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TOP STORY

G7 nations agree to phase out domestic coal by 2035

Ministers from the G7 nations agreed on Monday to shut down coal plants by 2035, British Minister for Renewable and Nuclear Energy Andrew Bowie said following a meeting in Italy.

EMEA

Global business association highlights “severe” challenges with EU CBAM

The world’s largest business association has written to the European Commission’s director general for taxation and customs union to call attention to the “severe” challenges companies have faced in complying with the first reporting period of the EU’s Carbon Border Adjustment Mechanism (CBAM).

EU Commission calls out two member states for insufficient climate plans

The European Commission has called on two EU states to raise their climate ambitions in line with the agreed targets for 2030, in an assessment of the draft updated National Energy and Climate Plans (NECPs) published on Friday.

EU Green Deal and competitiveness go hand-in-hand, Commission boss von der Leyen says in candidate debate

European Commission President Ursula von der Leyen sought to frame climate action and economic competitiveness as inextricably linked, in a debate on Monday with rival candidates for the EU executive body’s next leader.

Scottish govt’s collapse over scrapped climate targets represents warning for policymakers

The Scottish government’s collapse on the heels of a shelved emission target highlights the need for policymakers to back their targets with concrete action in the near term – or risk losing public backing both from supporters and opponents of climate action, according to analysts.

UK corporate decarbonisation slows by one-third in 2023, jeopardising net zero goals -report

The rate of decarbonisation across UK businesses decelerated significantly last year, posing a potential setback to achieving net zero goals, finds a new report.

Green steel growth slows in Europe amid de-industrialisation concerns, data shows

The pipeline of green steel projects has slowed in recent months in Europe, according to new data released in the green steel tracker produced by the Leadership Group for Industry Transition (LeadIT).

EU agriculture ministers support state aid to help farmers facing climate impacts

The EU should allow its member states to amplify state aid as a response to the impacts of climate change on farmers’ businesses, according to most of the bloc’s agriculture ministers.

EU truckmakers emit 50% more carbon than ESG reports suggest, study finds

New EU disclosure requirements next year will reveal that emissions from truckmakers are 50% higher than they are reporting to investors, with an average carbon intensity second only to the coal mining sector, according to NGO research published on Monday.

EU steel association revises down 2024 outlook on sluggish demand

EU steel association Eurofer has lowered its 2024 consumption forecast for the 27-nation bloc, citing worsening geopolitical tensions, growing economic uncertainty, high energy prices, inflation, and interest rates as factors that are adversely affecting demand.

Malawi, battling extreme poverty and debt, turns to carbon markets to secure forex

One of the world’s poorest, most indebted, and most climate-vulnerable countries is turning to carbon markets to secure foreign exchange reserves, as countries prepare to debate a new climate finance target amid crushing debt burdens at the COP29 UN climate conference this autumn.

Euro Markets: EUAs trade in slim range after early gas-fuelled tumble as market fights for direction

European carbon prices slumped early on Monday morning in line with weakening energy markets, as warmer weather and a predicted rise in renewable power generation raised the prospect of reduced demand for thermal output, before the day developed into a battle for direction with aggressive sellers facing off against determined resistance.

AMERICAS

Louisiana lawmakers inundated with carbon capture and storage bills

At least a dozen bills pertaining to carbon capture and sequestration (CCS) are in the pipeline to become law in Louisiana, as lawmakers surmise the regulatory future of CCS in the state prior to the close of the legislative session.

California bill to develop ocean CDR unanimously advances in state assembly

A committee within the California Assembly unanimously approved last week a bill to assess and advance the use of ocean CO2 removal (CDR), including by qualifying approved projects for inclusion in the state’s carbon credit programmes.

RGGI Market: RGAs breach $21 on highest weekly volumes of year

A spate of strong compliance demand pushed RGGI allowance (RGA) prices to new record levels last week, traders said, as the market notched its highest weekly volumes of 2024.

Brazilian CCUS regulatory framework should adopt experimental approach -report

The federal agency likely to be responsible for oversight of Brazilian carbon capture, utilisation, and storage (CCUS) should adopt an experimental regulatory approach based on pilot projects, according to a report published earlier this month.

ASIA PACIFIC

Australia proposes amendments to emissions reporting scheme

The federal government is consulting on legislative amendments to the National Greenhouse and Energy Reporting (NGER) scheme to make emissions reporting more robust, releasing a discussion paper on proposed changes on Monday.

Pakistan to consult provinces on draft carbon credit policy

The federal government of Pakistan is setting up a committee that will seek counsel from the provincial governments on the country’s draft carbon credit policy, as part of preparations for a national market launch and greater involvement in the international market.

New carbon signal will be required to decarbonise Australian electricity sector once coal retires, think tank warns

Australia’s fleet of coal-fired power stations will retire in the early 2030s, but a new signal on carbon emissions will be required for the electricity sector to reach net zero, a report published Monday said.

