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TOP STORY
Carbon Pulse appoints Chief Strategy Officer, launches new data product
Carbon Pulse has appointed Sonja van Renssen as its first Chief Strategy Officer, to lead editorial and business development projects that will take the company into its next phase of growth. Carbon Pulse has also launched Data Dive, a new data journalism offering, and refreshed its Dossiers, which present the latest facts and figures on emissions trading systems (ETSs) around the world.
EMEA
EU raises Sep-Dec auction volumes 4% with no adjustment to REPowerEU sales
EU member states will auction 4% more EUAs between September and December this year compared to the same period in 2023, after the European Commission decided to make no changes to the number of permits it sells to fund the bloc’s transition away from Russian fossil energy.
BRIEFING: UK hikes funding for clean power, and taxes for oil and gas output
The UK’s clean energy industry received a strong boost on Wednesday, when the government announced it would offer a record £1.5 billion in the next renewables auction – just days after it confirmed it would hike a windfall tax on the country’s offshore oil and gas sector.
UK forest carbon standard updates registry fees, hits 12 mln tonnes of validated sequestration
A UK-based forest carbon standard has published an update to its registry fees and confirmed that it has now validated over 650 projects worth nearly 12 million tonnes of sequestration.
Debate heats up on ‘recycled carbon fuels’ reporting rules under EU ETS
An EU-wide public consultation on greenhouse gas monitoring and reporting rules under the EU’s Emissions Trading Scheme (EU ETS) has yielded many reactions on recycled carbon fuels (RCFs) as one of the potential avenues to decarbonise aviation and maritime transport.
Green materials developer appoints former Climeworks head of science as advisor
An AI-focused startup that develops cleaner materials has appointed a new advisor from Climeworks, following a long career at ExxonMobil, the startup announced on Tuesday.
Euro Markets: Carbon posts 2.6% monthly rise as EUAs settle above key resistance level amid firm energy
European carbon prices advanced to their highest in 12 trading sessions and posted a 2.6% monthly rise after settling above a key technical level that has held the market in check for eight weeks, amid general firmness across the energy complex and even as speculative traders increased their bearish bets to the most in more than four months.
AMERICAS
Environmental groups join legal effort to overturn Pennsylvania’s RGGI exit
An environmental nonprofit announced Monday it has joined appeal efforts of Pennsylvania’s exit from RGGI, after a decision by the state Supreme Court earlier this month allowed a group of similar organisations to intervene in favour of reinstating the state’s participation in the US regional market-based program to reduce greenhouse gas emissions.
US Democratic lawmaker introduces bill for national GHG pollution allowance trading system
A Democratic member of the US House of Representatives introduced Tuesday legislation that would set an enforceable, economy-wide cap on greenhouse gas (GHG) emissions, requiring emitters to purchase allowances under a declining cap from auctions conducted by the Environmental Protection Agency (EPA).
US senators call for restriction on upcoming biofuels tax credit eligibility
A bipartisan group of US senators on Tuesday urged President Joe Biden’s administration to limit an upcoming biofuels tax credit to those produced from domestic feedstocks.
RD credit generation to push the swell of Canada clean fuels bank to 10.4 mln credits by 2030, analysts say
Renewable diesel (RD) will comprise a majority of credit generation in Canada’s Clean Fuel Regulation (CFR) market by 2030, analysts told a webinar Wednesday, as an industry association speaker pointed to factors that could impact the actualisation of that trajectory.
IFC pledges $50 mln to support Latin American reforestation effort
The International Finance Corporation (IFC), a member of the World Bank Group, will invest $50 million in an effort to mobilise $1 billion for a reforestation strategy in Latin America, it announced Tuesday.
ASIA PACIFIC
China environment ministry approves 2023-24 permit allocation plan
China’s environment ministry on Wednesday evening announced it had approved, in principle, a draft allocation plan that will determine the supply-demand dynamics in the national emissions market over the 2023-24 period.
China to include methodologies on coal mine gases, tunnel lighting systems under CCER programme
China is planning to add two methodologies to its national voluntary carbon credit programme, as the world’s biggest-emitting nation aims to drive down GHG emissions from its coal mining and transportation sectors.
