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TOP STORY
Brazil’s Amazonas public prosecutor calls for suspension of select REDD+ activities in state
The public prosecutor’s office of Amazonas recommended Thursday the suspension of all activities related to REDD+ projects in the Brazilian state that affect Indigenous and traditional communities, ordering involved parties to submit project information to the agency.
EMEA
BRIEFING: Spain’s leftist climate champion eyes top Brussels post
Spain’s socialist ecological transition minister, Teresa Ribera, a long-time political standout on climate action, may be set to surge to a top job in Brussels overseeing EU climate policies over a period that could largely determine the bloc’s ability to fulfil its promises without damaging its economy.
UK authority thinks cap on emissions allowances will have to fall as removals are integrated
The UK’s cap on emissions allowances in the market will need to decline over the longer term to make room for new greenhouse gas removals while keeping the country on track for net zero by 2050, according to the ETS Authority.
INTERVIEW: UK trade body calls for electricity price review to boost incentive for low-carbon switch
The UK trade body for electrical equipment manufacturers is calling on the government to conduct an electricity price review, in order to rebalance electricity prices relative to gas to create a stronger incentive for consumers to switch to low-carbon products.
Euro Markets: EUAs shed 1% week-on-week despite rising gas
European carbon prices traded rangebound on Friday morning, initially following TTF gas higher amid supply concerns due to geopolitical uncertainty, before easing back to notch a 1% week-on-week drop.
AMERICAS
US EPA should take steps to prevent fraud, analyse air quality impacts from RFS -watchdog
The US Environmental Protection Agency (EPA) must improve its information system to prevent fraud in its Renewable Fuel Standard (RFS) and comply with mandates to study the programme’s impact on air quality, according to a report with a list of recommendations from the agency’s watchdog.
US DOE opens applications for $52.5 mln in commercial DAC pilot prize money
The US Department of Energy (DOE) announced on Friday up to $52.5 million in funds for direct air capture (DAC) technology projects demonstrating commercial readiness.
Speculators continue to bag V25 CCAs, while producers stack on RGGI length
Financial entities continued to add new length to their long-dated California Carbon Allowance (CCA) holdings while reducing net positions in other North American carbon markets over the week, while producers continued to stack on RGGI Allowance (RGA) length, according to weekly data from the US Commodity Futures Trading Commission (CFTC).
Mexican communal landholders self-educate on carbon markets as fresh attempt made at solar PV
An Indigenous Mexican community of communal landholders, which has historically resisted solar PV expansion, is conducting workshops on political rights and carbon credits as large-scale solar projects file new requests for permits.
Brazil’s Para state discusses strategies to include family farming in J-REDD carbon projects
The government of Para discussed this week ways to include family farming in the development of jurisdictional REDD+ (J-REDD+) systems in the Brazilian state, according to Agencia Para, the area’s official news agency.
ASIA PACIFIC
Malaysia to revise NDC by February, conclude review of climate bill by June next year -official
Malaysia will revise its Nationally Determined Contribution (NDC) targets by February and conclude the review of its climate change regulations by June 2025, an official told a conference Thursday.
Indonesia to host second AZEC ministers’ meeting, flags fossil fuel heavy list of decarbonisation MoUs
Indonesia is hosting the second Asian Zero Emission Community (AZEC) ministerial meeting on Aug. 20-21 in current capital Jakarta, and on Friday released a list of around 20 out of a total 70 decarbonisation projects set to be announced at the event.
CN Markets: CEA price remains rangebound, weekly trading volume picks up
CO2 allowance prices in China’s carbon market remained rangebound over the past week amid improved liquidity, though participants expect a pick-up in trading activity as the compliance deadline is approaching.
Japanese offset project developer raises $2.4 mln in first close of Series A round
A Japanese carbon offset project developer has raised 350 million yen ($2.38 mln) in the first close of its Series A round.
China national ETS on track towards tighter supply, analysts find
China’s national emissions market will likely see tight supply-demand dynamics around the end of this decade, given a downward trend in the cumulative balance, according to analysis released this week.
VOLUNTARY
INTERVIEW: UK-based company harnesses AI to discover green materials
A London-headquartered startup at the intersection of AI and chemistry is hoping to speed up the discovery, reduce the costs, and successfully scale new green materials, driving climate breakthroughs in areas ranging from carbon removal to sustainable aviation fuel (SAF) and low-impact mining.
Alaska seeks voluntary offset developers for state forests
Alaska’s Department of Natural Resources (DNR) will hire contractors to develop, register, market, and sell forest-based carbon offset projects on state land, according to a request for proposals (RFP) published Friday.
