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TOP STORY
LEAK: EU’s draft strategic agenda for 2024-2029 reinstates green priorities
Climate and environmental objectives have made their way back into the EU’s draft strategic agenda for the next five years following an earlier draft, as EU leaders meet in Brussels on Thursday to decide the priorities of the next European Commission and appoint its new president.
VOLUNTARY
Former CQC boss denies wrongdoing allegations, calls them part of plot by investor to seize control of firm
The former CEO of project developer C-Quest Capital (CQC) has denied the allegations of wrongdoing made against him, calling them part of a plot by a major investor to seize control of the company.
Canadian agri-tech firm introduces new biochar product derived from industrial hemp
An Alberta-based agricultural technology firm has introduced a new biochar product derived from industrial hemp, the company announced this week.
Carbon removal marketplace launches live pricing, availability data for biochar
A UK-based carbon removal marketplace is kickstarting live pricing and availability data for biochar carbon removals in a bid to improve market transparency and boost trading volumes.
Targeted interventions can help trade in global CDR market reach $100 bln/yr by 2030-35 -report
Annual trade in carbon removal credits could grow nearly 40-fold to $100 billion by 2030-35 if key barriers are addressed, a new report predicts.
ISO kicks off work on new net-zero standard, keeps door open to offsets
The International Organization for Standardization (ISO) is developing its first standard for reaching net-zero emissions, which could allow companies to use offsets to meet decarbonisation targets, it announced on Thursday.
Gold Standard releases second edition of its climate framework for corporates
Gold Standard has released the second iteration of its climate framework designed to help organisations contribute to global climate efforts, with key updates including a focus on climate adaptation and further support on how companies should tackle their unabated emissions.
Verra releases new methodology for CCS
Global carbon standard Verra on Thursday released its new methodology for technology-based carbon capture and storage (CCS), including modules for CO2 capture, transport, and storage initiatives.
AMERICAS
SCOTUS approves temporary block of EPA’s interstate air pollution plan
The Supreme Court of the United States (SCOTUS) on Thursday approved a temporary halt of an Environmental Protection Agency (EPA) scheme to reduce interstate air pollution, which legal experts say could set national precedent that eases the threshold for similar stay requests of federal environmental policies.
US DOE announces $16 mln for CO2 conversion into new products
The US Department of Energy (DOE) announced Thursday that up to $16 million in funding will be available for large-scale conversion of CO2 emissions into carbon-based products.
WCI Markets: Rulemaking notice reignites CCA trade, WCA activity subsides
The next cap-and-trade rulemaking workshop date announcement reversed declines in California Carbon Allowance (CCA) prices, while Washington Carbon Allowances (WCA) settled back into sluggish trade given uncertainty surrounding the programme’s future.
BRIEFING: Indigenous Colombians navigate public courts, private carbon contracts to chart path in the voluntary market
Self-determination lies at the crux of the relationships Indigenous Colombians hold with both public and private stakeholders in the voluntary carbon market (VCM), Carbon Pulse heard at the Latin America Climate Summit in Cartagena this week, as communities variously seek recourse in courts to curb rights violations and open collective land allotments to project proponents to finance conservation and development.
Brazil hoping for national ETS passage by end of year -official
The Brazilian executive branch still hopes to see national cap-and-trade legislation pass this year, according to an official from the Ministry of Development speaking at the Latin America Climate Summit on Wednesday in Colombia, pushing back previously articulated target dates.
BRIEFING: High carbon tax in Mexico’s Queretaro prioritises flexibility
The Mexican state of Queretaro, with one of the highest carbon taxes in Latin America, has carved out an exception to its 20% offsets rule for firms facing steep competition and will consider international exchange rates when determining annual price increases, a senior official told Carbon Pulse on the sidelines of the Latin America Climate Summit in Colombia Wednesday.
Key matters still undecided for Colombian ETS, more clarity expected by year’s end -official
Colombia’s ETS, under development for six years, is still far from designed or implementable, per a description of outstanding matters provided by an official in Colombia at the Latin America Climate Summit on Wednesday, but the government has several milestones planned for the coming years.
EMEA
Turkish ETS unlikely to launch in mid-October -sources
The Turkish ETS is unlikely to launch on Oct. 15, as had been previously announced, due to delays with the country’s climate law, say sources.
