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US ELECTION PREVIEWS

Policy implementation hurdles constrain WCI market schemes across US West as elections near

US West Coast states envisioned additional emissions reduction policies in the past legislative year, but implementation challenges have placed Washington’s carbon market on the ballot, with close elections in Arizona and Nevada that could dictate the future of environmental policy at a state and federal level.

Close US Senate races in ex-RGGI states could shift balance of power in Congress

US Northeast and Mid-Atlantic RGGI member states that are Democrat strongholds are mostly expected to retain their trifecta status at the upcoming elections, presumably allowing for continued design and passage of carbon market programmes in 2025.

Southern Republicans to continue pursuit of CCS, IRA investments after US elections

Southern US Republican lawmakers are expected to retain a grip on state legislatures in the region after the November elections, while continuing to avail of clean technology investments spurred by the Inflation Reduction Act (IRA), and promoting carbon capture and storage (CCS) in the region.

CO2 pipelines dominate US Heartland environmental policy discourse ahead of elections

In the US Heartland CO2 pipeline controversy has brought glimmers of environmental policy to the region otherwise dominated by Republican trifectas, none of which are expected to shift at the upcoming November elections.

New chapter opens for EU climate diplomacy with fresh challenges, experts say

The US presidential elections on Nov. 5 will open a new chapter for climate diplomacy in the European Union, whoever the winner is, with fresh challenges ahead, experts told Carbon Pulse.

EXCLUSIVE

INTERVIEW: From C-Quest Capital’s ashes, a new Bridge is built

Senior executives and a major investor in beleaguered developer C-Quest Capital (CQC) have launched their own company, Bridge Carbon, acquiring CQC’s best projects as the firm is wound down after its founder was indicted on fraud charges.

AMERICAS

Canada slightly blunts emissions cap on oil and gas sector

Canada opts for a marginally less stringent regulation of oil and gas emissions with compliance flexibilities in its draft regulations published Monday, targeting a 35% reduction in sector emissions by 2030.

Alberta releases draft update of CCS offset protocol for public comment

Alberta’s environmental ministry has released a draft of its proposed changes to a protocol for offset generation from CO2 capture and sequestration projects for a 30-day public comment period.

BASF, Exterra join forces to explore building CCS project in Quebec

BASF and Exterra Carbon Solutions have signed a memorandum of understanding (MoU) to explore the deployment of a commercial-scale carbon capture and storage (CCS) project in Quebec.

RGGI Market: Trader interest wears thin even as RGAs test $21

RGGI Allowances (RGA) tested $21 levels over the last week in thin activity as traders await outcome of elections for new legislatures to make progress on proposed programme changes.

LCFS surplus bank nears 30 mln with record Q2 net credit build, ahead of crucial board vote

California’s Low Carbon Fuel Standard (LCFS) cumulative credit surplus surged to a new record over 3.1 million in Q2, clocking historic highs in renewable diesel (RD) and renewable natural gas (RNG) net credits ahead of the regulator’s board voting to increase programme stringency later this week, according to state data.

Brazilian REDD+ frameworks must address planned deforestation risk – developers’ group

A group of Brazil-based nature-based solutions carbon credit project developers said in a technical note last week that the development of jurisdictional REDD+ approaches (J-REDD+) in the country must better address the risk of planned deforestation.

LATAM Roundup: Countries press pause, press on, press regulation

The week ending Nov. 3 saw hugely varied news for carbon markets in Latin America and Caribbean, alternately accelerating and decelerating market development in core and emerging markets like Brazil, Argentina, and Panama.

EMEA

Drax pushes back on findings that BECCS system will increase UK emissions until 2050

UK power company Drax is disputing research suggesting that its bioenergy with carbon capture and storage (BECCS) system, using wood pellets sourced from Drax’s southern US mills, would lead to a rise in CO2 levels until around 2053, compared to a scenario without the technology.

BRIEFING: Definition of ‘offshore ships’ in EU ETS draws criticism from industry, NGOs

The shipping industry as well as environmental NGOs have criticised the European Commission’s definition of offshore ships to be included in the EU ETS from next year, saying it will lead to confusion, market distortion, and unaccounted emissions.

