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TOP STORY
Verra cancels 5 mln over-issued credits from CQC projects following investigation
Verra has cancelled over 5 million voluntary carbon credits issued to C-Quest Capital (CQC) projects following an investigation launched back in June, also in the wake of charges of fraud by US authorities on former executives at the company.
VOLUNTARY
DATA DIVE: More and more airlines appear to be retiring carbon credits
An increasing number of the world’s largest airlines are retiring voluntary carbon credits, according to data from the Verra, Gold Standard, ACR, and Climate Action Reserve (CAR) registries.
Carbon project financier launches legal action against Indonesia REDD developers over alleged contract breach
A carbon project financier has launched arbitration proceedings and a court action in Canada against the developers of a large Indonesian REDD project.
Carbon removal platform opens first reforestation protocol for public consultation
A technology-focused carbon removal programme has for the first time launched a public consultation on a reforestation protocol, the company announced on Thursday.
US sporting goods company seeks to offset shipping emissions, restore Oregon forests
A major athletics brand seeks to offset the emissions generated by shipment from its online purchases in the US through forestry-based carbon credits, targeting nearly 27,600 acres of forestland in Oregon.
Innovative credit risk methodologies needed to scale finance for nature-based solutions, report says
Financial institutions can mobilise finance for nature-based solutions (NbS) by introducing more innovative credit risk methodologies and business models, a report has suggested.
INTERNATIONAL
ANALYSIS: UN Article 6 body underscores ‘bottom-up’ approach in core standards, key carbon removal elements still need clarity
Flexible, non-prescriptive approaches are staple features of the carbon crediting methodologies and removals standards, adopted by a UN body last Thursday, in a bold move that experts see as a major step forward towards carbon crediting under the Paris Agreement’s Sustainable Development Mechanism (SDM).
Russia to put forward plans for int’l carbon market at COP29 -media
Russia will present ideas for creating an international carbon market at the UN climate summit COP29 in Baku next month, local news outlets have reported.
Rating agencies could help to scale Article 6 market, says expert
Rating agencies should expand into assessing letters of authorisation for Article 6-aligned projects, a carbon market veteran said on Thursday.
Achieving Paris goals feasible, can be compatible with economic growth -report
Achieving the targets of the Paris Agreement is feasible and can be done in a way that is consistent with economic growth and improves the overall quality of life, a report released Thursday has found.
UN climate chief urges World Bank, IMF to step up efforts on climate finance
The United Nations climate chief is calling on the International Monetary Fund (IMF) and World Bank to take bigger steps to shore up climate finance and alleviate debt for developing countries during their annual autumn meetings next week.
EMEA
BRIEFING: Brussels looking beyond EU ETS integration to finance carbon removals
The European Commission is looking at all options to incentivise carbon removals, not just their potential integration in the EU’s Emissions Trading Scheme (EU ETS), a senior EU official has said.
EU launches €15-mln call for carbon capture technology proposals
The European Commission on Thursday announced a €15-million funding opportunity aimed at advancing technologies in direct air carbon capture and storage (DACCS) and bioenergy carbon capture and storage (BECCS).
Europe-wide frequent flyer tax could raise €64 bln, reduce aviation emissions by one-fifth, finds report
A frequent flying levy across Europe would increase aviation tax revenues to €64 billion and reduce sectoral emissions by over one-fifth, according to a report published Thursday.
Euro Markets: EUAs “stuck” amid modest trading activity and calm energy markets
European carbon prices ended the session marginally weaker on Thursday, moving in a narrow range after tracking fluctuations in a relatively calm natural gas market as traders awaited renewed direction.
Groups urge UK govt to ensure strong shipping emissions coverage in ETS
A cohort of economists, think tanks, and non-profits have called for all domestic emissions and half of international emissions to be included in the UK ETS as the government continues to mull reforms to the country’s compliance carbon market.
Portugal launches tender for development of voluntary carbon registry
Portugal’s energy agency has announced this week a public tender to find a company to develop its voluntary carbon market registration platform.
