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COP16 (FREE TO READ)

Money takes centre stage as nature talks open in Colombia

Delegates from nearly 200 nations on Monday began two weeks of talks on how to implement the 2022 Global Biodiversity Framework (GBF), with questions around how to raise more funds to reverse nature loss and from who quickly taking centre stage.

Colombia eyes regulated carbon, biodiversity markets to meet nature financing targets under updated NBSAP

Colombia plans to rely on regulated carbon and biodiversity credit markets to meet its financing targets under its newly released National Biodiversity Strategy and Action Plan (NBSAP), government officials told Carbon Pulse at the ongoing COP16 UN biodiversity summit.

BCA to launch digital framework for improving biodiversity credit markets transparency

UN-backed Biodiversity Credits Alliance (BCA) announced on Monday it is about to launch a digital framework to enhance transparency in the nascent voluntary biodiversity market, amid pressing concerns over how to guarantee Indigenous peoples’ sovereignty over data.

VOLUNTARY

Verra to restructure organisation, cut workforce by 25% amid challenging conditions

Verra will restructure its organisation and cut its workforce by around a quarter, it announced Monday, as the voluntary carbon standard and registry deals with slowing market demand and mounting financial losses.

VCM Report: Buyers lack appetite after cookstove scandal, hopes pinned on Baku

A rush of retirements, including from two large French companies, failed to lift the market in the wake of fraud allegations directed at C-Quest Capital last week, after Verra said the cookstove project developer was issued millions of bogus carbon credits, keeping general buying interest at bay.

DAC carbon removal tech efficiency hinges on local climate, researchers find

The cost and performance of an innovative type of direct air capture technology are heavily influenced by local environmental conditions, a new study has found.

Windstorms could threaten forest carbon sequestration, national climate goals, modelling shows

Windstorms could significantly reduce the ability of forests to act as carbon sinks, posing a major threat to national climate mitigation strategies that rely on these ecosystems to absorb greenhouse gases, according to researchers.

AMERICAS

US Supreme Court to consider proper legal venue for challenges to EPA rules

The US Supreme Court has agreed to consider a set of cases questioning the proper venue for hearing challenges to recent regulatory actions by the US Environmental Protection Agency (EPA), the court said in an order issued Monday.

US DOE invests $518 mln in CO2 storage projects

The US Department of Energy (DOE) will invest more than $518 million in projects that will advance commercial-scale deployment of long-term carbon storage, the agency announced Monday.

RGGI Weekly: Benchmark RGAs cross above “psychological $20 threshold” in illiquid market

In the absence of near-term fundamental drivers and ongoing low liquidity, benchmark RGGI Allowances (RGA) reversed back above $20 over the week.

California diesel consumption increases YoY in July, gasoline continues to decline

California diesel consumption reversed course, increasing year-on-year in July, as gasoline continued its steady YoY decline, state data published Monday showed.

Brooklyn startup floats carbon removal project in NYC’s East River

A Brooklyn-based carbon removal and storage technology firm has launched a pilot project in New York City’s East River aimed at showcasing the company’s scalable and cost-effective carbon capture system.

Public prosecutors demand transparency, local stakeholders consultation in Brazil’s Para $180 mln J-REDD deal

Brazilian public prosecutors sent a letter last week to the environmental secretariat of Para, demanding transparency in information and public consultation with local stakeholders in the state’s $180-million jurisdictional REDD+ (J-REDD) deal announced last month.

Brazil leverages R$45 bln in funding for climate projects via inaugural programme auction -media

Brazil’s programme to attract foreign finance towards green infrastructure projects announced the results of its first auction on Friday, detailing the terms of the public-private partnership required for capital deployment of approximately R$45 billion ($7.9 million).

LATAM Roundup: Nature meets carbon in the countdown to COP16

A Brazilian jurisdictional REDD+ (J-REDD) saga continues to unfold, RenovaBio sees a mixed bag of outcomes, and the world prepares to descend on Cali, Colombia, for the COP16 UN biodiversity conference.

Brazilian coffee carbon credit initiative announces pilot project in Minas Gerais

An initiative to promote sustainable agricultural practices through carbon credit revenues amongst rural coffee producers in Brazil announced its pilot project in the state of Minas Gerais last week.

Canada’s CO2 removal procurement programme should prioritise permanent removals -report

Canada’s new federal effort to purchase CO2 removal (CDR) services to help green governmental operations must be designed in a way to prioritise support for permanent carbon removal and storage services, an October report said.

