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TOP STORIES
BRIEFING: Investors lament carbon removal financing gap at industry summit
The investment climate for carbon removal (CDR) remains relatively cool, with difficult hoops for developers to jump through – making hard for them to attract funding, speakers said at an industry summit on Thursday.
CDR offers great salaries in a growing industry, for those lucky to be in the few countries where it exists, industry survey finds
Prospective employees in carbon dioxide removal (CDR) can expect competitive salaries in the small number of countries where it exists, according to a first-of-its kind survey of the sector, but the industry will need to grow rapidly in the coming years if it is to contribute to the world achieving its climate goals.
INTERNATIONAL
Malawi ITMO carbon credits trade at $10.25, retired the same day
Clean cooking ITMO credits from a project in Malawi were bought on a trading platform this week and retired the same day, underlining demand for the burgeoning sovereign carbon market.
Global oil demand growth slowing fast, finds IEA
The world is still on track to be awash with oil by the end of the decade after, global demand growth decelerated in the first half of 2024 to the lowest rate since 2020, the International Energy Agency (IEA) reported on Thursday.
Senior EU negotiator warns against rush to push forward on Article 6
A senior EU negotiatior on Article 6 of the Paris Agreement has warned against taking a short-term approach to developing the UN markets, saying this could damaging confidence in carbon pricing as a credible solution to tackle climate change.
Fossil fuel companies face rising lawsuits to compensate for climate damage, misleading adverts -report
The number of cases filed each year against fossil fuel companies including BP, Shell, and Chevron has nearly tripled since the Paris Agreement, with cases linked to climate damages, misleading advertising, and emissions reduction growing significantly over the period, according to a new report.
INTERVIEW: Peruvian response to EU rules opens door to more deforestation, not less
Peruvian legislation passed shortly after the EU Deforestation Regulation (EUDR) has deliberately misconstrued the latter’s due diligence requirements to expand agricultural land titling, thereby encroaching on the Amazon, according to the author of a report on Peruvian land concessions.
FEATURE: Innovations in battery manufacturing are key to reducing cost, meeting regulation
Innovations in battery manufacturing, such as use of a ‘dry process’ to make electrodes, will be key to reducing cost and lowering the environmental footprint of producing lithium-ion batteries to be in line with the EU’s new Batteries Regulation, say experts.
Power sector the ‘lynchpin’ to meeting Paris goals in lower income economies, says World Bank
The application of carbon pricing in the power sector will be crucial to meeting climate goals set under the Paris Agreement, however, approaches must be altered to the needs of low- and middle-income countries and the challenges they face, said World Bank’s latest report launched Thursday.
VOLUNTARY
Failure to launch: Flowcarbon reportedly refunding investors over shelved crypto-carbon token
Flowcarbon, the climate tech startup co-founded by former WeWork CEO Adam Neumann, has reportedly started refunding investors after failing to launch its blockchain-based “Goddess Nature Token” (GNT).
Canadian CDR firm receives C$2.5 mln investment from major banks
A Canadian carbon removals (CDR) company announced Thursday it has received C$2.5 million ($1.8 mln) from two major national banks.
Swiss DAC company needs to raise $9 bln in six years to scale
A Swiss direct air company will require $9 billion to reach its gigatonne-scale ambitions by 2030, a senior figure at the company said on Thursday.
Fintech startup partners with blockchain platform for trading voluntary carbon credits
A fintech startup focused on creating financial instruments tied to voluntary carbon credits has announced a partnership with a global blockchain-based platform for buying, selling, and retiring units.
Edinburgh-based startup raises £1 mln for industrial heat decarbonisation technology
An Edinburgh-based company has closed a £1 million pre-seed funding round for its ultra-high temperature thermal energy storage system aimed at decarbonising industrial heat, it announced on Thursday.
US financial services company launches blockchain-based carbon credit platform
A Chicago-headquartered financial services firm has launched a blockchain carbon credit platform for institutional buyers, it announced on Thursday.
