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TOP STORY
Carbon Pulse bolsters global reporting teams with fresh hires, promotions
Carbon Pulse has strengthened its regional news reporting teams with three new hires and two internal promotions.
CLIMATE WEEK NYC
Philanthropy isn’t enough – Global South asks SBTi to allow carbon credits against Scope 3
A group of Global South community-based climate organisations is calling on the Science Based Targets Initiative (SBTi) to allow companies to use carbon credits to offset their Scope 3 emissions, they announced on Tuesday.
Companies urged to take bigger steps to tackle value chain emissions
Companies need to begin tackling their emissions beyond the value chain if they want to credibly work towards net zero – taking responsibility for what it takes to meet their targets, and being transparent when they fall off track, according to recommendations released by a standards-setter during Climate Week NYC on Tuesday.
Brazilian state signs deal worth $180 mln to sell J-REDD+ carbon credits
A Brazilian state has agreed a deal worth an estimated $180 million to sell jurisdictional REDD+ credits to a public-private forest finance coalition.
Annual nature-based solution investments in Brazil, Caribbean grow past $1.6 bln -report
At least $1.67 billion have been allocated to nature-based solutions (NbS) in Brazil and the Caribbean over the past year, with agriculture-focused solutions seen as the top priority, according to a report released this week.
Standards body, US investment bank partner to advance GHG, plastic reduction efforts
A major standards body and a large US investment bank have agreed to collaborate in advancing environmental markets and developing innovative financial solutions that specifically target greenhouse gas and plastic waste reduction initiatives.
Significant methane emissions transparency to arrive in early 2025, say satellite developers
Novel data on global methane emissions, collected by two satellites launched this past year, will be published in early 2025, project proponents said during Climate Week NYC on Tuesday.
UK fund backs VCM with public aid, “not actively looking” at Article 6 -executive
The UK’s international development fund is backing voluntary carbon market (VCM) projects but does not seek to fund Paris Agreement Article 6 initiatives at this time, the group’s climate lead told Carbon Pulse on the sidelines of Climate Week NYC.
Drax launches ‘Elimini’ to spearhead global ambitions in carbon removal
UK energy company Drax has launched a new US-based subsidiary that will spearhead its plans to become a global leader in bioenergy with carbon capture and storage (BECCS).
Emissions registry announces three methodologies for projects reducing non-CO2 gases
A recently launched registry focused on reducing non-CO2 planet-warming gases on Tuesday announced the release of three methodologies at Climate Week NYC.
EMEA
UK authority seeks views on proposed technical amendments to ETS
The UK ETS Authority announced this week a series of proposed technical and operational amendments to the market, with a consultation on the changes now open until mid-October.
Carbon removal experts debate options for EU’s future central registry
With a central EU carbon removal registry due to be established by the end of 2028, experts this week discussed rules to ensure a smooth exchange of data and avoid issues such as the double counting of carbon credits.
Next EU ETS revision to address carbon capture and removals, official says
There will be a role for carbon removals in the late 2030s to address the residual emissions of agriculture and hard-to-abate industries in the European carbon market, an issue that will be addressed in the next revision of the ETS directive, an EU official confirmed on Tuesday.
Hungary aims to address farmers’ CAP worries during its EU presidency
Hungary is expected to address European farmers’ concerns around the Common Agricultural Policy (CAP) – including on extreme weather associated with climate change and the Green Deal’s objectives – by the end of its rotating presidency of the EU Council, according to a minister.
Polish climate plans held back by steel’s slow transition
A not-so-mature transition of the Polish steel industry is slowing decarbonisation in the country and in the EU, according to analysts who are urging Warsaw to “make a decision now, not later”.
INTERVIEW: Lobby group sees more EU-UK collaboration on CCS under new Labour government
There is significantly more willingness for EU-UK collaboration on carbon capture and storage (CCS) since the Labour party was elected to office in July, an executive at a European CCS lobby group told Carbon Pulse, saying they expected joint announcements on cooperation in the coming months.
INTERVIEW: The legal red flags of dropping carbon removals into compliance schemes
The undefined legal nature of a carbon credit, and the vast gulley between the cost of many new technologies and current allowance prices, are red flags cited by a lawyer reflecting on proposals to integrate carbon removals in compliance schemes.