Singapore Carbon Market Alliance forms to strengthen links to Article 6
A group of around 40 companies on Wednesday announced the launch of the Singapore Carbon Market Alliance (SCMA), whose main focus will be to secure access to the Article 6 market for companies in the city state.
Australian micro oiler wins first CCS permit in latest acreage round
Australia has handed out the first offshore carbon capture and storage (CCS) permit from last year’s large acreage round to a Western Australia-based minnow hoping to use end-of-life oil fields it has a share in to develop an ambitious CCS and ammonia project.
Active forest management should earn ACCUs too, forest lobby group argues
An Australian forestry industry lobby group is urging Australia to expand forest-related carbon crediting, it said this week via a proposal to Canberra to include them in the Australian Carbon Credit Unit (ACCU) scheme.
INTERNATIONAL
Article 6 baseline settings must take progressive approach, go beyond Kyoto-era methodologies -World Bank
Methodologies under Article 6 of the Paris Agreement need to go beyond the Kyoto Protocol’s Clean Development Mechanism (CDM) baseline determination, even as CDM can serve as a reference for Paris Agreement methodologies, according to a World Bank and Climate Warehouse paper.
ISS ESG releases new data set to help banks growing climate disclosure requirements
ISS STOXX, a group of companies providing research and technology for capital market participants, has added a new data set to its suite of ESG climate solutions, to support banks and insurance companies in complying with mandatory climate-related disclosure frameworks, it announced on Wednesday.
Investment treaties undermine global energy transition -report
International treaties aiming to protect investments in fossil fuel assets are already undermining international efforts to achieve net zero, according to a report published on Wednesday.
VOLUNTARY
FEATURE: In most corporate net zero plans, unwieldy supply chain emissions still go overlooked
While a growing number of big companies are setting science-based targets for net zero emissions, few are beginning to tackle the largest and most unwieldy chunk of their climate footprints – the emissions released across their supply chains, before they even begin making the products they’re renowned for.
BRIEFING: SBTi consults on net-zero standard for financial institutions
The Science Based Targets initiative (SBTi) – a focal point for recent debates on the use of the voluntary carbon market (VCM) to meet corporate climate goals – last week launched a public consultation on a new net-zero standard for financial institution (FI) Scope 3 emissions.
Fresh vintage J-REDD credits will trade at double-digit prices, say experts
National and state-level jurisdictional REDD (J-REDD) carbon credits are expected to trade as high as $12 per tonne in the early stages of the market’s development, a webinar heard Wednesday.
Microsoft continues to dominate carbon removals market -analysts
Tech giant Microsoft accounted for more than 90% of durable carbon removals over the first half of 2024, according to analysis published Wednesday.
Improving livestock health could reduce methane emissions -study
Improving the health of ruminant livestock could reduce methane emissions, while at the same time enhancing economic outcomes and animal welfare, finds a new study.
European carbon startups raise millions towards expansion
Two European carbon startups have raised millions towards expansion of their technologies that operate in the management and carbon removals sub-sectors.
Korean research institute seeks commercialisation of low-carbon seawater desalination technology
A Korean geoscience research institute is pursuing the commercialisation of an emerging seawater desalination technology that can reduce CO₂ through brine treatment.
Xpansiv aims to launch CORSIA-eligible voluntary carbon spot contract in Q4
Xpansiv, an environmental markets services provider, is looking to launch a CORSIA-compliant voluntary carbon spot contract in Q4, by which time it expects greater liquidity in the market.
Biochar carbon removal company raises $21.5 mln in Series A round
A startup designing automated production machines that convert in-field agricultural crop waste into carbon-rich biochar, has raised $21.5 million in a Series A round.
Retailers could begin trimming supply chain emissions, but accounting is a complicated problem -report
Retailers around the world could feasibly reduce their supply chain emissions by 15% across the system using existing technologies, while new innovations and practices could enable an extra 40-50% reduction, according to a report released on Wednesday.
Pakistan-based fashion company announces SBTi validation for near-term and net-zero goals
A sustainable fashion company based in Pakistan has received Science Based Targets initiative (SBTi) validation for its near-term and net-zero greenhouse gas (GHG) emission reduction targets, the company said in a press release.
