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TOP STORY
Amid fears of 18 more months of uncertainty, voluntary carbon platform urges SBTi for swift guidance on Scope 3 offsetting
A voluntary carbon market platform has called on the Science Based Targets Initiative (SBTi) to urgently provide clear guidance on the use of carbon credits for mitigating Scope 3 emissions, amid expectations that direction from the standard-setting organisation may not come until late 2025.
ASIA PACIFIC
New Zealand govt sharply revises down expected future NZU price in emissions plan
Long-term prices in New Zealand’s Emissions Trading Scheme (ETS) could sit at just NZ$50 ($30.35) as the government intends to pursue a least-cost pathway to achieving its climate goals, it said in the draft second Emissions Reduction Plan (ERP) published on Wednesday.
NZ govt’s draft Emission Reduction Plan lacks the ambition and detail needed to restore confidence, opposition, experts say
The New Zealand opposition has come out swinging against the government’s draft second Emissions Reduction Plan, while experts say the plan places too much emphasis on reducing ‘net’ rather than gross greenhouse gas emissions.
Japanese scientists unveil hybrid material for industrial emissions capture
Scientists from Japan’s Chiba University have developed a sodium carbonate-nanocarbon hybrid material for capturing CO2 from industrial emissions, which they claim to be a cost- and energy-effective option for thermal power plants and factories.
Australia’s Fortescue abandons hydrogen target, pivots to clean electricity
One of Australia’s most ambitious hydrogen developers has all but abandoned its plans for the green fuel, it said Wednesday, which the firm had once suggested could rival the scale of Saudi Aramco’s oil output.
INTERNATIONAL
Azerbaijan hopes to broker new finance goal and end Article 6 stalemate at COP29
Azerbaijan’s COP29 presidency is bringing together top negotiators next week to advance complicated talks on two of Baku’s priorities for the summit – agreement on a new global climate finance goal, and finalisation of the Paris Agreement’s rules for international carbon markets, it announced on Wednesday.
Big ag uses distract, delay, and derail tactics to avoid climate action, undermine emissions impact -think tank
The world’s 22 largest meat and dairy corporations are masters of distraction and denial when it comes to tackling their climate footprint, with a heavy reliance on offsets to meet net zero plans and efforts to block emissions regulation, alongside downplaying methane’s true climate impact, according to a new report.
Lower financial burdens but unequal impact for households from carbon pricing, finds IMF-backed research
Widespread exemptions in carbon pricing have resulted in lower-than-expected financial burdens on households, though higher-income earners tend to benefit more due to their consumption patterns, according to new research published by the IMF.
US firm secures millions to fund off-grid solar in Africa
A US off-grid solar company has secured financial backing to expand product sales worth up to $176 million in Kenya, Tanzania and Uganda.
VOLUNTARY
BRIEFING: How regulation is becoming ‘a major issue’ for all carbon market participants
Regulation is becoming a major risk for carbon market participants in a growing number of jurisdictions, experts said at a panel discussion on Tuesday organised by Gold Standard.
European carbon utilisation startup raises $43 mln in Google-led round
A carbon utilisation company capturing and transforming CO2 into chemicals has raised $43 million in a Series A round co-led by Google Ventures and HV Capital.
INTERVIEW: Global water company seeks to offset CO2 from freshwater production
A global water company is working with a carbon removal startup to marry the worlds of carbon removal and water purification, delivering attractive cost savings and carbon removal credits in the process.
UN-backed consortium opens call for technical support on new clean cooking carbon methodology
The Clean Cooking & Climate Consortium (4C), led by the Clean Cooking Alliance (CCA), is seeking technical help for its new methodology for crediting emissions reductions from clean cooking projects as part of a UN-backed initiative.
UK businesses urged to launch collective carbon offsetting fund
UK businesses have been urged to come together to launch a collective fund to address the current shortfall in available carbon projects in the country by aggregating the purchasing power of different companies looking to offset their residual emissions.