INTERVIEW: EU’s default emissions factors should be “avoided at all cost” by private sector
EU default values that convert business spend into Scope 3 emissions are outdated, inaccurate, and “need to be avoided at all costs” for firms doing mandatory reporting, according to the head scientist at a proprietary emissions factor database.
European CO2 storage body could mitigate CCS risks -report
The risks of geological carbon storage could be mitigated by more government involvement, EU-set CO2 purity standards, and third-party verifiers, according to an environmental research institute.
Euro Markets: EUAs stand firm, flat as gas sheds over 2%
European carbon allowances held firm on Tuesday, even as gas moved lower, trading in a thin range with support from some late compliance buying ahead of next week’s deadline, with participants also keeping close to key price points in anticipation of Wednesday’s options expiry.
AMERICAS
US EPA asks SCOTUS to reject states’ efforts to halt methane rules
The US Environmental Protection Agency (EPA) has requested the country’s Supreme Court (SCOTUS) to deny stay applications filed by Republican-backed states against the agency’s rules to limit methane output from the oil and gas sector.
US FERC dismisses complaint Dominion overcharged for RGGI costs
The US Federal Energy Regulatory Commission (FERC) has dismissed a complaint from the Virginia Municipal Electric Association (VMEA) that Dominion Energy improperly accounted, and subsequently over-charged, for its RGGI costs.
US startup secures 10-yr offtake deal for about 400k tonnes of biochar at $275 apiece
A US-based CO2 removal (CDR) company announced Tuesday that it has sold nearly 400,000 tonnes of biochar credits to an undisclosed US buyer.
Tech giant buys 8k CDR credits, its second purchase in a week
A global tech giant has paid for the removal of 8,000 tonnes of CO2 over five years through a US-based company’s enhanced rock weathering (ERW) technology, according to an announcement on Tuesday.
US commodity price reporter partners to launch exchange platform for tech-based offsets
A tech company has partnered with a US price reporting firm to launch a trading platform for the voluntary carbon market (VCM) that will focus on the exchange of tech-based carbon offsets, the companies announced Tuesday.
CDR is key tool for US utilities with net zero goals -report
A US-based coalition of carbon management companies published on Tuesday a report highlighting the synergies between the CO2 removal (CDR) industry and electric utilities working towards decarbonisation.
ASIA PACIFIC
Safeguard ACCU holdings continue to grow as issuance climbs
Entities covered under Australia’s Safeguard Mechanism have continued to hoard carbon credits to meet their expected compliance demand as unit issuance grows, albeit not as fast as the Clean Energy Regulator (CER) previously expected.
Shanghai to auction off 2.8 mln carbon allowances under local scheme
The Shanghai government will auction off 2.8 million carbon allowances under the local emissions trading scheme a the end of this month to ensure regulated emitters can meet their compliance requirements.
INTERNATIONAL
COP28 clean energy targets at risk without stronger action, finds report
The world is on track to miss the clean energy targets agreed at COP28 without stronger and more urgent action, according to a new report.
VOLUNTARY
ART programme publishes Brazilian state’s REDD+ concept
The Secretariat of the ART carbon credit standard on Tuesday announced it has approved a listing for a Brazilian state under its TREES jurisdictional certification programme.
Global disclosure system, climate data platform expand partnership to provide information from 10,000 companies
An open repository for private sector climate data and an independent environmental disclosure platform will expand their partnership to publicly share a core set of climate data from over 10,000 companies, the two organisations announced Tuesday.
Carbon data platform halts partnership with non-profit in DRC
A forest carbon data provider has suspended its collaboration with a non-profit based in the Democratic Republic of Congo (DRC) following questions regarding the organisation’s agreements with the government of DRC and concessions for carbon credit development in the country.
Spanish engineering, liquid logistics firms reach CCS service agreement
Two Madrid-based companies announced an agreement Tuesday to provide carbon capture, transport, and storage services to large industrial customers.
Guidance seeks to help private equity integrate carbon value into investment decisions
A UK-based consultancy and a CEO-level private equity working group have released joint guidelines for integrating carbon valuation into investment decisions.
Few companies buying voluntary carbon credits as a ‘licence to pollute’, finds report
Claims that corporates have used voluntary carbon credits as a “licence to pollute” fail to stand up to scrutiny, according to a report released Tuesday.
Three-quarters of VCM is ‘low quality and low price’ – report
Three-quarters of carbon projects in the voluntary carbon market (VCM) are ‘low quality and low price’, according to new research published on Tuesday.
