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TOP STORY
Russia looks to lure small businesses and entrepreneurs into carbon trading
The Russian government has proposed changes to simplify access to carbon credits in the country, making it easier for small businesses and individuals to take part in the national carbon market, the Ministry of Economic Development announced on Tuesday.
EMEA
BRIEFING: Key EU Parliament lawmakers to watch on climate policy
European Parliament committees held their first constitutive meetings on Tuesday, focusing on the election of chairs and vice-chairs for a two-and-a-half year mandate.
Austria and Netherlands seek to widen their ETS2 scope
Austria and the Netherlands are trying to expand the scope of the EU’s Emissions Trading System (ETS) by including agricultural activities and additional means of transport under the upcoming ETS2.
UK ‘will struggle to achieve’ its 2030 ambitions for carbon capture, says government audit report
The UK is off-track to meet its landmark carbon capture, utilisation, and storage (CCUS) ambition for 2030, according to a report published on Tuesday.
EU updates guidelines on how to store and capture CO2
The European Commission’s newly updated guidelines on how to store CO2 in geological reservoirs could lead more companies to opt to shave their carbon costs by storing emissions.
Euro Markets: EUAs wipe out Monday losses amid technical bounce ahead of auction pause
European carbon prices wiped out most of Monday’s losses despite lower than average trading activity on Tuesday, as traders looked ahead to a pause in the auction programme on Wednesday, while analysts pointed to a technical rally after Monday’s 2.4% drop and some participants also speculated that the market may have reached an interim floor.
AMERICAS
The US may not meet its 2030 climate target despite an uptick in federal efforts, says research group
The US may fail to meet its 2030 climate pledges despite support from recently enacted policies that have accelerated the country’s decarbonisation pace, a New York-based research group said Tuesday.
US EPA faces pushback against Martha’s Vineyard ocean geoengineering experiment plans
The US Environmental Protection Agency (EPA) has faced a flood of public and academic opposition to a proposed ocean alkalinity research project south of Martha’s Vineyard, while even supporters acknowledge the risks and unintended consequences involved given it is impossible to fully replicate the natural environment in a lab.
Alberta decarbonisation deterred by oversupply in TIER carbon market -report
Canada’s largest emissions reductions system – Alberta’s Technology Innovation and Emissions Reduction (TIER) programme – will face oversupply of carbon credits if the province does not intervene, ultimately discouraging investment in industrial decarbonisation, a Canadian think-tank said Tuesday.
Canada releases new provisions against greenwashing, environmental claims
The Competition Bureau of Canada on Monday released a new volume of provisions tackling environmental claims and greenwashing, with guidance for companies to comply with laws that prohibit misleading advertising and deceptive marketing practices.
Summit Carbon Solutions selects Toronto-based company for digital MRV
Iowa-based Summit Carbon Solutions (SCS), involved with building a contested CO2 pipeline from US Midwest ethanol plants that faces regulatory hurdles, has chosen a Canadian technology company as its carbon system of record.
ASIA PACIFIC
Australia spends on new tech to reduce ‘hard-to-abate’ emissions, cement the winner
Australia on Tuesday announced A$65 million ($43 mln) in new spending on seven projects to support smaller, more nascent carbon capture, storage, and utilisation projects across the nation, with a focus on technologies to reduce emissions from the cement manufacturing process.
China advised to seek bilateral crediting model with Belt & Road Initiative countries
China should consider creating a bilateral model with countries under the Belt and Road Initiative (BRI) to help drive down emissions through an international cooperation approach proposed by the Paris Agreement, a report has suggested.
INTERNATIONAL
UN taskforce set to oppose VCM credits, urging companies to cut their own emissions -report
A UN taskforce on global carbon markets is reportedly set to oppose the use of voluntary market credits to offset emissions, arguing that companies should invest in reducing their own emissions rather than relying on trading.
Auction of Malawi’s Article 6 cookstove carbon credits clears, meeting reserve price
A voluntary carbon trading platform’s sale of 1.5 million Internationally Transferred Mitigation Outcomes (ITMOs) at a minimum of $10 each generated by clean cooking projects in Malawi has cleared, meeting the reserve price in the final minutes across all three lots on offer before closing.
VOLUNTARY
British retail giant invests £1.5 bln in sustainable beef production
A UK retailer has announced a £1.5 billion investment in its beef supply chain over the next five years to reduce the carbon footprint of its products.
VCMI to consult on Scope 3 claims
The Voluntary Carbon Markets Integrity Initiative (VCMI) will launch a broad public consultation round to further develop its Scope 3 Claim mechanism, the group announced Tuesday.
