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TOP STORY
BRIEFING: ARB members green light California’s LCFS programme amendments
Members of California’s ARB approved the Low Carbon Fuel Standard (LCFS) programme changes on Friday after hearing hours of public testimony, followed by several hours of debate, and a failed motion that sought to tighten provisions for avoided methane crediting.
VOLUNTARY
DATA DIVE: October sees big jump in retirements of CCP-tagged carbon credits as market awaits next ICVCM decision
October saw a big month-on-month jump in the retirement of credits tagged with ICVCM’s Core Carbon Principles (CCPs) high-integrity label, carbon registry data analysed by Carbon Pulse shows.
Carbon project rating agency incurs heavy losses to fund global expansion
Carbon project rating agency BeZero Carbon made over $20 million in losses in the last financial year, according to publicly available documents, due to the creation of 50 jobs and subsidiaries in the US and Singapore, the company said.
Carbon credit financier goes public with $43-mln boost following merger
A Vancouver-based carbon credits project developer has completed its business combination with a ‘blank cheque’ company, securing an additional $43 million to go public on the US stock exchange.
Buildings sector should focus on carbon use intensity as key metric for green valuations, say experts
For a building’s environmental footprint to be properly factored into its value, the industry needs to galvanise around a single data point, with carbon use intensity a likely forerunner, according to industry experts.
EMEA
‘Watchdog’ EU Parliament delegation heading for Baku
The European Parliament is sending a delegation of 15 lawmakers to the COP29 UN climate summit in Azerbaijan, with the intention to act as a “watchdog” in the negotiations involving EU member states and the European Commission, MEPs said.
Ukraine adopts law to establish national ETS
Ukraine has adopted legislation establishing a national emission trading system (ETS) this week, which will start in 2026 with a two-year pilot phase and will become fully operational in 2029.
Climate spending rift precipitated German govt fall, says Scholz
Opposing views on climate, and the need to ramp up spending on defence and clean energy in the wake of Donald Trump’s election in the US, all played a part in the fall of the German government coalition, Chancellor Olaf Scholz has said.
Euro Markets: Power, gas rally pushes EUAs 6.5% higher on the week, triggers technical buying
European carbon prices extended their late Thursday rally to post a 6.5% weekly gain as power and gas-inspired buying turned into a technical rally as EUAs climbed above key technical levels, as weather forecasts called for lower temperatures in much of Europe.
AMERICAS
Significant GHG abatement in US land sector possible at $30-60/t, but beware imbalance, diminishing returns -study
Investment in cutting emissions from the US land sector, specifically targeting both forestry and agriculture, could see significant annual results based on a carbon price range of $30-60/tonne, a new study has estimated, while calling for a balanced focus and warning of diminishing returns.
CFTC: Traders expand V25 CCA exposure over V24s, tread cautiously into WCA repeal vote
Traders continue to build V25 California Carbon Allowance (CCA) open interest (OI), reducing V24 exposure over the last week, while also trimming Washington Carbon Allowance (WCA) net length ahead of a key programme repeal vote, according to data released Friday from the US Commodity Futures Trading Commission (CFTC).
Canadian materials firm unveils C$23.8 mln for a CO2 capture test project
A Canadian materials producer this month announced nearly $23.8 million in investments to test a novel carbon capture technology at one of its paper mills.
ASIA PACIFIC
BRIEFING: EU’s CBAM brings uncertainty to Chinese exporters, despite planned carbon market expansion
The emergence of carbon border adjustment mechanisms (CBAM) has created a heightened sense of uncertainty among Chinese exporters, despite China’s recent policy progress in expanding its mandatory carbon market, analysts said this week.
New coal boom in Indonesia threatens policy efforts to drive down emissions
Soaring coal capacity in Indonesia is threatening the country’s efforts to drive down emissions, a report published on Friday has found.
India’s climate policies predicted to reduce around 4 bln tonnes of CO2 by 2030
India’s current climate policies are already helping bend its long-term emissions curve and will contribute to the world’s third-biggest emitter reducing its GHG output by almost 4 billion tonnes of CO2e by the end of this decade, research published this week has found.
Indian developer registers Azerbaijan’s first renewable energy project in voluntary carbon market
India’s largest offset developer has registered a renewable energy project in Azerbaijan, making it the first ever large-scale solar project eligible for generating carbon credits in the COP29 host nation.
CN Markets: CEAs extend all-time high, weekly trading volume surges
Prices in China’s national emissions market hit a fresh all-time high again the past week while trading volume surged, buoyed by growing compliance demand, though a newly introduced carryover policy may complicate the price growth outlook.
