Announcing Carbon Forward Middle East – more details below.

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TOP STORY

INTERNATIONAL

Draft COP29 negotiating text sets out three options for global climate finance

The latest version of the new global climate finance goal due to be agreed at COP29 sets out three options for structuring the headline target, including the transfer of trillions of dollars per year from wealthy to poor countries, or a wider annual investment sum from public and private sources.

International organisations including WTO, IMF unveil framework to standardise approach to carbon pricing

A coalition of leading international organisations, including the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank, has introduced a new framework to standardise carbon pricing metrics, aiming to improve transparency and enhance global climate action.

‘Big Three’ dominate fossil fuel emissions in the Commonwealth -report

The UK, Australia, and Canada dominated fossil fuel extraction and its associated carbon emissions across the 56 Commonwealth countries in 2023, despite accounting for just 6% of the population in the group, according to a new report released on Wednesday as Commonwealth leaders meet for a summit.

Investors increasingly speculating on Article 6 credits, says ratings agency

Demand-side signals for Article 6 credits are positive, with investors increasingly speculating on the units expected to be approved for trade, a rating agency representative told a conference Wednesday.

VOLUNTARY

Clean Cooking Alliance lays off staff, loses donor funding amid challenging conditions

The Clean Cooking Alliance (CCA), which leads global efforts to promote clean cooking technologies, has laid off a number of its staff and lost donor funding as a result of broader financial difficulties in the voluntary carbon market, Carbon Pulse has learned.

World Bank forest carbon programme makes record $111 mln in payments in 2024

The World Bank’s Forest Carbon Partnership Facility (FCPF) in FY24 disbursed a record $111 million from the Carbon Fund and made multiple arrangements to integrate its jurisdictional REDD+ (J-REDD) programmes into international markets as the fund’s closure looms in 2028.

INTERVIEW: Carbon insurance startups ready to expedite CORSIA credit supply

Carbon insurance startups are primed to help ease any supply bottleneck of carbon credits eligible for use against the CORSIA international aviation offsetting scheme, even though it may take a long time before units are made available to buyers due to UN political risk requirements.

Non-profit buys $3 mln carbon removals in largest quarterly purchase to date

Eleven carbon removal (CDR) companies have been given a boost after a non-profit announced it had made its largest quarterly purchase to date worth $3 million.

Area bigger than US needed for CDR commitments, with size growing, finds paper

One billion of hectares of land, bigger than the size of the US, is needed to meet the carbon removal (CDR) commitments by countries in Paris Agreement pledges, an analysis has found.

AI tool launched to help English farmers access carbon credits

Farmers in England can more easily access tree-related grants and carbon credits through the use of an AI-powered tool, launched Wednesday.

EMEA

EU invests almost €5 bln of ETS revenues into net-zero projects

The European Commission has selected 85 innovative net-zero projects to receive €4.8 billion in grants from the Innovation Fund, which is supplied by revenues from the EU ETS.

AI materials company secures funding to boost R&D in carbon removals, SAF, solar cells

A London-based firm that leverages AI to manufacture new materials has raised an undisclosed sum to accelerate research and development (R&D) of climate technologies, including sustainable aviation fuel (SAF), solar cells, and carbon removal, the company announced Tuesday.

Euro Markets: EUAs erase five days of losses as short-covering pushes market through technical levels

European carbon allowances erased the last five days’ losses after a steep mid-morning rally on Wednesday was triggered by closing out of short positions that helped prices breach technical resistance levels, as the weekly Commitment of Traders data showed investment funds had only marginally added to their bearish bets.

AMERICAS

US Democrats target 10-year extension of 45Z tax credit availability

A bill introduced by US lawmakers this week seeks to prolong the 45Z Clean Fuel Production Credit (CFPC) by 10 years, extending its availability through 2037.

Less than 20% ARB bi-weekly issuance awarded to DEBs offsets, valued higher

California regulator ARB’s latest issuance of compliance-eligible offsets continues to trail 2023 levels year-to-date (YtD), with less than 20% of the two-week distribution with direct environmental benefits (DEBs) to the state, agency data released Wednesday showed.