FEATURE: Methane reduction additive for livestock shows highly variable rates -study
The typical feed additive used to curb livestock emissions in carbon projects has a highly variable methane reduction potential depending on factors such as animal diet, breed, and how the additive is administered, according to findings in a recent study.
Environmental groups take issue with IPCC’s approach to carbon removals, CCS
A group of civil society and Indigenous Peoples organisations have written to the UN’s climate change science body, the IPCC, highlighting the risk of over-relying on carbon dioxide removals (CDR) in meeting global climate goals.
Aircraft maker and partners invest $200 mln in sustainable aviation fuel
An international aircraft manufacturer and several partner companies have invested in the production of sustainable aviation fuel (SAF), with a combined commitment of approximately $200 million, the manufacturer announced on Tuesday.
Environmental markets consultancy announces partnership with soil carbon removals specialist
A British environmental markets consultancy is partnering with a Danish company specialising in regenerative agriculture and soil carbon certification, they announced on Tuesday.
BIODIVERSITY (FREE TO READ)
NatureMetrics says 84% of companies unprepared for CSRD, TNFD
Four in five companies are unprepared for reporting on their nature-related risks and dependencies under the recommendations from the Taskforce on Nature-related Financial Disclosures (TNFD) and the EU’s CSRD, analysis has suggested.
UK must increase investment in nature-friendly farming by 68% to meet biodiversity, climate goals -report
The UK government should urgently increase funds for nature-friendly farming, as the current level of investment is insufficient for the country to meet its biodiversity and climate goals, a report has said.
Brazilian standard edges closer to issuing first biodiversity credits
A Brazilian standard is set to issue its first biodiversity credits generated through two separate conservation and restoration projects in the Pantanal and the Atlantic Forest biomes, Carbon Pulse has learned.
Biodiversity Pulse: Tuesday July 23, 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
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
EMEA
Belgian nuclear aid under scrutiny – The European Commission on Tuesday opened an in-depth investigation into state aid provided by the Belgian state for the lifetime extension of the Doel 4 and Thiange 3 nuclear reactors for another 10 years. Under the notified measure, the Belgian state would provide an equity injection of around €2 bln, a contract-for-difference (‘CfD’) for the duration of the extension, a loan of approximately €580 mln and an operating cashflow guarantee. The Belgian state would also take full liability concerning long-term storage and disposal of nuclear waste, against the payment of a lumpsum of €15 bln. While the measure appears legitimate, such as “keeping the carbon intensity of the Belgian electricity mix as low as possible”, the Commission expressed “doubts as to its compatibility with EU State aid rules,” in particular when it comes to the financial arrangements.
Money for Masdar – The UAE’s clean energy company, Masdar, raised $1 bln through its second green bond issuance on the International Securities Market of the London Stock Exchange, with demand oversubscribed by 4.6 times, the company announced on Tuesday. The bond issuance, held under Masdar’s Green Finance Framework, reflects significant investor confidence in the company’s growth and credentials, Masdar said. The company held its first issuance in London, of $750 mln, a year ago. The latest issuance consists of two $500 mln tranches with tenors of five and 10 years. The $1 bln will be used to fund Masdar’s new greenfield projects, as part of its goal to have 100 GW of clean energy capacity in its portfolio by 2030.
Second round? – Current EU Commissioner for Climate Wopke Hoekstra is up for another term. “Honored and humbled that the Dutch government has decided to nominate me as candidate for the next EU Commission,” he declared on Tuesday, thanking Dutch Prime Minister Dick Schoof and his team for their trust. Hoekstra served for less than one year, since his predecessor Frans Timmermans left Brussels for running with the Greens in national elections. First criticised for his past work linked to fossil fuels, Hoekstra proved to be a key negotiator at COP28. He was not alone in Dubai, though, as Spanish minister Teresa Ribera played a crucial role, too. In fact, Ribera might be now another contender for the big role. A Commission’s official told Carbon Pulse that “the allocation of portfolios is not done yet”.
Tunisia readies for tax – The Confederation of Tunisian Citizen Enterprises (CONECT) met on Saturday, emphasising the importance of raising awarness among small- and medium-sized enterprises (SMEs) about the use of clean energy and preparing them for the EU’s Carbon Border Adjustment Mechanism (CBAM), per a press release issued Monday. In June, CONECT launched a series of ‘CSR Thursdays’ workshops to prepare exporting companies for CBAM requirements. Tunisia’s 2022 Nationally Determined Contribution (NDC) UN climate targets state that the North African country is “actively preparing the experimentation and the application of carbon pricing instruments”, including carbon taxes on the consumption of energy products, but Tunisia does not currently impose any kind of carbon price.