China releases draft energy law, backs development of renewables and hydrogen

China’s top legislature is reviewing a draft energy law that could give additional clout to the development of renewable energy and hydrogen in the country.

Singapore creates new lab to pursue economic decarbonisation options

Singapore will spend S$60 million ($44 mln) on a new institute to study various decarbonisation techniques, from new fuels to carbon capture and storage, with a focus on cutting the emissions of its energy and chemical sectors.

Australian non-profit to launch emissions accounting platform in May

An emissions accounting platform for Australia’s agriculture, fisheries, and forestry sectors is expected to go live in May, its developer announced Monday.

Australia’s ERAC adds senior technocrat to ranks

Australia’s Emissions Reduction Assurance Committee (ERAC) has added a new member to its ranks to better undertake its work ensuring the integrity of Australia’s carbon credit scheme, the government announced Monday.

INTERNATIONAL

Taxing fossil fuels in advanced economies could raise $720 bln by 2030 for climate adaptation

Taxing the domestic extraction of coal, oil, and gas in the world’s richest economies could raise as much as $720 billion by 2030 to help with climate adaptation in vulnerable nations, by way of the Loss and Damage Fund, finds a report backed by dozens of climate organisations.

VOLUNTARY

VCM Report: Rumble in Rimba Raya distracts voluntary carbon market at time of reasonable liquidity, renewed buying interest

Grim news about the Rimba Raya REDD project last week, as well as signs that corporates are focusing on cheap voluntary carbon credits, undermined a more upbeat tone for the market, fuelled by decent liquidity and stronger buying interest.

South Pole regional director leaves to set up own carbon specialist firm

A regional director at project developer South Pole has left the company to found his own carbon market firm.

AVIATION/SHIPPING

Voluntary carbon standard publishes revisions after being denied full eligibility for CORSIA

Gold Standard has published clarifications and procedural revisions to boost its chances of supplying voluntary carbon credits for Phase 1 of CORSIA, the UN international aviation offsetting scheme.

US aviation stakeholders launch coalition to uplift the SAF market

Some 40 aviation industry stakeholders and biofuels producers on Monday announced the launch of the Sustainable Aviation Fuel (SAF) Coalition to advance investments and drive policies within the sector.

BIODIVERSITY (FREE TO READ)

INTERVIEW: Indigenous-led biodiversity units are getting market traction

Market interest in biodiversity projects led by Indigenous Peoples is surging as local leaders in the Amazon rainforest strive to scale up funding through voluntary credits, according to a project developer.

Countries failed to report on half of commitments under pre-2020 biodiversity targets

Nearly half of countries’ policy pledges for nature made in the National Biodiversity Strategies and Actions Plans (NBSAPs) before 2020 were not supported by evidence of actions taken by governments, a paper has revealed, sounding the alarm over the reporting gaps ahead of this year’s COP16 UN biodiversity summit.

UN-backed alliance grapples with assessing integrity of the nascent biodiversity credit market

The Biodiversity Credits Alliance (BCA) on Monday released an issue paper delineating the process of developing a review mechanism for the emerging biodiversity credit market in a bid to quell concerns over nature risks related to credited projects.

ICYM

INTERVIEW: Battling to stay afloat, Rimba Raya slashes headcount while warning credit issuance could more than halve

Rimba Raya is struggling to keep afloat after the concession holder of the popular Indonesian REDD+ project drastically cut staff numbers and warned there could be a sharp drop in voluntary carbon credit issuance, possibly impacting historical supplies, after it adopts Verra’s new consolidated methodology for avoided deforestation.

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Job listings this week

• *Asia-Pacific Environmental Markets Correspondent, Carbon Pulse – Asia or Australia/New Zealand
• *Environmental Markets Correspondent, Carbon Pulse – Latin America
• Head of Product, Redshaw Advisors Ltd – London
• Senior Advisor, Carbon Markets, UNOPS – Copenhagen
• Carbon Broker, ProClime – Chennai
• Emissions and Carbon Trader, Novatek Gas & Power Asia – Singapore
• Carbon Trading Strategist, Rubicon Carbon – Remote (SF/LA/NYC)
• Director, Nature-Based Solutions Design & Development, WWF – Washington DC (Hybrid)
• VP Carbon Dioxide Removal Offtakes, Equatic – Los Angeles
• Managing Director, Natural Climate Solutions Roadmap Initiative, Conservation International – Various Locations
• Senior Forest Carbon Analyst, Green Diamond Resource Company – Remote (US)
• Soil Carbon Modeling Lead, Senior Manager, Cultivo – Remote
• Junior Nature-Based Solutions Engineer, Conservation International – Various Locations