AVIATION
IATA to offer CORSIA-eligible carbon credits to airlines at special Q4 event, updates net-zero roadmap
Airlines will be able to buy carbon credits eligible for CORSIA Phase 1 at a special event hosted by industry association IATA in the final quarter of the year, the industry association announced Tuesday.
Airlines face ‘eye watering’ net zero bill, CORSIA just 1% of the transition cost, says industry group
Airlines can meet net zero by 2050 but the transition bill will hit $4.7 trillion and need policy intervention, according to industry group IATA, with the CORSIA costs to account for only a fraction of the total.
SHIPPING
PREVIEW: Low expectations as IMO talks to cut shipping emissions kick off
Talks starting next week at the International Maritime Organisation (IMO) on whether to introduce a global greenhouse gas levy and a goal-based fuel standard for the shipping sector are unlikely to yield significant advances, according to people close to the negotiations.
Singapore bank moves on EUA trade for Asian shippers as ETS expands
Singapore’s DBS bank announced Tuesday it will offer financing and hedging services for allowances under the EU Emissions Trading Scheme (EU ETS) as shipping companies outside the EU are now included in emissions calculations, becoming the first Southeast Asian bank to do so.
BIODIVERSITY (FREE TO READ)
SBTN corporate pilot paves the way for nature target adoption despite tough challenges
The Science Based Targets Network (SBTN) outlined the outcomes of its first corporate pilot for nature targets, with some companies gearing up for adopting their drafts, in a report published on Monday.
Regen Network reveals Registry 2.0 plan for ecological claims beyond credits
US-based environmental credit platform Regen Network Development aims to expand the scope of what can be listed on its registry beyond credits in its next version.
UNDP urges South Africa to rethink biodiversity funding options
South Africa’s biodiversity stewardship model has been successful but relies heavily on public and NGO funding, creating a finance gap that must be closed through other sources, according to the UNDP’s Biodiversity Finance Initiative (BIOFIN).
INTERVIEW: Elephant rewilder plans biodiversity credits from 84,000 hectares
A Zimbabwean elephant rewilding company is planning to more than double the area from which it will generate biodiversity credits up to 84,000 hectares, Carbon Pulse has learned.
Data platform releases nature footprint mapping tool
An open-access data platform has launched a tool aimed at enabling companies, financial institutions, and governments to better understand their impact on nature, it announced Tuesday during Climate Week NYC.
Biodiversity Pulse: Tuesday September 24, 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
Climate Impact Partners Webinar – October 2: New research shows major companies continue action on climate. Research from Climate Impact Partners shows that Net Zero targets are up, and that more companies plan to use carbon credits to meet their carbon goals. See how you compare by signing up to a webinar and download the full report into the climate commitments of Fortune Global 500 companies.
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
INTERNATIONAL
Mind the gap – Rich countries could raise five times the money that poor countries are demanding in climate finance, through windfall taxes on fossil fuels, ending harmful subsidies, and a wealth tax on billionaires, research has shown, the Guardian reports. Research by the pressure group Oil Change International, published on Tuesday, shows that rich countries could generate $5 trillion a year from a combination of wealth and corporate taxes, and a crackdown on fossil fuels. Developing nations are asking for at least $1 trillion a year of public funds to help them cut greenhouse gases and cope with the impacts of extreme weather. Wealthy nations are now mooting potential sums much lower than this, in conventional climate finance such as low-interest loans from the World Bank and similar institutions. But they are also discussing potential new forms of finance, such as a levy on shipping and on frequent flyers. Brazil, which currently has the presidency of the G20, is pushing for a wealth tax of about 2% on billionaires.
All day, all night – Large international companies have joined forces with Climate Group to move towards carbon-free electricity and match their electricity with carbon-free power every hour, every day, sourced from the same grid. The new campaign launched in New York this week will see Google, AstraZeneca, Iron Mountain Data Centers, Shree Cement, AirTrunk, and Vodafone UK join Climate Group’s ’24/7 Carbon-Free Coalition’ as founding partners to help shape the campaign during its pilot period, ahead of the its wider rollout in 2025. The initiative seeks to push for renewables, improve battery storage, and drive flexible and dispatchable tech to fill gaps when more intermittent carbon-free sources aren’t available. Sourcing from the local grid will incentivise companies to engage with local policy makers and stakeholders to drive broader changes to the electricity system, they say.