Some CBAM revenue should go to impacted and developing countries, panel agrees
Representatives from the government, business and academic sectors agreed that at least part of the EU’s Carbon Border Adjustment Mechanism (CBAM) revenues should be recycled to non-EU countries impacted by the mechanism, during a online webinar hosted by a think tank on Wednesday.
EU energy infrastructure plans at odds with 2030 climate target, Scientists warn
Draft scenarios for long-term energy infrastructure development at EU level are incompatible with the bloc’s 2030 climate goal, and underestimate the cost of technologies like hydrogen and carbon capture and storage (CCS), scientists warned on Thursday.
EU’s abandoned coal mines emit as much methane as blown-up Nord Stream pipe -study
Abandoned coal mines in the EU have emitted an estimated 298 million cubic meters of methane per year since 2015, or the equivalent that leaked from the explosion of the Nord Stream pipeline between Russia and Germany in 2022, according to research published on Thursday.
UK’s Labour party to rely largely on private finance to hit green targets -media
The UK will need “hundreds of billions” of pounds of largely private sector investment to reach its net zero target by 2050, a senior politician from the Labour party has said, downplaying the role of government funding in the energy transition, a week before the political party is likely to be elected into government.
Euro Markets: EUAs fall to new two-month low amid afternoon pressure, while UKAs hold steady
European carbon allowances declined after hitting another two-month low as the market traded in a comparatively narrow range on Thursday – as indeed most of the energy complex did – with activity appearing to slow amid the end of the quarter and the start of the holiday season, while UK Allowances gave up early gains but still posted a marginal increase.
ASIA PACIFIC
NZ minister says govt will accept independent panel’s advice on methane, regardless of CCC recommendations
New Zealand’s Agriculture Minister Todd McClay has told reporters the government will accept the advice of its handpicked panel on methane targets and science, regardless of whether it contradicts advice provided by the Climate Change Commission (CCC).
Taiwanese emitters form carbon credit alliance, eye Indonesian project
A group of Taiwanese companies on Wednesday formed a strategic alliance for participation in the voluntary carbon market, with one member announcing plans for a forestry project in Indonesia.
Australian senate committee recommends climate duty of care bill is rejected
An Australian senate committee has recommended against passing a bill that would enshrine a duty of care on policy makers when approving projects that will have a material impact on global emissions.
INTERNATIONAL
Global law firms lag in climate action, continue to prioritise fossil fuel work, annual scorecard reveals
The world’s top law firms are lagging in pledged climate action, showing substantial ongoing support for the fossil fuel sector despite compared to minor advancements in their work on renewable energy.
BIODIVERSITY (FREE TO READ)
IUCN adds over 1,000 threatened species to its Red List
The International Union for Conservation of Nature (IUCN) has added over 1,000 species of plants and animals to its Red List of Threatened Species, bringing the total to 45,000.
Italian network kickstarts initiative to ramp up corporate action on biodiversity
An Italian network has launched a national initiative to steer companies and financial institutions in integrating biodiversity into decision making, with 90 organisations already enlisted.
EU imports still drive substantial global deforestation, report unveils
EU member states continue to drive deforestation from their direct imports, with the bulk of clear cutting associated with cocoa and oil palm products.
Biodiversity Pulse: Thursday June 27, 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
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BITE-SIZED UPDATES FROM AROUND THE WORLD
AMERICAS
Climate at the debate – Former President Donald Trump on Thursday refused to commit to taking any action to address the climate crisis. Asked during the first 2024 presidential debate if he would take any action as president to slow the climate crisis, Trump first spoke about how police groups are supporting his campaign. Next, he falsely claimed that President Joe Biden had called African Americans “superpredators,” adding that Biden has “also done a horrible job for Hispanics.” CNN gave Trump another opportunity to name any action he would take as president to slow the climate crisis. “So I want absolutely immaculate clean water, and I want absolutely clean air,” Trump responded. “And we had it. We had H2O, we had the best numbers ever. And we did. We were using all forms of energy, all forms — everything. And yet, during my four years, I had the best environmental numbers ever — and my top environmental people gave me that statistic just before I walked on the stage. Actually, that is true.” Biden argued that Trump as president didn’t do “a damn thing for the environment,” and “wants to undo all that I’ve done.” He noted that Trump pulled out of the Paris Agreement, to which Trump responded: “[It] was going cost us a trillion dollars. And China nothing and Russia nothing and India nothing. It was a rip off of the United States.” Biden responded by saying his administration had “passed the most extensive climate change legislation in history” in reference to the Inflation Reduction Act. “The only existential threat to humanity is climate change. And he didn’t do a damn thing about it. He wants to undo all that I’ve done,” added Biden, who also cited his establishment of the American Climate Corps as an accomplishment. “We will have cut pollution and we’ve made significant progress” in reaching our 2035 climate targets, Biden said.