INTERNATIONAL
Climate finance negotiations at Baku should address developing nations’ unequal access to capital, experts say
The next climate finance commitment needs to address structural problems with the global borrowing framework in order to reduce the cost of capital for developing nations looking to attract investment for clean energy and climate adaptation projects, experts said Friday.
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.
Environment Bank launches large-scale restoration project under its nature shares system
UK-headquartered conservation company Environment Bank has announced a 30-year restoration and rewilding project within over 178,000 hectares of low-yielding land in North Yorkshire, England.
Marine drone startup raises $2 mln to advance seagrass restoration
A San Francisco-based marine drone startup has raised $2 million in pre-seed funding to develop its technology aimed at advancing seagrass restoration.
Report flags surge in corporate nature-related reporting in 2024
Corporate nature-related reporting significantly increased this year among large companies, with disclosures aligned with the Taskforce on Nature-related Financial Disclosures (TNFD) more than doubled compared to 2023, a new report has shown.
DOCUSERIES
Inbetween Stories – Exploring the intersection of technology and climate change
Inbetween Stories, a six-part docuseries by Carbon Pulse reporter Allison Gacad, takes a critical look at the knowledge, capital, and humanity behind Metro Vancouver’s climate solutions, exploring the intersection of technology and climate change. Watch all episodes for free.
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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.
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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Premium job listings
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Explain away – A new paper from the Nature Conservancy on Article 6 implementation has found that one of the major blocks to scaling UN carbon trade is the need for host countries to develop robust frameworks and legislation. This includes balancing the risk of overselling with the desire to scale finance flows. Many of the early-stage transactions and agreements have focused on low-cost mitigation activities, the report also points out, while highlighting multiple case studies on both the supply and demand sides.
Agenda wobbles – Trade issues could disrupt the start of COP29 following news that China has put trade talks on the proposed agenda for the UN climate summit starting next week, Reuters reports. The draft agenda published Friday includes proposals by China for talks on carbon border taxes and other “restrictive trade measures” that Beijing says hurt developing countries. Conference delegates must approve the agenda as their first task on Monday Nov. 11 in Baku, Azerbaijan, but some diplomats say the EU is likely to propose China’s trade talk proposal. That could delay the start of the negotiations — cutting into the time left for the main task of approving the NCQG. China submitted the trade talks proposal on behalf of the BASIC group, which also includes Brazil, India, and South Africa, and has been strongly critical of the EU’s CBAM. The EU has previously said disputes over trade should be addressed at the WMO. One negotiator expressed concern that the BASIC proposal was intended to prevent discussions on cutting CO2 and bolstering finance from advancing at COP29.
Conflicted interests – The CEO of Azerbaijan’s COP29 team, Elnur Soltanov, has been seen discussing “investment opportunities” in the state oil and gas company with a man posing as a potential investor. “We have a lot of gas fields that are to be developed,” he said in a video posted online. A former head of the UNFCCC told the BBC that Soltanov’s actions were “completely unacceptable” and a “betrayal” of the COP process. Soltanov is also the deputy energy minister of Azerbaijan and is on the board of Socar. His attempts to do business deals as part of the COP process appear to be a serious breach of the standards of conduct expected of a COP official. Oil and gas accounts for about half of Azerbaijan’s total economy and more than 90% of its exports, according to US figures.
EMEA
That’s a stat – A report published Friday by the Norwegian statistics authority has examined the costs and macroeconomic impacts on the Norwegian economy of introducing different GHG emissions targets and target structures for 2035. The Norwegian government is in the process of specifying abatement targets applying to the period between 2030 and 2050 and will submit new pledges to the UN in 2025. The study also included detailed analysis of different carbon pricing regimes, such as the EU ETS and the country’s carbon tax system.
Tender time – The Department for Energy Security and Net Zero (DESNZ) has opened a new tender for a provider of the UK ETS auctioning platform – a contract currently held by ICE Futures Europe. The new agreement will begin in Jan. 2026, with an estimated 52 mln allowances set to be auctioned annually through bi-weekly auctions. The selected auction provider must ensure the platform complies with UK regulations, offers secure and user-friendly services, and facilitates small and medium enterprise (SME) participation. Prospective bidders must hold specific financial accreditations, including “recognised investment exchange” (RIE) status, and be authorised as a “recognised auction platform” by the Financial Conduct Authority (FCA). The procurement allows time for applicants to achieve the required statuses if they don’t already hold them. DESNZ is conducting a market engagement via a questionnaire to gauge supplier interest and gather insights into potential concerns or suggestions before a formal tender is issued. Suppliers must indicate their intent to bid and their accreditation status by Nov. 22, 2024. This engagement is not a competitive process but aims to inform DESNZ’s final procurement approach.
