Japanese oil refiner make first foray into forest carbon

One of Japan’s biggest oil refiners has made its first foray into the forest carbon market, as it continues to seek opportunities in the carbon removal sector as part of its climate strategy, it announced Wednesday.

South Korea cancels April CO2 allowance auction amid weak demand

South Korea has cancelled this month’s carbon allowance auction, as demand in the national carbon market remains weak amid a persisting glut of allowances.

ID Market: March data shows carbon exchange extends quiet period

Monthly data from Indonesia’s carbon exchange saw March traded volumes rise slightly higher, but the market still remains largely dormant.

Sabah to soon list first nature-based credits on Malaysian carbon exchange

The Malaysian state of Sabah will soon receive a first tranche of verified carbon units (VCUs) for its forestry project registered under Verra, with plans to list them as the first nature-based units on the nation’s carbon exchange.

INTERNATIONAL

Climate change driving a 19% global income reduction in ‘best-case’ scenario -report

The global economy is already committed to an income reduction of 19% until 2050 due to climate change, even if CO2 emissions were to be drastically cut starting from today, according to a study published in the journal Nature on Wednesday.

UN Secretary-General calls for fossil fuel phaseout

UN Secretary-General Antonio Guterres called for a phase out of fossil fuels at the Spring Meetings of the International Monetary Fund (IMF) and World Bank on Wednesday.

California and Norway sign MoU collaborating on renewable energy, decarbonisation

The Memorandum of Understanding (MoU) between California and Norway signed Tuesday, establishes a framework of voluntary cooperation on areas including clean energy, zero-emission transportation and ports, carbon removal, and climate-smart agriculture.

Investor launches energy transition ETF targeting carbon markets

An investment management firm has launched a new energy transition exchange-traded fund (ETF) tracking energy transition commodities as well as several compliance carbon markets.

CCS won’t solve steel emissions -report

Carbon capture and storage has been passed by for better technologies to decarbonise the steel sector, according to analysis released this week.

VOLUNTARY

EU green claims directive having ‘chilling effect’ on voluntary carbon market

The EU’s green claims directive is having a tangible, negative impact on demand for voluntary carbon credits, and scaring corporates away from the market, participants told an event Wednesday.

INTERVIEW: Market-moving deals in the voluntary carbon market seek insurance

A recent entrant to the carbon insurance market is looking to meet demand from potentially “very big investments” in projects that would meaningfully move the market, but may need to corral capital from fellow insurers to support it.

Corporations still paying a premium for highly rated nature-based credits, research finds ahead of CCP arrival

Corporations are still paying a premium for higher rated nature-based carbon credits, according to research by a rating agency ahead of the emergence of the first credits earning the ICVCM’s Core Carbon Principle (CCP) stamp of high integrity.

Direct air capture developer launches portfolio service including other carbon removals

A direct air capture (DAC) company is expanding its remit to enable clients to purchase a range of different voluntary carbon removal credits, including from nature-based projects, as part of a portfolio service designed to complement its technology development provision.

US carbon developer sells first forest credits for $34 apiece

A New York-based developer of nature-based carbon projects announced on Wednesday the sale of its first batch of Improved Forest Management (IFM) offsets for $34 each.

UK, Swedish firms close $325 mln forestry fund aimed at carbon removal

A UK-headquartered asset manager and Sweden-based forestry development firm closed an inaugural $325.3 million fund that targets over 18 mln tonnes of CO2 removal across 80,000 hectares of forest.

Environmental assets exchange adds biochar credits to its platform

An environmental assets marketplace on Wednesday introduced a new line of carbon removal credits via a recently-introduced biochar trading instrument.

AVIATION/SHIPPING

Korean port authority teams up with US non-profit to decarbonise shipping sector

One of the largest industrial ports in South Korea has teamed up with a California-based environmental organisation to drive down emissions in the international shipping sector.

Australia, Singapore looking to clean, green maritime operations

Singapore and Australia plan a A$20 million ($12.85 mln) spend via the Australia-Singapore Initiative on Low Emissions Technologies (ASLET) for maritime and port operations, the two said Wednesday.

BIODIVERSITY (FREE TO READ)

INTERVIEW: Australian biodiversity credit developer plans huge scale up, sees tradable units as “inevitable”

Australian biodiversity credit developer Wilderlands has just passed 100,000 units sold, each of which protects one square metre of land, but wants to increase that ten-fold within the next year.

Marine conservation investment “uncertain” as biodiversity credit market still nascent, NatureMetrics exec says

Uncertainty looms over coastal and marine habitat conservation, as the emerging biodiversity credit markets are not yet consistent enough to drive adequate investments in ecosystem protection efforts, a NatureMetrics executive said Tuesday.