Iowa GOP blasts CO2 pipeline approval – Opponents to Summit Carbon Solution’s planned carbon-capture pipeline appear to have found unlikely allies after more than 30 Republicans legislators condemned the Iowa Utilities Board’s approval of the project, pledging to “oppose this proposal at every step,” reported the Des Moines Register. “We are carefully reviewing today’s decision in light of the docket, Iowa statutes, and the state and federal constitutions to develop the next steps in the courts and in the General Assembly in response to today’s developments. Iowans can be assured this is not the final word on this issue,” the GOP lawmakers wrote in a press release.
Transformative energy tech – The US Department of Energy (DOE) announced $63.5 mln Tuesday for four transformative technologies through the Seeding Critical Advances for Leading Energy technologies with Untapped Potential programme. According to DOE, the four projects have demonstrated a viable path to market and represent technologies focused on aerogels for energy-efficient insulated glass units, thermal batteries to supply combined heat and power from renewable electricity, energy-dense solid-state batteries, and cement decarbonisation.
Rural clean energy cash – The US Department of Agriculture will provide more than $375 mln in funding to rural communities through the Powering Affordable Clean Energy Program (PACE) and the Rural Energy for America Program (REAP). Secretary Tom Vilsack announced Wednesday more than $275 mln to rural electric cooperative projects moving forward in the awards process through the PACE programme to expand access to clean energy for communities in Alaska, Arizona, Kentucky, and Nebraska, and nearly $100 mln in loans and grants through REAP to support 473 projects in 39 states and Puerto Rico.
New credits – Project developer RWA Solutions registered carbon credits from its Texas-based VIP3 Tree Project to registry Trusted Carbon, the firm announced Wednesday. The release said the project focuses on the use of sterile VIP3 Paulownia trees, which it claims has rapid growth and high carbon sequestration capabilities. The firm did not detail the volume of credits registered in its announcement. However, a project listing on Trusted Carbon’s website details a project developed by RWA Solutions in Texas, validated by Control Union, with 3.5 mln credits available.
Restoring faith in the VCM – Support from the US government towards carbon removal initiatives is giving buyers a much needed guidance regarding quality CDR credits, participants at a webinar hosted by climate tech firm Patch heard Thursday. Specifically, the US Department of Energy’s (DOE) $35 mln Carbon Dioxide Removal Purchase Pilot Prize, coupled with President Joe Biden’s Administration’s Policy Statement and Principles on VCM, is helping restore faith in the market following recent years of scandals that damaged trust within the market. While establishing a uniform definition of quality CDR will take time, DOE’s senior advisor Noah Deich highlighted the necessity to invest in credits “at a small scale” to bolster the industry and ultimately solidify buyers’ trust in carbon removals.
BC funding – The BC Centre for Innovation and Clean Energy will award up to $10 mln in non-dilutive to British Columbia innovators in low-carbon hydrogen, battery technologies and energy storage, as well as low-carbon bio and synthetic fuels, the firm announced Thursday. Applications will open July 10 until Aug. 1.