AMERICAS
US DOE commits nearly $3 bln in conditional loans to expand SAF production
The US Department of Energy (DOE) announced conditional loans totalling nearly $3 billion to two biofuel producers with the goal of expanding sustainable aviation fuel (SAF) and renewable diesel (RD) output.
California refinery to close next year, citing ‘market dynamics’
An oil refinery in the Los Angeles area is set to shutter in Q4 2025, less than a week after California’s legislature approved controversial fuel supply minimums for in-state refiners, according to a company announcement on Wednesday.
WCI Markets: CCA prices cool off post ARB notice spike, WCAs quiet ahead of repeal vote
California Carbon Allowance (CCA) futures prices tailed off Thursday as initial market excitement over ARB’s regulatory notice published earlier in the week eased, while the Washington Carbon Allowances (WCA) activity remained muted despite some positive polling for the programme ahead of November’s repeal vote.
ASIA PACIFIC
China increases CO2 allocation levels in final ETS allocation plan for 2023-24
China’s environment ministry has released the final carbon allowance allocation plan for the years 2023 and 2024, marginally easing the settings for coal-fired power plants compared to the previous draft as some 68 million additional CO2 permits are now set to be handed out in each of the two years.
Japan to lead captured CO2 trade in Asia-Pacific by mid-century, but massive government support needed -analysts
Japan is likely to emerge as the lead trading hub for captured CO2 by 2050 in the Asia-Pacific region, but at least $10 billion in government support is needed for carbon capture, utilisation, and storage (CCUS) deployment, analysts said.
Japanese companies team up to develop new forest offset methodology, conduct pilot project
A group of Japanese companies and academic institutions have teamed up to develop a new offset methodology and create carbon credits by utilising forests in Tokyo’s Tama region, they announced Thursday.
Australian CCS project set to start earning ACCUs
Australia’s second-largest carbon capture and storage (CCS) project has started up in the remote desert of the Cooper Basin and is set to earn 250,000 Australian Carbon Credit Units (ACCUs) by the end of the year.
BIODIVERSITY (FREE TO READ)
UK rewilding company raises £40 mln with Aviva among investors
A UK-based rewilding company has raised £40 million ($52 mln) in a seed funding round, with investors including insurance giant Aviva, it announced Thursday.
BRIEFING: England needs land use framework to determine best intersection of farming and nature
England desperately needs a land use framework to best determine how land should be apportioned for the many competing priorities of farming, nature, carbon, energy, and housing, industry experts said on Thursday.
Investment manager ranks countries by nature risks
UK-based investment manager Ninety One has launched the Sovereign Biodiversity Index to help investors assess national-level nature risks.
Water crisis puts over half of global food production at risk, report says
The water crisis could jeopardise more than half of food production by 2050, with global GDPs also threatened in both high- and low-income countries, a new report has said.
Solutions-linked biodiversity funds lead pack amid falling flows -report
Funds focused on companies with apparent solutions to nature loss have been the only biodiversity-related investors in the sector to attract net new money this year, as inflows to the strategies so far have plummeted, said a report published on Thursday.
More than 190k new marine protected areas needed globally to reach 30×30 target, pre-print study says
Over 190,000 new marine protected areas (MPAs) must be established if the world is to meet the 30×30 marine protection target under the Global Biodiversity Framework (GBF), equivalent to 85 MPAs created every day until 2030, according to a study published Thursday.
Protecting biodiversity in New Zealand could save more than NZ$270 bln over next 50 years -study
Protecting 30% of New Zealand’s lands and seas could help the country save more than NZ$270 billion ($163,6 bln) over the next 50 years, according to a study released on Thursday.
Non-profit to launch 300k marine biodiversity credits at COP16
Non-profit SeaTrees is preparing to release 300,000 voluntary marine biodiversity credits for sale at UN biodiversity conference COP16 from a Kenyan initiative, Carbon Pulse has learned.