EMEA

EU lawmakers call on COP29 leaders to phase out fossil fuels, expand carbon pricing

The European Parliament’s environment committee (ENVI) is calling on all countries to commit to phase out fossil fuels and adopt carbon-pricing mechanisms worldwide when they meet at COP29 next month.

Germany launches consultation on strategy for negative emissions -media

The German government has opened its first online consultation to assess CO2 removal and storage methods as part of the country’s planned long-term negative emissions strategy, according to media sources.

EU heavy industries should gamble on flexibility -report

European heavy industries like aluminum and steel should embrace the flexibility that comes with electrification, rather than persist in operating continuously and prolonging dependence on fossil fuels, a report warned.

UK CCUS ambitions potentially ‘misleading’ and ‘waste of money’ -report

The UK government’s recent £21.7 billion funding announcement for carbon capture, utilisation, and storage (CCUS) projects “is low on details and high on rhetoric”, and will likely result in “the waste of public money”, according to new analysis.

Russian carbon registry conducts first int’l sale

The Russian Carbon Units Registry has conducted its first international sale of carbon credits from a forest project in Krasnoyarsk to an investment fund in the United Arab Emirates, local media reported last week.

The seven sins of heat pump policies in Europe, identified

The transition to sustainable heating solutions is stalling across European countries due to collapsing heat pump sales, which are putting 170,000 jobs at risk, researchers have warned.

Euro Markets: EUAs reverse morning gains as sellers persist, correlation with gas stretches

European carbon allowances handed back early gains and ended Monday modestly weaker, after EUA prices had started the day  on a bullish note, testing their recent correlation to natural gas until a resumption of selling pressure drove the market down.

ASIA PACIFIC

Rising electricity demand in ASEAN being met by fossils, report finds

The growth in electricity demand in the Association of Southeast Asian Nations (ASEAN) in 2023 was entirely met by fossil fuels, as expansion of renewables lagged behind, pushing the region’s emissions up by 6.6% last year, a report published Tuesday has found.

Taiwan launches domestic offset platform, mulls cross-border carbon trading mechanism

Government-backed Taiwan Carbon Solution Exchange on Monday unveiled a platform exclusively for the trading of domestically issued carbon credits, as the island seeks to complement its carbon pricing framework.

Seaweed company plans for J-Blue credit issuance by next year

A Japanese blue carbon hopeful has set its sights on Dec. 2025 as the date by which it expects to gain J Blue credit certification for its seaweed farming project, though has made no mention of the numbers of credits it plans to generate.

Japanese gas partners sign on for CCS study

Japan’s largest LNG developer has partnered with a local power company for a joint study on capturing post-combustion CO2 in Japan for transport to Australia for permanent sequestration.

Indonesia’s new president stresses need for energy security, domestic biofuels

Indonesia will work to enhance its food and energy security with a place for coal in the energy mix, incoming President Prabowo Subianto said in his inauguration speech Sunday, after winning the election in February.

BIODIVERSITY (FREE TO READ)

WWF releases conditions for voluntary biodiversity credits market

WWF on Monday released the conditions it requires for it to be able to potentially endorse the sale of voluntary biodiversity credits, including no offsetting.

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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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Job listings this week

• *Carbon NBS Specialist/Manager, NatureCo – Australia/Asia Pacific/Worldwide
• *Business Development, Carbon Markets (Market Intelligence), RepuTex Energy – Melbourne
• *AFOLU Project Development Specialist (f/m/d), KAYA Climate Solutions GmbH – Berlin/Luanda
• Head of Climate Policy (f/m/d), Climate Analytics – Berlin
• Senior Trader Carbon Credits (m/w/d), thyssenkrupp Materials Trading GmbH – Essen
• Greenhouse Gas Reporting and Verification Engineering Lead (Environmental Engineer 5), Washington State Department of Ecology – Lacey

*Premium listings

See all listings or post a job

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BITE-SIZED UPDATES FROM AROUND THE WORLD

INTERNATIONAL

Giving it a miss – Prominent world leaders, including those from the US, China, India, and France, have yet to confirm their attendance at the COP29 climate summit in Baku, Azerbaijan, Climate Home reports. The event begins in three weeks and so far 106 leaders are registered to speak at the conference, which is fewer than the 137 who had signed up by the same time before COP28 last year. COP29 is expected to be lower-profile than COP28, with fewer delegates and business leaders attending. Key leaders like US President Joe Biden, China’s Xi Jinping, India’s Narendra Modi, and France’s Emmanuel Macron have not confirmed their participation. Domestic issues, such as the US presidential election and geopolitical tensions between France and Azerbaijan, may be influencing their decisions. Notably, Australia’s PM Anthony Albanese is also expected to skip the event for the third consecutive year, despite Australia’s bid to host COP31 in 2026. Despite the reduced number of attendees, experts suggest that the participation of over 100 world leaders still reflects the growing geopolitical importance of climate action.

