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US ELECTIONS
President Trump back in charge, climate action set for blow
Former President Donald Trump’s re-election as US president is expected to likely usher in another era of loosening environmental standards in the US and a bigger step-back in climate action internationally – at a time when the Paris Agreement’s 1.5C goal is slipping out of reach and emissions have yet to peak.
President Trump’s victory casts doubt over previous optimism for Article 6 progress in Baku
The victory of former President Donald Trump in the US election on Tuesday has cast doubt among observers and negotiators over whether progress is still feasible on Article 6 at COP29 in Baku despite the previous optimism.
Reactions to President Donald Trump’s 2024 US election win
Former President Donald Trump’s return to the White House following the 2024 US presidential election is seen as a setback for global efforts to tackle climate change, just days before the COP29 UN climate summit opens in Baku, Azerbaijan.
Washington votes to retain state’s carbon market
Washington voters appear to have decided to retain the state’s cap-and-trade programme by rejecting a ballot measure that sought to dismantle it, preliminary election results showed.
EMEA
UAE commits to near-50% emissions cuts in new UN national climate plan
The UAE has included steep emissions reduction levels in its third Nationally Determined Contribution (NDC), published Wednesday, pledging a 47% drop by 2035 compared to a 2019 baseline.
EU’s new finance chief says she will stick with green agenda
The EU’s sustainable finance policy for the next five years will focus on implementing legislation agreed under the European Green Deal, said the EU’s commissioner-designate for financial services during a confirmation hearing on Wednesday.
New EU environment commissioner expresses support for developing nature credits
The newly confirmed EU environment commissioner at her hearing with the European Parliament on Tuesday evening said she will explore ‘well-designed’ nature credits during her tenure at the European Commission.
London Underground air to heat UK capital, save emissions in £1-bln scheme
Warm air from the London Underground could be used to heat homes in the heart of the UK capital in a new £1 billion scheme that is expected to create 500 jobs and save 75,000 tonnes of CO2 every year.
BRIEFING: UK agriculture must rethink land use balance to meet net zero, weather global shocks
Big changes are needed in the UK’s agri-food system to reach net zero emissions and improve resilience to global shocks, including on carbon audits and reducing livestock numbers.
Euro Markets: EUAs drop for fifth time in six days despite afternoon rally as market digests election result
European carbon prices fell for the fifth time in the last six days on Wednesday as early selling across energy markets on the back of the US election outcome gave way to a general afternoon rally, after positioning data showed investment funds had cut their bearish bets on carbon to the lowest in nine weeks.
AMERICAS
Brazil’s Para to launch $44 mln forest restoration concession -official
The environmental secretary of Brazil’s Para said the state will launch at COP29 a R$250 million ($44 mln) concession for the restoration of 10,000 hectares of forest with the intention of generating carbon credits.
Colombian afforestation projects often use non-native species, unsuited ecosystems -study
A peer-reviewed study of dozens of afforestation, reforestation, and revegetation (ARR) projects in Colombia has found that while they have removed over 100 million tonnes of CO2, afforestation often uses non-native species or situates projects in ecologically inappropriate biomes.
California climate disclosure laws survive legal challenge from US business lobby
In a lawsuit filed by an association of US business groups against California’s climate disclosure rules, a US district court ruled in favour of the state on Tuesday, but the case remains active in pursuit of more evidence.
US-based carbon registry posts update to its methodology combatting ozone-depleting gases
A US-based carbon registry has posted changes to its methodology for earning voluntary carbon credits from transitioning to advanced refrigeration systems.
ASIA PACIFIC
Indian carbon project developer taps into the US market, targets aviation sector
An India-based carbon credit developer and supplier has teamed up with a local partner to tap into the US market, targeting potential clients from the aviation sector.
VOLUNTARY
INTERVIEW: Carbon markets could shore up finance for Africa, but not at $10/t -economist
The voluntary carbon market (VCM) offers an opportunity to raise climate finance in Africa, but more needs to be done to raise the price of carbon and quell the volatility in order to unlock value on the ground, according to a high-profile African economist and former minister.
Gold Standard consults on multiple key carbon crediting documents
Gold Standard has opened consultations on multiple guiding documents relating to carbon crediting projects this week as the registry builds on recent approval obtained from the UN to supply the current phase of the CORSIA international aviation offsetting scheme.
Amazon’s climate fund backs new peatland standard in Ireland
US e-commerce giant Amazon will support a new voluntary certification programme in Ireland aimed at restoring 700,000 hectares of degraded peatlands that could avoid up to 2 million tonnes of CO2 emissions annually.