ASIA PACIFIC
Date confirmed – The effective date of Japan’s regulations about the exploration of reservoirs for carbon capture and storage (CCS) projects has been set for Aug. 5 this year, according to a notice by the Ministry of Economy, Trade and Industry (METI). The rules are part of the country’s newly passed CCS Business Act, which places the responsibility for granting storage permits and ‘drilling rights’ to companies that wish to manage their CO2 emissions with METI. The ministry also clarified the requirements for companies delegated by the government, the notice showed.
Indian budget – The Indian government on Tuesday presented the budget, which stated that the government will soon develop a taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation, which will support achievement of the country’s climate commitments and green transition. The government will also outline a roadmap for moving hard-to-abate industries from targets around “energy efficiency” to “emission-based” targets, helping the industries transition from the current Perform, Achieve, and Trade scheme to the upcoming Indian Carbon Market regulations. In order to support the energy transition, the government will also expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. It also plans to collaborate with the private sector for nuclear energy development.
AMERICAS
Dying trees – Nearly 70% of trees across 39 national parks from Maine to Virginia are at a risk of dying due to deer overpopulation and invasive plants and insects, reported the Center for Economic and Policy Research (CEPR). Twelve of the 39 parks assessed face imminent failure, which means they are experiencing severe regeneration debt and are at risk of forest loss, and another 15 are also likely to fail. In order to prevent this disaster, the US must invest in a larger workforce dedicated to protecting the environment and responding to climate change, said CEPR.
Against EPA – The US Environmental Protection Agency (EPA) is facing several challenges against its recently announced regulations to curb GHG emissions. The Independent Petroleum Association of America, GPA Midstream Association, and the American Exploration and Production Council, filed separate lawsuits against the agency’s amendments to the GHG reporting rule in May. The agency said the changes were placed to ensure that emissions reporting is based on empirical data and measures actual emissions. However, the plaintiffs argued that the final rule exceeded EPA’s authority and is not in accordance with law. The cases were filed with the US Court of Appeals for the District of Columbia Circuit.
No N2O – The US government on Tuesday announced its intention to curb emissions from ‘super pollutants’, including methane, hydrofluorocarbons (HFCs), and nitrous oxide (N2O). The effort commenced at a summit at the White House with US officials, companies, environmental groups, and international partners to advance actions to tackle these pollutants. This included a new collaboration to use a commercial aircraft to enhance monitoring of climate pollutants, deploying monitoring systems to measure ozone and its precursors, and the launch of a satellite by non-profit Carbon Mapper to enhance methane monitoring across all sectors, and more.
SCIENCE & TECH
CO2 storage – Researchers from the University of Texas at Austin proposed an alternative method of CO2 storage as the better option to keeping CO2 trapped long-term, compared to methods discerned from oil and gas practices, reported Phys.org on Tuesday. While petroleum exploration has typically relied on a singular reservoir space covered with a lid of impermeable caprock, the researchers found that subsurface reservoirs covered by a collection of hundreds of smaller lids of impermeable caprock was better for storing carbon long-term. The latter structure is known as a composite confining system, the researchers said. The findings were published in the International Journal of Greenhouse Gas Control by researchers from the university’s Bureau of Economic Geology, and presented data from experimental models, numerical simulations, and actual reservoirs.
NASA boosts forest data – The US space agency’s newly launched Level 4C Footprint Level Waveform Structural Complexity Index (WSCI), version 2 dataset, will provide a more complete picture of how the Earth’s forests are changing and measure how much aboveground carbon they can store, NASA said this week. The WSCI builds on the Global Ecosystem Dynamics Investigation mission’s initial datasets, released over four years ago. That data has been widely used to help researchers understand how changes in forest structure are affecting the climate, and how much carbon they absorb. That said, there could still be gaps in the WSCI’s data coverage, NASA said.
AND FINALLY…
Burning Man, not emissions – The weeklong festival, which draws over 70,000 people to the desert of Black Rock City, Nevada at the end of August every year, is working to cut carbon emissions by replacing generators with renewable diesel and running batteries in parallel to reduce the number of generators needed, the SF Gate reported, following a sustainability call by the organisers, the Burning Man Project. Burning Man has been under fire for years for its carbon footprint, with climate protesters blockading the entrance last year. The Burning Man Project set out a goal a few years ago to be carbon negative and ecologically regenerative by 2030. The goal is underpinned by three targets for 2030 – to hand waste ecologically, to be regenerative, and to remove more carbon from the environment than it emits. The shift to cleaner and less energy should reduce the emissions from producing power for the infrastructure by more than 65% in three years, the organisers said. But the majority of the emissions come from the growing number of ‘burners’ who attend – up from 35,000 in 2004.
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