Green bears – Hedge funds on Wall Street are betting against key sectors of the ‘net-zero’ economy, including batteries, solar, electric vehicles (EVs), and hydrogen, despite significant green stimulus packages, Bloomberg reports. More hedge funds are taking short positions in green stocks while remaining long on fossil fuels. Hedge fund managers cite underperformance of green stocks, geopolitical risks, higher interest rates, and political opposition as reasons for caution. Solar and EV sectors have seen significant short positions due to challenges like China’s dominance in the supply chain. While some green sectors, such as wind power and grid infrastructure, offer more optimism, the overall reluctance towards green investments reflects concerns over profitability and political risks. The potential for trade wars and rising tariffs, particularly between the US and China, is also impacting the financial appeal of clean energy. Meanwhile, the global pact to reduce the use of oil, gas, and coal that was signed at COP28 last year is being put to the test as countries expand fossil fuel production, E&E News reports. The agreement to “transition away” from fossil fuels was a high point of last year’s climate summit, but as nations prepare for a new round of talks next month in Azerbaijan, some activists and officials from disaster imperilled countries say the pact is at risk of failing.

London going greener – The City of London Corporation achieved a 23% reduction in net carbon emissions across its entire value chain between Apr. 2023 and Mar. 2024, compared with a 2018/19 baseline, according to the third annual Climate Action Strategy progress report. Other progress of note was a 65% reduction in net carbon emissions in its own operations and a 30% decrease in its financial investment carbon emissions. Energy savings in key buildings amounted to over 1.5 mln kWh per year, equating to 1,300 tonnes of carbon – or around £1 mln in energy costs. The corporation aims to reach net zero by 2040.

The Wizz-ard of SAF – Hungarian low-cost carrier Wizz Air and aircraft maker Airbus will test new sustainable aviation fuel (SAF) on two flight routes, from Barcelona to Budapest and from Brussels Charleroi to Budapest, according to Polish news site WNP. Wizz plans to purchase up to 16 tonnes of SAF with a blend of up to 5% at the Barcelona airport, and 18 tonnes with a blend of 10% at Charleroi. Airbus will provide technical expertise to help maximise the efficiency of integrating SAF into flight operations. The carrier also plans to survey passengers on their awareness of aviation decarbonisation during the tests. 

French forests – The government of France has opened two new Low Carbon Label methods to public consultation. Both of these aim to conserve an existing forest through targeted felling and replanting to diversify the age of trees or leaving a tree standing longer when it could have been cut down. Doing so improves the carbon stock of a forest. Consultation on The “Optimized Forest Management” method is open until Nov. 17 here and the “Maintenance of Forest Stands with Continuous Cover” is open until the same date here.

Choose life – The EU Commission has awarded over €380 mln to 133 new projects across Europe under the LIFE programme for environment and climate action. These will contribute to the broad range of climate, energy, and environmental objectives of the European Green Deal, covering circular economy and improving quality of life; nature and biodiversity; climate resilience, climate change mitigation, governance and information; and the clean energy transition. Find the projects’ list here.

ASIA PACIFIC

Please stop – A group of global civil society organisations have called on the government of South Korea to end its opposition to OECD’s upcoming negotiations on restricting fossil fuel export finance, according to a statement released Monday by Solutions for Our Climate (SFOC). South Korea is the second-largest public financier of overseas fossil fuel projects, averaging $10 bln annually in the decade leading up to 2022. Despite committing to carbon neutrality by 2050 under the Paris Agreement, the East Asin country continues to invest heavily in fossil fuel projects abroad, contradicting its climate pledges, SFOC said.

Hard to say – Taiwan is “very open” to using new nuclear technology to meet surging demand from chipmakers devouring electricity in the AI boom, said Premier Cho Jung-tai, according to Bloomberg. “As long as there is a consensus within Taiwan on nuclear safety and a good direction and guarantees for handling nuclear waste, with this strong consensus, we can have a public discussion,” Cho said. The comment is considered one of the strongest signs yet that the government is rethinking its opposition to reactors. Nuclear power was once Taiwan’s main energy source, but the government led by former President Tsai Ing-wen pledged to create a nuclear-free homeland by 2025 after large-scale protests against the construction of reactors over the past three decades.

