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TOP STORY
Trump return, global recession, climate ‘race to the bottom’ are all ‘plausible’ in the near term -report
Current geopolitical factors and policy trends mean that there is a plausible risk that progress on tackling climate change could stall or go into reverse, a recent report has warned.
EMEA
BRIEFING: Why EU agricultural emissions are set to be the next Brussels battleground
The European agricultural sector’s greenhouse gas footprint is set to take centre stage in the next EU political cycle, rising from a largely neglected climate issue to a prominent source of tension between co-legislators.
INTERVIEW: London’s voluntary market hub hamstrung by bad press, uncertainty
Bad press over the past year and confusion around standards for carbon credits and offsets are hampering the development of a voluntary carbon market even as the City of London is trying to support growth and turn itself into a global trading hub.
UK regulator approves low-carbon electricity ‘superhighway’ between Scotland and England
Britain’s energy regulator on Tuesday gave the green light to a £4.3 billion low-carbon electricity “superhighway” stretching over 500 kilometres, set to run from northeastern Scotland to northern England.
Euro Markets: EUAs retreat amid general weakness as market takes pause after Monday volatility
European carbon prices slipped lower on Tuesday afternoon, making sporadic gains along with gas during the morning session, as regional energy markets recovered from Monday’s volatile and hectic session, with participants generally seeing the price action as a pause in the recent upward trend.
AMERICAS
PREVIEW: July 10 ARB workshop tempers WCI Q3 auction settlement expectations
Market participants expect the upcoming WCI auction on Wednesday to settle at the lowest level in more than a year and at a discount to front-month futures, while analysts forecast a broad range of estimates considering a mix of bearish market sentiment and opportunistic buying from speculators.
California ARB’s modified LCFS draft rules briefly send credit prices in a tizzy
ARB issued a 15-day notice late Monday for accepting public comments to modifications of proposed changes to California’s Low Carbon Fuel Standard (LCFS), sending credit futures in the secondary market trading through a wide intraday range on Tuesday.
US DOE opens $54 mln funding opportunity for array of carbon management technologies
The US Department of Energy (DOE) opened Tuesday applications for $54.4 million in funding to support the development of technologies for the capture, transport, conversion, and storage of CO2.
ASIA PACIFIC
Australian soil carbon outfit partners with developer led by former agriculture minister
Fresh from announcing a new company direction and switching out board members not aligned with its vision, an Australian carbon developer announced Tuesday a soil carbon-focused partnership that will generate Australian Carbon Credit Units (ACCUs) for third parties.
NZ to keep its options open on how to meet 2030 NDC
The coalition government is looking to ensure it has multiple avenues to meet New Zealand’s 2030 Nationally Determined Contribution (NDC), acknowledging it remains a significant challenge.
Seoul to introduce park bench direct air capture facility in urban spaces
The government of Seoul is planning to introduce direct air capture (DAC) technology that can extract CO2 from the atmosphere in urban areas.
BRIEFING: Australia must move fast to capture A$250 bln green iron opportunity
Australia must move fast to create a green industry from its current vast iron ore exports so it can go beyond a simple ‘dig and ship’ model to value-add creations. In so doing, the country can decarbonise its own industry and take advantage of the growing appetite for clean commodities.
INTERNATIONAL
Integrating EU CBAM with Article 6 can scale climate action -report
A potential synergy between the EU’s Carbon Border Adjustment Mechanism (CBAM) and Article 6.2 of the Paris Agreement could help to effectively scale climate action, according to a report published this week.
CO2 peak unlikely this year as fossil fuel use keeps rising, research warns
The use of fossil fuels continues to rise, potentially driving a 0.6% increase in global CO2 emissions in 2024, a new report warns, belying expectations of a peak.
Arctic’s carbon sink declines as coastal permafrost erodes -study
The CO2 capacity of the Arctic appears limited as global warming erodes key coastal permafrost, according to research published on Tuesday.
VOLUNTARY
Voluntary carbon issuances shifting away from REDD to fresh reforestation credits, analysis finds
Fresh issuances of voluntary nature-based carbon removal credits, such as reforestation, outstripped newly minted avoided deforestation credits in the first half of the year, according to analysis published Tuesday.