*Premium listings

See all listings or post a job

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CONFERENCES

Carbon Forward Turkiye – May 9-10, Izmir: With the imminent launch of the pilot ETS in Q4 2024 and a burgeoning voluntary carbon market in the country, this inaugural event will give attendees an understanding of the significant impact these schemes, as well as the EU’s CBAM, will have on your business. Carbon Forward Turkiye also offers a chance to position and network with peers, policymakers, corporates, trade bodies, and analysts. 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. We are allocating a limited number of free passes to attendees representing medium- and large-sized companies that buy and retire voluntary carbon credits. If your firm is an end-user of carbon offsets and is not a major energy producer or supplier, contact us to apply for a free pass (1 per company). Otherwise, 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

City adaptation – The urgent need to adapt European cities to climate change is looked at in a report by the European Environment Agency (EEA), which calls for greater investment in urban societal resilience. Effective actions taken so far include urban planning and building codes, economic incentives and insurance, early-warning systems, and information campaigns. While emerging areas of opportunity for adaptation include promoting urban agriculture, creating more liveable public spaces, and protecting cultural heritage. Nature-based solutions, meanwhile, are effective for cooling and water retention in cities, in addition to reducing pollution and providing recreation spaces. The EEA stresses that actions need to be taken across all sectors and governance levels for climate adaptation to be effective.

Harvests get hit – The unusually wet weather that has deluged the UK over the past autumn and winter could hit UK harvests by almost a fifth, leading to price rises across common shop goods such as bread, beer, and biscuits, according to the Energy and Climate Intelligence Unit (ECIU). The analysis, which takes into account crop area forecasts and government yield data, found that production of wheat, barley, oats, and oilseed rape could fall by 4 Mt compared to 2023, a reduction of 17.5%. The decline may be more than 5 Mt, or 21.2%, if compared to average production from 2015-’23, the analysis suggests. The unusually wet autumn led to lower planting levels, while relentless storms and flooding over winter led to even more losses for British farmers. (the Independent)

Talking with the Saudis – The European Commission held exploratory energy transition talks with Saudi Arabia. European Commissioner for energy, Kadri Simson and the HRH Minister of Energy of Saudi Arabia, Abdulaziz bin Salman Al Saud held bilateral meetings in the margins of the World Economic Forum in Riyadh and discussed energy and clean tech cooperation to advance the goals of the Paris Agreement. They held talks to sign a Memorandum of Understanding (MoU) on energy cooperation, which should cover many energy sectors, and should be conclude in the next few months.

Gas decommissioning – Germany’s local utility association VKU has called for public support to finance the decommissioning of the country’s natural gas grid and avoid high fees for customers, according to local news agency dpa. Retiring the old world energy system also requires tax money, just as ramping up the new energy world does, said VKU head Ingbert Liebing. The compensation account could be used to bridge the gap caused by retiring grid infrastructure and shortened amortisation periods, meaning the utilities wouldn’t have to raise their fees to fully recover their costs, the lobby group said. As more and more people disconnect from the gas grid due to switching to heat pumps or district heating, the per capita costs for grid users will rise, and a compensation account could help make those price rises manageable, it maintains.

SMR scale-down – Rolls-Royce has scaled down its plans to build two new factories for small modular reactors (SMRs) in the UK, following repeated delays to a government design competition, The Telegraph reported. The original plan was to build one factory to make heavy pressure vessels for its SMRs, and another to make the building blocks of the reactors, with shortlisted locations in Wales and Sunderland, North England. But with time running short to make the first pressure vessels by the early 2030s, Rolls-Royce has said it will only build the second factory, and buy heavy pressure vessels from a third party, it reported. The government is expected to announce the winners of the design competition in June at the earliest.

ASIA PACIFIC

Big player – French renewable energy developer Neoen has been awarded a 300 MW, 4-hour service contract via Stage 2 of the Collie Battery in Western Australia, it announced Monday, saying the award has cemented its position as the country’s largest renewable energy company. The 341 MW/1,363 MWh battery in the town of Collie takes Neoen’s portfolio in Australia to 4 GW of capacity in operation or under construction. The first stage of the battery is expected to be operating in Q4 2024, while the second stage is expected to start up in Oct. next year. Neoen’s portfolio in Australia consists of 1.3 GW of solar, 1.1 GW of wind, and 1.7 GW/4.2 GWh of battery storage.

Thai CCS push – Thailand’s national oil company PTTEP has signed a Memorandum of Understanding with the Asian Institute of Technology for collaboration on carbon capture and storage work, it said Monday. “The collaboration is aimed to carry out research study on geoscience and petroleum engineering, develop professionals in petroleum exploration and production and explore for carbon storage sites,” it said, noting this work is “pivotal” to develop CCS. PTTEP has signed MoUs with eight organisations and universities. In January Japan’s Inpex signed up with PTTEP for CCS collaboration as the Japanese gas giant works on a portfolio of carbon storage options across Southeast Asia. 