EU’s trade commissioner seeks to balance open-door policy with protections -commissioner designate

The EU is open for global trade, but it also needs to remain vigilant of protecting its own interests against cheaper and less sustainable rivals, the European commissioner-designate for trade and economic security, interinstitutional relations, and transparency said during the first day of European Parliament hearings on Monday.

Europe’s big banks have ‘incoherent’ climate plans -report

Europe’s largest banks have climate plans that are low in ambition and “incoherent”, a report published by a British NGO on Tuesday has found.

Carbon removals developer and concrete supplier launch project in London

A Swiss carbon removals developer alongside a UK-based building materials supplier have launched their first site to remove carbon and permanently store it in recycled concrete in south London.

Euro Markets: EUAs hold on to early gains amid energy volatility as weather points to thermal generation

European carbon prices rose strongly on Monday morning before consolidating these early gains for the rest of the session, amid healthy increases in gas and power as traders pointed to weather forecasts supporting thermal generation, with markets also preparing themselves ahead of Tuesday’s US presidential election.

ASIA PACIFIC

INTERVIEW: Taiwan sees emerging demand for nature-based credits from tech sector

Taiwan’s fledgling voluntary carbon market has seen emerging demand for nature-based credits, particularly from the tech sector, an executive at a government-backed exchange has told Carbon Pulse.

Nine Vietnamese projects approved for JCM

Nine Vietnamese carbon credit projects have been approved for Japan’s Joint Crediting Mechanism (JCM) after the latest meeting of the Joint Committee for the Implementation of the JCM in Hanoi last week, the first new approvals under the scheme in the Southeast Asian country for five years.

CIX to publish carbon ratings on-site to aid trade

Singapore-based Climate Impact X (CIX) announced Monday it will collaborate with one of the market’s carbon ratings agencies to bring greater transparency to the market via a new ratings system on its trading platform.

INTERNATIONAL

Carbon markets falling far short of potential to support least developed countries, UN warns

Carbon markets are fulfilling just a tiny fraction of their potential to shore up much-needed climate finance in the world’s 45 least developed countries, with credits issued from both the voluntary and UN-run schemes concentrated in just a few countries, according to a report published on Monday.

Client mapping of Big Six PR firms reveals potential conflicts of ‘climate interest’ -report

Client mapping of the Big Six PR and advertising agency holdings indicates significant potential “conflicts of climate interest”, where clients of the same company advocate for opposing climate policies, according to a recent report.

VOLUNTARY

VCM Report: CORSIA impact yet to appear despite approval of major carbon standards

Four more carbon registries were granted eligibility for Phase 1 of the CORSIA international aviation offsetting scheme last week, although the kick-start in demand is likely to be more of a slow burner, sources said, with interest in voluntary credits still lacklustre.

Ratings agency publishes first Article 6 carbon project score

A ratings agency has published its first score for a carbon project whose credits have been authorised for Article 6 international transfer, it announced Monday.

Insurance broker launches facility to manage carbon credit fraud risk

An international insurance broker has launched a new facility to help organisations manage fraud risk associated with carbon credits, it said Monday.

Exchange completes first block trades of carbon futures

An exchange has completed the first two block trades of its physically-settled carbon futures, including volume for credits eligible for the current phase of the CORSIA international aviation offsetting scheme.

BIODIVERSITY (FREE TO READ)

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.

INTERVIEW: Boost in compliance biodiversity credit schemes after Cali needed to attract carbon players

The COP16 summit has the potential to drive an increasing number of governments to set up compliance nature credit schemes, which carbon players see as a key condition for swarming into the biodiversity space, a consultancy firm has told Carbon Pulse.

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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

ClearBlue Markets + Invert – Webinar: Decoding British Columbia’s New Output-Based Pricing System (OBPS) – Nov. 20, 1300 EST: British Columbia’s OBPS marks a significant shift in carbon pricing, designed to reduce emissions while maintaining industrial competitiveness. Taking recent election results into consideration, this webinar will equip you with the knowledge to stay compliant, reduce costs, and capitalize on new opportunities. Join industry experts for crucial insights into regulatory changes and their impact on industries. Learn more and register here

European Industrial Carbon Management Summit – Dec. 5, Brussels: The Zero Emissions Platform flagship event will bring together industry leaders, policymakers, civil society and scientific experts to discuss the future of industrial carbon management across Europe. Get ready for insightful keynotes, case studies from pioneering projects, and panel discussions on the deployment of industrial carbon management technologies. The Summit is the perfect space to connect with peers working at the forefront of industrial decarbonisation. Registrations are now open – do not miss your chance to be part of the conversation. 