Research groups to support four research projects to advance ocean-based CO2 removal
Two research programmes focusing on maritime CO2 removal (mCDR) announced Thursday the selection of four research projects aiming to advance technologies for ocean-based carbon removal.
AMERICAS
California LCFS takes the spotlight during contentious environmental justice meeting
Discussions surrounding California’s cap-and-trade programme took a backseat as a joint meeting Thursday between regulator ARB and the Environmental Justice Advisory Committee (EJAC) focused largely on shortfalls in proposed changes to the state’s Low Carbon Fuel Standard (LCFS).
WCI Markets: CCAs drift awaiting programme updates from ARB
California Carbon Allowance (CCA) prices lacked direction as volatility eased through the week with markets awaiting programme updates from ARB, while Washington’s third quarterly auction cleared in the middle of market expectations.
US Department of Energy to provide up to $500 mln for 1PointFive’s South Texas DAC Hub
1PointFive, a subsidiary of oil firm Occidental, has secured up to $500 million in funding from the US Department of Energy’s Office of Clean Energy Demonstrations (OCED) to support the development of its South Texas Direct Air Capture (DAC) Hub.
BC Premier Eby pledges to scrap province’s carbon tax if Canadian federal mandate is removed
British Columbia Premier David Eby on Thursday announced that his government would end the province’s carbon tax if the Canadian federal government removes its legal requirement for provinces and territories to maintain one.
Colombia proposes nearly tripling carbon tax to about $17.50
Colombia’s finance ministry presented a draft financing bill this week that would almost triple the national carbon tax amid accusations that it remains too low to spur decarbonisation.
Brazilian national development bank launches $180 mln credit line for forestry investments
The national development of Brazil announced Thursday the launch a R$1 billion ($180 million) credit programme aimed investments in forestry activities that promote native vegetation and capture CO2 from the atmosphere.
US renewable fuels producer purchases ethanol plant, CCS facility for $210 mln
A US-based renewable fuels producer said Thursday that it has completed a $210 million acquisition of an ethanol plant in North Dakota that will be used to produce sustainable aviation fuel (SAF).
Washington state prioritises additionality, regionality in upcoming CFS amendments
Staff at Washington state’s Department of Ecology (ECY) reviewed forthcoming Clean Fuel Standard (CFS) updates that will incentivise new decarbonisation projects over older ones, showing preference for those that impact the Pacific Northwest (PNW), during a pair of public rulemaking webinars over the past week.
Soaring summer temperatures push California power sector emissions higher YoY in June, July
California’s power sector emissions rose above 2023 levels in June and July with a rise in natural gas power generation and a concurrent decline in the share of renewables as the state sweltered under record temperatures.
ASIA PACIFIC
FEATURE: Offshore wind is gaining traction in APAC, but regulatory gaps, supply chain bottlenecks could stifle deployment
The offshore wind industry in the Asia Pacific is displaying significant growth in a patchwork fashion, but missing regulatory frameworks and significant supply chain bottlenecks down the track will require careful planning, according to experts.
Paying for overseas carbon credits to meet 2030 NDC “not realistic”, NZ minister says
New Zealand’s Minister for Climate Change Simon Watts said it wouldn’t be “realistic” for his country to simply pay for the overseas carbon credits it will need to meet its 2030 international climate target.
Qantas tweaks its carbon strategy as tightening credit, SAF supply seen as ongoing risk
Australian airline Qantas sees both opportunities and risks in its ongoing reliance on carbon credits as it looks to scale up its sustainable aviation fuel (SAF) intake, according to its 2024 sustainability report published Thursday.
Japan awards grant to two carbon developers for methane reduction projects in the Philippines
A Singapore-headquartered biochar company and a Japanese developer specialising in methane reduction projects have been awarded a grant to reduce emissions from rice fields in the Philippines, they said in a joint statement.
