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TOP STORY
BRICS countries agree to partner on carbon market development
Representatives from the BRICS bloc of emerging economies on Friday agreed to work together on carbon markets.
AMERICAS
Oil giant invests $100 mln into US forestry carbon projects
A global oil major announced Friday a $100 million agreement with two US firms to support improved forest management (IFM) carbon crediting projects across multiple states.
International development bank opens call for proposals to design Argentina cap-and-trade system
An international development bank this week invited expressions of interest to provide consulting services for a project to design a cap-and-trade system for Argentina.
US DAC firm pauses development of Wyoming facility, decides to relocate to another state
A US direct air capture (DAC) firm has announced that it will pause its planned Wyoming facility and move its focus to another state in light of increased competition for renewable energy.
Iowa regulators issue CO2 pipeline permit with conditions
The Iowa Utilities Board (IUB) this week issued a construction permit for a proposed CO2 pipeline, but laid out additional conditions that must be met before the controversial project can proceed.
Financials extend V25 CCA migration while traders trim RGGI, WCA positions into Q3 auction
An ongoing migration by financial entities to V25 California Carbon Allowance (CCA) holdings continued for another week, while compliance and speculators trimmed length in RGGI Allowances (RGAs) and Washington Carbon Allowances (WCAs) heading into Q3 auctions next week, according to data from the US Commodity Futures Trading Commission (CFTC).
NASA study finds Canadian wildfires risk carbon uptake potential of nation’s forests
A NASA-funded study has highlighted concerns about the durability of Canada’s forests to serve as carbon sinks after analysing emissions from the country’s 2023 wildfires.
Scientist offers recommendations to strengthen Washington state’s offset protocol
A scientist from a US non-profit research group on Thursday detailed several suggestions to strengthen Washington’s offset protocol, including considerations for programme eligibility and definitions related to reversals.
Paraguay translating carbon markets law into regulation
On the heels of passing its 2023 carbon markets bill, the government of Paraguay has held participatory stakeholder workshops to translate the law into a practicable framework and to receive feedback on draft regulation.
Aon, Future Climate partner to protect Brazil REDD investments with new insurance solutions
Global insurance and reinsurance broker Aon has unveiled a partnership with Brazil-based developer Future Climate, aiming to bolster the voluntary carbon market (VCM) by integrating robust insurance mechanisms and quality standards into REDD projects in the country.
EMEA
EU backs new rules for monitoring, reporting emissions from low-carbon fuels, non-CO2 sources
EU member states on Friday approved an update to the bloc’s regulations that introduces zero-rating for emissions from a series of low-carbon aviation fuels and outlines new requirements for the MRV of non-CO2 emissions from airlines.
Euro Markets: EUAs drop to three-week low amid late selling as UKAs extend gains to seven-week high
EUAs posted a daily and weekly loss on Friday, recording their narrowest weekly trading range of the year as a stable morning session was followed by gradually heavier selling throughout the afternoon, culminating in a three-week low, while UK Allowances returned their second 8% five-day gain in the last three weeks.
Investment firm, startup secure UK Space Agency funding to integrate satellite data into natural capital strategies
A British-based investment firm has teamed up with a climate tech startup to secure a grant from the UK Space Agency (UKSA) to fund a project that incorporates satellite data into natural capital investment decisions.
South African high court hears appeal over state-owned gas plant
A South African court of appeal will hear a case on Friday in a years-long challenge by environmental groups to a large-scale gas-to-power plant over its lifecycle climate impacts.
ASIA PACIFIC
CN Markets: CEA trading activity stable, CCER liquidity remains stagnant
China’s national carbon market saw its price mostly remain below the 90 yuan ($12.69) benchmark with stable liquidity, while the offset market continued to see low trading volumes as supply remains tight.
Taiwan emitters to pay carbon levy from 2026, exact rates to be determined October
Emitters under Taiwan’s upcoming carbon levy scheme will have to officially pay for their emissions from 2026, according to a set of regulations announced by the environment ministry.