Biodiversity Pulse: Thursday October 17, 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
Supercritical Webinar – Defining Biochar Quality Nov. 5, 0900 EST (1400 GMT) – Essential insights for an impact-driven carbon removal strategy. Join Supercritical and panelists from Puro.earth, Isometric, and Exomad Green for this expert-led webinar. In the rapidly evolving landscape of carbon removal, biochar stands out as a method with immense potential. But not all biochar is created equal, and the lack of standardisation makes understanding quality critical for companies committed to having real climate impact. In this webinar, you’ll learn from industry leaders about the characteristics that set superior biochar apart, the tools and methodologies for quality assessment, and emerging trends shaping the future of biochar. Register
Calyx Webinar – How to buy high-quality carbon credits – Nov. 6, 1100 EST (1600 GMT): Buying quality carbon credits in today’s carbon market can feel like an obstacle course full of hurdles and roadblocks, but despite challenges, many sustainability leaders have done this successfully. We gathered experienced carbon market participants from across industries to share their processes, advice and secrets to success. If you’re purchasing carbon credits in the next six months, this is a discussion you won’t want to miss. Register here. If you register but cannot attend live, you will receive an on-demand recording after the webinar.
cCarbon’s Canada Clean Fuels and Carbon Markets Summit 2024 – Nov. 7, Toronto: Canada’s clean fuels and carbon markets face significant uncertainty as policy, regulatory, and market dynamics evolve. To provide clarity, cCarbon is hosting modeling-driven Canada Clean Fuels and Carbon Markets Summit in Toronto for businesses and investors navigating this landscape. The event will begin with a plenary session focused on policy, followed by two specialized tracks exploring clean fuels and carbon markets in depth. With over 40 experts sharing insights and nearly 200 business leaders and regulators in attendance, this summit offers an exceptional networking and learning opportunity for anyone interested in Canadian energy and environmental markets! Find out more
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Premium job listings
- AFOLU Project Development Specialist (f/m/d), KAYA Climate Solutions GmbH – Berlin/Luanda
- Carbon NBS Specialist/Manager, NatureCo – Australia/Asia Pacific/Worldwide
- Business Development, Carbon Markets (Market Intelligence), RepuTex Energy – Melbourne
See all listings or post a job
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Green hydrogen access – Baker McKenzie and the World Business Council for Sustainable Development (WBCSD) launched Thursday a new report on how businesses can take bolder actions to adopt low-carbon hydrogen. It points to the market misalignment in that only 10% of clean hydrogen capacity planned by 2030 has identified a buyer and only 4% of announced projects have reached financial investment decision. The toolkit outlines four key actions companies can take. It urges senior leaders to inform policymaking and eliminate internal barriers to align low-carbon hydrogen investments with their decarbonisation goals, for stakeholders to identify business locations and segments where low-carbon hydrogen can significantly reduce emissions, for companies to explore internal supply chain projects to support carbon neutrality targets, and to join forces with other stakeholders across the value chain to support low-carbon hydrogen deployment.
EMEA
Swedish convenience – The European Socialists and Democrats, Greens, and the Left Party have referred Swedish Climate and Environment Minister Romina Rourmokhtari to Sweden’s Parliamentary Constitutional Committee, following TV investigation suggesting that Stockholm had chosen the most convenient scenario plans for cutting emissions, Euractiv reported. A Greens spokesperson said the Swedish government was covering up how emissions could develop in the future. This comes after the government announced an increase in the proportion of biofuels blended with fossil fuels and a reduction in fuel taxes. Pourmokhtari and Energy Minister Ebba Busch said this would reduce Swedish CO2 emissions by 2 mln tonnes in six years. An investigation by broadcaster SVT, however, showed that there are more scenarios than the one the government presented, and that another suggests the country is far off hitting its 2030 targets.
ASIA PACIFIC
Prolonged life – Japan’s oldest nuclear reactor, the No. 1 reactor of the Takahama plant, has been given the green light to operate beyond 50 years, the first of its kind in the country, according to Kyodo News. The Nuclear Regulation Authority approved Kansai Electric Power’s management plan for the reactor for the next 10 years, as the government considers nuclear power vital in the national energy mix, the report said.
