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TOP STORY
India to approve up to 20 carbon methodologies, operationalise voluntary market by year-end
The Indian government is expecting to approve around 15-20 methodologies by the end of the year as part of efforts to make its carbon market operational by then, several sources have told Carbon Pulse.
EMEA
Germany publishes long-awaited draft law to transpose EU carbon market directive, implement ETS2
Germany has published its draft law transposing changes to the EU ETS directive, as well as transitioning its national fuel emissions trading system to the future bloc-wide carbon market for heating and transport.
New EU rules on industrial, livestock emissions enter into force
A revised directive on harmful industrial emissions across the 27 member states of the European Union will enter into force on Sunday.
Oil-rich Nigerian state teams up with UK firm for blue carbon projects
A state in Southern Nigeria has signed a 30-year Memorandum of Understanding (MoU) with a UK-based firm for the conservation of coastal ecosystems within the state.
Euro Markets: EUAs post 4% weekly gain, shrug off equity falls as technical support holds firm
European carbon prices posted a second weekly gain despite a moderate decline on Friday, as profit-taking and a weaker macro environment met technical buying above a key support level, while energy markets weakened slightly after a strong series of gains driven by emerging concerns over supply.
AMERICAS
Alaska signs CCUS bill into law
Governor Mike Dunleavy (R) of Alaska signed the state’s first carbon capture, utilisation, and storage (CCUS) bill into law Thursday, outlining the state’s authority over projects as well as permit requirements, fees, and public hearings required of operators.
OCFP net credit generation in Q1 trails last quarter’s record high
Net credit generation under Oregon’s Clean Fuels Program (OCFP) in Q1 receded from the previous quarter on lower biodiesel and ethanol contributions, although cumulative surplus rose to nearly 1.3 million on record renewable diesel net credit output.
Minnesota concludes Summit CO2 pipeline to have net emissions benefit
Minnesota agencies released the final environmental impact statement (EIS) of Summit Carbon Solutions’ (SCS) CO2 pipeline on Wednesday, concluding that the project’s impact on health and the environment would be limited within the in-state stretch of the project.
Speculators realise profits as RGAs peak, build CCA net length
Financial entities have closed out of their long positions in the RGGI Allowance (RGA) futures and options market as prices recorded new all-time highs, and instead boosted their California Carbon Allowance (CCA) holdings, while producers shed their CCAs in favour of RGAs, according to weekly data from the US Commodity Futures Trading Commission (CFTC).
ASIA PACIFIC
Japanese companies to set up SAF Scope 3 carbon credit scheme
Seven Japanese companies on Friday announced plans to trial a market for Scope 3 carbon credits generated from the use of sustainable aviation fuel (SAF).
CN Markets: CEA price remains stable, though weekly trading volume drops
CO2 allowance prices in China’s carbon market remained stable over the past week, though market participants are still awaiting the release of the permit allocation plan that will determine market fundamentals for the next year and a half.
South Korea urged to include coal phase-out in 2035 NDC
South Korea should take into consideration the phase-out of coal-fired power plants when drafting climate policies for the country’s 2035 Nationally Determined Contribution (NDC), a think tank has suggested.
INTERNATIONAL
DATA DIVE: Carbon markets could scale from small share of climate finance flows with smart policy
Boosting climate funding for developing countries is seen as one of the great challenges to meeting Paris Agreement goals and while carbon markets only contribute a fraction of current total flows, as Carbon Pulse analysis shows, this could change with the right policy approaches.
UN shipping body inches closer to key carbon levy decision with release of impact assessment
A maritime greenhouse gas emissions pricing mechanism will not lead to an equivalent increase in transport costs, according to an assessment by the UN’s sectoral body on the possible impacts of emission-reducing measures published this week.
Global summit set for London in 2025 to tackle green energy revolution
Leaders and decision-makers from around the world will meet in the second quarter of 2025 in London to assess evolving and emerging energy security challenges in the green revolution.
Global trading house, Korean securities firm eye Paris-aligned charcoal project in Ghana
A global trading house and a South Korean securities firm have partnered with a project developer on a Ghana-based emissions reduction project that will create carbon credits aligned with Article 6 of the Paris Agreement.
UK, Laos sign MoU to collaborate on carbon markets, energy transition
The UK and Laos governments have signed a memorandum of understanding (MoU) to establish a green economy framework with an aim to cooperate on carbon markets, energy transition, and address climate change, the UK government announced Friday.
VOLUNTARY
Canadian carbon offset developer postpones London listing, citing market conditions
A Vancouver-based offset project developer announced Friday that it will delay its dual listing on the London AIM exchange until “market conditions in [the] UK and Canada improve”, while affirming its commitment to the process.
Social Carbon to release methodology for peatland restoration
Carbon standard Social Carbon plans to release a methodology for peatland restoration, with separate modules tailored to different areas, the company has told Carbon Pulse.
New guide launches to provide insights into jurisdictional REDD+ carbon market
A newly released document aims to provide guidance for stakeholders looking to implement jurisdictional REDD+ (J-REDD+) programmes.
BIODIVERSITY (FREE TO READ)
Report counts 40 challenges for biodiversity net gain scheme
England’s biodiversity net gain (BNG) scheme has 40 challenges across demand, supply, governance, and its metric to sort out for it to become a success, according to a report released this week.