South Dakota Supreme Court rejects reviewing denial of eminent domain for CO2 pipeline

The South Dakota Supreme Court has refused a request to review its August decision that denied a CO2 pipeline developer the right to exercise eminent domain in developing its project in the state.

US government must play a stronger role in regulating CDR -report

To prove the climate benefits of carbon removal (CDR), one industry alliance asked for “critical” improvements to monitoring, reporting, and verification (MRV) within the US, outlining key recommendations for the federal government in a report published Wednesday.

ASIA PACIFIC

BRIEFING: Taiwan collects final piece in carbon levy jigsaw

Taiwan has stepped into a new era of carbon pricing as the government this week finalised long-awaited carbon levy rates for the island’s major emitters.

Credit use flat in meeting emissions reductions, Australian regulator finds

The latest report on emissions reduction by Australia’s Clean Energy Regulator (CER) found gross emissions are falling faster than net emissions and renewable energy generation is increasing, but the use of carbon credits is ‘flat’, balanced out by greater use of international credits and less of Australian Carbon Credit Units (ACCUs), which is “trending downwards”.

India open to add more carbon removals technologies to offset mechanism -official

The Indian government is open to bringing more carbon removal technologies under its offset mechanism, an official told Carbon Pulse on the sidelines of a conference Tuesday.

New Zealand govt proposes to halve ETS forestry charge

The New Zealand government is consulting on updated charges to foresters in the Emissions Trading Scheme (ETS), including to roughly halve the price of previously proposed per-hectare charges.

COP16 (FREE TO READ)

Trio releases high-level principles for biodiversity credit market

Three international organisations on Wednesday released a set of 21 high-level principles (HLPs) for biodiversity credits in a move designed to encourage the multitude of global market initiatives to align with a set of collective fundamentals.

BRIEFING – Whose fund is it anyway?

The thorny issue of who should manage global biodiversity funds, and how, has resurfaced at the ongoing COP16 in Colombia, with observers saying the ability of negotiators to find a compromise will have a major bearing on whether the talks will be able to move the implementation of the Global Biodiversity Framework (GBF) forward.

Colombian standard partners with local developer to scale biodiversity markets

A Colombia-based environmental standard has signed a Memorandum of Understanding (MoU) with a local project developer to explore biodiversity credit opportunities worldwide and test its methodology within different sites and ecosystems.

Less than $1 mln of biodiversity credits purchased, BloombergNEF says

Under $1 million has been spent on purchasing biodiversity credits globally, despite surging supply, with the figure dwarfed by that of biodiversity offsets, BloombergNEF said in a report set to launch at conference COP16.

Carbon registry launches biodiversity credit programme, kickstarts pilot phase

A carbon registry on Wednesday officially launched its biodiversity credit programme, inviting project developers to join its two-year pilot phase.

Fewer than one in 10 companies assess biodiversity dependencies, despite growing interest in nature reporting

Fewer than 10% of companies assessed their dependency on biodiversity last year, despite increasing attention to nature-related reporting following the Global Biodiversity Framework (GBF) agreement, according to a report released Wednesday.

Mining a key driver of tree cover loss in tropical primary rainforests, Indigenous land -report

Mining has increased by 52% since the turn of the century due to surging demand for metals and minerals, exerting an outsized impact on tree cover loss in tropical primary rainforests and in Indigenous and local community territories, according to a new report by a non-profit.

All our nature and biodiversity articles remain free to read (no subscription required). However, as of Oct. 24 we will require that all readers have a Carbon Pulse login to access this content in full. To get a login, sign up for a free trial of our news. If you’ve already had a trial, then you already have a login.

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EVENTS

*NEW* Carbon Forward Middle East – Jan. 16-17, Abu Dhabi – Announcing Carbon Forward Middle East in Abu Dhabi, a great new event to explore carbon markets in the MENA region. We’ll be releasing more details about this conference soon. For now, put Jan. 16-17 in your calendar and email info@carbon-forward.com to express interest in attending, speaking, or sponsoring.