How to get to $1 trillion – The Mission 2025 coalition is calling on governments to set a few investment-positive climate policies that, according to new research by the Energy Transitions Commission, could help scale private investment to $1 trillion per year, out of the $3.5 trillion per year needed to transition the energy sector in line with 1.5C. The coalition of businesses, investors, subnational governments, scientists, and others wants these policies to be set in new Paris Agreement climate pledges, due to be submitted by February. The policies include setting gigawatt-size targets for renewables deployment by 2030, de-risking investment in renewables through measures such as tax credits, and setting strict end dates for the sale of fossil fuel-powered cars and vans by 2035.
ETA engagement – The Energy Transition Accelerator, a US-led jurisdictional carbon credit programme, held a private sector roundtable during Climate Week NYC featuring remarks from John Kerry, former US climate envoy who spearheaded the effort and serves as Honorary Chair of the ETA Senior Consultative Group unveiled in a governance update in April. According to a Tuesday press release, 14 companies have signed a Letter of Interest expressing support welcoming the ETA to support large-scale power sector transformation while accelerating progress towards their ambitious climate goals and saying the programme “has the potential to serve as a model of high integrity in voluntary carbon markets.” This figure represents an increase of four since the release of the ETA’s core framework at COP28 in Dubai – with the new signees being E.ON, Meta, Nike, and REI.
EMEA
Prepare for CBAM – The drafted changes to a Serbian law on energy, introduced on Tuesday by representatives of the government and the industry, are set to help prepare for the EU CBAM effects, and taxation of CO2 emissions in general. Rade Mrdak, the renewables advisor from the ministry, said that the design of a carbon pricing system in Serbia would be determined in the dialogue between the Energy Community and the EU. The members of the Energy Community in the Western Balkans, in his words, aren’t comfortable with hasty decarbonization. Discussions are underway, including on the emission factor for CBAM set by the EU for Serbia, which considers it unfair, he stressed. (Balkan Green Energy News)
Pay up! – The EU’s chief climate scientist has warned that the bloc will miss its climate targets if it does not force the agricultural sector to pay for its GHG emissions. The remarks came as the world’s fastest-warming continent suffered severe flooding throughout central Europe in an example of extreme weather events that scientists say are exacerbated by climate change. Ottmar Edenhofer, chair of the European Scientific Advisory Board on Climate Change, told the Financial Times that it would be “almost impossible” to achieve the European Commission’s proposed aim of cutting emissions by 90% by 2040 without a levy on agricultural emissions.
New pricers – Moldova’s environment ministry held the first meeting of the working group on carbon pricing, which aimed to examine the results of studies on the impact of a regional carbon trading system, in the context of fulfilling commitments as a contracting party to the Energy Community and as a signatory to the UN Convention on Climate Change. The meeting was important in the context of the approval of the regulation on monitoring, reporting and verification of emissions (MRV), which took place in August. The discussions focused on the presentation of the regulatory framework on climate change and the analysis of the scenarios presented in the impact assessment study on establishment of a regional carbon trading system in the Energy Community contracting parties.
Double your money – STX Group announced Tuesday the renewal and expansion of its borrowing base facility up-to €375 mln. The expansion comes as a result of the overwhelming interest among market participants, demonstrating the increased role of environmental products in commodities trading, it said. This marks an increase from the previous facility of up-to €150 mln. The initial credit facility, launched in April 2023, was the first time the banking system appreciated the full value of the wide range of environmental commodities as security. The expanded facility has been secured through the collaborative efforts of a syndicate of seven major banks: Deutsche Bank, GarantiBBVA International, ING, KBC Bank, Natixis Corporate & Investment Banking, Rabobank, and Societe Generale.
Green hydrogen bet – On Tuesday, Spain increased its target for green hydrogen production capacity to 12 GW in 2030 – even as many are calling European green hydrogen ambitions into question due to high costs and uncertain demand. The new goal is part of an updated national climate and energy plan. The 12 GW is a slight increase on 11 GW proposed a year ago, and a trebling of the 4 GW target originally set out in 2020. Also approved by the Cabinet on Tuesday is an objective for 74% of the hydrogen used by industry to be renewable by 2030, reports trade association Hydrogen Europe. This is much higher than the 42% figure agreed by EU member states last year in the EU renewable energy directive, it adds.