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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
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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
Squabbling ministers – A draft agreement on a budget for 2025 by the German coalition government might have to be re-opened after advisors to the finance ministry (BMF) found that it might violate constitutional checks on government spending, reports local media the Suddeutsche Zeitung. Finance minister Christian Lindner, from the pro-business Free Democrats (FDP), commissioned an expert opinion to prevent the government’s budget plans from running into legal challenges. His choice comes on the back of a momentous decision by the country’s highest court in late 2023 when it declared billions of euros earmarked for climate action and energy transition projects as unlawful. This means that the controversial debate about money that paralysed the Social Democrats (SPD), the Green Party and the FDP over many months and caused a huge rift between the coalition partners could come back in full force, the newspaper said, as reported by Clean Energy Wire.
ASIA PACIFIC
New partnerships – Japan’s Hitachi Systems has teamed up with forestry company Kuma Zorin to create carbon credits under the domestic J-Credit programme through sustainable forest management activities in Ehime prefecture with the use of aerial data, it announced Friday. By properly managing more than 200 hectares of forests, the project is expected to generate over 6,000 credits over the eight-year period, the companies said. At the same time, project developer Bywill has formed a partnership with Dai-ichi Life Insurance for the promotion of voluntary carbon credits in the country.
Funds raised – Japan GX Group, which runs a carbon exchange in the country, has raised funds of around 210 mln yen ($1.4 mln) in a seed round, according to a company statement. The operator of Japan Carbon Credit Exchange (JCX) plans to use the money for product development and recruitment, it said.
AMERICAS
PacifiCorp appeal – Utility PacifiCorp has filed for an appeal in the US Court of Appeals for the Ninth Circuit on Friday, according to court documents, after it lost its lawsuit against the Washington Department of Ecology (ECY) on July 15. The power producer alleged that ECY’s allocation of free allowances under the Climate Commitment Act (CCA) discriminates against its out-of-state consumers, and thus violates the Dormant Commerce Clause of the US constitution. The utility has both in- and out-of-state consumers of electricity generated by its 520-MW gas-fired power plant located in Chehalis, Washington. District Judge Tiffany Cartwright dismissed PacifiCorp’s complaint and ruled in favour of ECY, saying that the different treatment of PacifiCorp’s in-state and exported electricity “does not violate the Commerce Clause because the two categories are not ‘substantially similar’”.
Invest in what? – The New York Department of Environmental Conservation (DEC) and New York State Energy Research and Development Authority (NYSERDA) announced Friday they will hold a webinar on Aug. 15 to seek public input on how to use the proceeds of the state’s forthcoming economy-wide cap-and-invest programme, known as NYCI. DEC and NYSERDA officials will present a draft proposed framework for guiding the allocation of Climate Investment Account funds and identification of potential investments. The Climate Investment Account is one component of the Climate Action Fund and will be used to direct two-thirds of future NYCI proceeds, with the remaining proceeds set to go directly to consumers and small businesses. A Q&A session will be held after the presentation, and interested parties can register here.
VOLUNTARY
Employee options – Vancouver-based carbon credit and renewable energy firm BluSky announced Thursday that it has granted stock options and restricted share units to certain undisclosed employees and a director/officer of the company, according to a Thursday press release. The firm granted an aggregate of 5,046,000 options at an exercise price of $0.58, expiring five years from the date of grant, but which are subject to vesting provisions corresponding to the achievement of certain milestones. In addition, the company granted an aggregate of 1,201,538 restricted share units, also subject to vesting provisions. In June, BluSky announced its shares had been listed for trading on the Canadian Securities Exchange under the symbol BSKY.
INVESTMENT
Incubating Eco-startups – Three organisations have launched an incubator for eco-startups that offers access to operational frameworks and tools, peer-to-peer learning opportunities, and one-to-one mentorship from over 10 experienced operators. Capital Institute, Sebra Growth, and nRhythm have launched the “With Life Cultivator” that will prioritise sustainable growth over traditional business models. The six-month rogram’s goal is to cultivate the next generation of organisations dedicated to a regenerative economy. The With Life Cultivator is now accepting applications globally until August 23 with a start date of September 9.
AND FINALLY…
Olympic weather planning – When a race walker collapsed while competing at the Tokyo Olympics three years ago, he was taken to nearby tent dubbed a ‘heat deck’, where he was immersed in ice water for 30 minutes, until his body temperature dropped from 42C – enough to cause organ damage or death – to 38.9C, E&E News reported. The heat decks were conceived by a group of experts on adverse weather impacts, convened by the International Olympic Committee ahead of Tokyo, and they’re making a comeback in Paris, where temperatures are nearing 40C. The group determined that safeguards were needed for nearly every outdoor event with at least a medium duration, E&E reported. The idea was sometimes controversial, for example with FIFA, since football matches are usually in the evening when temperatures cool. But in Japan, women played at 11 a.m. It also took time to convince Japanese medical officials to use the heat deck system. For Paris, Olympians were also given a pamphlet on how to reduce the risk of heat illness, including taking at least two weeks to acclimatise to the weather. A number of Olympians signed a report by the British Association for Sustainable Sports this year calling on Olympic organisers to schedule games at cooler times of day, support athletes to speak out against climate change, and reassess sponsorship from fossil fuel organisations.
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