Non-EU countries lack funding to produce biodiversity indicators, UNEP survey shows

Many non-EU countries lack resources to produce the biodiversity indicators required under the Kunming-Montreal Global Biodiversity Framework (GBF), a survey by the UN Environment Programme (UNEP) has shown.

Setting up EU biodiversity monitoring initiative could cost up to €40 bln over 10 years, expert says

Implementing an EU-wide biodiversity monitoring platform could cost up to €40 billion over the next decade, with each euro invested estimated to pay off up to 10 times, a researcher involved in the project said Wednesday.

Scotland seeks to create pipeline of investable nature projects

The Scottish government has set out exploratory plans for how it will create a flow of investable natural capital initiatives, including biodiversity credits.

Global ocean summit draws $10 bln for marine conservation amid calls for reinforcing legislations

Commitments made at an international ocean conference in Athens have sparked optimism for the future of marine conservation, though concerns remain over the effective implementation of the laws against illegal activities, conservationists have said.

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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

and much more! Register here!

Carbon Forward North America – June 11-12, Toronto and Online: 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

Feedback loop – Two weeks ahead of the Supervisory Body’s 11th meeting (SB011), the agenda for the meeting and the documents for consideration have been published on the UN website. Stakeholders can now provide input on the topics covered in the annotated agenda and related annexes via the public call for input. The deadline for feedback is April 22. Members of the Supervisory Body will meet in Bonn, Germany from April 29 until May 2 to consider these documents and continue work towards operationalising the Paris Agreement’s crediting mechanism, under Article 6.4 of the pact. Read Carbon Pulse’s coverage of the first meeting of the year here.

Unilever raises the bar – Consumer goods giant Unilever has become the first company to publish a corporate policy engagement review in line with the expectations set out by different standards, raising the bar on best practices, the NGO InfluenceMap announced on Wednesday. Unilever’s disclosure aligns with expectations set by the Climate Action 100+ investor initiative, the UN Principles for Responsible Investment, and the Global Standard for Responsible Climate Change Lobbying, InfluenceMap said. Over 80 companies have published reports on how they and their trade associations engage with climate policy since 2017. Unilever is the first to have been found to meet investor expectations.

Potential in papers – Microsoft has signed a Memorandum of Understanding (MoU) agreement with two project developers, CO280 and Aker Carbon Capture, to explore opportunities for scaling the value chain of carbon removal in the US and Canada, according to a company statement. The companies said they will develop biogenic carbon capture initiatives, including those currently in CO280’s development pipeline, as well as additional projects. CO280, which specialises in carbon removal projects in the pulp and paper industry, currently has more than 10 mln tonnes per year of permanent CDR under development. North America’s pulp and paper sector represents a carbon removal opportunity of up to 130 mln tons per year, given that the average mill has a CO2 emissions profile that is 80-90% biogenic, the statement said.

EMEA

Bill-saving measures – UK consumers are set to benefit from cheaper and more convenient energy deals as part of new government measures to create a smart, flexible electricity system to help save money on bills. The new proposals look set to introduce minimum product standards for energy smart appliances to boost consumer confidence and enable them to benefit from cheaper bills, together with minimum requirements for cyber security and grid stability. For example, heat pumps could be required to have smart functionality much as smart EV charge points wait for periods of low demand overnight to charge a user’s car. The shifting of electricity use away from peak periods is expected to ease pressure on the grid and reduce reliance on backup fossil fuel generation, helped to save up to  £50 bln by 2050. While the use of smart systems and flexibility could create 10,000 jobs and increase GDP by up to £1.3 bln by 2050. A further 14,000 jobs could be created by exporting the technology, the government estimates.

E-bus advisory – DNV is acting as technical advisor to a partnership between Rock Rail, UK Infrastructure Bank, and Aviva, which will commit an initial £100 mln to fund up to 250 zero-emission buses and associated infrastructure across the UK, alongside a debt facility from UK Infrastructure Bank and HSBC UK. DNV advised the partnership on its first deal to fund 60 battery-electric buses that will be leased to The Go-Ahead Group and deployed on routes throughout London, reducing CO2 emissions and improving air quality across the capital. The consultancy has also conducted independent technical due diligence on a portfolio of single and double decker e-buses for use on routes across the capital, in addition to looking at technical aspects of e-bus operations, forecasting costs for lithium-ion battery replacements, and analysing battery strategy, among other matters.