World Bank issues bond linking financial return to carbon removals from Amazon reforestation
The World Bank has priced what it says is the first bond linking investors’ financial return to carbon removals from reforestation in the Amazon.
Egyptian voluntary carbon market closes first futures contract, trades -media
Egypt’s voluntary carbon market (VCM) saw the conclusion of its first futures contract and three trades, revealed at the market’s official launch ceremony on Tuesday, according to local media sources.
Verra makes corrections to three plastic programme documents
US carbon credits certifier Verra has on Monday published corrections and clarifications to several documents in its Plastic Waste Reduction programme.
Global Carbon Council seeks views on new AFOLU voluntary carbon methodologies
The Global Carbon Council (GCC) has announced the public consultation for two new voluntary carbon methodologies under its agriculture, forestry, and other land use (AFOLU) crediting programme.
BIODIVERSITY (FREE TO READ)
Sri Lanka launches 30×30 biodiversity programme, seeks to raise $1.5 bln in funding
The Sri Lankan government has launched a programme to conserve 30% of the country’s land and ocean by 2030 while aiming to attract $1.5 billion in green investments between 2025 and 2030, the president’s office announced Monday.
Climate watchdog calls for Malaysian project to be rejected
Environmental watchdog RimbaWatch has called for the halt of a 2,228-hectare palm oil project proposed on a virgin peat swamp forest in the Terengganu state in Malaysia, which it says will lead to the loss of carbon stocks and endangered species.
Large sea animal credits could unlock fairer GBF funding -study
Credits generated from reducing impacts on large migratory marine creatures could help unlock funds for implementing the Global Biodiversity Framework (GBF) across the Global South and North, an academic paper has said.
Biodiversity Pulse: Tuesday August 13, 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 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
See all listings or post a job
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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
Rocky revenues – Revenues are in sharp decline if the results of Germany’s latest offshore wind power auction are anything to go by. Germany’s RWE secured two sites for wind farms in the North Sea with total capacity of 4 GW, and will pay a total bid price of €250 mln, while the rights for the remaining site were awarded to Hamburg-based Waterekke Energy, with no price disclosed. There were only five bids made for the three sites. In comparison, investors in other recent offshore auctions submitted much higher bids, with €3 bln for 2.5GW earlier this year and €12.6 bln for 7GW in a tender last year. The shadow effect of wind farms blocking one another in densely developed areas is an issue for investors, according to offshore wind association BWO, who say that spatial planning meant that auctioned sites would have very few full load hours. Offshore wind energy is becoming a key pillar of Germany’s green future, with plans to increase capacity from 8.5 GW in 2023 to reach a minimum of 30 GW by 2030, 40 GW by 2035, and 70 GW by 2045.
Heat kills – Extreme heat killed more than 47,000 people across Europe in 2023, making it the continent’s second-deadliest year on record for heat-related mortality after 2022. The figure estimated by scientists at the Barcelona Institute for Global Health was published in a study on Nature Medicine on Monday. It also found that more women died of heat-related illnesses than men, and that southern Europe was hit the worst. Scientists analysed mortality data from 823 regions in 35 European countries and temperature records to arrive at the estimate. Greece recorded the highest mortality rate at 393 deaths per million, followed by Bulgaria, Italy, and Spain. Some 57% of the deaths occurred on the continent during two major heatwaves in mid-July and late August. Europe is the fastest-warming continent in the world. While the global mean near-surface temperature between 2013 and 2022 was 1.13 to 1.17C warmer than the pre-industrial level, making it the warmest decade on record, European land temperature increased by as much as 2.04 to 2.10C. (the Independent)
Hottest UK day – Monday was declared the hottest day of the year in the UK so far, reaching 34.8C in Cambridge, according to the Met Office. The higher temperatures have been confined to central and southern England, while others experienced a wetter start to the day with torrential rain further north. Yellow heat health alerts, issued by the UK Health Security Agency (UKHSA), are active in many areas of southern England, and are due to expire by Wednesday morning. This is only the eleventh year since 1961 that temperatures as high as 34.8C have been recorded, with six such occasions in the last 10 years, according to the Met Office’s provisional figures. Climate change is driving many extreme weather events like heatwaves to occur more often and more intensely, experts say. (BBC News)
H2 greenwashing – Boiler manufacturer Worcester Bosch is set to change its hydrogen boiler ads over green marketing concerns, after the UK’s competition watchdog raised concerns about misleading customers. The Competition and Markets Authority said it was concerned Worcester Bosch was giving the “false impression that consumers would reduce their carbon footprint and ‘future-proof’ their heating system” by buying the products. The investigation focused on Worcester Bosch’s “hydrogen-blend ready” home boilers, with the watchdog concerned that the manufacturer failed to make it clear to consumers about the uncertainty of whether hydrogen might be used for home heating in future. Multiple studies – including one by the UK’s infrastructure watchdog last year – have indicated that hydrogen is unsuitable as a large-scale replacement for current gas boilers in homes. In response, Worcester Bosch agreed to withdraw or change its advertising around the boilers across all marketing channels.