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

• 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

See all listings or post a job

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BITE-SIZED UPDATES FROM AROUND THE WORLD

INTERNATIONAL 

G20 goals – Thursday’s high-level G20 Finance and Climate Ministerial meeting in Washington DC will see the Brazilian G20 Presidency’s Task Force for the Global Mobilization Against Climate Change (TF-CLIMA) meet, and in a Wednesday press briefing, Ambassador Andre Corrêa do Lago, vice-minister for climate, energy, and environment at the Ministry of Foreign Affairs of Brazil and co-chair of TF-CLIMA, said the task force hopes to have a ministerial declaration and outcome agreement agreed upon. The ambassador identified some other themes he believed will be incorporated into these documents, including a recognition of the urgency of climate change; a resolution to cooperation, unity, and leadership on the climate front within the G20; a call for countries to bring forward emission neutrality targets; some “interesting wording” around the economy-wide coverage of upcoming NDCs; and recognition to transform multilateral financial architecture towards the fight against climate change. Additionally, Stela Herschmann, climate policy specialist at Brazilian civil society organisation Observatorio do Clima, said she her organisation is confident the ministerial agreement to reflect the language of the Paris Agreement and the Global Stocktake, but noted that the G20 has to-date failed to adequately address climate change and member countries need to deliver on their climate ambitions.

EMEA

Deforestation Regulation – The extra 12 months phasing-in time proposed by the EU Commission was also confirmed by the coordinators of the Parliament’s committee on Environment (ENVI). Without passing through any further debate with the whole committee, the coordinators decided to use urgency procedure. A final, plenary vote on the proposal is planned for Nov. 14.

H2 network – Germany has approved plans for a €19 bln hydrogen network to be built, which will help connect industrial hubs seeking to decarbonise. The German Federal Network Agency said it approved proposals from transmission system operators for a 9,040-km hydrogen grid, which will be built out in the coming years and be fully operational by 2032, Bloomberg reported. Europe’s largest economy wants to replace most of its fossil fuel needs with hydrogen to reach net zero by 2045 but has faced setbacks of late with the cancellation of a key pipeline from Norway. Officials expect the majority of the country’s hydrogen needs to be covered by imports initially. 60% of the network will be converted from existing gas pipelines, and the rest will be newly built. The first pipes should be operational next year.

Dirty host – COP29 host Azerbaijan will see a large expansion of fossil fuel production in the next decade, according to a new report by Urgewald and CEE Bankwatch. It finds that Azerbaijan’s state-owned oil and gas company, Socar, and its partners are set to raise the country’s annual gas production from 37 bcm today to 49 bcm by 2033, while Socar also recently agreed to increase gas exports to the EU by 17% by 2026. Global climate negotiations should not be overseen by “those with a vested interest in keeping the world hooked on fossil fuels”, wrote the report authors. In 2023, Socar pushed 97% of its capital expenditure into oil and gas projects, and only launched a “green energy division” a few weeks after Azerbaijan was appointed as COP29 host, the report found. Azerbaijan’s economy is heavily dependent on fossil fuel income, which makes up 90% of export revenues and 60% of state revenues, according to the IEA. The country is intensively developing solar and wind, said a COP29 spokesperson, even while fossil fuel companies are forecast to spend $41.4 bln on the country’s gas fields in the next decade.

Nuclear woes – The Sellafield nuclear site in Cumbria, northeast England, is not achieving value for money due to concerns over project management, pace of delivery, and staffing, according to a new National Audit Office (NAO) report, released Wednesday. The site, home to the UK’s oldest nuclear facilities, is facing challenges with performance culture and with processing nuclear waste fast enough. Compared with 2018, milestones for substantially emptying three of the legacy ponds and silos have been pushed back by between six and 13 years. Separately, four of the major projects the NAO last reported on in 2018 (and which had started construction), are expected to cost £1.15 bln more and be delivered 58-129 months later than previously forecast.

Swedish exemption – The EU Commission approved two schemes for non-food biogas and bio-propane in Sweden, saying that exempting those from energy and CO₂ taxation is in line with EU State aid rules. The estimated budget for the period 2021-2030 was €550 mln and €477 mln respectively. Following a General Court’s judgment, the Commission opened an in-depth investigation in Jan. 2024 to re-examine the compatibility of the schemes with EU law. In particular, the Commission has investigated whether the potential cumulation of aid may lead to overcompensation in favour of those producers when they sell biogas in Sweden.