Xpansiv to launch trading of registry-specific contracts aligned with ICVCM’s CCPs
Xpansiv’s CBL spot exchange will launch on July 23 its first batch of standardised registry-specific contracts aligned with the Integrity Council for the Voluntary Carbon Market’s (ICVCM) Core Carbon Principles (CCP).
US startup launches ocean-based CDR project off North Carolina coast in race for sub-$100/t abatement price tag
A US-registered public benefit corporation has initiated an ocean-based CO2 removal (CDR) project off the coast of North Carolina by dumping 8,200 tonnes of olivine sand into the sea, targeting an abatement cost under $100/tonne by 2030.
US algae-based CDR firm announces Series B funding worth tens of millions of dollars
A Florida-headquartered algae-based carbon removals (CDR) project developer on Wednesday announced the completion of a Series B2 funding round valued in the tens of millions of dollars.
Shareholders in UK forest carbon fund accept acquisition bid
The shareholders of a UK forest carbon fund have voted to accept a bid from an investment vehicle, owned by an existing shareholder, to acquire the firm, according to public documents.
Multinational brewery chain withdraws climate claim, exits voluntary carbon market
A multinational brewery and pub chain has decided to withdraw its carbon negative claim and stop purchasing voluntary carbon credits to focus on reducing emissions instead.
Global hotel chain launches community of low-carbon properties
A global hotel chain announced a new programme on Wednesday to encourage wider adoption of carbon reduction practices across its network of properties.
AMERICAS
Clean fuels trade group notifies US EPA of intent to sue over RFS rulemaking delay
A clean fuels trade group said Wednesday that it has sent the US Environmental Protection Agency (EPA) a notice of the organisation’s intent to sue over the agency’s failure to issue timely 2026 volumes under the Renewable Fuels Standard (RFS).
Research group estimates wildfires burning 6k acres of California forest carbon offset project
More than one-third of a voluntary improved forest management (IFM) project or 6,000 acres (2,400 hectares) in California is burning as a result of wildfires, a nonprofit research group said Wednesday, calling for compensation from registry ACR’s buffer pool.
US Department of Energy to fund R&D into methane-spewing orphaned wells
The US Department of Energy (DOE) published a notice of intent Monday to support R&D projects addressing undocumented orphaned wells (UOW), as well as options for remediation of these major sources of methane.
California city voters to decide on Chevron’s refinery tax measure this November
A tax measure set to appear on a California city’s ballot this November could require Chevron to pay additional fees for oil refined within the region.
Canadian government seeks feedback on federal offset projects on crown, public land
The Canadian environment ministry is seeking feedback on a white paper released Wednesday that outlines preliminary considerations for nature-based federal offset projects on state-owned or public land.
Chile to experience severe supply crunch of tax-eligible carbon offsets in 2024
The South American country, which as of 2023 accepts select carbon credits in lieu of payment of its $5 per tonne tax, will see minimal supply emerge in 2024 despite hopes that the mechanism would take off once liable entities had sufficient time to source offsets.
Sugarcane producers to receive $4/t under Brazilian benefit-sharing scheme -media
Sugarcane suppliers will receive R$2-3 ($0.50) per tonne of cane converted into ethanol and then CBio credits, which represent 1 tonne CO2 avoided relative to conventional fossil fuels in Brazil’s RenovaBio compliance carbon market, according to local media.
EMEA
Labour’s state-owned Great British Energy welcomed as first step to unlocking clean investment
The new UK government’s plans to spur clean energy and infrastructure investment, including with the creation of a public company, were widely welcomed after they were confirmed in the King’s Speech on Wednesday – although many cautioned that more is needed to tackle climate change.
Gaps in UK carbon accounting regulations make tracking emissions more complicated, says report
Gaps in UK carbon accounting regulation are making it more complicated to track UK emissions, according to a new report.
Carbon pricing can play ‘pivotal’ role in Western Balkans energy transition, says World Bank
Carbon pricing mechanisms can play a pivotal role in transitioning the economies of the Western Balkans by incentivising clean energy investments, limiting their exposure to the EU’s carbon tariff, while raising revenue that can be used to support vulnerable communities, the World Bank said in a report published Wednesday.