AMERICAS

Nail-biting election – British Columbia’s provincial election closed Friday, but the race has been too close to count, with a final tally taking place from Oct. 26-28. The results arrive as Canada broadly grapples with a shifting political landscape that could bode poorly for emissions trading systems across the country. As of Sunday, the incumbent NDP was leading or elected in 46 seats at 44.6% of the vote, the Conservatives in 45 seats at 43.6% of the vote, and the BC Green Party in two seats with 8.2% of the vote, CBC reported Monday. In BC, 47 seats are required to form a majority government – but there are at least eight ridings with close races, where the margin of victory currently ranges from 23 to 384 votes, some of which will be subject to recount. The elections are historic for the Conservative party, which received less than 2% of the vote in the province just four years ago. Both the NDP and the Conservatives have promised to eliminate the consumer-facing carbon levy, although NDP leader David Eby said they would only do so should the federal government first remove the requirement. However, Conservative leader John Rustad has also pledged to eliminate the industrial carbon price equivalent. Both parties support development of LNG for export, maintaining that it will displace higher-emissions coal-fired electricity in the Asia-Pacific. Fossil fuel project developers have purported low emissions claims and ambitions towards net-zero, largely via abundant access to hydroelectricity in the province. Export facility LNG Canada in Kitimat – backed by Shell, Petronas, and PetroChina, among others – is expected to be operational by mid-2025, while at least three other facilities remain in the construction pipeline for operations in 2028. Notably, election day took place over a weekend of historic flooding in BC, as regions across Metro Vancouver saw a month’s worth of rain in just 48 hours.

Disclosing emissions – Canada’s first climate disclosure rules will be issued in December, with standards ready for voluntary adoption at the beginning of 2025, the Globe and Mail reported Monday. The Canadian Sustainability Standards Board (CSSB) is presently finalising its guidelines, factoring in submissions it received following a public campaign earlier this year. CSSB is discussing with governments and regulators, including Canadian Securities Administrators, who will make their own decisions about what to make mandatory. Canada has 13 provincial and territorial securities regulators, one for each subnational jurisdiction. The federal government announced earlier in October that it will bring forward amendments to the Canada Business Corporations Act that will require climate disclosures, but did not provide specifics on timelines.

Growing back forests – Guatemala’s legislature approved the Sustainable Forest Management programme with the Inter-American Development Bank on Oct. 15, Stereo100 reported. The project will be managed by the National Institute of Forests and will offer concessional climate financing with a 0% interest rate to support small producers and agroforestry cooperatives.

Curbing methane emissions on tribal lands – The US Department of Energy (DOE) announced a memorandum of understanding with the Osage and Navajo Nations on Monday to collaborate and identify undocumented oil and natural gas wells. Through the partnership, offices within the DOE will develop an implementation plan with the tribes to reduce methane emissions from the wells. The DOE estimated “hundreds of thousands” of wells that ceased production are leaking methane across the US. The Department of the Interior and DOE have $30 mln to appropriate through the Infrastructure Investment and Jobs Act to develop technologies and best practices for addressing undocumented wells. The DOE also announced funding on Monday for a variety of long-term carbon storage projects including $18.7 mln for the Board of Regents of the University of Oklahoma to inject CO2 in Oklahoma’s Osage and Kay counties.

Cementing net zero practices – US environmental groups wrote to Switzerland-based cement producer Holcim asking for decarbonisation commitments for its North American business. Holcim plans to spin off its North American arm – with a potential valuation of $30 bln – in the first half of 2025, and the campaign group wants the company to take some decarbonisation actions in the meantime. The Concrete Change campaign wants Holcim to phase out energy-intensive wet kilns and establish a net zero cement plant by 2030 in North America. (Reuters)

EPA changes irk landfills – The National Waste and Recycling Association has filed a suit with the US Court of Appals for the District of Colombia challenging the EPA over an update to pollution calculation methodologies for municipal solid waste landfills. In August, the EPA updated how emissions factors are recorded for the releases of volatile organic compounds and other pollutants from landfills. E&E News reports that the trade group’s lawsuit is contesting specific techniques for tracking air pollutant releases. Although the suit does not spell out the association’s argument, it previously raised issues in comments on a draft version of the update.

VOLUNTARY

Waste recovery methodology – Gold Standard is seeking feedback on a consolidated methodology for the recovery and recycling of materials from solid wastes. This methodology is applicable to projects that implement activities for the recovery and recycling of metals, alloys, and minerals, leading to the reintroduction of valuable materials from end-of-life waste back into the economy. The consultation period is open from Mon. Oct. 21 until Nov. 20, 2024. More details here.