Australia takes further steps to shore up renewable energy dreams with verification scheme
Australia’s Labor government has introduced its Guarantee of Origin bill to parliament as part of the Future Made in Australia (FMIA) policy that was recommended by a senate committee last week.
Australia and Germany sign €400 mln H2 funding cooperation agreement
Australia and Germany have signed a A$660 million (€400 mln) agreement to deepen their cooperation on green hydrogen supply chains and guarantee European buyers for Australian hydrogen producers, the two countries announced Friday.
EMEA
First talks at EU Parliament environment committee reveal lawmakers’ fears and expectations
Lawmakers in the European Parliament’s environment committee held their first meeting dedicated to climate policy files on Thursday, possibly setting the tone for discussions lying ahead in the coming five-year mandate.
EUA prices likely to rise in next 3-6 months as gas market faces upside risks over winter –analyst
Price risk for EUAs is “skewed to the upside” after recent gas-driven weakness, as upside price risk is increasing for natural gas ahead of the coming winter, according to an analyst at a major international bank who raised their 2024 price forecasts by just under 10% from a previous prediction in March.
Europe has likely passed its LNG consumption peak, analysts say
Demand for liquefied natural gas (LNG) in Europe fell 20% year-on-year in the first half of 2024, after gas consumption dropped to a 10-year low last year, analysts said this week, suggesting the continent’s thirst for the fuel may have already peaked.
Germany joins mounting calls to halt EU anti-deforestation rules
Germany has joined a growing tide of opponents to the European Union’s anti-deforestation law, as the country’s Chancellor Olaf Scholz calls on the European Commission to suspend the regulation.
Euro Markets: EUAs give up some of Wednesday’s gains on strong correlation with weaker gas
European carbon allowance prices fell back in line with a weaker gas market on Thursday, retracing about half of Wednesday’s 2.3% gain as EUAs continued to fluctuate in their recent options-driven €2 range near a five-month low, with traders seeing little incentive for levels to break out.
AVIATION
Airlines ‘suffering’ from lack of CORSIA carbon credit clarity, says aviation executive
Airlines are struggling due to a lack of clarity with CORSIA, the UN’s international aviation offsetting scheme, according to an executive at a German aviation group.
Korean refiner to launch country’s first SAF commercial production line
A top oil refiner in South Korea is set to start commercial operations of the country’s first production line for sustainable aviation fuel (SAF) next month, in response to the increasing demand for the eco-friendly fuel.
Korean research team introduces low-carbon catalyst for SAF production
A group of Korean researchers has introduced a low-carbon catalyst technology for producing sustainable aviation fuel (SAF) amid growing domestic interest in the development of the eco-friendly fuel.
BIODIVERSITY (FREE TO READ)
Almost 40% of Amazon critical to climate remains unprotected, study unveils
Nearly 40% of the Amazon rainforest areas considered crucial for addressing the climate crisis still lack proper legal protection, with approximately 10.9 million hectares at potential risk, a report unveiled on Thursday.
Tanzanian developer partners with CreditNature to pilot biodiversity credits in the Kilimanjaro region
A Tanzania-based developer has partnered with CreditNature to launch a biodiversity credit pilot in the Kilimanjaro region by the end of November, Carbon Pulse has learned.
Biodiversity data facility to deliver project grants following EU funding
The Global Biodiversity Information Facility (GBIF) will launch a call for grant proposals in 2025 in several regions after receiving €4 million from the EU, in an outreach that will complement its work on ‘data cubes’, an executive has said.
Brazil’s G20 bioeconomy initiative releases 10 principles
The G20 Initiative on Bioeconomy (GIB), led by the Brazilian government, launched 10 principles on Thursday covering topics such as inclusivity, location specificity, and traditional knowledge use.