New EU aviation reporting rules – The European Union has officially adopted an implementing regulation outlining new requirements for the Monitoring, Verification and Reporting (MRV) of non-CO2 emissions from airlines. The rules will apply initially to intra-EU flights as well as those within the region encompassing the EU, European Economic Area (EEA), Switzerland, and the UK. A public consultation on the matter was held in July, with 155 submissions received from a variety of stakeholders. Denmark was among the EU countries expressing concerns that the regulation was too restrictive in its scope and did not take international flights into account. Airlines were divided. The new rules are available here.
Gigafactories in flux – As battery maker Northvolt announced on Monday it is cutting 25% of its workforce in Sweden, Le Monde ran a story lauding “the massive Verkor battery factory built in record time”. The Verkor plant at the port of Dunkirk has been completed and is starting to receive its first equipment. It stretches across 80 hectares and will assemble batteries for Renault’s Alpine cars and FlexEVan utility vehicles. Construction only started last year. Verkor was founded in 2020 “with the sole ambition of fast-tracking low-carbon battery production in France, to serve the European market”. Problem is, that market is currently going soft.
ASIA PACIFIC
Concerning – New Zealand litigation group Lawyers for Climate Action NZ (LCANZ) has written to the government laying out concerns about its plans to roll back companies’ mandatory climate-related disclosure requirements. The group noted in the letter the government is considering removing directors’ personal liability under the regime in order to encourage more companies to list on the NZX. The coalition is also considering repealing a section that allows directors to consider broader matters, such as ESG factors, when thinking about what is in the best interest of the company, rather than simply increasing shareholder value. LCANZ ‘strongly encouraged’ the government not to go ahead with its considered changes, arguing now was not the time to weaken corporate climate governance laws.
Unsatisfactory – A group of climate activists have filed a constitutional appeal about South Korea’s ‘solar distancing’ regulations, which take away 70% of the market potential in the country, non-profit Solutions for Our Climate (SFOC) said in a release on Tuesday. In South Korea, solar power facilities should be installed within a radius of at least 100 metres and up to 1,000 metres from roads and residences, while similar regulations only exist for hazardous facilities in other countries. According to Ember’s data, South Korea falls far below the G20 average in terms of renewable electricity generation in 2023, ranking 19th out of 20 nations.
High risk label – Environmental and human rights groups have urged the EU to label Sarawak region in Malaysia as “high risk” under the European Union Deforestation Regulation (EUDR), set to be implemented by the end of this year, as such a designation would mean closer scrutiny of timber and palm oil imported from the region. The non-governmental organisations (NGOs) have argued that Sarawak’s government plans to convert thousands of hectares of natural forests to timber plantations, and is granting companies operating leases in areas that have not been surveyed for protection purposes. The EUDR will bar imports of goods including coffee, cocoa, soy, timber, palm oil, cattle, printing paper, and rubber, if produced on land that was deforested after Dec. 2020. In addition, it requires exporters to assess the risk of rights violations associated with production of a particular commodity. Malaysia has been among the most vocal opponents of EUDR, arguing the rules will disproportionately harm smallholder producers even as such claims have been countered by environmental and rights groups.
AMERICAS
Protecting IRA from GOP – White House adviser Ali Zaidi said in an interview ahead of Climate Week NYC that the Biden administration is “sprinting through the next months” to get clean energy investments under the Inflation Reduction Act (IRA) locked in before the election, Politico reported Tuesday. Zaidi’s comments came after GOP nominee former President Donald Trump promised to claw back unspent funding in the IRA if he retakes the presidency, despite Republican lawmakers’ preference for preserving certain parts of the law. Last week, House Speaker Mike Johnson said he favours using a “scalpel and not a sledgehammer” when it comes to dismantling pieces of the law, Politico wrote.
Brazil’s NDC – Non-profit 350.org on Tuesday commended Brazilian President Luiz Inacio Lula da Silva’s commitment to deliver a 1.5C aligned Nationally Determined Contribution (NDC), but continued to express concerns that the NDC will sideline the country’s fossil fuel production expansion and only address fossil fuel consumption. Brazil is set to become the fourth-largest oil producer globally, said the non-profit, adding that it is an untenable position for a nation that seeks to become a leader in addressing climate issues. The organisation urged the country to lead by example and set a precedent for other countries by presenting ambitious NDC that outline the country’s plan to transition away from fossil fuels and deliver renewable energy fairly for all.