NZ Market: NZU price finishes week higher, as market mixed about upcoming ETS auction result
The NZU price finished the week slightly higher, as the market recorded the second-largest month on record traded volume-wise ahead of next week’s auction.
Respondents describe NZ govt’s Emissions Reduction Plan as high risk, low ambition
Formal submissions to New Zealand’s draft second Emissions Reduction Plan (ERP) have described it as being high in risk and low in ambition, and unlikely to achieve even the modest goals it sets.
Japanese trio commissioned to conduct CCS study in Tokyo metropolitan area
Three Japanese companies have been tasked to develop a carbon capture and storage (CCS) project to estimate the CO2 storage potential in the Tokyo metropolitan area.
Japanese firm partners with fisheries cooperative to generate blue carbon credits through seaweed restoration
A Tokyo-based asset management firm has collaborated with a fisheries cooperative to generate blue carbon credits through the restoration of seaweed beds in the Japanese city of Kamakura, the firm announced this week.
Australian agriculture giant announces carbon partnerships with farmers
An Australian agriculture giant and real estate company has announced a carbon partnership this week that aims to assist local farmers develop projects.
INTERNATIONAL
UN pact reintroduces key fossil fuel transition language after backlash
Governments have listened to angry calls from a group including multiple Nobel laureates to reintroduce language to a key UN draft pact that explicitly addresses the threat of fossil fuels, after the previous iteration had removed all mention of coal, oil, and gas from the text.
Report suggests governments cease support for carbon capture, hydrogen after $30 bln wastage
Governments across the globe have wasted $30 billion supporting carbon capture and hydrogen projects and should cease support for these ‘ineffective’ technologies, according to an advocacy group.
Arctic researchers highlight key impacts of global climate change
Scientists working in a part of the Arctic particularly sensitive to the effects of climate change cited wetter winters, record-low summer sea ice, and retreat of glaciers as some of the most notable impacts of a warming climate, during a webinar on Friday.
VOLUNTARY
Enhanced rock weathering carbon startup wins capital funding from utilities giant
An enhanced rock weathering startup has secured venture capital financing from a utility corporation, according to a press release.
Guardian under fire for damning articles calling carbon credits ‘junk’
The Guardian has come under criticism for publishing two damning articles about corporates buying ‘likely junk’ carbon credits that came from research that has yet to be broadcast and peer reviewed.
Carbon removal registry closes down amid stagnant voluntary market
A US-based carbon removal standard body has closed down amid a stagnant voluntary carbon market and tough funding environment.
Researchers seek to ‘demystify’ argument about carbon removals and offsetting
Both emission reduction credits and those obtained from carbon removals can contribute to the goal of climate neutrality and shouldn’t be considered as opposing parts of carbon abatement strategies, according to a peer-reviewed paper published this week.
AVIATION
South Korea to mandate SAF use for all international flights starting 2027
South Korea is seeking to impose a sustainable aviation fuel (SAF) blending mandate on all international flights departing the country, come 2027, the Ministry of Trade, Industry, and Energy (MOTIE) announced Friday.
Aerospace giant to acquire British-based climate tech startup targeting aviation emissions
A major US-based aerospace firm has agreed to acquire a British climate tech startup focussed on reducing the environmental impact of aviation.
SHIPPING
New shipping decarbonisation options emerge with clean fuels in short supply -shipping insurer
Fossil fuel consuming ships paired with carbon capture, nuclear propulsion, and hydrogen-powered fuel cells are emerging as a new decarbonisation option due to the scarcity of low-carbon fuels, according to a global shipping insurer’s decarbonisation outlook.
BIODIVERSITY (FREE TO READ)
Mexican project to generate first biodiversity credits under BioCarbon standard
A nature conservation project in Mexico is set to generate the first batch of biodiversity credits under the BioCarbon standard, the certifier has told Carbon Pulse.