Biodiversity Pulse: Thursday September 12, 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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EVENTS
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
Eurelectric’s Power Barometer 2024 – October 3, Brussels: Over the past five years, the power sector has faced unprecedented challenges among the COVID-19 pandemic, the energy crisis, and mounting competition from China and the US. With new policymakers taking office, political attention is now on energy independence, industrialisation, competitiveness, and the ongoing climate battle. Eurelectric Power Barometer 2024 data report will take stock of these developments with DG ENER Director General Ditte Juul Jorgensen, MEP Niels Fuglsang, and SSE Managing Director Sam Peacock. Make sure to join them at our free launch event! Register here
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
EMEA
Merci beaucoup – French authorities have officially notified importers that using default values for the next two Carbon Border Adjustment Mechanism (CBAM) reports will be tolerated, under certain conditions. Importers are still expected to make diligent efforts to gather the data, and must be prepared to demonstrate these efforts to the authorities. This applies only to French importers. The DGEC (French authority responsible for CBAM) said it recognizes the challenges faced so far, and will continue to support a “pragmatic” approach to the CBAM implementation. Importers of CBAM goods are required to submit a CBAM report to the European Commission including the details of the embedded emissions of those products. But this has proven to be very difficult for many importers.
CCS push – The German government is continuing its push for carbon capture and storage (CCS) technologies with the draft of its planned Carbon Management Strategy. This suggests it should have at least one large-scale carbon capture project in the cement and lime industry as well as on waste incineration in operation by 2030, said the draft seen by local newspaper Frankfurter Allgemeine Zeitung. The draft will now be debated among government ministries, before the cabinet can give a final green light. The government had already agreed key provisions of the strategy earlier this year, together with a draft reform to the country’s carbon storage law. This would allow CO2 storage under the seabed, as well as onshore – but only if federal states choose to do so – thus ending the current ban on carbon storage.
Spanish green hydrogen – BP and renewable energy firm Iberdrola have announced a joint venture to build the largest green hydrogen plant in Spain that is expected to avoid 23,000 tonnes of CO2 a year. The 25 MW green hydrogen plant at BP’s Castellon refinery is expected to be operational in the second half of 2026. The plant will convert 200 GWh/year of Iberdrola’s renewable energy from photovoltaic and wind projects into green hydrogen. It’s expected around 2,800 annual tonnes of green hydrogen could substitute part of the grey hydrogen currently used by the refinery, currently produced from natural gas. The project received €15 mln of funding from the Innovative Value Chain and Renewable Hydrogen Knowledge call of the Spanish Recovery, Transformation, and Resilience Plan, with funding allocated by NextGenerationEU of the EU. BP will assess opportunities to increase capacity in the coming years. As part of its low- carbon hydrogen plans, BP is currently developing a 100 MW green hydrogen project in Germany, located next to its Lingen refinery. BP Aberdeen Hydrogen Energy Limited, a joint venture between bp and Aberdeen City Council, has already announced that it has taken the final investment decision for the Aberdeen Hydrogen Hub.
Clean fuels – European ship owners and fuel producers have teamed up to launch a Clean Maritime Fuels Platform, a bottom-up industry initiative aiming to improve communication between the shipping sector and fuel producers to identify common challenges and possible solutions. Representatives from the European shipping industry association ECSA, eFuel Alliance, EWABA, HydrogenEurope, and Methanol Institute held their first meeting on Thursday and discussed key infrastructure gaps and policies needed to scale up fuels.
Support to go green – The UK government needs to offer more financial incentives to help people go green to enable the country to meet its net zero target, finds new research from the Green Insurer. The study found 61% of adults want the government to provide grants or other support to install low-carbon initiatives like heat pumps of electric car charging, while fewer than one in three adults are confident the UK’s 2030 clean power target will be met. 30% of respondent said the UK target for a zero-carbon electricity system by 2030 and a ban on the sale of new internal combustion engines by 2035 is “too ambitious” while a further 23% say the target is “completely unrealistic”. Most adults (78%) said they are concerned about global warming, while just one in seven claimed to to be concerned at all, with four in five taking steps to curb their carbon footprint, such as by recycling, buying locally sourced food, or eating less meat.
