK and Switzerland, failed to adequately cut GHG emissions, while in Switzerland, a group of senior women claims that the country’s inadequate climate policies violate their right to life and health. The third case involves a former French mayor of the Grande-Synthe municipality, a low-lying north-eastern coastal area vulnerable to sea rise. Europe’s top human rights court in Strasbourg will rule on this trio of climate change cases this week. “If we win, we know that this movement will come together to pressure governments to comply with the court’s ruling,” said Sofia Oliveira, who was aged 12 when wildfires in central Portugal killed more than 100 people in 2017.
Namibia carbon registry – Xeptagon has been contracted to deploy the National Carbon Registry of UNDP for Namibia, which will further allow Namibian entities to participate in the carbon and climate markets. The development group consists of UNDP, the World Bank, the United Nations Framework Convention on Climate Change (UNFCCC) and the European Bank for Reconstruction and Development (EBRD) among others. Xeptagon has customized the UNDP Carbon Registry to suit the local requirements of Namibia in the development process.
ASIA PACIFIC
Renewable materials – South Korean chemical company Lotte Chemical and Finland’s Neste have teamed up to replace fossil resources with renewable raw materials in the manufacturing of chemicals and plastics, the companies announced on Monday. Lotte Chemical will use Neste’s 100% renewable raw materials at the company’s Korean sites to produce various types of plastics and chemicals, with the quality and performance of the end products remaining unchanged, the statement said.
Clarity needed – China’s Certification and Accreditation Administration (CNCA) has published detailed requirements and procedures for domestic certification bodies to implement their own carbon-related certifications, according to a policy document released last week. To meet different needs, certification rules should be clearly divided into three categories: emission reduction/removal, carbon disclosure, and carbon neutrality. Certification agencies are encouraged to prioritise international, national, and industry standards when drafting such rules, the document said. CNCA earlier this year also issued a notice inviting applications from verification agencies for the relaunch of the country’s national offset programme.
Now open – Australian resources company Fortescue has officially opened its 2GW hydrogen electrolyser factory in Gladstone, Queensland, Renew Economy reports. The company will produce proton exchange membrane electrolyser stacks that have been developed in-house by Fortescue, and it has received approval to build a 50 MW green hydrogen production facility at the site. The Queensland government provided an electrical sub-station, a road network, communications and local scheme water connection, as well as land for the project.
AMERICAS
DAC dreams – Los Angeles-based DAC firm Carbon Capture is working to identify strategic energy partners with an interest in finding short- and long-term power generation and transmission solutions for what it calls the Wyoming Regional Direct Air Capture Hub, reported Cowboy State Daily. In Aug. 2023, the California company received $12.5 mln from the DOE to initiate development of a megatonne-scale DAC hub in the state, and it is now eyeing DOE for further funding opportunities. In March, Carbon Capture announced that a former FERC chairman joined its board, as well as $80 mln in Series A funding.
Out again – In amendments to the state 2024-26 budget, Virginia Governor Glenn Youngkin (R) removed language that would mandate RGGI participation, Virginia Business reported Monday. The state exited the 11-state RGGI Northeast carbon bloc at the end of December. But Democrat lawmakers had added language allowing for an increase in taxes on electricity bills from RGGi in the budget the legislature passed in March. Lawmakers have until June 30 to pass the amended budget, with the Democrat-controlled legislature returning on Apr. 17 for their next regular legislative session.
Protecting the protectors – The National Association of Insurance Commissioners (NAIC) National Climate Resilience Strategy for Insurance, dated Mar. 2024, outlines a comprehensive approach to enhancing climate resilience within the insurance sector across the US. Recognising the increasing impact of climate-related disasters such as wildfires, floods, and storms, the strategy is a unified effort by insurance regulators from diverse jurisdictions, including both coastal and inland areas, to address these challenges in a cohesive and proactive manner. The strategy emphasizes the importance of pre-disaster mitigation, aiming to ensure that insurance remains available and reliable for communities affected by climate-related perils. Key ‘action’ components of the strategy include:
SCIENCE & TECH
Not good – Levels of the three most important heat-trapping atmospheric gases reached new record highs again last year, according to the US National Oceanic and Atmospheric Administration (NOAA), though the increases do not quite match the record jumps seen in recent years. Global concentration of CO2 rose to an average of 419 parts per million (ppm) in the atmosphere in 2023 while methane rose to an average of 1922 parts per billion (ppb). Levels of nitrous oxide, the third-most significant human-caused warming emission, climbed slightly to 336 ppb. Global CO2 levels are now over 50% higher than before the era of mass industrialisation, while methane levels are now 160% larger than pre-industrial times. Methane has about 28 times the global warming impact of CO2, though it has a shorter atmospheric timespan of around 12 years compared with centuries for CO2. (Guardian)
AND FINALLY…
Who’s who at COP29 – Want to know who the bigwigs at the Baku summit will be? The Zurich-based talent consultancy VCareer has you covered, with a guide for foreign guests, partners, and service providers available to buy for £18. The guide features profiles of over 40 Azerbaijani senior decision-makers, ministers, deputies, chiefs, elected officials, and others, including “engaging facts to facilitate conversation”, headshots to help spot them, and tips for contacting them or their teams.
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