Euro Markets: EUAs drop to two-week low as gas support evaporates
European carbon prices fell to their lowest in more than two weeks on Wednesday, as energy markets followed a downward trend from the opening, robbing EUAs of their recent support from stable gas prices, even as weekly positions data from the futures exchanges showed a modest increase in speculators’ bearish bets
BIODIVERSITY (FREE TO READ)
Australia’s New South Wales announces overhaul to state’s biodiversity offsetting scheme
The New South Wales government has announced major reforms to its biodiversity conservation laws in response to the recent Henry review, including reforming the state’s nature offsets scheme.
Brazilian state to establish country’s first subnational biodiversity credit scheme
A Brazilian state government has announced the upcoming implementation of a legal regulation to offset corporate impacts on nature, making it the first state in the country to establish a biodiversity crediting scheme.
African bank stress test shows high exposure to nature-related risks
African banks could face a 21% increase in credit losses by 2050 unless companies in highly-exposed sectors, including agriculture and mining, urgently address their risks and dependencies on nature and shift to more sustainable practices, a report has said.
WWF asks International Court of Justice to establish biodiversity duty
WWF has called on the UN’s International Court of Justice (ICJ) to establish a duty for countries to stop harming biodiversity as part of their obligations to address the climate crisis.
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CONFERENCES
Carbon Forward Expo – October 8-10, London and Online: Our flagship conference returns to the stunning De Vere Grand Connaught Rooms in Covent Garden. As the agenda comes together for our ninth annual event, we want to make sure you don’t miss out on our 20% discount offer, which ends Friday, July 19. We’re also offering free passes for offset buyers. Get in touch to find out if you’re eligible and how to apply. Register now!
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Premium job listings
- Director Carbon Procurement, KliK Foundation – Zurich
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Fair trading – Russia will work to promote a fair carbon trading system through the BRICS and Shanghai Cooperation Organization (SCO) platforms, said Boris Titov, the Russian President’s special envoy for relations with international organizations, during a visit to Azerbaijan. The topic needs to be promoted more intensively, he said, through the framework of BRICS, the intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE, plus the SCO. “The main task of the climate agenda is to establish a global market for trading carbon units. The global carbon market is a tool that can solve many problems associated with achieving carbon neutrality. The West has formed certain standards in this regard, but in the interests of a truly fair global exchange we need to come to standards that would cover a larger number of countries,” Titov said.
EMEA
Severed connection – The electricity grid operators of the Baltic countries Estonia, Latvia, and Lithuania have notified Russia and Belarus they will exit a 2001 agreement that kept them connected to an electricity transmission system controlled by Moscow, despite not buying electricity from Russia. Instead, the three will shift their grid connections next February to the main continental European energy network, as originally announced in a plan last year as part of moves to sever ties with Moscow following its invasion of Ukraine. Utility operators Elering of Estonia, AST of Latvia, and Litgrid of Lithuania said that the exit notice was signed in the Latvian capital of Riga on Tuesday. The joint agreement with Moscow and Minsk will end on Feb. 7, 2025, and the Baltic systems will be disconnected from the grid the next day. On Feb. 9, the Baltic systems plan to synchronize with the continental European system, with both systems using 50 Hz alternating current. (Associated Press)
UK’s new chief advisor – Emma Pinchbeck, CEO of the industry group Energy UK, looks set to be named the new chief of the independent government advisory body, the Climate Change Committee, the Times reported. Pinchbeck, however, declined to confirm the reports, saying a post on X: “I’m the CEO of EUK. I’ve got a job to do with my lovely team, representing a sector which is responsible for 1 in 48 UK jobs.” Pinchbeck is also a former World Wildlife Fund campaigner and deputy CEO of the industry group RenewableUK. She has said in the past that meeting the Labour government’s goal of 100% clean power by 2030 would require seven times more energy infrastructure to be built this decade, compared to what it has built in the past.