Timber and pulp sector falls short on zero deforestation disclosure -report
The tropical timber and pulp industry is falling far short of reporting on its zero deforestation commitments, a new report finds.
Fish species’ extinction risk highly underestimated, study finds
The number of fish species at risk of extinction could be fivefold higher than previously estimated, with nearly 5,000 species not receiving a conservation status due to insufficient data.
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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!
IETA’s North American Climate Summit – September 24-26, NYC: NACS 2024 is the premier gathering of carbon market practitioners, experts, and governments from across North America and beyond. Attending NACS 2024 presents a unique opportunity to learn from experts, enhance your carbon market expertise, and expand your network of leaders to collaboratively move the needle on delivering climate action and transition finance at scale. Gain insights on the evolving carbon pricing landscape, latest market trends, most relevant regulatory developments and “what to watch” through COP29 Baku and beyond. Organized by IETA, in collaboration with the International Carbon Action Partnership (ICAP), NACS 2024 is an in-person event with recorded plenary and breakout sessions. The program features high-level plenaries, inspirational keynotes, topic deep-dives, cross-cutting breakouts, interactive side events, exclusive roundtables and unmatched networking opportunities to foster meaningful connections. Secure your spot
Chile Carbon Forum – October 8-10, Santiago: The forum will bring together experts, business leaders, and government officials to discuss challenges and opportunities within the carbon market. It will cover topics such as carbon taxes, offsetting mechanisms, climate finance, carbon market regulations, international cooperation, nature-based solutions, and innovative emission reduction strategies. The agenda includes panel discussions, workshops, and keynote speeches that emphasize the importance of these topics in promoting a low-carbon economy and combating climate change. This forum is crucial for understanding and advancing collaborative approaches to sustainability. For more information, visit Chile Carbon Forum.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
VOLUNTARY
The hand of Bezos – The impact of Amazon and the Bezos Earth Fund, chaired by Jeff Bezos and his fiancee Lauren Sanchez, on the carbon credit market is causing concern, the FT reports. The Bezos Earth Fund is a significant supporter of the Science Based Targets initiative (SBTi), which sets voluntary standards for companies like Apple and H&M to limit their use of carbon credits for offsetting emissions. Amazon is also pushing its own climate pledge, which over 500 companies, including Uber and IBM, have joined. This initiative allows for unrestricted use of carbon credits, providing an alternative route to achieving climate targets. The SBTi is currently reassessing its stance on carbon offsets, which could be pivotal for tech companies, especially as AI increases emissions through greater data centre usage. There are worries about the influence exerted by the Bezos fund on the SBTi, particularly since the fund has connections to three SBTi board members. A former SBTi employee even lodged a complaint to the UK charity commission, expressing concerns over this influence. The commission has advised the SBTi on improving governance and managing conflicts of interest, the FT reports. The Bezos Fund is also a backer of a standard setter in carbon accounting: the Greenhouse Gas Protocol, which is also in the process of reconsidering its approach to offsets. Additionally, Amazon’s influence is seen in alternative standards like its Climate Pledge and the market label Abacus, both of which offer more flexible approaches to achieving “net zero” emissions compared to the SBTi’s stricter limits. In one intervention 2.5 years ago, the fund’s chief Andrew Steer is said to have asked for SBTi’s board and management to meet a group of big US-listed companies: Amazon, Netflix, General Motors and Johnson Controls. Steer expressed the companies’ frustration at SBTi’s “lack of flexibility”, including its rules limiting the use of carbon credits, according to a 2022 email seen by the FT and first reported by Die Zeit. A meeting with the SBTi management and board would go a long way by “showing this kind of respect” and could head off a push to set up an alternative standard-setting body, Steer wrote. He referenced the “large financial injection” made by the Bezos fund to assist the standard-setter. SBTi said its engagement with companies globally were “entirely appropriate”. The FT notes that Amazon is the only company to have funded SBTI’s core work, although is no longer a current financial backer.