Zimbabwe wraps up consultations on carbon credit bill that would reinstate 25% benefit sharing -media
The Zimbabwean government is in the final stages of public consultations on a bill to regulate carbon credits and mandate substantial benefit-sharing with local communities, according to local media.
Brazilian startup rebrands, announces move away from Africa and consultancy
A carbon project developer is rebranding and shifting its focus to climate finance in Latin America, and away from Africa and project development consulting services.
Carbon capture company announces Series A funding to advance proprietary technology
A carbon capture technology provider has announced the initial closing of its Series A funding.
Carbon removals company seeks permit for world’s largest DAC site
A US-based carbon removals company has filed a permit application to develop what could become the world’s largest direct air capture (DAC) facility.
AVIATION
Aircraft operators fined almost £700,000 for failing to surrender UK ETS allowances
Aircraft operators, including a number of private jet companies, have been fined around £700,000 in civil penalties for failing to surrender UK ETS allowances for the first year it was established, according to data published by the UK government.
BIODIVERSITY (FREE TO READ)
More indicators needed for measuring progress on GBF species target -paper
More appropriate indicators are needed to measure progress towards the species target of the Kunming-Montreal Global Biodiversity Framework (GBF) beyond the Red List, an academic paper said on Thursday.
International panel releases biodiversity credit supply survey results
A UK-France led international panel said a survey on the supply of biodiversity credit projects found a need for access for finance at all stages, technical capacity, and tenure rights to help scale the market, in results published on Friday.
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CONFERENCES
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- Freelancer (m/f/d) Carbon Project Development, Volkswagen ClimatePartner GmbH – Mexico
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Climate backlash – Fossil fuel companies are behind a huge disinformation campaign to slow down the adoption of renewables and the speed of the energy transition, said Selwin Hart, assistant secretary general of the UN, who said that a global backlash against climate action was being stoked by the fossil fuel industry in an effort to persuade world leaders to delay emissions-cutting policies. It is critical for leaders to explain the value of climate action and the consequences of inaction, he said. He highlighted the fact that most people globally support GHG reduction measures, according to the biggest poll ever conducted, which found 72% of people wanted a “quick transition” away from fossil fuels, including majorities in the countries that produce the most coal, oil, and gas. (the Guardian)
Underappreciated ag markets – Carbon farming could change the perception of agricultural carbon markets, which are currently underappreciated and underdeveloped, according to BloombergNEF. Carbon farming refers to methods of sequestering atmospheric CO2 in soil and plants, reducing farm emissions. According to BNEF, it could produce $13.7 bln of carbon credits per year by 2050 and reduce the sector’s share of global emissions by 8.5%, plus 14.5% from land-use change. This would include a mix of avoidance of credits, created by better managing inputs such as fertilisers and fuel, and more highly valued removal credits facilitated by soil sequestration. Agricultural carbon markets could also direct capital to small farms and countries with food security issues – making it a “formidable source” of carbon credits for buyers looking for social and environmental co-benefits, it said.
EMEA
Solar burden – Excess solar energy production in Germany is becoming a burden, with grid operators forced to feed it onto the grid and sell it at a low price, causing considerable costs for both operators and the state. Energy storage capacity is far from sufficient in Germany to help smoothen out energy production highs with fluctuations in energy demand, leading to instances of negative electricity prices, whereby grid operators are forced to pay a feed-in tariff to small renewable energy systems that is not based on the current market price. This leads to network operators making losses, and although they receive money back from the state via a subsidy, this comes at the expense of the taxpayer, reports Frankfurter Rundschau. Feed-in tariffs therefore need adjusting to provide better incentives, the article says.
It pays to be green – Europe’s biggest carbon polluters are paying increasingly higher interest rates on their bonds, according to a report by the Dutch central bank. Since 2020, when the EU started greening its economy, the spread between the borrowing costs of big and small emitters has widened to more than 40 basis points, said De Nederlandsche Bank (DNB). Those companies that invest in technologies to cut emissions get discounts on the bond market, compared to those that don’t. (Bloomberg)
ASIA PACIFIC
First meeting – Climate change and growing industrial needs were on the agenda at the first meeting of Taiwan’s National Climate Change Response Committee this week, Focus Taiwan reported. While Taipower, the island’s only power supplier, has been increasing new power sources and estimated supply would be sufficient until 2023, there are still uncertainties, company chairman Tseng Wen-sheng said. The impact of climate change, such as stronger typhoons or lighting, has caused concerns at home over the stability of Taiwan’s power supply.