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SURVEY

CDR.fyi has launched the first-ever durable Carbon Dioxide Removal (CDR) Pricing Survey to gather insights on pricing perceptions within the CDR industry. The survey, open from Oct. 28 to Nov. 22, targets both purchasers and suppliers of durable CDR with separate versions for each. It covers 15 CDR methods, including biochar carbon removal, DAC, and mineralisation, and is aimed at gauging optimal pricing and acceptable price ranges for various methods. The survey aims to determine the prices purchasers are willing to pay, the pricing suppliers need to expand operations, and demand signals across methods for 2025 and 2030. Responses will remain confidential, with data reported in aggregate and accessed only by non-conflicted team members. Results will be published post-survey, with a full report available to survey respondents and CDR.fyi premium users. The initiative seeks to provide essential pricing benchmarks to support carbon removal market growth.

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Job listings this week

• *Business Development, Carbon Markets (Market Intelligence), RepuTex Energy – Melbourne
• *Chief Commercial Officer, CarbonPool – Zurich
• Carbon Project Manager, Removall – Paris
• Senior Specialist, Carbon Markets, Chemonics International – Remote (US)

*Premium listings

See all listings or post a job

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BITE-SIZED UPDATES FROM AROUND THE WORLD

INTERNATIONAL

Total wipeout – French oil major TotalEnergies predicts global oil demand will peak after 2030 in its two most likely energy transition scenarios, neither of which will limit global warming to 2C in line with the Paris Climate agreement, it said in its annual energy outlook report on Monday. That’s primarily due to a growing population, sluggish power grid investments and slower-than-expected sales of electric vehicles worldwide. (Reuters)

No end in sight – Methane emissions are still rising despite pledges by about 160 countries and 140 companies made almost three years ago to cut pollution of the potent GHG 30% by 2030, Bloomberg reported. More than 1,110 giant methane clouds have been recorded as escaping from oil and gas facilities since 2022 by the International Methane Emissions Observatory (IMEO), yet a mere handful of verified releases have actually been halted, it said. Methane emissions from the fossil fuel industry, including coal mining, remain close to a record level set in 2019 as supply continues to expand, according to International Energy Agency data. Real action isn’t matching up to pledges made, say scientists. Methane will be a focus again at COP29 later this month, when Azerbaijan will put forward a new international commitment to reduce methane from organic waste, and will also convene a summit with the US and China on methane and other non-CO2 GHGs. However, tackling methane will take years, and so far there’s little to show for highly publicised efforts. Methane emissions from 13 of the world’s major fossil fuel producing regions have risen 7% from 2020 to 2023, according to satellite data company Kayrros.

EMEA

Gulf carbon tax study – Qatar has proposed conducting a study to assess the impact of imposing a carbon tax on Gulf countries, The Gulf Times reports. The proposal was made by the chairman of the Qatar Chamber of the Gulf Cooperation Council (GCC) Sheikh Khalifa bin Jassim al-Thani during a recent consultative meeting held in Doha, the news outlet report. Sheikh Khalifa noted that the EU plans to impose a carbon border adjustment mechanism as of 2026, targeting exports of aluminium, petrochemicals, steel products, and manufactured goods. Sheikh Khalifa noted that Gulf economies rely primarily on oil, gas, and hydrocarbon industries and that such a tax could therefore affect the competitive of Gulf exports.

Russia offsets – On Nov. 1, Moscow-based carbon brokerage firm Carbon Zero offset 276 carbon units from the Russian Carbon Units Registry, coming from the climate project titled: ‘Aerial fire protection of a forest area on the territory of the Nizhne-Yenisei forestry, Symsky district forestry, Yartsevo village, Krasnoyarsk Krai, Russia’. The purpose of the transaction was to offset the carbon footprint of Moscow Credit Bank, the statement said.