High-emission land – The UK is significantly off target in reducing emissions from farming and land use, lagging so far behind other sectors that it could be the biggest emitter by the mid-2030s, according to analysis by the Energy and Climate Intelligence Unit (ECIU). This year, agriculture and land use are likely to have leapfrogged electricity generation to become the fourth-largest emitter, after domestic transport, buildings, and industry. Woodland creation improved last year, but is still far short of the target for 2025, ECIU found. The percentage of farmers engaged in low-carbon farming practices has also shrunk, to 48% last year from a high of 66% in 2020. The target for 2025 is 70%.
€7 bln for EU green transport links – The European Commission announced on Wednesday it had selected 134 transport projects to receive over €7 bln in EU grants from the bloc’s Connecting Europe Facility (CEF), the largest call to date under the programme. Around 83% of the funding will support projects that deliver on the EU’s climate objectives, such as railways, inland waterways, and maritime routes, the Commission said. Rail projects alone will receive 80% of the €7 bln, the EU executive said.
E-fuels exemption – European Commission President Ursula von der Leyen has said she will push for an exemption for cars running on e-fuels under the bloc’s plan to end sales of combustion engine cars by 2035, according to French MEP Pascal Canfin of the centrist Renew party. Canfin said Von der Leyen sees the exemption as a “landing ground” to soothe concerns of center-right lawmakers about the phaseout, Bloomberg reports. Carmakers would still have to completely eliminate CO2 emissions by 2035. Von der Leyen faces a vote tomorrow from the European Parliament for a second term. There is much uncertainty over whether she will clinch enough votes. The vote will be preceded by a speech, during which she will have to say something that multiple parties find palatable – including her own EPP and the Greens.
Fertiliser flurry – PepsiCo Europe and Yara are working together across multiple European countries to provide farmers with crop nutrition programmes to help decarbonise the food value chain. The partnership will see PepsiCo Europe farmers equipped with best-in-class crop nutrition products and advice as well as precision farming digital tools, allowing them to increase nutrient use efficiency, boost yields, and reduce the carbon footprint of their crops. Yara will deliver up to 165,000 tonnes of fertiliser per year to PepsiCo, enough to meet around 25% of the company’s crop fertiliser needs in Europe by 2030. These fertilisers will be mostly Yara Climate Choice fertilisers, including low-carbon footprint fertilisers produced from either renewable ammonia or low-carbon ammonia via carbon capture and storage, in addition to Yara’s standard premium nitrate-based mineral fertilisers produced using natural gas, with a 50% lower CO2 footprint than most non-EU fertilisers. The partnership will include about 1,000 farms, covering a total of around 128,000 hectares across the EU and the UK, with efforts initially focused on potatoes, then expanding to other crops like oats and corn.
Harvest hiatus – In 2023, 4.9 mln cubic metres of wood were harvested in Switzerland, which corresponds to a decrease of almost 6% compared to the previous year, the government announced Wednesday. The harvest fell significantly for round wood (-12%), as well as for industrial wood (-1%) and wood energy in the form of logs (-5%). Growth continued (+5%) for the other range of wood energy (chips), a product that is gaining in importance and now corresponds to around 30% of the volume of wood harvested. The share of wood energy has doubled over the last 20 years. These data are taken from the forestry statistics compiled by the Federal Statistical Office (FSO).
ASIA PACIFIC
State jurisdiction – The state government of Sabah in Malaysia has said that the regulation and implementation of carbon capture, utilisation, and storage (CCUS) should come under the jurisdiction of the states involved, even as it welcomed federal government’s decision to be selected as one of the four states to lead in the CCUS industry, the Malay Mail reported. State’s Deputy Chief Minister Jeffrey Kitingan said that it is essential that Sabah has the authority to regulate and manage CCUS activities to ensure they align with state’s needs and priorities. He also said that the state was ready to establish partnerships with international organisations and investors that could provide the necessary financial and technical support. Moreover, by taking control of the CCUS industry within Sabah, the state can ensure that the economic benefits directly contribute to the well-being of its people. Recently, the federal government identified Terengganu, Pahang, Sabah, and Sarawak as potential leaders in the CCUS industry because the four states have decommissioned oil wells and existing terminal facilities suitable for the technology.