ASIA PACIFIC

Divided – Japan’s political parties have made various pledges on nuclear power for Sunday’s general election, ranging from abolishing all nuclear plants to maximising their use, according to the Japan Times. The country set out to phase out the use of nuclear power plants after the Fukushima accident in 2011, when the now-defunct Democratic Party of Japan (DPJ) was in power. However, Japan has shifted back to using nuclear plants amid growing power demand.

Securing finance – Pakistan’s venture capital firm Sarmayacar has secured $15 mln from the Green Climate Fund (GCF), for its new Climaventures Fund in order to accelerate climate tech innovation in Pakistan, the firm said in a statement. An additional $10 mln have been allocated to an affiliated venture accelerator programme run by the National Rural Support Programme (NRSP) to support earlier-stage climate-tech startups, it added. These ventures will receive both financial backing and strategic guidance to help accelerate their growth and environmental impact.

AMERICAS

Wait on SCOTUS – On Monday, the 4th US Circuit Court announced it will postpone oral arguments – originally scheduled for later this month – on whether the Environmental Protection Agency (EPA) improperly rejected states plans to implement federal rules governing cross-border, smog-forming pollution, reported E&E News. Instead, the federal appeals court in Virginia will wait until the Supreme Court considers the proper venue for hearing challenges to EPA regulatory actions.

Brazil transitions – Brazil’s finance, environment, energy, and industry ministries – together with partners including Bloomberg Philanthropies, the Glasgow Financial Alliance for Net Zero (GFANZ), the Brazilian Development Bank (BNDES), and the Green Climate Fund (GCF) – on Wednesday announced the launch of the new Brazil Climate & Ecological Transformation Investment Platform (BIP). The BIP seeks to scale and optimise just transition investments in support of the government’s Ecological Transformation Plan, focusing initially on three sectors: nature-based solutions and bioeconomy, industry and mobility, and energy. BIP will also seek to partner with multilateral development banks and environmental and climate funds to finance nascent technologies and develop innovative financing structures.

Build the wall if it’s zero emissions – New York Governor Kathy Hochul (D) announced Wednesday that $10 mln is now available to support new zero-emission homes in-state. The Building Better Homes – Zero Emission Homes for Healthier Communities Program provides funding on a first-come, first-served basis to builders and developers that commit to designing, constructing, and growing market awareness and demand for new zero-emission homes. Projects must meet performance requirements and third-party certification criteria that address clean energy, above code energy efficiency, and resiliency, including heating, ventilation, and air conditioning (HVAC) systems that remain operable during power outages or include backup power sources that can be used in the event of a power outage. The base incentive is up to $7,000 per home and up to $4,000 for townhomes. Applications will be accepted through Dec. 31, 2025 by 1500 EST (1700 GMT).

Provincial partners – Canadian industry leaders are urging provinces to collaborate and unify their carbon-credit markets to enhance Canada’s fragmented industrial carbon pricing system, The Globe and Mail reports. This would offer companies greater flexibility and motivation to invest in emissions-reducing technologies. A letter coordinated by Clean Prosperity, signed by 13 major industry associations and companies, calls for interprovincial cooperation to remove barriers to trading credits between provinces, which could simplify support for major decarbonisation projects. The letter underscores that fragmented provincial markets complicate industrial efforts and suggests pooling markets could create larger, less volatile systems. This would provide firms, particularly those operating in multiple provinces, with more certainty and flexibility in managing carbon credits. The proposal also includes greater transparency in carbon markets and the reinvestment of industrial carbon pricing revenues into decarbonisation. The push comes as Canada’s federal industrial carbon pricing system faces potential political shifts, with upcoming elections. Advocates believe provincial collaboration is crucial, especially as Canada’s future federal government might be less committed to current carbon pricing mechanisms. Although Clean Prosperity acknowledges provincial reluctance to cede control, they suggest that provinces could experiment with smaller-scale collaborations, referencing the New West Partnership as a model for removing trade barriers. Despite challenges, industry leaders continue to advocate for alignment, highlighting successful examples from overseas as a potential path forward.