SBTi milestones – The Science Based Targets initiative (SBTi) has now validated the targets of more than 6,000 companies, with over 1,000 of them having set net-zero targets using its Corporate Net-Zero Standard, it said on LinkedIn. The organisation is currently investigating whether to allow carbon credits to be used by companies towards meeting their Scope 3, or supply chain, climate targets given certain conditions, with a draft revision of the standard expected before year end, and the final version to emerge in late 2025, it has said.
Link voluntary with compliance – Voluntary carbon markets can significantly enhance forest conservation efforts, benefiting both local communities and participating firms, however, concerns over greenwashing pose a significant challenge, recent research has found. Despite the challenges, the use of carbon offsets generated from forestry-based projects could strengthen conservation initiatives and mitigate greenwashing risks, it said. The study examined how VCMs provide a cost-effective strategy for energy-intensive firms to meet their carbon reduction targets while promoting sustainable forest management and found that participating firms can lower their overall costs of meeting emissions reduction targets, particularly when these markets are linked to formal emissions trading systems. The study also found that for VCMs to fulfill their potential, the markets must have a regulatory framework, improve transparency, and foster community-led conservation efforts. Further, linking VCMs with compliance markets could provide firms with more robust and reliable options for meeting their carbon reduction targets, thereby reducing the overall cost and improving environmental outcomes.
F1 energy – Formula 1 has said it will work with off-grid energy provider Aggreko to swap diesel generators for onsite solar, bioenergy, and energy storage at all the Grand Prix events across Europe. These technologies known collectively as a ‘centralised power generation compound’, have resulted in operational emissions decreases exceeding 90% year-on-year at the Paddock, Pit Lane, and broadcast areas. Following further trials, the compound will be rolled out across all European Grand Prix events for next year’s F1 season. Formula 1 aims to reach net zero in 2030, on a 2018 baseline, and in 2023, had achieved a 13% reduction in absolute carbon emissions. (edie.net)
Intelligent forestry – Data intelligence company Remsoft has launched new carbon management capabilities to enhance its suite of intelligent forestry planning solutions, helping forestry companies manage carbon credits and produce faster, more accurate carbon estimates for their projects. Remsoft’s Woodstock modeling technology has been approved by the American Carbon Registry and adheres to leading carbon credit standards.
Seed round – Nature tech company Open Forest Protocol (OFP) has announced it closed a seed round led by Ubermorgen Ventures and supported by Backbone Ventures and GS Collective. Bloom Foundation, NEAR Foundation, and Fondation Valery also joined the round, OFP said in a press release this week. OFP is an open forest measurement, reporting, and verification blockchain platform. Founded in 2021, it hosts over 140 afforestation, reforestation, and regeneration projects worldwide. Projects can apply to access the platform at no upfront cost, with OFP taking a cut of the credit revenue once credits are sold post issuance on an annual basis.
Accounting update – Vancouver-based offset project developer Carbon Done Right announced a second quarter net loss of C$884,700 ($655,200) and a cumulative year-to-date net loss of C$1.7 mln as of June 30, 2024, in results released Thursday. The Q2 net loss was in line with the prior quarter’s delayed earnings release, the company said. During Q2, the company received payment of $342,800 from oil major BP towards their offtake agreement from a Sierra Leone reforestation project. Subsequently, the company said it received $250,000 from BP upon completing milestones for a fifth disbursement under the agreement. According to an accompanying management discussion and analysis, the company has secured rights to almost 60,000 ha of reforestation in the country, and is also planning a programme for protecting and restoring “tens of thousands of acres of mangrove areas” along the coastline, for which it has completed extensive feasibility work. In delayed annual financial statements released in July, however, the company said it will require additional fundraising to fulfil its streaming contracts. Earlier in August, Carbon Done Right – formerly known as Klimat X – also postponed its listing on the London AIM exchange, citing market conditions.