New subsidiary – Tokyo-based offset project developer Faeger has established a subsidiary in Vietnam to support the expansion of its credit generating business in the Southeast Asian country, it announced Friday. Faeger earlier this year secured several agreements in Vietnam to develop agriculture-based carbon projects across the country under Japan’s bilateral Joint Crediting Mechanism (JCM).
Sops for CCUS – New Delhi is working on plans to provide financial incentives in order to promote carbon capture, utilisation, and storage (CCUS) to help India achieve its ambitious net zero goals, the Mint reported. The Ministry of Power, think tank NITI Aayog, and the principal scientific advisor to the country’s prime minister are working on the policies and the government is proposing to launch a CCUS mission in which viability gap funding (VGF), carbon pricing and taxing mechanism, carbon trading, and subsidies can be provided to reduce the carbon footprint. The government is also working on plans to set up pilot plants that can capture 500 tonnes of CO2 per day.
AMERICAS
Pushing in PA – The Pennsylvania Supreme Court is collecting briefs from the Department of Environmental Protection and coal power industry groups regarding the state’s participation in RGGI, State Impact Pennsylvania reported Friday. The activity follows July 30 filings in the same court from green group Chesapeake Bay Foundation, which supports efforts to overturn the state’s Commonwealth Court ruling that declared the programme as an illegal tax. Earlier in July, the state Supreme Court also ruled that other environmental advocacy organisations can intervene in Governor Josh Shapiro’s (D) effort to appeal the Commonwealth Court decision.
Tax attack – Kevin Falcon, leader of the provincial party British Columbia (BC) United, on Friday vowed to remove carbon tax from commercial fishing if he is elected, Summerland Review reported. While recognising that the provincial carbon tax has some benefits for the province, Falcon said removing the levy from fisheries and harvesting sectors is important to lower the cost of food production in BC. The politician also seeks to scrap carbon tax from the agriculture and ranching sectors, as well as small heating fuels. BC’s carbon tax rate rose to $80 from $65 on Apr. 1, 2024.
VOLUNTARY
REDD update – Verra has updated its delivery schedule for REDD project activity data allocation, a component of VMD0055 Estimation of Emission Reductions from Avoiding Unplanned Deforestation, v1.0, which is a module under VM0048 Reducing Deforestation and Forest Degradation, v1.0. The new schedule allows enough time for a thorough review of this data to ensure that it meets Verra’s high quality requirements such as the appropriate use of samples from buffer and exclusion zones, accurate classification of any considered deforestation instances, and the inclusion of maps reflecting the desired resolution requirements. Verra will release the high-integrity REDD activity data allocation in a phased approach as data becomes available. Data for REDD projects in priority jurisdictions, where many REDD projects are concentrated, will be published starting in October.
SCIENCE & TECH
IPCC call out – The Intergovernmental Panel on Climate Change (IPCC), the UN body for assessing the science related to climate change, is calling for nominations of authors for its Special Report on Climate Change and Cities scheduled to be released in March 2027.
H2 ferry – The world’s first commercial passenger ferry powered by 100% hydrogen fuel cells launched this summer as part of the San Francisco Bay Ferry network, reported Renewable Energy Magazine on Thursday. While operation of the vessel does not generate emissions, the hydrogen fuel used to power the vessel may do so, depending on how it is produced. According to the California Energy Commission, more than 95% of global hydrogen production today is of gray hydrogen, which is produced from fossil fuels without carbon capture. Other lower-emitting sources of hydrogen include blue hydrogen, which is produced from fossil fuels with carbon capture; and green hydrogen, which is produced via carbon-neutral production pathways. It was not disclosed which type of hydrogen was used to operate the ferry. The vessel, titled Sea Change, is owned by Switch Maritime and was developed by the company via grant funding provided by California regulator ARB. The vessel will be in operation for a six-month demonstration period as a result of sponsorships from Chevron New Energies; the Golden Gate Bridge, Highway, and Transportation District; and United Airlines.
AND FINALLY…
Chief Heat Officers – The Atlantic Council’s Adrienne Arsht-Rockefeller Foundation Resilience Center, a think tank that aims to advance climate resilience among 1 bln people globally, has helped establish heat officers around the world since 2021. The organisation first offered Miami-Dade County a matching grant to appoint the world’s first chief heat officer. Its support to establish the role has now expanded to Mexico, Bangladesh, Greece, Sierra Leone, and several parts of the US, including Phoenix, Los Angeles, and Arizona – the first-ever such position covering an entire state. The officers create proposals to help cities adapt to extreme temperatures, and develop measures to foster communication with the public about the myriad risks of high heat. However, challenges persist. The vast majority of the officials working on this issue, who are appointed rather than elected, have no authority to actually put the measures they develop into place or require their respective governments to adhere to the recommendations they develop. (Grist)
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