EV misinformation – Electric Vehicles UK is a new body set up to highlight the “good and bad” aspects of owning an electric vehicle, formed in a partnership between energy group Octopus Energy and the Fully Charged Show, an EV and renewable energy online news channel. The body aims to address the disconnect between some perceptions of electric motoring and the real-world experience, aiming to counter any misinformation about EVs such as them being expensive, being ‘dirtier than diesels’, or batteries being thrown away. Almost 38,000 new pure electric cars were registered for private buyers in the UK during the first seven months of 2024, representing a 9.5% reduction compared with the same period in 2023, despite the overall new car market increasing by 5.5%. Misinformation is slowing demand for EVs, as is a lack of knowledge of them by petrol and diesel car drivers, say industry execs. (the Independent)
ASIA PACIFIC
Sketch out – Energy firm Korea Hydro & Nuclear Power (KHNP) has reportedly begun design work for a green cement project that will produce cement using hydrogen in Australia, according to MTN. KHNP has agreed to start the front end engineering and design (FEED) of the Australian green cement project, which is worth around 70 billion won (52 mln) and will have the capacity of using 825 tonnes every year.
We promise – South Korea’s Acuon has become the first savings bank to join the Corporate Renewable Energy Initiative (CoREi), it said in a statement released this week. The bank plans to strengthen its indirect greenhouse gas (Scope 2) reduction capacity to achieve its SBTi target.
Coal up in NZ –New Zealand has been using a higher proportion of non-renewable energy, data from its Ministry of Business Innovation & Employment (MBIE) found Thursday. Low hydro lake levels pushed more coal and gas into the power system, with hydropower falling to 81.3% of generation, or a drop of 8.6% over the same time a year ago. For the first time since June 2021, and despite a 50% increase in wind capacity, coal generated more electricity than wind, the MBIE said. Coal power increased to 883 gigawatt-hours for the quarter over 144 GWh a year ago. Power from gas rose 44% and contributed 10.7% of New Zealand’s power generation. This came as New Zealand’s domestic gas production fell 19% and large-scale users responded by operating at lower levels.
HVO for oil company – Indonesia’s state oil company Pertamina has established a strategic partnership with PT Sojitz Indonesia to develop Hydrotreated Vegetable Oil (HVO), which can be used in place of fossil fuels, the Indonesia Business Post said this week. The HVO will be produced at Green Refinery Cilacap and has been internationally recognized through the International Sustainability and Carbon Certification (ISCC), it said. Indonesia has a net zero date of 2060, 10 years later than many regional peers owing to heavy dependence on coal. It has strong biofuel ambitions however and President-elect Prabowo Subianto campaigned on increasing Indonesia’s development of the fuel. Separately this week the same oil company announced an HVO deal with Vale, a Brazilian miner pursuing nickel in Indonesia, Antara News reported. No further details were offered.
Massive response – Some 15 GW of renewable energy and storage capacity bid for just 3.98 GW on offer in the latest tender for New South Wales South West Renewable Energy Zone (REZ), Renew Economy reports. The projects that win access rights to the REZ are protected against network curtailment, but must also pay access fees to be channelled into the state’s Community and Employment Benefit Program. the Australian Energy Market Operator Services conducted the auction and EnergyCo, the administrator of the REZ access scheme, will award access rights in early 2025. The South West REZ has an intended network capacity of 2.5 GW, but an initial allocation of nearly 4 GW due to the variability of wind, solar, and battery projects.