AMERICAS
Disclosure delay – California Senate Bill (SB) 219 – which would delay the state’s corporate climate disclosure law (SB 253) – passed both houses of the state legislature on Saturday. SB 253 mandates companies doing business in California with annual revenues exceeding $1 bln to disclose their full Scope 1–3 GHG emissions, and directed ARB to adopt regulations by Jan. 1, 2025, for reporting entities to begin annual GHG emissions disclosures by 2026. However, SB 291 pushes the adoption date of SB 253 back to July 1, 2025, but notable, does not change the requirement for entities to report their GHG emissions beginning in 2026. SB 291 also makes a series of other amendments to SB 253, including scrapping the requirement for reporting entities to pay an annual fee when filing their report. SB 291 also makes some amendments to SB 261, which requires California-based companies with annual gross revenues of over $500 million to report on climate-related financial risk. For example, SB 291 removed the mandate for ARB to contract with a climate reporting organisation to prepare a biennial public report on financial risks following a review of the disclosures.
Further Washington trouble – The Washington Farm Bureau and the Washington Trucking Association are asking the state’s Supreme Court to mandate the Department of Ecology (ECY) to reopen rulemaking for agricultural fuel exemptions under the state’s embattled cap-and-invest programme, reported Spokane Public Radio. Under the state’s Climate Commitment Act, the agricultural, maritime, and aviation sectors are supposed to be exempt from the law’s cap on emissions and any resulting fees fuel companies might pass along to customers to cover the cost of buying pollution allowances. Fuel used for trucking crops and other agricultural goods is supposed to be exempt through 2027. But once the program launched last year, farmers, fishermen, and fuel distributors were quick to say the exemptions programme was a mess, citing difficulties with tracking whether diesel fuel was being used for exempt purposes. Following the decision by a lower state court in August to reject the industry groups’ request, ECY said it would be responsive to concerns with the exemption process and work with fuel suppliers to track and report exempt fuels accurately. The state legislature has also set aside $30 mln to give rebates to farmers who say they’ve paid the surcharges on their fuel. Nevertheless, the two industry groups said they had no choice but to file an appeal. There is no specific timeline for the court to decide if it wants to take up a case, and it could take months before it moves forward.
Clean energy grants – The US Department of Energy (DOE) awarded $12.6 mln to 32 local governments, two states, and one Tribe as part of the Energy Efficiency and Conservation Block Grant (EECBG) programme. The funding from DOE’s Office of State and Community Energy Programs will be used to improve energy efficiency, reduce GHG emissions, and lower overall energy use, according to a Wednesday press release. Recipients can use EECBG funds towards 14 eligible categories of clean energy projects and programmes that will help them reduce energy consumption, promote energy efficiency, and advance environmental justice, DOE said. This is the eighth tranche of grants from the EECBG. Since DOE announced the first awards in Oct. 2023, the scheme has distributed nearly $162 mln to 210 communities.
Gimme a break – The US Department of Treasury and Internal Revenue Service proposed new tax breaks to promote clean power in low-income areas. The proposal would expand upon existing tax breaks for wind and solar in economically distressed areas, offering tax breaks up to 20% of a project’s total for geothermal, hydropower, nuclear and other low-carbon technologies, as well as wind and solar, if prevailing wage and apprenticeship rules are satisfied. Notably, combustion and gasification technologies, such as carbon capture projects on fossil fuel infrastructure, would not qualify. The plan will be posted on the Federal Register on Sep. 3, after which written and electronic comments on the proposal will be accepted for 30 days. There will also be a public hearing on Oct. 17.