Bring carbon tax – A study on decarbonizing Pakistan’s cement industry has recommended the implementation of a domestic carbon tax on industries and plants with higher carbon footprints, instead of being subject to global carbon tax instruments such as the EU’s CBAM, Pakistan Today reported. It added that the revenue generated can be channelled into subsidies, incentives, and green financing programmes to accelerate decarbonization efforts across sectors. The tax will also allow the South Asian nation to exercise greater control and autonomy in managing its environmental policy and industrial regulation, it added. Further, the study recommended that the government should incentivise cement manufacturers’ use of renewable energy by lowering import duty on solar panels and should offer low-interest rates on loans so that industries invest in green technologies and sustainable practices.

AMERICAS

Payback time – Saskatchewan Premier Scott Moe says the Canada Revenue Agency (CRA) plans to audit the province for not paying carbon levies on home heating. Moe says the agency has indicated it will look at Saskatchewan’s books to see how much the province owes in levies that weren’t paid to Ottawa. The Saskatchewan Party government decided earlier this year to not remit the federal carbon price on natural gas, a move that breaks federal law. Moe invoked the measure after PM Justin Trudeau exempted users of home heating oil from having to pay the levy in a move largely seen as politically motivated to boost Liberal support in Atlantic Canada. Moe says the agency could face problems to collect the money, as Ottawa may have to change legislation to get it. Trudeau has said Saskatchewan residents will continue to get rebates even though the province isn’t paying. (Canadian Press)

Plugging away – Zefiro Methane, a company that aims to generate carbon credits by sealing abandoned North American oil and gas wells, announced its first listing on registry ACR on Monday. The project is located in Custer County, OK, and aims to reduce methane emissions and stop leakage from two oil and gas wells. Crediting is anticipated to begin on May 24, 2024 through to May 23, 2044, associated with ACR’s Version 1.0 of the Methodology for the Quantification, Monitoring, Reporting and Verification of Greenhouse Gas Emissions Reductions and Removals from the Plugging of Orphaned Oil and Gas Wells. In July 2023, Zefiro pre-sold carbon credits from its projects to Mercuria Energy America based on the protocol. Zefiro also recently announced its listing on the Toronto-based Cboe Canada exchange under the ticker ZEFI, following the successful completion of its IPO, which raised C$3.45 mln by selling 2.3 mln shares at C$1.50 each.

Boeve goodbye – May Boeve, co-founder and executive director of the green group 350.org, plans to step down from her position in September, she announced. Boeve, who was a college student in 2008 when she and several friends founded the organisation with climate activist Bill McKibben, has been the group’s leader for more than a decade. The group is looking for a new leader to take over later this year. Boeve’s base pay in 2021 was $151,422, and her total compensation that year was $178,205, according to E&E News, which sourced the group’s most recent 990.  That puts her amongst the best paid leaders of US environmental and conservation organisations. Many of them take home annual compensation packages in the high six figures, according to tax documents non-profits are required to release publicly. The heads of influential groups including the World Wildlife Fund (Carter Roberts, president and CEO: $1.2 mln in 2022), Environmental Defense Fund (Fred Krupp, president: $922,000 in 2021), and Nature Conservancy (Jennifer Morris, CEO: $758,000 in 2021) are among the best paid of them, according to an E&E News analysis of 29 groups’ most recent tax filings.

SCIENCE & TECH

DAC testing development – The US National Institute for Standards and Technology (NIST) announced recently that its scientists have developed a new high-precision testing apparatus for benchmarking the performance of sorbents used in DAC plants. The agency said the apparatus will enable it to develop research-grade test material (RGTM) sorbents for the DAC industry, which can then be used to validate the removal of a certain amount of CO₂ from a given amount of air. Sorbents can either be solids or liquids, but NIST’s testing apparatus is only applicable to solid sorbents, it said. The first RGTMs are expected next year.

AND FINALLY…

Paint the town CO2 – US-based startup The People’s CO2 has launched a campaign on crowdsourcing platform Kickstarter to for its patent-pending paint that captures and converts CO2 from the atmosphere to a “harmless” carbonate of magnesite and quartz that remains stored inside the paint for the rest of geologic time. The paint utilises the geological properties of a mineral called olivine, which will absorb CO2 over the course of two to three years. The company claims that the paint can be applied to a variety of surfaces – signs, walls, fences, roads, parking garages, or parking lots. The team has tested the paint in Space Center Houston, the City of Houston, The Doseum of San Antonio, and in community murals and art projects across the greater Houston area, but this is the first time they’ve made it available to the public. The People’s CO2 is aiming to raise $11,000 for this project, which will only be funded if it reaches the goal by May 20. 

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