Revolving door – The EU has allowed Diederik Samsom, who was chief of staff to former EU Executive Vice President Frans Timmermans and a key architect of the European Green Deal, to take up a role for the Dutch state-owned firm Gasunie — although with restrictions imposed on his work there. According to Politico, Samsom announced in June that he would be joining the gas company as chair of the supervisory board. A spokesperson told the journalists that “after a thorough examination of Mr. Samsom’s responsibilities in the Commission, of his envisaged professional activity and of risks resulting thereof for the interests and reputation of the Institution, the Commission has imposed clear conditions and has authorized the employment, subject to respect of the restrictions.”
ASIA PACIFIC
Keeping compliant – Australia’s Clean Energy Regulator said in an update it has initiated two compliance audits on two un-named ACCU projects to provide assurances they meet their methodology requirements. It said one of the target projects is aggregated and the audit would ensure that claims for ACCUs are accurate across all relevant sites. The audits are initiated by the CER and are paid for by the participant. Meanwhile, it said all applications for Emissions-Intensity Determinations for facilities covered under the Safeguard Mechanism have been submitted by the required date or within the extensions granted.
Breakthrough – A group of researchers from the Korea Research Institute of Chemical Technology (KRICT) and Ulsan-based UNIST have developed the world’s highest-performance catalyst that can electrolyse CO2 in seawater to reduce CO2-sodium precipitation, a problem with seawater batteries, and convert it into useful fuels such as ethanol and propanol, the research institute said in a statement released this week. The technology is expected to contribute to preempting the domestic industry’s market for CO₂ conversion systems linked to renewable energy after additional verification, KRICT said.
Impending investments – Malaysian airline AirAsia is planning to invest in carbon offset projects in the state of Sabah, CEO Tony Fernandes told a press conference. He said that the airline may develop sustainable aviation fuel (SAF), build farms, or enhance forest cover in terms of developing projects in the state, New Straits Times reported. Fernandes also said that the airline would soon implement standardised carbon charges or sustainability fees for all passengers but defended AirAsia’s environmental record, claiming that it was among the most carbon-efficient airlines globally due to its advanced technology and high seating capacity per flight, the media outlet added.
AMERICAS
Gas stoves must go – The US Department of Energy (DOE) said its regulation on cooking appliances (such as gas stoves) will be implemented in 2028, despite pushback from conservative groups, E&E News reported Tuesday. The regulation was finalised in February but was open for comment, which could have led the DOE to withdraw its regulation should there have been “substantive adverse” comments. Commenters that looked to roll back the regulations included Republican attorneys general, the Competitive Enterprise Institute, and the Antonin Scalia Law School Administrative Law Clinic.
DOE support – The US DOE’s Voucher Program is open to submissions from applicants looking for support to bring their clean energy technologies to market. Seven voucher opportunities are available, from pre-demonstration, through commercialisation, and manufacturing and retrofitting support. The DOE said its goal with this programme is to lower barriers for small businesses and other nontraditional partners that may not have the resources to scale. The submission window is open through Sep. 12, 2024.