Energy MoU – New Brunswick-based Nu:ionic Technologies and Texas-headquartered RW Energy have signed an MoU to accelerate hydrogen production and advance carbon capture initiatives across the US. Aiming to implement low-carbon energy solutions in multiple US energy parks, RW Energy will lead and oversee project identification, facility design, business development and provide expertise in sustainable and distributed capacity energy solutions. On the other hand, Nu:ionic will supply modular, pre-engineered low-carbon hydrogen production equipment featuring the Nu-X Smart Reformer with integrated carbon capture. This produces hydrogen and cryogenic liquid by-product carbon dioxide which can be readily transported for sequestration or utilisation, the Canadian company said. The strategic locations for the initial fleet of low-carbon hydrogen projects are slated for development in Northern California, the Gulf Coast of Texas, and Ohio, with these locations chosen based on factors including the existing infrastructure, market demand, and regulatory environment, according to the partners.
Brazil burning – Government data showed Sunday that the number of fires in the Brazilian Amazon have reached a 14-year high, reported Reuters. This has occurred alongside a drought in the region, with satellites detecting 38,266 fire hotspots in the Amazon in August, more than double compared to the previous year and the largest number for that month since 2010, according to data from Brazil’s National Institute for Space Research. This followed the July figures, which represented a two-decade high. However, while the data is the fastest indicator of the state of fires in the region, which often peak between August and September, it does not indicate the intensity. Fires in the naturally wet and humid biome often start on cattle ranches, where locals are converting the jungle into pastures for cattle ranching. Warmer air and drier vegetation have also created conditions where fires can spread more rapidly, as well as burn more intensely and for longer. Deforestation has also reduced the rainforest’s ability to produce rain and humidity, the outlet reported.
EMEA
Historic milestone – The UK reached a historic milestone of 30 GW of wind capacity on Thursday, trade body RenewableUK announced. The opening of SSE Renewables’ Viking Wind Farm on the Shetland Islands boosted the country’s capacity by 443 MW, taking the total past the 30 GW threshold. Total operational capacity of combined onshore and offshore wind in the UK now stands at 30,299 MW, enough to meet the annual power needs of more than 26 mln homes and cut carbon emissions by more than 35 mln tonnes a year. Renewables provided a record 46.4% of the UK’s electricity in 2023, with wind remaining the biggest source of clean power. Combined onshore and offshore wind power generated a record 28.1% of total electricity last year, whilst accounting for more than 60% of electricity generated from renewable sources.
Planning refusal – South Dublin County Council has refused planning permission to Google Ireland for a new data centre, citing insufficient capacity in the electricity network and lack of significant onsite renewables to power it. The scheme was to be the third phase of the Google Ireland data centre campus at Grange Castle Business Park and would indirectly contribute 224,250 tonnes of CO2 emissions per annum without any mitigation measures, according to the planning documents. An engineering report said that the facility would have a greatly reduced CO2 impact in future due to the greening of the electricity grid, but in its refusal, the council cited lack of clarity in relation to Google’s engagement with power purchase agreements (PPAs) in Ireland and the lack of connection to the local district heating network.
Get ready – The German government has issued a notice regarding the amendment of the Greenhouse Gas Emissions Trading Act (TEHG) and the introduction of the EU ETS2. The corresponding EU directive is being integrated into German law through amendments to the TEHG, with a draft published by the Federal Ministry for Economic Affairs and Climate Action (BMWK) on July 30 of this year. However, the legislative process is ongoing, so changes to the draft are possible, the government said in an email notice on Aug. 30. The draft specifies that all entities defined as liable for energy taxes in certain situations, such as fuel wholesalers, large-scale fuel distributors, and importers, are required to participate in the EU ETS2. This means that many entities already obligated under the German Fuel Emissions Trading Act (BEHG) will also be required to participate. The notice also outlines the implementation process for the EU ETS2. The deadline for submitting the monitoring plan has been adjusted to accommodate delays in the national legislative process. The German Emissions Trading Authority (DEHSt) will announce this deadline in the Federal Gazette at least three months in advance. Additionally, entities responsible for the EU ETS2 will need to apply for an overarching emission permit, with the exact deadline for this application also to be announced three months in advance. Further information about the EU ETS2, particularly regarding the reporting period from 2024 to 2026, will be made available on the German government’s website in the coming weeks. This will include guidance on the requirements for monitoring and reporting under the EU Monitoring Regulation and its practical implementation in Germany.