VOLUNTARY
Verra CORSIA – Offset registry and standard-setter Verra is “hoping” their methodology is accepted in the next round of CORSIA eligibility, CEO Mandy Rambharos told Carbon Pulse. “Given some of the noise around integrity and quality, I am not 100% confident of what they want to say, but we are tweaking our methodology as we go along,” she added. Rambharos said that dialogue with CORSIA is “difficult […] They want to maintain this firewall.”
ICVCM – The next batch of ICVCM’s CCP-approved credits will be in October, CEO Amy Merrill told Carbon Pulse. In response to market criticism that the organisation is taking too long to assess credits, Merrill said that there will be credits in the market available for corporations to retire when reporting for a 2024-25 financial cycle. “The fact that we take the [upcoming] fall to get it right – that’s okay,” Merrill said. “It’s better to get it right than get it wrong and do it fast.”
No time to lose – Gold Standard has outlined nine actions businesses should take on their journey to net zero. The recommendations are to not to afraid to taking the first step (such as by reading the SBTi’s Net Zero Standard), to set up climate governance at both board and management levels, to transparently disclose emissions across Scopes 1-3, to tackle value chain emissions with five-year targets, to take responsibility for emissions yet to abate by establishing a meaningful internal carbon price, to amplify climate action by encouraging others, to make credible and transparent claims, to communicate progress authentically, and finally, to start now.
Internal carbon price – Zurich Insurance aims to implement an internal carbon price exceeding $100/tonne by 2030, building on its current internal carbon price that has contributed to a $3 mln internal carbon fund aimed at supporting emissions reduction activities within its operations, employee activities, and supply chain. The company has also stated plans to offset any remaining operational emissions by purchasing carbon removal credits, prioritising biochar and carbon capture, following its sourcing of 100% renewable electricity and other green efforts such as an electric vehicle fleet, and limiting air travel. In addition, the firm continues to expand its renewables insurance market share and is committed to decarbonising its investment portfolio, with a goal to achieve net zero by 2050.
New, old faces – Emergent, which coordinates the LEAF Coalition, has appointed Joaquim Levy, former minister of finance for Brazil and Werner Baumann, former CEO of Bayer, to its board. They join a group of experts who provide strategic advice and oversight for the US-based non-profit, as it looks to accelerate its work to tackle tropical deforestation. The organisation announced a new LEAF agreement on Tuesday with the Brazilian state of Para.
SAF partners – Valitera, a carbon markets consultancy, and 4AIR, an aviation consultancy, have signed a Memorandum of Understanding (MoU) to supply sustainable aviation fuel (SAF) and its associated environmental attributes, they announced Tuesday. The partnership will focus on scaling SAF supply to aviation clients, hoping to contribute to increase the proportion of SAF used in aviation, up from just 0.11% of the sector’s fuel consumption in 2023.
SCIENCE & TECH
Out of this world – Planet Labs has released a forest carbon monitoring product, consisting of quarterly, 3-metre resolution measurements of forests globally. The product offers partners and customers a dataset to support voluntary carbon markets, regulatory compliance, and deforestation mitigation. This quarterly dataset estimates aboveground carbon, canopy height, and canopy cover over the entire Earth dating back to 2021, setting a new standard for monitoring forest growth and change. The solution, called Forest Carbon Monitoring, equips stakeholders with a cost-effective way to monitor forested areas — scaling from a single tree to the entirety of the Amazon rainforest, the organisation claims.
AND FINALLY…
In God We Trust – Framing the need to address climate change as patriotic and as necessary to preserve the American “way of life” can increase belief in climate change and support for pro-environmental policies among both liberals and conservatives in the US, according to a new psychology study led by New York University researchers. Participants were informed they would be asked to read some information, report on their beliefs and behaviours, and write a small paragraph. Among US participants, those who read the patriotic/status quo message showed increased belief in climate change, more support for pro-environmental policies, and a greater willingness to share climate information on social media relative to the control group. Moreover, this message was similarly effective for conservatives and liberals. This style of messaging had similar, but smaller effects among liberals in nations such as France and Chile, and among conservatives in Israel and Chile, but backfired among conservatives in countries such as Belgium, Germany, and Russia. The study, published in peer-reviewed journal Proceedings of the National Academy of Sciences, was a product of an experiment involving 50,000 participants across 60 countries.
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