AMERICAS
Rallying against RGGI – The Pennsylvania Manufacturers’ Association (PMA) has filed an amicus brief in the state’s Supreme Court to support the Commonwealth Court’s Nov. 2023 decision that found the state’s RGGI regulation constituted an illegal tax, according to a post from the group Pa Town Hall, a project from the nonprofit Lincoln Institute of Public Opinion and Research. The brief was reportedly submitted alongside the Industrial Energy Consumers of Pennsylvania, the Pennsylvania Energy Consumer Alliance, the Pennsylvania Chamber of Business and Industry, and the National Federation of Independent Business. The basis of PMA’s argument in the brief is that it’s long been Pennsylvania law that a fee imposed by an agency must bear a reasonable relationship to the cost of the regulation. If that fee raises a disproportionate amount in relation to the regulation, it is then a tax. In the case of RGGI, the PMA said only six cents of every dollar collected will be used to implement the programme, as per the Department of Environmental Protection’s (DEP) analysis that it needed only 6% of RGGI proceeds to administer the programme. Therefore, the PMA concluded, the RGGI regulation to be a tax, and taxation the responsibility of the legislature. The PMA also said that costs of RGGI compliance would ultimately be passed down to consumers, hurt small businesses, damage industry in the state, and force power plants to close. Governor Josh Shapiro (D) and environmental groups have appealed to the state Supreme Court to overturn the lower court’s repeal of the RGGI regulation.
Good luck, gas – California regulators continued the phase out of gas appliances in approval of the state’s new energy code, which will make it more challenging for builders to install gas space and water heaters, E&E News reported Thursday. The California Energy Commission voted 4-0 to adopt the code, which sets high efficiency standards designed to incentivise developers to use heat pumps for space and water heating.
Here’s to next year – Carbon management consultancy Carbon Direct published its analysis of climate change laws from the 2023-24 New York State legislative session, outlining passed laws such as the Climate Superfund Act, which would require payment from fossil fuel producers to address climate change, and failed laws such as the Carbon Farming Act, which would have established a tax credit for farmers who maximised carbon sequestration potential. Carbon Direct forecast that failed bills – S897C, which would require certain business entities to disclose Scope 1-3 emissions, and S5437, which would require certain corporations to prepare a climate-related financial risk report for submission to the state – will be reintroduced in a future legislative session, given the trend of climate disclosure requirements in the US.
Trying again – 21 youth activists who lost their global warming lawsuit against the US government – known as Juliana V. United States – filed a petition for a writ of mandamus on Thursday, which seeks to force a federal appeals court to reverse the loss. The filing is known as “one of the most potent weapons in the judicial arsenal” and is recognised as an “extraordinary remedy”. Our Children’s Trust, the Oregon-based law firm that represents the youth, argued in the filing that writ of mandamus is appropriate to undo the harm created by the Ninth US Circuit Court of Appeals in its May decision that quashed the lawsuit. (E&E News)
New reactors, old plants – A new US Department of Energy (DOE) report found that more than 60 GW of additional nuclear capacity could be built at existing or recently retired nuclear power plant sites across the country. On Monday, the agency said that it reached this conclusion after evaluating all 54 operating plants and 11 retired plants across 31 states. Of these, 41 have room to host new reactors that use light-water reactor technology.
No slip tech – Daphne Technology and Williams, a US midstream energy company, are collaborating under a US DOE-supported programme to reduce methane emissions. The Methane Emissions Reduction Program aims to reduce methane emissions in the exhaust of natural gas engines, known as the slip. Daphne Technology will provide its SlipPure system to for Williams to install and test on the company’s natural gas engines. Earlier this month, Gold Standard released a new methodology designed to reduce methane emissions from engine exhaust.
Increasing value – The Carbon to Value Initiative (C2V Initiative) – a collaboration between NYU Tandon School of Engineering’s Urban Future Lab (UFL), Greentown Labs, and Fraunhofer USA to catalyse the carbon tech ecosystem – on Thursday announced nine startup participants for the fourth year of its carbon tech accelerator programme. The cohort will gain access to the C2V Initiative’s Carbontech Leadership Council (CLC) over the next six months to help advance their commercialisation efforts and de-risk their carbon tech innovations. The CLC is an invitation-only group of corporate, nonprofit, and government organisations across various industry sectors that support commercialisation opportunities and identify avenues for technology validation, testing, and demonstration. This year, all CLC member companies will be involved in the programme, offering startups exposure to a diverse array of market and business verticals in addition to tailored professional mentorship from some of the industry’s leading professionals.