Upcoming discussion – Taiwan’s National Climate Change Response Committee is set to hold its first meeting at the end of July to discuss the impact of climate change on the island, United Daily News reported, citing remarks by Environment Minister Peng Chi-ming. Members of the newly established committee, which will meet once a quarter, are also expected to discuss Taiwan’s green growth strategy as well as energy supply and demand, the report said.
Gear up – Japan Exchange Group (JPX) has started accepting registrations and designations of emissions reductions issued under the GX League (GX credits), according to a notice published this week. The trading bourse is planning to add GX credits to its carbon trading platform in November, expanding the scope of units tradable beyond offsets from the national J-Credit programme. The application deadline for those who wish to participate from the start date of trading (Nov.1) is set for Sept. 20, the notice showed.
New forestry project – Japanese project developer Bywill has teamed up with Okinaka Zourin Co, which owns around 1,000 hectares of forestland in Mie Prefecture, to create forest-based credits under the domestic J-Credit programme, it announced Wednesday. A forestry initiative supported by the two companies is expected to absorb 37,828 tonnes of CO2 over the eight-year project period.
Government support – Japan’s environment ministry has issued a new call for proposals about cooperative projects with cities in developing countries that support decarbonisation, including through the country’s Joint Crediting Mechanism (JCM). Priority will be given to cities in JCM partner countries and candidate countries, such as India and Brazil, and the cost per project is in principal capped at 10 mln yen ($64,000), a government notice showed.
Cambodia cash initiative – Seoul-headquartered Global Green Growth Institute (GGGI) and Cambodia’s Ministry of Environment (MOE) to assist the nation in financing green energy projects, the former said Wednesday. They launched the “Capacity Building and Accreditation Support of Direct Access Entity to Private Banks for On-Lending and/or Blending Fiduciary Functions” which has selected three local banks. “The project will enhance capacity, policies, and tools to mobilise climate finance effectively, implement climate-resilient initiatives, and support the accreditation applications to the Green Climate Fund (GCF) for approval as Direct Access Entities (DAE),” GGGI said. The GCF has committed $13 bln and has another $22 bln in the pipeline globally.
AMERICAS
Mo’ money, mo’ spending oversight problems – The US EPA is racing to deliver a fortune in taxpayer money through its largest-ever climate grant programme, but the initiative is hamstrung by a shoestring operating budget, exposing the $27 bln programme to charges of empty oversight and potential waste — and the prospects of a Republican feeding frenzy over President Joe Biden’s climate law if the programme stumbles, E&E News reports. The surge in spending aims to reshape impoverished areas of the US by financing the installation of renewable energy and improving building efficiency, but the programme has the smallest amount of money under the IRA to hire staff and track the money after it exits federal coffers, and its limits are already being tested.
Stay Golden – The US Court of Appeals for the DC Circuit on Tuesday rejected environmentalists’ argument that the Energy Department’s decision to remove a free-trade restriction on LNG exports will increase the volume of fuel being exported and harm a local environmentalist who lives near the terminal in question. The decision comes amid an ongoing fight between the LNG industry and the Biden administration over fuel exports and will allow the Golden Pass terminal to remain on track to start exporting up to 937 bln cubic feet per year of LNG by 2026. The case centres on the DOE’s 2022 decision to lift a restriction that required the Golden Pass-operated terminal in Jefferson County, Texas, to set aside 129 bln cubic feet of the facility’s fuel exclusively for free-trade countries. Sierra Club argued DOE’s decision will harm one of its members by increasing the volume and therefore the tanker traffic leaving the facility. This would negatively impact the aesthetic or recreational interests of member Mary Bernard, who boats and fishes in waters near the terminal, according to Sierra Club’s complaint.