Lower grid fees – Grid fees in areas with a high share of renewables in Germany will be reduced from the start of 2025, the country’s Federal Network Agency (BNetza) said. According to the new model, revenue losses for grid operators from the reduced grid fees will be covered through financial compensation, which will be sourced via a surcharge on people’s electricity bills, distributed nationwide. (Clean Energy Wire)
ASIA PACIFIC
Enshrined – The South Australian government has announced it will enshrine its target of reaching 100% renewable electricity by 2027 into law, Renew Economy reports. The state is already meeting 70% of its local electricity demand with renewable energy and the recently updated target coincides with when a new transmission link to New South Wales will be completed. Thanks to its reductions in fossil fuel use in the grid, South Australia has updated its state-wide emissions reduction target to 60% below 2005 levels by 2030.
Action plan – The power sector of Bangladesh is in the grip of an aggressive, fossil fuel-based capacity expansion trend and is facing a myriad of challenges including high generation costs, power system overcapacity, revenue shortfall, and subsidy burden according to a report by the Institute of Energy Economics and Financial Analysis (IEEFA). The non-profit has, therefore, suggested an action plan to address these challenges, which include not commissioning any new fossil fuel-based power plants until 2030 to optimise existing system capacity, expediting the demand-side energy efficiency to reduce wastage and minimise rising power demand, benchmarking the cost of projects, and accelerating the deployment of renewable energy to slash the costly electricity purchase from oil-fired power plants.
We can do better – South Korea’s trade ministry this week held a special meeting with KCCI, the nation’s largest business lobby, to discuss countermeasures to tackle the impact of carbon border adjustment mechanisms, such as the EU CBAM and Clean Competition Act (CCA), according to a statement released Friday by the lobby group. Meeting participants urged the government to actively promote low-carbon techniques like hydrogen reduction technologies in ironmaking, learning from the policymaking experiences of Japan and Europe. The government IS also suggested to take into account the country’s pace of technological innovation when determining the 2035 national carbon reduction target. South Korea’s steel industry accounts for around 14% of the country’s total emissions and almost 40% of the industrial sector.
Getting there – The Vietnamese government has asked relevant ministries to develop and implement solutions to adapt to the EU’s Carbon Border Adjustment Mechanism (CBAM). The government will also study the possibility of expanding the scope of CBAM, especially for agricultural and forestry products, together with suitable support and exemption mechanisms for the Southeast Asian nation. Vietnam will also increase negotiations and dialogues with the EU and the UK to clarify the consistency of CBAM with existing international commitments under WTO, the EU-Vietnam FTA (EVFTA) and the UK-Vietnam FTA (UKVFTA), Vietnam News added.
AND FINALLY…
Higher expectations – China’s battle against pollution has resulted in increased life expectancy for an average citizen by two years, according to research by the University of Chicago’s Energy Policy Institute. The country has reduced air pollution by 41% between 2013-22 due to the success of stricter public policies, such as the government’s National Air Quality Action Plan. The plan launched after harmful smog peaked in 2013, and targeted fewer cars on the road along with cuts to steel capacity and bans on coal-fired power plants in major urban areas. Other measures included encouraging the adoption of renewables and transitioning from coal to natural gas. More recently, the government in 2023 relieved its goal to cut smog by 10% in major cities from 2020 levels by the end of next year. China accounts for 20% of global health problems associated with air quality, and pollution levels in the country are still 5.6 times higher than the World Health Organization’s guideline, according to the university’s report. (Bloomberg)
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