Neighborly pushback – Arizona and Nevada Governors Katie Hobbs and Joe Lombardo sent a joint letter to California Governor Gavin Newsom Tuesday airing their grievances over ABX2-1, a California bill that would require California refiners to maintain a certain inventory of fuel to prevent gasoline price spikes. The controversial proposal will be Newsom’s priority item during the California Assembly’s upcoming special session. The neighboring governors raised concerns over regional impacts the legislation could have, and asked Newsom to delay taking action until policy conversations were had with industry leaders and state energy offices, the letter said.
Scaling cleantech – Toronto innovation hub MaRS Discovery District announced Thursday its 10 selected entrepreneurs participating in the next cohort of its Women in Cleantech accelerator, which supports women-led Canadian ventures scale their climate solutions. Participants include Vida Gabriel, founder and COO of DAC firm TerraFixing; Annie Dahan, founder of sustainable materials firm Seacork Studio; and Zaffia Laplante, co-founder and COO of lower-energy indoor farming system SkyAcres Agrotechnologies.
VOLUNTARY
CDR collaboration – Climeworks has joined the World Business Council for Sustainable Development (WBCSD), hoping to educate stakeholders on the importance of carbon removal in corporate climate strategies, and to collaborate with industry leaders to scale up carbon removals. The direct air capture (DAC) developer is building plants in Iceland powered by geothermal energy and also offers individually curated portfolios of high-quality carbon removals across both engineered and nature-based approaches. The collaboration provides Climeworks with an opportunity to contribute its expertise in DAC and carbon removal to a broader, collective effort essential for meeting global climate targets.
Patch’s playbook – Patch has launched a new playbook for chief sustainability officers (CSOs) seeking to invest in the voluntary carbon market, according to a LinkedIn post. The VCM platform has teamed up with corporate software provider Workday to build a custom strategy for its carbon credit programme, aiming to provide CSOs with a step-by-step plan to accelerate climate solutions through effective carbon credit purchasing. The playbook contains guidance on decarbonisation, setting strategic goals for carbon credits, policy and regulatory compliance, carbon credit strategy, market acceleration, and budgeting.
New CDP tool – CDP (Climate Disclosure Project) has released a new core data tool for first-time climate disclosers in the private sector. The Critical Datapoints Spreadsheet is an offline tool that allows companies new to environmental reporting to share crucial climate information with stakeholders and prepare for full disclosure in 2025, it said in a release Thursday. For companies using the CDP portal, the reporting deadline is Oct. 2, and the reporting window closes on Oct. 16.
E-cooking consultancy – A call has been launched for the provision of consultancy services to develop e-cooking appliance standards for Uganda in conjunction with the Uganda National Bureau of Standards. UKAid through the British High Commission of Uganda is starting an 18-month scale and support programme for electric cooking to support Uganda achieve its goal to accelerate the use of e-cooking from 1% to 19% by 2030. The programme will be carried out in partnership with the Modern Energy Cooking Services (MECS) programme and the Ministry of Energy and Mineral Development (Uganda). The ministry has formally requested the Uganda National Bureau of Standards (UNBS) to develop performance and safety standards on electric cooking devices for domestic use, and in addition to these standards, the ministry will pilot a national cookstove labelling programme. The MECS programme is also seeking a consultant/s to support the process of developing national standards. All consultancy proposals must be received by Oct. 8, 2024. Further info here.