Spending spar – Buoyed by a recent $2.5 mln donation from former Microsoft CEO Steve Ballmer, a group fighting to maintain Washington state’s cap-and-invest scheme has nearly 10 times as much money as a group trying to repeal it. The June 27 donation by Ballmer and his wife Connie is the largest contribution to the coalition opposing a November ballot measure that would eliminate the state’s carbon market. The coalition had about $8 mln available to spend, according to a recent campaign finance report. In contrast, the group that placed Initiative 2117 on the ballot has just $900,000, a report shows. (E&E News)
Auction proceeds for WA tribes – Washington on Tuesday distributed $52 mln of its cap-and-trade revenues in grants to support climate resilience efforts among the state’s 28 federally recognised tribes. The state’s Department of Commerce consulted with tribes to co-design a strategy for award allocations, which is being administered as direct appropriations, formula grants, and competitive grant funding. Washington Governor Jay Inslee (D) and Commerce Director Mike Fong announced the grants at the Quinault Indian Reservation on Tuesday. The announcement was made less than four months ahead of the election on Nov. 5, when the Evergreen State’s voters will decide whether or not to repeal the state’s cap-and-invest programme, which enabled this week’s funding to the groups. Inslee has remained vocal about his support for the scheme, which has also received financial backing from tech giant Microsoft and BP to help defeat the initiative that seeks to dismantle the programme that critics say has caused higher gas prices.
The Clean Fighters – New York Governor Kathy Hochul on Tuesday announced seven finalists for the $10 mln Empire Technology Prize. The prize was launched last year to advance building technologies for low carbon heating system retrofits in tall commercial and multifamily buildings in the Empire State. Climate tech accelerator Clean Fight administers the initiative on behalf of the New York State Energy Research and Development Authority (NYSERDA). The accelerator will help match finalists with leading New York real estate portfolio owners interested in discussing pilot and demonstration opportunities for the proposed solutions in the state.
Responsibility is in the eye of the voter – A poll of registered California voters, conducted last month by Slingshot Strategies, found that only 7% of respondents found the state’s cap-and-trade and LCFS programmes were responsible for California’s high gas prices – namely $1.30 per gallon (per 3.8 litres) higher than the national average, Politico said Wednesday. Nearly half of respondents identified the state’s 60-cent gas tax as the culprit, followed by 35% who indicated price gouging by oil companies to be the cause of prices increasing – despite ads from industry group Western States Petroleum Association pointing to the emissions trading programmes as responsible.
CCUS concerns – A group of 30 environmental advocacy groups have sent a letter to Pennsylvania Governor Josh Shapiro (D) asking him to veto a bill recently passed by the state legislature establishing a legal framework for CCUS in the state. The group said billions of dollars have been spent on failed CCUS projects, and that the focus on CCUS development further facilitates reliance on fossil fuel infrastructure. Additionally, the group said the bill strips Pennsylvania landowners of their subsurface property rights, didn’t receive proper attention during the legislative process, and shifts legal liability to the state.
Canada’s green building strategy – The government of Canada on Monday announced the Canada Greener Homes Affordability Program (CGHAP), an C$800 mln ($585 mln) initiative that seeks to help residents upgrade their homes. CGHAP will replace the Canada Greener Homes Grant (CGHG) programme, which helped 240,000 homeowners upgrade to more energy efficient installations by offering an average grant of $4,400 per household. CGHAP will provide additional support for retrofit installations at no charge to participating households, and has the potential to provide support up to four times ‘more valuable’ than the former grant programme.
VOLUNTARY
Some friendly advice – Verra has provided feedback to the USDA regarding the design of its new Greenhouse Gas Technical Assistance Provider and Third-Party Verifier Program under the Growing Climate Solutions Act. This initiative, announced by the USDA in Feb. 2024, aims to help US farmers, ranchers, and forest landowners engage in the voluntary carbon market by establishing high-integrity protocols for carbon credit generation. In May 2024, the USDA sought public insights through a Request for Information (RFI), focusing on the evaluation criteria for emission reduction protocols, specific protocols for consideration, and qualifications for both technical assistance and third-party verification. Verra said it supports the USDA’s commitment to a robust carbon market, stressing the importance of rigorous standards to produce high-quality credits. It suggested that the USDA leverage existing GHG crediting frameworks to ensure effective programme operation and project management. Verra specifically recommended several methodologies from its Verified Carbon Standard for USDA consideration, including those aimed at reducing methane emissions from ruminants, improving agricultural land management, and utilising biochar. The body also urged the USDA to consider the overall VCS programme, which it claimed included critical rules and requirements essential for maintaining the integrity of all methodologies involved.