Addressing climate risks – Democratic lawmakers on Tuesday requested the National Association of Insurance Commissioners (NAIC) to inform how the organisation plans to implement recommendations from the US Treasury Department’s Federal Insurance Office’s (FIO) to fill climate-related gaps while overseeing insurers. In a letter to the NAIC, Representative Sean Casten (D), Maxine Waters (D), and Senator Sheldon Whitehouse (D) laid out 18 of FIO’s 20 recommendations to integrate climate-related financial risks into US insurance supervision and regulation. The lawmakers detailed concerns that insurance market volatility was threatening the availability and affordability of housing markets throughout the US, and asked NAIC to lay out its plans to implement FIO’s proposals.
Solar and wind expansion – Power generation from wind and solar in the US outpaced coal through the first seven months of the year, in a first for renewable resources, E&E News reported Tuesday. This milestone was expected due to the steady increase in coal plant retirements and the rapid growth of wind and solar. Recent studies showed that wind and solar are on track to exceed coal generation for the entire calendar year in 2024, including through the heat of July. Coal generation usually declines in the spring months, due to falling power demand and seasonal plant maintenance, and picks up when electricity demand rises in the summer. The development comes at a time when the reliability of the electric grid is in the spotlight amid increasing power demand due to the growth of artificial intelligence, data centers, and more frequent and severe heat waves — which drive up air conditioning use.
VOLUNTARY
Critical reception – Renoster has published a whitepaper outlining how it would reform the voluntary carbon market, with a focus on the largest certification body, Verra. The document aims to identify common problems in Verra’s carbon programme, according to the US-based ratings agency, and propose solutions at both the policy and technical levels.
On track – Occidental Petroleum’s direct air capture (DAC) project Stratos is set to come online in summer 2025, Hart Energy reported Monday. The DAC project is under development in Texas’ Ector County by Occidental subsidiary 1PointFive, following its acquisition of DAC firm Carbon Engineering. Once fully operational, the facility is expected to capture 500,000 tonnes of CO2 per year. Several firms have already committed to purchasing CO2 removal (CDR) credits from 1PointFive via Stratos, including Microsoft – in the largest DAC offtake to date – and commodity trader Trafigura.
Carbon Streaming – Toronto-based voluntary carbon project financier Carbon Streaming announced its financial results for Q3 2024, ending the quarter with an operating loss of $3 mln, $43.5 mln in cash, and no debt to place its total asset value at $78.8 mln. These indicate quarter-on-quarter losses following write-off of its Rimba Raya project. During Q3, Carbon Streaming also entered into the Azuero Reforestation Stream agreement with Microsoft and Rubicon Carbon, amended the terms of the Community Carbon Stream, and subsequent to period end, sent a termination notice to project developer Will Solutions, effectively terminating the Sustainable Community Stream.
Smat choice – Biochar certifier Carbon Standards International has announced that AirSmat Inc has been endorsed as a digital MRV provider for its Global Artisan C-Sink standard. AirSmat works with African agriculture through AI-driven AgTech, empowering farmers to optimise crop yields, combat climate change, and earn carbon credits, the standard said. The firm leverages AI and farm data, to monitor the production of high-quality biochar from end-of-life waste, helping to regenerate soil and sequester carbon.
AND FINALLY…
Need a ride? – Urban air mobility developer Archer Aviation last week unveiled its plans to launch a network of air taxis in Southern California as soon as 2026. The company’s goal is for passengers to be able to go to a nearby vertiport, or vertical take-off and landing location, and then fly 10-20 minutes in Archer’s Midnight aircraft to their destination of choice within the network. Archer’s planned network includes take-off and landing locations at Los Angeles International Airport, University of Southern California, Orange County, Santa Monica, Hollywood Burbank, Long Beach, and Van Nuys. The developer said its solution would save hours of on-road traffic, especially in Los Angeles, which is known for its “horrendous traffic”. The City FIFA World Cup comes to Los Angeles. The city is set to host some major events beginning 2026, including the FIFA World Cup, the 2027 Super Bowl, and the 2028 Summer Olympics. (Smart Cities Dive)
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