SHIPPING
Shipping consultancy opens Singapore office to meet regional EU ETS-related demand
A consultancy focused on shipping analytics and environmental compliance has opened a new Singapore office to help meet Asian demand for EU ETS-related solutions.
BIODIVERSITY (FREE TO READ)
NatureMetrics launches tool to track soil restoration progress
Biodiversity monitoring company NatureMetrics has launched a tool to measure and track soil restoration progress, claiming it could help private organisations better demonstrate their commitment to nature positive outcomes.
Land conversion threatens over 460 mln ha of intact ecosystems, study says
Over 460 million hectares of the world’s intact natural land is at risk of being converted into other uses, such as agriculture, a paper has said.
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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 10% discount offer, which is available throughout August. 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
- Freelancer (m/f/d) Carbon Project Development, Volkswagen ClimatePartner GmbH – Mexico
- Director Carbon Procurement, KliK Foundation – Zurich
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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
Fire risk – Large parts of southern Europe are at “extreme” risk of wildfires, EU agencies have warned, with hotter global temperatures worsening the severity of summer heatwaves. Holiday hotspots like Sardinia and Greece are already battling blazes, though outbreaks for now have been contained to smaller areas. The heat is on course to spread further east this week towards Romania, Bulgaria and Greece, with daytime heat up to 10C above average, peaking in the low to mid-forties. The intense heat has forced 16% of EU land into early or deeper stages of drought, and is biting hardest in central and southern Italy, north-western Spain, Greece, and central-western Turkey, parching crops and countryside. (Sky News)
CBAM woes – South Africa will approach the EU to discuss its planned tax on carbon-intensive imports, saying it will hurt the economies of BRICS nations, Bloomberg reports. At a meeting of the BRICS alliance that includes Brazil, Russia, India, and China last week, trade ministers were united on the need to have the conversation about the reconsideration of CBAM, South African trade minister Parks Tau said.
ASIA PACIFIC
New partnership – Japanese project developer Stellar Green has teamed up with the government of Hokkaido’s Abira Town to utilise 1,000 hectares of forest resources in the region, it announced Wednesday. The two parties will promote forest management activities that can create carbon offsets under the country’s national J-Credit scheme, according to a statement.
Ahead of schedule – The Asian Infrastructure Investment Bank (AIIB) has surpassed its goal for financing climate change projects two years ahead of schedule and will continue to ramp up such lending, with a focus on projects in the Association of Southeast Asian Nations (ASEAN) region, bank’s President Jin Liqun said. Out of the $50 bln of financing approved by AIIB to date, around 20% has gone to ASEAN, but the amount is still insufficient, the president added. Meanwhile, Indonesia now accounts for just over half of AIIB’s financing to the group, and Vietnam has also shown strong interest in strengthening collaboration with the bank. In July, AIIB approved a new lending initiative based on climate policy and the first loan under this policy, was approved for Bangladesh to implement policy and institutional reforms in agriculture, water resources, urban development, transport, and energy projects. AIIB has discussed similar financing with India, Indonesia, and some central Asian nations, to help them create conditions to better attract private sector funding.
AMERICAS
Weather worries – AccuWeather released its fall forecast Wednesday, which says summer heat will last well into the autumn. The forecast predicts temperatures are expected to hover 1 to 3 degrees or more above the historical average across much of the country, most of the time, from September through November, with the highest temperature departures expected across parts of the Great Lakes region, the Midwest, and the Rockies. The only areas where above-historical average temperatures are not expected this autumn are in Florida, parts of coastal Texas, Louisiana, Georgia, South Carolina, and coastal areas along California, Oregon and Washington. The Pacific Northwest is the only region where AccuWeather long-range experts are predicting an early arrival of fall-like weather, which they said will help to put an early end to the short but intense wildfire season across parts of Washington, Oregon, and Idaho. Additionally, AccuWeather said these increased temperatures will correspond with heightened risk of wildfire, specifically in September. AccuWeather long-range experts predict 6-8 mln acres (2.4-3.2 ha) of land to burn in wildfires across the nation this year, as well 1.5-2.5 mln across California, 1 mln more than last year in the Golden State. Wildfires have reportedly burned hundreds of thousands of acres numerous offset projects in the western US so far this year, and increased summer temperatures have contributed to record RGGI prices.