New GCF policy to channel ‘hundreds of millions’ into REDD+
The Green Climate Fund’s (GCF) recently adopted policy on REDD+ results-based payments could drive “hundreds of millions” to developing nations, the organisation said this week.
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.
Carbon standard unveils first nature stewardship credit pilots
A carbon standard will pilot its methodology for nature stewardship credits across two sites in Canada and Zambia, with plans to onboard additional projects in the coming months, the company told Carbon Pulse.
Non-profit launches nature impact assessment tool for financial institutions
A Switzerland-based non-profit on Thursday launched a free tool designed to help financial institutions assess their nature-related impacts.
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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.
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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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
Meanwhile in Germany – Germany’s ruling three-party coalition government collapsed on Wednesday evening after Chancellor Olaf Scholz sacked Finance Minister Christian Lindner of the Liberal Party (FDP), amid persisting disagreements over spending priorities, Politico reports. This leaves Scholz’s Social Democratic party (SPD) and the Greens short of a majority in Parliament to pass the 2025 budget. Earlier in the day, Lindner had recommended holding snap elections as a solution to the budget impasse, a proposal Scholz had rejected, Reuters reports. The move forces Scholz to call for a confidence vote, which he said would take place on Jan. 15. If, as is likely, Scholz loses that vote, a snap election is set to take place by March. “All too often, Minister Lindner has blocked laws in an inappropriate manner,” said Scholz in a statement. “Too often he has engaged in petty party-political tactics. Too often he has broken my trust.” Lindner and his FDP insisted that the German government stick to strict spending rules and cut taxes, even as his left-wing coalition partners wanted to maintain social spending and boost German industry through economic stimulus.
Farmers fear CBAM – Farmers worry that the arrival of the UK’s Carbon Border Adjustment Mechanism (CBAM) in 2027 for sectors including fertilisers will harm the country’s food production, causing a continued decline, the BBC reported. The CBAM fee on imports of fertilisers will create an extra tax for farmers that will be passed onto food prices, not a “golden age” of domestic fertilisers, farmers said.
Boosting CO2 removals in EU – The Negative Emissions Platform (NEP), an industry-led body, released a paper on Wednesday highlighting the economic potential for carbon removals (CDR). By 2050, the CDR sector is projected to grow into a €1 trillion per year industry, with the EU potentially capturing a quarter of that growth, the paper says, citing a McKinsey report. For Europe, this would translate into €220bln per year by 2050, and create 670k jobs. But to realise this potential, Europe must scale up projects now, the paper argues, saying some CDR technologies like Direct Air Capture (DAC) need longer development cycles. For CDR to be successful, the paper says three things are needed: 1) Supply, involving assessments by EU countries of their potential for CDR; 2) Demand, including the creation of compliance markets; and 3) Regulation to foster both demand and supply of CDR, robust rules on measurement, reporting, and verification (MRV), as well as rules to address mitigation deterrence.
This or that? – The Azerbaijani government is discussing implementation of either a carbon tax or an emissions trading system (ETS), Huseyn Huseynov, an official at the Ministry of Economy, has reportedly said. The selection of one over the other will depend on data-driven analysis, he added. The pronouncement comes on the heels of another comment last week by Deputy Economy Minister Samad Bashirli, who said that the country is debating the introduction of a carbon tax. Azerbaijan will have “no choice” but to follow suit if other countries put carbon taxes in place, he said, to address new global realities. Azerbaijan will host COP29 next week.
INTERNATIONAL
IETA report on Art. 6 – More than 70% of companies see uncertainty from UNFCCC negotiations as a key challenge for Article 6 implementation, according to IETA on LinkedIn. Its new report on the topic will be published on Nov. 13 and should send a strong signal for country negotiators to move towards constructive agreements and conclusion of outstanding Article 6 matters, wrote Bjorn Fonden, international climate policy advisor at IETA. The findings also suggest that companies are willing to pay significant premiums for correspondingly adjusted ITMOs and Article 6.4 MCUs compared to other carbon credits.