Green shoots – The Victorian state government has launched its Carbon Farming Outreach Program, thanks to a A$4.3 mln ($2.8 mln) investment from Canberra, it announced Thursday. The work will deliver over 130 events in Victoria over the next two years. Training will be given to farmers to reduce their emissions and improve land productivity, the government said. Grants are also being offered via the Victorian Carbon Farming Program to support tree planting on private land.
Close the gaps – Activist shareholder group Market Forces will not file a climate-risk resolution at Commonwealth Bank of Australia (CBA) for the second year in a row in recognition of the progress it has made meeting its climate targets, it said. CBA recently announced it was cutting ties with oil and gas companies that did not have Paris-aligned transition plans. However, Market Forces said the bank still has glaring gaps in its climate policy to enable ongoing support fossil fuel companies, in other parts of the value chain, which need to be closed.
AMERICAS
Case law lessons – Fossil fuel companies and their executives could face criminal prosecution under New York law for their role in fueling climate disasters, such as the recent hurricanes that have devastated the East Coast in the last month, according to a memo published Thursday by consumer advocacy group Public Citizen. Nationwide, more states and local governments are suing fossil fuel companies for alleged deception of the public about impacts of their activities on climate change. Public Citizen concludes its memo saying many climate disasters, from wildfires to storms, could use the analysis as a starting point for their own legal challenge “in every jurisdiction whose residents experience a risk of serious injury or death due to climate disasters”.
Power play – US power demand, which has remained flat over the last decade, is expected to surge by 4-15% through 2029 due to rapid growth in data centres, US manufacturing, and the electrification of transport and heating, according to consultancy Wood Mackenzie’s latest report. This demand growth will challenge utility companies, which are unprepared for such expansion as new infrastructure takes 5-10 years to develop. Key drivers include a 15% annual increase in data centre capacity and a resurgence in battery and semiconductor manufacturing. Challenges such as coal plant retirements, grid interconnection delays, and slow transmission capacity expansion hinders meeting this demand. Wood Mackenzie predicts renewable energy additions could rise to 40 GW annually by 2030, but slow permitting and grid expansion threaten progress. Electricity prices are expected to rise, and fossil and nuclear asset valuations are increasing as the power industry adapts. Addressing these challenges will require close collaboration between utilities, regulators, and policymakers, much like during WWII, to ensure national security, economic growth, and decarbonisation.
Youth appeal – The top court of Ontario delivered a victory to a youth-led constitutional challenge to the Canadian province’s emissions target on Thursday. The youth, backed by environmental law charity Ecojustice, challenged the province for allegedly harming future generations and violating the Charter of Rights and Freedoms when it scrapped a stricter emissions target in lieu of lowering emissions 30% below 2005 levels by 2030. The young people argued that weakening the emissions target will add 30 Mt/yr of emissions by 2030, the Canadian Press reported. The Ontario Court of Appeal unanimously ruled to grant a new hearing for the coalition, finding the lower court judge’s analysis was flawed on some key points.
VOLUNTARY
CCP labelling – Gold Standard is seeking public comments on a draft procedure for updating methodologies to enable Core Carbon Principles (CCP) labelling for Gold Standard Verified Emission Reductions (GSVERs). This update applies to both issued and future credits for certified projects, Programmes of Activities (PoAs), and Voluntary Project Activities (VPAs) seeking CCP labelling. The procedure mandates compliance with the latest methodology version approved by the Integrity Council for the Voluntary Carbon Market (ICVCM), covering aspects such as additionality, baseline assessments, and monitoring requirements. Project developers must reassess project design for alignment with updated standards and follow a specific process for approval, including fees and compliance checks. The consultation period will run until Nov. 13, 2024.