INTERNATIONAL
OPEC pledges – The third OPEC Fund Development Forum concluded today in Vienna with new project signings and partnership agreements, pledging to tackle urgent global development issues such as climate change, food security, and the energy transition and to accelerate progress towards the 2030 Agenda for Sustainable Development. Altogether, the OPEC Fund announced $585 mln in fresh financing approved by its governing board. On food security and climate resilience, the OPEC Fund and the UN World Food Programme (WFP) announced the establishment of the OPEC Fund’s Food Security and Climate Adaptation Facility, with seed funding of $3 mln grant to catalyze $500 mln in investments by 2030 and kick-off with pilot initiatives in sub–Saharan Africa. On the energy transition, actions included the OPEC Fund providing a $200,000 grant to Sierra Leone for the establishment of a Climate Finance and Energy Innovation Hub and working to reduce Somalia’s debt burden in partnership with member country Saudi Arabia. While in central Asia, the OPEC Fund signed Country Partnership Framework agreements with Turkmenistan and Kazakhstan, for cooperation on infrastructure development, energy transition, and regional integration. And the OPEC Fund also signed a $25 mln loan agreement with Nepal’s Global IME Bank to increase access to finance for SMEs.
Hey little spenders – Oil and gas majors need to stop trumpeting their green credentials because what they actually spend on clean energy is a minuscule amount, according to Fatih Birol, executive director of the International Energy Agency, as reported by the Times. “If you looks at these companies, their leaders, their PR, a big chunk of it is how much they want to be the solution to the climate problem,” yet they don’t spend enough on the transition, he said. Earlier this week, at the Powering Past Coal Alliance event during London Climate Action Week, Birol stressed that to stay in with a chance of meeting the 1.5C limit, it’s vital that no new unabated coal plants are built and that existing coal plants in developing countries, many of which are relatively young, be brought offline. The continued operation of relatively new coal plants in Asia alone would jeopardise the 1.5C limit, he said.
A new coalition – Ex-UK energy minister Chris Skidmore, who rebelled against his former Conservative party over its rollback on net zero policies, launched the Climate Action Coalition on Thursday with the aim of ramping up global solutions. The coalition will bring together businesses, NGOs, academics, investors, and others to address implementation challenges by building networks and sharing activities, Skidmore told the London Climate Action Week’s Climate Innovation Forum. “Its mission is to ensure that we can deliver on commitments, and we can deliver them on time.” The coalition will help to implement policy recommendations through its actions and promote solutions that can be replicated and scaled across sectors and borders, he added. More details will come soon, including at an event that Skidmore plans to host in mid-July.
EMEA
Tougher conditions – Statkraft, Europe’s largest renewables power producer, is scaling back plans to build new wind and solar plants due to lower electricity prices and higher costs, the FT reports. Market conditions for renewable energy have become increasingly challenging, said Statkraft CEO Birgitte Vartdal. Public markets have highlighted falling demand for the sector, with the S&P Global Clean Energy Index falling 25% since last July, while ESG equity funds have suffered $38 bln in outflows this year to the end of May, according to Barclays. Norwegian state-owned Statkraft announced plans to slow capacity growth on Thursday, now aiming to install 2-2.5 GW of onshore wind, solar and battery storage annually from 2026 onwards, compared with a previous target of 2.5-3GW annually from 2025 and 4GW annually from 2030. For offshore wind, it now aims to develop 6-8 GW in total by 2040, down from its previous target of 10 GW. In so doing, Statkraft joins Denmark’s Orsted and Portugal’s EDP who have also culled targets for renewable energy. On hydrogen, Statkraft has cut its target of 2 GW by 2030 to 1-2 GW by 2035.
Hungary’s EU presidency agenda – On July 1, Hungary will take over from Belgium to chair the Council of EU member states for the next six months. Their agenda includes an Oct. 14 meeting to prepare the COP29 climate talks in November as well as the Convention on Biological Diversity (CBD) starting on Oct. 21, reports news website Euractiv. On Dec. 17, environment ministers will debate the European Commission’s forthcoming proposal for a 2040 climate target. On Dec. 16, energy ministers will exchange views on EU countries’ National Energy and Climate Plans (NECPs), as well as on the future of energy policy and the governance of the EU.
ASIA PACIFIC
CCS cooperation – Indonesia’s Coordinating Ministry for Economic Affairs greeted Australian Business Champion for Indonesia Professor Jennifer Westacott to Jakarta, it said in a release, welcoming the opportunity to cooperate in carbon capture and storage and the energy transition. Coordinating Minister Airlangga Hartarto said it was paying close attention to the finalisation of CCS regulations, in order to encourage cooperation between Indonesia and Australia. The visit is part of a series of collaboration strategies in ASEAN as a follow-up to Australia’s Southeast Asia Economic Strategy to 2040.