REDD module update – Verra on Monday published an updated version of the Verified Carbon Standard (VCS) Module VMD0055 Estimation of Emission Reductions from Avoiding Unplanned Deforestation. Changes to the module include clarifying baseline procedures for projects transitioning to VMD0055, alignment of VMD0055 with VT0007 Unplanned Deforestation Allocation and the process of allocating data to projects laid out in this tool, and clarifying spatial resolution and mapping requirements, mapping terminology, and the scope of the jurisdictional sampling frame. The newer version no longer includes requirements for accounting for emissions from timber harvesting activities in the project scenario, and is hence not applicable to projects that include these activities at present. Verra is currently working on a version of VMD0055 that will include provisions for existing projects that implement timber harvesting activities.

Carbon credits to come – Argentina’s Misiones province expects to receive about $55 mln in Q1 2025 as the first payment for preserving 1.4 mln ha of forestland from 2017 to 2022. The programme would see only 30% of proceeds go to private landowners, Carbon Pulse learned last week. The Misiones’ Ministry of Ecology is still answering questions for the verification and validation of the jurisdictional-REDD programme, El Territorio reported on Friday. In September, a government representative  said the first carbon credit issuance for the project is expected to reach 10 mln credits at around $5.50/t for V17-22.

Climate funding – Milkywire has unveiled its Climate Transformation Fund (CTF) Progress Report 2024, with updates on carbon removal, nature protection and restoration, and decarbonisation. Since 2021, the CTF has allocated over $14 mln to support 49 groundbreaking projects across 27 countries. The report states that Milkywire has supported nine different removal methods, having purchased 32.3 tonnes since 2021 from developers including Holocene and Planboo. The CTF has supported 10 nature-based projects since 2021 and in 2024, has planted or regrown 312,642 trees and mangroves. While in decarbonisation, the CTF has supported 10 projects across 10 countries since 2021.

Bonvoy to greener meetings – International hotel chain Marriott International on Monday unveiled Connect Responsibly, a programme to support meeting planners’ implementation of sustainability measures at their events at participating hotels in the company’s Marriott Bonvoy portfolio. Connect Responsibly seeks to provide customers with access to impact reports that detail the environmental impact of the events, and will include options to purchase carbon credits. Marriott will collaborate with climate consultancy South Pole to connect participants with a range of carbon offset projects. The programme is expected to launch at managed and franchised properties from participating brands globally by the end of October.

REDD reputation issues – At an event last week, Marli Santos, superintendent of environmental management and public policies for the Brazilian state of Tocantins, detailed challenges to be overcome in advancing REDD projects as an effective tool to address climate change following a series of recent controversies in the country. According to Santos, these challenges were: the lack of a legal framework, the need for an effective financial arrangement, inclusive governance, and advancements in MRV. Santos noted that, in Tocantins, two laws related to REDD have been approved by the legislature, while two decrees are in the process of being approved by the state government, and the necessary regulations are being worked on through ordinances, normative instructions, and resolutions.

INVESTMENT

SCIENCE & TECH

Plants really suck – A new study reveals that plants are absorbing 31% more CO2 than previously estimated, offering critical insights into natural carbon sequestration and climate predictions. The research, published in Nature, revises the global estimate of Terrestrial Gross Primary Production (GPP) – the CO2 absorbed by plants through photosynthesis – from 120 petagrams per year (established in the 1980s) to 157 petagrams. The study, led by Cornell University and Oak Ridge National Laboratory (ORNL), used an integrated model based on carbonyl sulfide (OCS) movement in plants as a proxy for CO2 uptake. This approach, coupled with data from environmental monitoring towers and ORNL’s LeafWeb database, improves the understanding of photosynthesis and highlights the significance of mesophyll diffusion—how CO2 moves into plant cells for carbon fixation. Key findings suggest rainforests, especially pan-tropical ones, play a greater role as carbon sinks than earlier satellite-based estimates indicated. The authors said this new model will enhance Earth system simulations and help predict future climate changes by refining humanity’s knowledge of GPP. The research was supported by institutions like NASA, the National Science Foundation, and the US Department of Energy. (Newswise)

AND FINALLY…

Shop til you drop (your deforestation rates) – In a village in Guyana, the Kapohn indigenous community used funds from carbon credit sales to construct a shopping centre, Andy’s Mall. The credits come from agreements with the Guyanese government, which sold the credits to US oil company Hess. However, the arrangement has raised concerns about the loss of indigenous autonomy over their land, despite the financial benefits. (Publica)

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