Early coal plant retirements – Verra is seeking stakeholder feedback on its proposed methodology for quantifying net emissions reductions based on the early retirement of coal-fired power plants. The methodology was developed by the Coal to Clean Credit Initiative led by the private philanthropic organisation, the Rockefeller Foundation. The draft methodology and module was evaluated for further development at the end of 2023, and the second consultation will run from Thursday to Nov. 20 via a digital public consultation platform hosted on the Verra Project Hub. Key updates for the refined methodology include expanded applicability for market types (for power plants in regulated and deregulated markets), and it also aligns the uncertainty analysis requirements with those of the Verified Carbon Standard Program and the Integrity Council for the Voluntary Carbon Market.
Update and requantify – Projects will be able to update to a new methodology and requantify the reductions and removals from past monitoring and verification periods thanks to Verra’s launch of its VCS Methodology Change and Requantification Procedure. The new procedure enables projects registered with the Verified Carbon Standard (VCS) to: Update the methodology or methodology version they are using for past verification periods, update the respective past monitoring and verification reports to align with the methodology/methodology version to which a project updated, and requantify the GHG emission reductions and CO2 removals (reductions and removals) from past verification periods in accordance with that methodology. Further details here.
New ERW framework – US-based nonprofit Cascade Climate has launched a new framework for Enhanced Rock Weathering (ERW) projects, developed over a year of collaboration with technical experts, industry practitioners, and researchers. The document aims to standardise monitoring, reporting, and verification practices within the ERW sector. It provides a structured approach for quantifying carbon removal, focusing on two primary zones: the Near-Field Zone, where the direct effects of rock application on soil are observed, and the Far-Field Zone, which includes downstream impacts on water systems. The guidelines specify detailed methodologies for site characterisation, including soil and water sampling protocols, carbon flux measurement, and data modelling techniques to track the durability and permanence of carbon removal. It also addresses methods for uncertainty quantification and recommends statistical approaches to enhance accuracy in carbon accounting.
Cohort 7 – Remove has announced the seventh cohort of its Europe carbon removal startup accelerator programme, which are: SuperDAC, Bloomineral, Residual, Porelio, Artio, X-SAF, Kumo, UAP | Atmosphere Engineering, Bluelotus.solutions, biodiversityX, neo-fossil, Atmosfuture Limited, OXO Earth, Deep Blue BioTech, Bigfoot, Nina.Energy, AEROC, B3ET, Pyrogen, and BCHAR. The programme will provide them with training, 1-on-1 coaching, connections to experts, buyers, investors, other carbon removal ecosystem stakeholders, and non-dilutive funding. Remove is supported by founding partners the Grantham Foundation for the Protection of the Environment, Carbon Removal Partners, and the DOEN Foundation.
SHIPPING
CCS for shipping – The technical feasibility of onboard carbon capture and storage (OCCS) technology in reducing shipping’s emissions has been explored in a study by OGCI, the Global Centre for Maritime Decarbonisation (GCMD), Stena Bulk, and a consortium of leading maritime organisations. Key findings were that OCCS technology could reduce Stena Impero’s CO2 emissions by as much as 20% per year, with a fuel consumption penalty of just under 10%, abatement cost can come down by about 75% through increased system size and economy of scale, and newbuild vessels equipped with advanced engines and systems could further enhance the efficiency of carbon capture. Stena Impero is a tanker owned and operated by Stena Bulk.
AND FINALLY…
Coldplay at COP30 – At a conference in Sao Paulo this week, Para’s state secretary of the environment, Raul Protazio Romao, reassured attendees that preparations for COP30, the UN climate conference in Belem, are on track. One key issue, housing for diplomats, has been resolved with the creation of an “Olympic village” with 800 rooms near the event site, reducing traffic concerns. This will also relieve pressure on Belem’s hotels, where room rates have reportedly soared. Romao noted that COP events have evolved from technical meetings to large-scale spectacles, joking about expectations for high-profile entertainment. “They ask me if there’s going to be a Coldplay concert. My mom wants to be there,” he said. Romao highlighted the significant global interest in COP30, with many skipping COP29 in Azerbaijan to attend the Brazil event. (Reset)
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