ASIA PACIFIC

Partnership – Government officials of South Korea and Qatar have agreed to maintain strong cooperation on energy supplies amid geopolitical tensions and expand their ties into a wide range of energy and shipbuilding sectors, according to Yonhap. Qatar is the East Asian country’s No. 2 liquefied natural gas (LNG) supplier, accounting for 19.5% of Seoul’s total LNG imports. The two sides have discussed ways of deepening their relations in LNG fields, and vowed to work together on renewable energy resources and hydrogen.

Government push – A top official at Cathay Pacific has said more government push is needed for Hong Kong’s aviation sector to meet its climate goals, even as uptake of sustainable aviation fuel (SAF) has risen from a low base thanks to corporate support, according to the South China Morning Post. “If we leave it to the market, every company will wait for their competitors to make the first move,” said Grace Cheung, the flagship carrier’s general manager of sustainability. Policies are needed to grow SAF demand and encourage the development of a supply chain financed through grants, loans and a revenue mechanism, Cheung said.

AMERICAS

California’s fault – The Massachusetts Department of Environmental Protection (MassDEP) filed emergency regulations Monday to delay implementation of its zero emissions vehicle regulations for heavy-duty trucks until model year 2026. Massachusetts, by state law, is required to adopt certain California vehicle emissions standards. Because California has not yet received the required waiver from the US Environmental Protection Agency (EPA) to enforce the heavy-duty truck regulation, both states cannot enforce the rules. California regulator ARB presently faces a lawsuit as a result of the regulations, wherein the plaintiffs argue that the rules are unconstitutional, given that they came into effect on Oct. 1, 2023 – before the regulator filed for a waiver with the EPA to enforce the rule. The state also issued exemptions for transit buses, emergency vehicles, and military tactical vehicles from the emissions standards.

FERC blocks data centre power – In a ruling last week, the Federal Energy Regulatory Commission (FERC) blocked an Amazon data centre from accessing additional power from an adjacent power plant. The deal would have increased power coming to the Pennsylvania-based data centre from a nuclear plant owned by Talen Energy from 300 MW to 480 MW via PJM Interconnection. However, FERC blocked the deal in a 2-1 vote, according to E&E News, arguing that the agreement didn’t demonstrate how it was meeting “specific reliability concerns, novel legal issues, or other unique factors.” The 2-1 vote fell along party lines, with Chair Willie Phillips, a democrat, dissenting. Two commissioners abstained from the vote.

Bring back the cap – Nova Scotia Liberals said they would eliminate the federal price on carbon in its election platform released Monday. The province had a cap-and-trade system during the previous Liberal government from 2017-22, but was scrapped upon election of Premier Tim Houston’s Progressive Conservative Party, resulting in the current consumer carbon price in Nova Scotia. The Liberals said they would work with other Atlantic provinces to establish a regional cap-and-trade programme. The elections will take place on Nov. 26.

VOLUNTARY

Fresh eyes – Verra has appointed four new members to its board of directors: Janice Kotut-Sang, Jennifer McFarlane, Andre de Ruyter, and Tsunehiko (Tsuney) Yanagihara, the standard announced Monday. McFarlane is a partner at Asterra Partners, which provides hardware companies in the climate sector with advisory on ESG, strategy, and financing, and has previously served on the boards of several companies in climate and energy. Ruyter has over 30 years of experience in energy, with the last decade in senior executive roles, including as group chief executive of Eskom. Kotut-Sang is the founder of Net Zero Platform Kenya Limited and has various banking and infrastructure experience. While Yanagihara is a partner at VC firm Allegis Capital and brings extensive international business experience. The appointments will contribute valuable insights and expertise as Verra works to define the future of the voluntary carbon market, the announcement said.

AND FINALLY…

What do the Americans think? – A recent survey of 2,000 Americans found that there is a diminishing level of concern for climate environment protection in comparison to other political issues. The survey, conducted by the research non-profit the Nuremberg Institute for Market Decisions, sought to compare respondents current concerns to future concerns. It found that the number of Americans prioritising climate as a concern has dropped from 25% to 19%, while those who place immigration as a concern has risen from 24% to 36%. “These results clearly show that Americans have a cautious eye on the future and are conscious of future challenges that are on the way, but that it’s all too easy for those future challenges to be drowned out by the seemingly more pressing issues that are having a tangible impact on their lives today,” NIM Study Director Tobias Biro said.

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