Trade measure backlash – The BASIC group of nations – Brazil, South Africa, India and China – has proposed an agenda item for COP29 to address “concerns with climate-change related unilateral restrictive trade measures”. The submission to the UN says these trade measures “under the guise of climate objectives represent a systemic concern with disproportionate effects on developing [countries]”. “Such measures increase the cost of worldwide climate action, hinder the efforts of developing countries to advance their climate commitments and ambition, undermine the basis of multilateral cooperation and contradict” UN climate agreements, the text adds. The submission does not mention specific policies, but BASIC has criticised the EU’s plan for a Carbon Border Adjustment Mechanism (CBAM), as well as certain provisions contained in the US Inflation Reduction Act (IRA). The BASIC proposal is likely to be fiercely resisted by the EU and the US. Canada, Australia, and the UK are among the countries considering their own carbon trade levies. (Climate Home News)
ECA alignment – Perspectives Climate Group has launched a New Best Practice Guide for Export Credit Agencies (ECAs) to align with the Paris Agreement, available here. It recommends all ECAs in the OECD and beyond to implement best practices across five Paris alignment dimensions: transparency, fossil fuel exclusion, mitigation, climate finance, and engagement. The report highlights that historically ECAs have been infamous for their fossil fuel support, but there are signs of some positive change, with the ECAs of Finland and Sweden Paris-aligned already, it noted. Paris Alignment means that the ECA is aligned on the five dimensions previously stated.
6.4 and cooking – A new report by MECS programme highlights the connection between developments in the Paris Agreement Article 6.4 Crediting Mechanism provisions with the just transition considerations in the modern cooking space. The report firstly defines the different related tenets of energy justice, and secondly, related Article 6.4 provisions and carbon market practices are analysed to explain existing provisions as well as recommend possible opportunities to enhance these identified justice considerations. Full report here.
ASIA PACIFIC
Warning – South Korea’s central bank has warned that unless the nation tackles the climate crisis, its economy will shrink 21% by the end of the century, according to KBS. The impact of the climate crisis is expected to grow more severe after 2050, with the gross domestic product (GDP) falling by 21% compared with its performance in a baseline scenario, the bank said in a report released this week. The country must accelerate investments in low-carbon technology development and commercialise GHG reduction technologies across its manufacturing sector to mitigate these risks, the report said.
AMERICAS
Changed outlook – US clean energy stocks fell in pre-market trading in New York after Donald Trump won a second term as US president, with solar firms especially suffering — Sunnova Energy dropped more than 23%, while First Solar and green hydrogen equipment maker Plug Power each fell around 14%. The president-elect has vowed to take aim at US offshore wind efforts and has also promised to lift restrictions on domestic fossil-fuel production. He also plans a wide array of tariffs on imported goods, which could drive up inflation and eventually lead the Federal Reserve to raise interest rates, making renewable investments more expensive. However, clean energy tax and investment credits are expected to stay by analysts since they are widely appreciated. Trump’s sweep to victory adds to the slowdown in many energy transition themes already evident in 2024, according to research company Thunder Said Energy. Offshore wind is seen as more at risk than other renewables as such farms require federal approvals, yet it’s still possible that the renewable power industry could expand significantly under Trump, as it did during his first term in office. (Bloomberg)
Here to hear – Judge Neomi Rao, a Trump-appointed judge who refused to halt the US Environmental Protection Agency’s (GHG) greenhouse gas rule for the power sector, will be part of a three-member panel that will hear oral arguments over the regulation on Dec. 6. The rule requires existing coal and natural gas power plants to reduce emissions by 90% by 2032 in order to operate past 2039, whether through carbon capture and sequestration (CCS), retirement, limiting output, or conversion to other sources. Implemented in April, West Virginia led some 25 Republican states in challenging the mandate. Rao will join Chief Judge Sri Srinivasan and Judge Brad Garcia to hear arguments on the rule at the US Court of Appeals for the District of Columbia Circuit. Rao was part of a separate panel of judges in July who rejected requests from Republican-led states and industry to freeze the EPA rule limiting emissions from the nation’s second-largest greenhouse gas source pending the outcome of a legal challenge against the regulation. (E&E News)
Thinking out loud – California’s carbon market watchdog, the Independent Emissions Market Advisory Committee (IEMAC), discussed working drafts of its annual report chapters on California’s cap-and-trade programme during a committee meeting Wednesday. Members discussed how to communicate the function of offsets in the programme; market design features in anticipation of allowance prices moving higher; how to encourage implementation of the state’s CCS law, SB 905; considerations for carbon removal with respect to concerns around mitigation deterrence, energy use, and compliance obligations; and how to communicate modelling of potential impacts on gasoline prices. The report is scheduled for Dec. 20 for public comment, which was expedited in anticipation of cap-and-trade programme reauthorisation talks come the new year.