EPA lawsuit – Ethanol industry association Growth Energy provided its notice of intent to sue the US Environmental Protection Agency (EPA) on Wednesday over the agency’s failure to issue timely 2026 volumes under the Renewable Fuels Standard (RFS). The notice follows similar action taken earlier this month by biofuels trade group clean Fuels Alliance America. Both groups pointed to the EPA’s biannual regulatory agenda, which showed that the agency is targeting Mar. 2025 for the issuance of a draft of the rule and Dec. 2025 for its finalisation, rather than the required date of Oct. 31, 2024 by the Clean Air Act.
Pending passage – The Washington Department of Ecology (ECY) issued a statement Wednesday on the potential impacts of Initiative 2117 (I-2117), which looks to cancel the state’s carbon market. ECY said that I-2117 would repeal the Climate Commitment Act and prohibit state agencies from implementing carbon tax credit trading, and if passed, would be earliest effective as of Dec. 5. ECY said it is not appropriate to speculate about how it may respond to facts and circumstances not yet known, in response to questions about how it would implement the cap-and-invest programme should I-2117 pass and take effect. Until then, ECY said that covered and opt-in entities are required to submit compliance instruments equal to 30% of their 2023 covered emissions by Nov. 1.
VOLUNTARY
Wildfire services – Permian Global and OroraTech will provide wildfire detection and management services for two large tropical reserves in Indonesia and Brazil, amounting to over 296,200 hectares of conservation area. The Katingan Mentaya Project in Indonesia, the world’s largest forest-based emissions project area, and the Rio Cautario Conservation Project in Brazil will be monitored by OroraTech’s network of wildfire detection satellites in case of an outbreak, while Permian Global will partner with agencies to employ local people to combat deforestation and protect these local ecosystems from wildfire. The Katingan Mentaya Project houses around 5–10% of the world’s remaining Bornean orangutans, while the Rio Cautario Project represents one of the largest remaining forest blocks of the Brazilian Amazon in the state of Rondônia, an area under constant threat.
Offsets under watch – New Hampshire’s HB 1697, which would mandate the Department of Revenue Administration to conduct a study of lost timber tax revenue as a result of forest lands enrolled in carbon credit offset programmes, was signed into law by Governor Chris Sununu (R) on Friday. A preliminary report will be presented by the department to state legislature on or before Nov. 1, 2024, with a final report on or before Nov. 1, 2025. Further, the divison of forestry will establish and maintain a public registry of all forest lands enrolled in a carbon programme.
CFTC support – A group of US Democrat senators and members of Congress urged the Commodity Futures Trading Commission (CFTC) to implement its final guidance regarding voluntary carbon credits as soon as possible in a letter sent to CFTC chairman Rostin Benham Wednesday. The effort was led by Senators Cory Booker (D-NJ), Sheldon Whitehouse (D-RI), and Congresswoman Doris Matsui (D-CA). The group expressed strong support for the CFTC’s proposed guidance and requested that the CFTC brief the signees on if and what additional authorities are needed to “safeguard the integrity of voluntary carbon credit derivatives markets”, particularly as they consider legislative action to strengthen he regulation of voluntary carbon markets. The co-signees include Senators Richard Blumenthal (D-CT) and Elizabeth Warren (D-MA), and representatives Sean Casten (D-IL), Kathy Castor (D-FL), Jared Huffman (D-CA), and Ann McLane Kuster (D-NH).
On Nasdaq – Canada-based carbon credit firm Devvstream and special purpose acquisition company Focus Impact Acquisition Corp (FIAC) announced that the US Securities and Exchange Commission has declared effective the Registration Statement on Form S-4, filed in connection with the pair’s prior announced $213 mln merger. Following approval by the two firm’s shareholders, as well as approval by the Supreme Court of British Columbia, the pair anticipates that the merger will close and the combined company’s common shares and warrants will commence trading on the Nasdaq under the tickers DEVS and DEVSW, respectively.
AND FINALLY…
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