More plus for REDD – ACX will restore the sale of carbon credits from the Southern Cardamom REDD project in Cambodia to its spot exchange, after Verra announced that it had reinstated the project to its registry. There will be no differentiated treatment for sellers wishing to list Southern Cardamom credits for the standardised contracts on its spot trading platform, said Hum Wei Mei, ACX’s head of Asia-Pacific and head of carbon and environmental products, in response to queries from The Business Times. CTX previously stated in June 2023 that it would no longer accept credits from the project – jointly developed by Cambodia’s Ministry of Environment and conservation organisation Wildlife Alliance – after its suspension by Verra following allegations of human rights violations.
Sustainable oils – Ecosia, an internet search engine that plants and protects trees, has invested in oil producer BioTara, with the two organisation aiming to regenerate biodiversity hotspots. Under the partnership, Ecosia becomes a lead investor in BioTara and also gains a seat on its board of directors. The two aim to support sustainable wild oil production and community-driven initiatives in the Amazon to rejuvenate and preserve vital ecosystems. BioTara claims to produce carbon-negative wild oils for the personal care and food sector, aiming to protect 4 mln hectares of tropical rainforest and sequester over 3.2 mln tonnes of CO2 annually.
Ostrom – Vancouver-based project developer Ostrom Climate Solutions appointed Tejinder Virk as its new COO, the company announced Thursday. Virk was formerly the Chief Strategy Officer at the company, and succeeds Phill Cull, who will now serve as President and COO. Expanded offset investments led the company to nearly quadruple its net loss in fiscal year 2023, as it recently launched its Upper Pampanga River Climate-Smart Agriculture Rice Project and cooperation agreement with Philippine carbon management company Klima in June.
New tech for the DRC – A new remote-sensing data tool is coming to the Democratic Republic of Congo thanks to two environment groups, CTrees and the Institute for Man and Nature Congo. On Thursday, the groups announced that the technology will collect data and create a platform for carbon data analysis and research. This data can then be used to improve government decision-making around conservation cases and emission reduction initiatives at jurisdictional and project levels.
CDR cohort – San Francisco-based CDR fund AirMiners announced Thursday the selection of 20 startups for its Kiloton Fund, with each team receiving investment in exchange for a share of future revenue. AirMiners is piloting the funding model to complement equity investments, and the learnings will lay the groundwork for a larger Megaton Fund. Additionally, Shopify is offering each selected team a $100,000 purchase to further validate their potential and fast-track commercialisation. AirMiners is hosting an overview of the Kiloton Fund on Thursday, Sep. 19 at 0800 PST, for which registration can be found here.
SCIENCE & TECH
Francine’s fee – AccuWeather has estimated that Hurricane Francine has caused $9 bln in total damage and economic loss in the US. This preliminary figure may rise as the storm’s effects are still ongoing, and some areas have yet to fully report on the damage. Francine, the third Gulf Coast hurricane this year, was particularly disruptive to the offshore oil and gas industry, leading to evacuations and operational halts. The hurricane made landfall in Louisiana on Wednesday, where it caused significant flooding, power outages, and wind damage, particularly in New Orleans. AccuWeather’s forecast accurately predicted that Francine would intensify to a Category 2 hurricane before landfall. Winds reached up to 96 mph at landfall, with widespread impacts felt as far north as Alabama. The storm also caused severe flooding, with storm surges over six feet in some areas of Louisiana.
AND FINALLY…
Fact-check – When 1,000 UK petrol car drivers were asked if 10 separate statements about EVs were true or false, 90% scored five or less out of 10 correct, 57% got two or less, and 23% got none correct, according to recent polling by YouGov for the Energy and Climate Intelligence Unit (ECIU). Some 62% of drivers surveyed believe it’s more expensive to own and run an EV, even though they are typically cheaper; 41% incorrectly think that EVs are more likely to catch fire than petrol cars; and 80% think the UK is not on course to install the charging infrastructure it needs, despite the country being ahead of schedule to hit its target of 300,000 chargers on UK roads by 2030. ECIU said the polling illustrates the impact of a “concerted campaign of misinformation”, which has confused people about the realities of EV ownership and dissuaded consumers from making the shift to cleaner and cheaper vehicles.
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