Hot to go – A bipartisan group of Congress members submitted a letter to Treasury Secretary Janet Yellen on Monday, urging her to revise the proposed rule for an investment tax credit related to geothermal heat pump (GHP) technology. The lawmakers note that GHPs are an effective mechanism to decarbonise buildings, but the proposed rule needs modifications. For example, as drafted, it prevents multiple taxpayers who own different components of a GHP from claiming the tax credit. They urged Yellen to modify the proposed rule to ensure that different taxpayers who own separate components of a GHP system are eligible to claim the tax credit, to ensure maximum deployment of these systems.

VOLUNTARY

DAC storage partners – Climeworks has partnered with CapturePoint Solutions for the transport and storage of CO₂ captured at its Louisiana-based Project Cypress direct air capture (DAC) Hub with the CO2 transported for permanent deep underground storage in Class VI wells at CapturePoint’s Central Louisiana Regional Carbon Storage Hub (CENLA Hub). This is one of the largest onshore deep underground carbon storage centers under development in the US with capacity to permanently secure millions of tonnes of CO₂. The first phase of the Project Cypress Southwest Hub is projected to have a nameplate capacity of approximately 300,000 tonnes of CO₂ per year and the second will have a projected capacity of one million tonnes.

Verra goes digital – Verra is advancing its multiyear digitalisation initiative in a bid to improve transparency and efficiency in voluntary carbon through the launch of its digital project submission tool in August, new digital methodologies, and new digital tools. The new digital project submission tool is intended to significantly enhance project registration, with a built-in validation logic that checks over project data. There are now eight digital methodologies available on the tool, and additional methodologies are undergoing user testing. In coming weeks, Verra will also release new digital tools and forms to support a more streamlined project development, registration, and review process. All digital methodologies and tools are available on the Verra Project Hub.

Get validated – The Science Based Targets initiative (SBTi) has launched a new SBTi Services website with information and resources for companies setting science-based commitments and submitting their targets for validation, it announced Wednesday. The new website comes in response to the significant growth in companies using its standards, tools, and guidance — there has been a 60% increase in the number of businesses with validated science-based targets over the past nine months alone. The SBTi launched a major scale-up operation last year to demerge from partner organisations and become an independent charity, with the parent standard-setter charity having established SBTi Services Limited – a wholly owned subsidiary to provide target validation services. Next week, the SBTi Services site will also host the SBTi Services’ new Validation Portal, which includes a new mandatory registration step confirming organisation type, eligibility to set targets, and relevant pricing tier before setting commitments or submitting targets.

Mineralising carbon – Gold Standard is currently consulting on a revised version of the Methodology for Carbon Sequestration through the Accelerated Carbonation of Concrete Aggregate that expands the applicability scope beyond demolition concrete so that it may be applied to the carbonation of a wider range of reactive mineral wastes such as by-products of residual waste from municipal waste treatment. The revisions also account for developments in the field of carbon removals by considering durability and reversal risks, as well as additional safeguards and accounting measures. The updated methodology will be for Accelerated Carbon Mineralisation using reactive Mineral Waste. The consultation period closes Nov. 22, 2024.

AND FINALLY…

NYC’s building the wall – New York City has completed the first section of the East Side Coastal Resiliency (ESCR) project, which employs raised parkland, floodwalls, berms, and 18 swinging or sliding flood gates to protect against sea level rise and severe coastal storms worsened by climate change, Mayor Eric Adams announced last week. The ESCR is a $1.45 bln project to build a 2.4-mile (3.9 km) long flood barrier on the Lower East Side, designed to protect New Yorkers from the region’s anticipated 100-year storm in the year 2050, based on climate change projections produced by the New York City Panel on Climate Change. The initiative is being built in two sections, with the northern section having begun work in Nov. 2020 and completed last week at a cost of $163 mln – $10 mln under its original projected budget and two months ahead of schedule. Construction on the second section, which is underway and anticipated to be completed by the end of 2026, includes a complete reconstruction of East River Park.

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