ASIA PACIFIC

Let it grow – The Western Australian state government has committed A$67.2 mln ($43 mln) to support forest monitoring and emerging technologies, in the wake of its decision to wrap up the state’s native logging industry this year. The government said the cash, delivered in the 2024-25 state budget, would support a range of climate actions, include a new forest health monitoring programme, and support emerging technologies, such as eco-acoustics, fire research, ecological thinning, and improve forest health. Funding will also support work with Traditional Owners, protection of native wildlife from feral predators, and managing weeds and plant diseases. Some 65 new jobs are expected to be created with the cash, and will be created between 2024-27, within the Department of Biodiversity, Conservation and Attractions and partner agencies. The government’s Forest Management Plan 2024-2033 established a legal framework to manage more than 2.5 mln ha of forest, and includes a commitment to protect more than 400,000 ha of karri, jarrah, and wandoo forests as native forests, nature reserves, and national parks.

Overseas expansion – Korean climate tech LowCarbon has expanded its carbon capture business in the US, which could capture up to 70,000 tonnes of CO2 per year in the future, it announced earlier this week. The company has received a Letter of Award (LOA) from the local government, securing a contract to apply its carbon capture, utilisation, and sequestration (CCUS) technology at a waste incinerator in Florida, the statement said.

Critical minerals – Australia’s resources minister Madeleine King has announced another expansion to the government’s support for the critical minerals industry as it struggles to keep what little remains of its nickel sector alive. The government will support two further Queensland and South Australia projects with “$400 mln in new loans to Australian company Alpha HPA to deliver Australia’s first high-purity alumina processing facility in Queensland”, it said Wednesday. “The government has also conditionally approved $185 million to Renascor Resources to fast-track the development of Stage One of its Siviour Graphite Project in South Australia. The original loan was approved in February 2022, and this decision means that Stage One of the project will be brought forward sooner,” it said. 

Expanding production – Melbourne-based natural resources firm, BHP Iron Ore, has made a proposal to increase power generation capacity at its Yarnima Power Station in Newman, Australia. Under the proposal, BHP will increase the installed firm power generation capacity from 154 MW up to 239 MW via installation of gas reciprocating engines and associated infrastructure, the proposal document stated. The proposal is open for public consultation till Apr. 21.

AMERICAS

American dynamism – Biden promised steelworkers in Pittsburgh Wednesday that he would block acquisition of US Steel by Japan’s Nippon Steel and called for a tripling of tariffs on Chinese steel, the Associated Press reported. The announcement is among federal efforts to boost domestic low-carbon steel production, following an announcement of up to $1.5 bln in funding for industrial decarbonisation of steel. However, CCS efforts by producers have been critically received by communities. US lawmakers also continue to develop legislation options for a federal US carbon border adjustment mechanism, which would also include steel.

CCS troubles – Communities in Kern County, which would be host to California’s first carbon capture and storage project facilitated by California Resources Corporation (CRC), are divided about whether to support the project, CalMatters reported Tuesday. CRC plans to inject 1.46 MtCO2 yearly over a 26-year period, and looks to expand to a second nearby reservoir. Residents and environmental justice groups oppose the project on the basis of prolonging industrial operations that release harmful pollutants, but local mayor David Noerr of Taft sees the technology as a way to provide well-paying, middle class jobs. CRC awaits permission from both the EPA and the Kern County Board of Supervisors, but hopes to start its first injections next year.

VOLUNTARY

AND FINALLY…

Birds of a feather – New research from the Crowther Lab at ETH Zurich highlights a significant challenge in the natural regeneration of tropical forests due to the fragmentation of habitats that restricts the movement of large birds, crucial for seed dispersal. The study, published in Nature Climate Change, draws on data from the Atlantic Forest in Brazil and reveals that freely moving wild birds can enhance carbon storage in regenerating forests by up to 38%. Fruit-eating birds, essential for spreading seeds, are hindered by fragmented landscapes, which diminish their ability to support forest growth and carbon recovery. The research highlights the importance of maintaining at least 40% forest cover and a maximum distance of 133 meters between forested areas to ensure effective seed dispersal by birds. It further distinguishes the roles of different bird sizes in seed dispersal, with larger birds being more effective but less likely to cross fragmented areas. These findings underline the critical need for active restoration efforts, particularly in areas with less than the necessary forest cover, to support large-scale ecological restoration, as part of the Atlantic Forest Restoration Pact targeting 12 mln hectares. The study advocates for a combination of natural regeneration and active restoration strategies to optimise cost-effectiveness and enhance the functionality of ecosystem services such as seed dispersal and carbon storage in one of the world’s most biologically diverse and fragmented regions.

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