Cow cash – Cargill has donated $1 mln to Colorado State University to support its AgNext research programme, aimed at enhancing sustainable practices in animal agriculture and reducing the beef industry’s environmental impact. This funding will primarily focus on studying enteric methane emissions from cattle, a natural byproduct of digestion. The research, to be conducted at the university’s Climate Smart Research Facility over the next two years, seeks to validate the effectiveness of various feeding strategies and additives in reducing these emissions. Cargill said the initiative aligns with its commitment to fostering sustainability and conservation practices in the livestock sector, paving the way for new technologies and methods to curb GHG emissions. (Feed Strategy)
Partners – CIBO Technologies, a climate software company, has partnered with offset project developers Anew Climate to offer farmers in the Locus Agriculture (Locus AG) CarbonNOW programme access to the CIBO Impact platform. This platform enhances the management of soil carbon data and the generation of carbon credits by providing tools for program enrolment, soil sampling, and reporting. It also features the Control Plot Manager, which helps in identifying control plots for quantifying carbon credits effectively. This partnership aims to manage and expand the CarbonNOW programme, which incorporates biologicals as a practice change, across potentially over a million acres of US farmland, enhancing carbon offset generation and land resilience.
INVESTMENT
Capital gap – Former UK Conservative MP Chris Skidmore is setting up a private investment bank to support scale-up firms focused on impact, future technologies, and net zero, with the newly formed Desmos Capital Partners announced during a speech at the Alternative Investment Management Association on Tuesday. Skidmore quit the Conservatives and Parliament in January out of protest about the issuing of new oil and gas licences, and then switched his support to Labour during the election campaign. Skidmore said the new firm will focus on companies seeking to scale and raise capital from £5 mln upwards. Desmos will seek to alleviate the difficulty with accessing private capital faced by green startups and will look at “creative funding structures and alternative sources of capital” such as private family funds and investors rather than just approaching venture capital funds, said Skidmore. (the Standard)
SCIENCE & TECH
Patent surge – The insurance industry is experiencing a big surge in patents related to clean energy insurance and carbon capture in recent years, according to GlobalData’s Patent Analytics database. The number of patents for clean energy insurance increased substantially from 1,537 in 2014 to 3,004 in 2023, while patents for carbon capture within the insurance sector increased from 2,009 in 2014 to 5,143 in 2023, it shows. The trends underscores the strategic shift towards developing these specialised products and H1 2024 data also suggest ongoing innovation in these segments. One collaboration of note is between Zurich Insurance Group and Aon to establish a clean energy insurance facility for hydrogen projects, said today’s announcement. Additionally, insurers are implementing measures to limit coverage for carbon-intensive sectors like coal mining, and companies like Munich Re are setting ambitious targets to reduce emissions linked to underwriting activities.
AND FINALLY…
‘Net zero coal’ – West Cumbria Mining (WCM), the company behind the first new coal mine in the UK for 30 years, argued in the high court on Tuesday that it would be a “unique net zero” mine in continued defence of its legality. Lawyers for WCM said that the project’s intent to provide coking coal for high-quality steel would be vital in the UK’s net zero future, such as to build wind turbines or electric vehicles, and “no net increase in GHG emissions will occur” as a result. Last week, the new Labour government said there had been an “error in law” in the decision to grant planning permission for the Cumbrian mine in Dec. 2022 and informed the court that the planning permission should be quashed. The government withdrew after a landmark supreme court decision halted planning permission granted for an oil drilling well in Surrey, with the judgement finding that the climate impact of burning coal, oil, and gas must be taken into account when deciding whether to approve projects. The judgement was predicted to have a knock-on impact on all other fossil fuel projects in the UK. The mine’s total lifetime emissions, including from the burning of the coal, would exceed 220 mln tonnes of CO2e, according to Friends of the Earth, which also highlighted that both UK steel plants have announced closure of their blast furnaces, undermining WCM’s claim that the coal would be used domestically to make steel. (Guardian)
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