Sun and wind – India’s state-run SJVN Green Energy Limited (SGEL) has signed a Memorandum of Understanding (MoU) with AM Green Ammonia for major renewable energy projects in the country, to ensure an annual supply of around 11,500 million units of renewable energy, Business Standard reported. Under this partnership, SGEL will explore the development of 4,500 MW of renewable energy projects, including 2,500 – 3,000 MW of solar projects and 1,500-2,000 MW of wind projects, over three phases. Meanwhile, AM Green Ammonia is set to develop one of the world’s largest green ammonia facilities in the state of Andhra Pradesh, starting with an annual production capacity of 1 mln tonnes and expanding it to 5 mln tonnes per annum by 2030.
Lead the way – China in the first half of 2024 led the way in venture capital deals related to clean energy, accounting for five out of the top 10 deals, according to South China Morning Post, which cited data from Preqin. Together, the five China-focused deals raised $2.93 bln from private investors. They primarily involved companies in the supply chain for battery-powered and hybrid vehicles, Preqin data showed.
SAF cooperation – Korean Air on Thursday announced that it plans to expand its sustainable aviation fuel (SAF) programme through a newly formed partnership with global logistics company CEVA Logistics, which will support the airline’s usage of SAF in its air cargo operations. Korean Air, which has partnered with several petroleum and refinery companies, also has plans to use Shell’s SAF products from 2026.
Put a price – Japan’s Lotte has introduced an internal carbon pricing system for investments in the company’s manufacturing facilities, according to a company statement. The internal carbon price, which has been set at 7,000 yen ($43.63) per tonne, will be used as a reference for investment decisions.
Permits on offer – A subsidiary of China’s Xinjiang Tianfu Energy plans to sell 700,600 Carbon Emissions Allowances (CEAs) through bulk agreements, as trading activity in the national carbon market is relatively active at the moment, the energy firm said in a notice released this week. The permits should be sold for no less than 85 yuan (11.69) per tonne, according to Xinjiang Tianfu. CEAs in recent weeks traded in the range of 90-95 yuan.
SCIENCE & TECH
Experts convene – Around 360 scientists, researchers, industry representatives, and other stakeholders attended the third international conference on carbon dioxide removals (CDR) in Oxford last week, to discuss the many different ways to achieve negative CO2 emissions and the policies to support them. They highlighted ”conventional” CDR methods like land use change and forestry as accounting for the vast majority of CDR efforts, while “novel” approaches account for a far smaller chunk, with biochar as the main player, followed by bioenergy with carbon capture and storage (BECCS). Steve Smith, executive director of Oxford Net Zero and CO2RE, pointed out that many models such as those that feed into reports from the Intergovernmental Panel on Climate Change (IPCC) – begin their projections 2020 and assume that emissions already peaked that year, yet emissions today are continuing to rise. There is a “tension” between fast and responsible action to scale up CDR, said Smith, with a separate session highlighting the importance of effective measurement, reporting and verification (MRV). The CO2 removal techniques discussed were forestry, BECCS, soils and biochar, and marine CO2 removal. CDR measures should be included in countries’ NDCs under the Paris Agreement, said Gideon Henderson, a professor of Earth sciences and chief scientific adviser to the UK’s Department of Environment, Food and Rural Affairs (Defra).
AND FINALLY…
Removals in the summer – Entertainment giant AEG Europe has announced its commitment to offset the carbon emissions of its British Summer Time concerts in London’s Hyde Park by investing in carbon removal credits through biochar projects. AEG Europe will invest in credits equivalent to all of BST Hyde Park’s Scope 1 (direct) and Scope 2 (power-related) emissions. This initiative, which extends the company’s earlier efforts during The 1975’s arena tour, forms part of a broader strategy to mitigate the climate impact of these events. Measures include the use of digital platform Lowr to monitor emissions from fan travel and encouraging the use of sustainable transport options. AEG Europe also aims to reduce emissions onsite by switching to greener power sources and promoting low-carbon food options. Additional sustainability efforts include partnerships for waste reduction and recycling enhancements at the concert venue. This initiative coincides with global efforts, including a new advisory committee convened by MIT’s Environmental Solutions Initiative, to assess and mitigate the climate impact of live music events. (edie)
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