VOLUNTARY
Big in biochar – BluMountain, a joint venture between BluSky Mountain and Red Mountain Biochar, has struck deals to create biochar projects in the US and Tanzania. The company has entered into another joint venture with Neutralizing Environmental Trash to create a biochar project in Orlando in the US that will remove an estimated 50,000 tonnes of CO2. BluMountain has also signed a Letter of Intent with Carbon Market Exchange for biochar production in Tanzania. The LOI is structured such that BluMountain would receive 66.67% of any net profits, and CMX would receive 33.33%, subject to adjustment if CMX fails to secure a formal deal with the regional growers’ association or does not otherwise fulfill its contractual obligations, as reasonably determined by BluMountain. In Tanzania, CMX already has a project which encompasses over 2.6 million acres of agroforestry, coastal ecosystems, and coral reefs.
Refrigerant leaks – Verra has released a new version (v1.2) of Verified Carbon Standard (VCS) Methodology VM0001 Refrigerant Leak Detection, which constitutes a minor revision to VM0001, v1.1. VM0001 quantifies the GHG emission reductions generated by reducing leaks of hydrofluorocarbon (HFC) refrigerants from commercial refrigeration systems in the US. The latest update includes a wider range of eligible technologies, making it usable by more projects.
Argentina landfill – Climate Action Reserve kicked off development of its Argentina Landfill Protocol on Wednesday, which will provide guidance on how to quantify, monitor, report, and verify greenhouse gas emission reductions associated with installing a landfill gas collection and destruction system at a landfill located in the country. A kickoff webinar in Spanish will take place on Nov. 27.
Extended comment period – Cercarbono has extended the public comment period for Version 2.2 of the Methodology M/WM-SW001—focused on high-integrity carbon credits from landfill biogas projects. The new deadline is Nov. 15 and feedback can be shared here. This update supports both new and modified projects aimed at reducing GHGs through biogas destruction or renewable energy use.
J-REDD joining together – With financial support from the Walmart Foundation, the Brazilian state of Mato Grosso has partnered with research organisation Earth Innovation Institute on a project to support cattle and soy sectors across the state to design a programme of incentives based on carbon credits, according to a recent press release. Farmers, Indigenous groups, and rural stakeholders will be able to opt into the pilot and receive revenues for maintaining and restoring native vegetation in areas in ways mandated by Brazil’s Forest Code. The project seeks to strengthen the state’s under-development J-REDD programme, and also is expected to generate the first credits under the programme. Mato Grosso is home to ecosystems that include the Amazon rainforest, Cerrado savannas, and Pantanal wetlands.
NBS tools consultation – The public consultation is now open for the Global Carbon Council’s Nature-based Solutions (NbS) tools, which are designed to estimate GHG emission reductions and carbon stock changes from NBS project activities. The consultation period will run from Nov. 6 to Dec. 5 and the tools can be reviewed here. More details here.
Removals report – The World Business Council for Sustainable Development (WBCSD) has launched a report: Carbon Dioxide Removal and the Journey to Net Zero: A Call to Action for Business, in partnership with Climeworks, available here. The publication looks at the carbon removal strategies of 16 organizations across sectors such as shipping, retail, tech, and consumer goods to provide a framework based in real-world examples. It highlights the business case for removals and the opportunity to manage risk by acting early on. There is also a webinar on Dec. 3 here.
INVESTMENT
Mind the gap – Social enterprise One Acre Fund has released new figures estimating the substantial investment needed to support smallholder farmers in building resilience against climate change. The organisation calculates that supporting the world’s 511 million smallholders, farming less than two hectares each, would require $153 bln annually, with only $2 bln currently reaching them, revealing a $151 bln financing gap. One Acre Fund claims that bridging this gap could generate $403 bln in value through increased yields, revenue, and environmental benefits. The analysis, released ahead of COP29, compares two adaptation packages. The “Essentials” package, at $47 bln globally, offers basic support but generates $73 bln in impact. The “Thrive” package, providing comprehensive adaptation tools such as advanced agronomy and extensive insurance, would yield far greater returns. The report highlights that while smallholders, many of whom work with degraded soils, are highly vulnerable to climate impacts, they can also be instrumental in combating climate breakdown with the right support. One Acre Fund is calling on world leaders at COP29 to increase climate finance for smallholders, stressing that scaling up proven climate solutions among smallholders could yield both economic and environmental benefits.
AND FINALLY…
Greener football – The UEFA EURO 2024 ESG report highlights the results of a €29.6 mln investment in a sustainability and data-driven approach. The tournament’s investment went towards implementing over 120 sustainability actions, such as providing more public transport, which minimised air travel, reducing waste, and established the first-ever €7 mln Climate Fund to support 272 sustainable infrastructure projects for amateur clubs and regional associations across Germany. Overall, these measures led to a 21% reduction in carbon emissions compared with initial forecasts and a 36% reduction in waste compared to EURO 2016.
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