ASIA PACIFIC
ANZ, MIA – Fresh from slating National Australia Bank for cutting fossil fuel lending but not pushing companies to lower Scope 3 emissions, activist investor group Market Forces is lambasting ANZ, another large bank, for not releasing its climate plan when supposedly due. Its Big Four peers NAB, Westpac, and Commonwealth Bank have cut their own cash to these companies and released their plans. On Thursday NAB revealed it had reduced fossil funding by A$570 mln ($378 mln) within its Climate Plan, released in tandem with its annual general meeting presentation. “It’s very concerning that ANZ has delayed release of its annual and climate reports, investors expect more and it’s not appropriate industry practice,” Market Forces Senior Bank Analyst Kyle Robertson said.
SAF takes a step – Australia’s top science agency CSIRO said Friday its product designed to increase the oil yield from plants to improve the production of bio-oils and in particular sustainable aviation fuel (SAF) has been acquired by Nufarm. The Biomass Oil Project will be led by Nufarm, CSIRO said. While oils from plants are produced by their seeds and fruits, CSIRO scientists have looked at extending that to the biomass of the plant, including the leaves and stem. The Australian government has been working to develop SAF given the amount of air travel in the vast nation.
Market incoming – Uzbekistan plans to build a regulatory framework to develop the country’s carbon market, local media reported Friday, citing Uzbekistan’s Deputy Minister of Energy Umid Mamadaminov. Uzbekistan aims to establish a pricing mechanism for carbon emissions while setting up market regulations by the end of the year. According to the minister, Uzbekistan has installed more than 1 GW of solar panels nationwide. Under the Paris Agreement, the country has also committed to reducing greenhouse gas emissions by 35% by 2030. “We are integrating renewable energy sources to achieve this goal. We are also actively working on energy efficiency reforms, particularly for large industrial enterprises and households, to ensure more efficient energy use by consumers,” he said, according to Xinhua. Uzbekistan, which received a $46.25 mln World Bank grant last summer for the Innovative Carbon Financing for the Transformation of Uzbekistan’s Energy Sector (iCRAFT) initiative, aims to reduce CO2 emissions by 60 Mt, with 2.5 mln set for purchase under the project and the remainder available for sale in international markets.
Carbon Academy – Singapore’s Nanyang Technological University will host the Carbon Markets Academy of Singapore (CMAS), the Straits Times reported. The NTU plans to train 300 sustainability professionals in how to navigate the world of carbon markets and carbon credits by 2027. It will offer modules and post-grad courses to help its students develop carbon projects and learn how to measure and report emissions. Singapore has a carbon market and allows its emitters to source 5% of needed credits from overseas. It has a series of Article 6 agreements signed with partner nations, the first with Papua New Guinea at COP28 in Dubai last year.
Nuke net-zero – If the conservative Coalition wins the next Australian election in 2025 it may cancel the country’s net-zero goals, the ABC has reported. The Coalition is made up of the Liberal party and the Nationals, which traditionally represent rural areas. The national broadcaster said Nationals like Matt Canavan are already looking at rolling back Australia’s climate targets, especially since Donald Trump’s win this week. The Coalition has been clear it plans to extend the life of existing coal stations even further until an entirely new nuclear fleet is built.
AMERICAS
Keep on coal – Power generator Duke Energy said it would consider shifting its coal plant conversion plans should President-Elect Trump follow through on his promise to terminate the Environmental Protection Agency’s power plant rules, Bloomberg reported Thursday. CFO Brian Savoy said that the pace of the energy transition could change under a Trump Administration, and would specifically re-examine its plans to convert its Indiana coal-fired plants to also run on natural gas.
Short on SAF – Chilean airline LATAM and Mexico’s Aeromexico are considering alternatives to sustainable aviation fuels (SAF) due to the higher costs and short supply in Latin America, Reuters reported on Friday. The airlines are rolling out AI programmes to monitor fuel usage efficiently to bring emissions down. LATAM’s Mexico head, Diana Olivares, said SAF production in Mexico and Paraguay could benefit from plentiful sugarcane supply. Paraguay’s first SAF plant, from Brazilian biodiesel producer ECB Group and US manufacturer Honeywell, is expected online in 2025.
AND FINALLY…
Growing threat – Over three-quarters of people believe climate change is a serious threat to the UK, according to a survey by the University of Leeds, published Friday. Almost 20% of respondents included climate change in the top three most important issues facing the country today – below economic issues and healthcare but above housing, crime, and education. Researchers surveyed a representative sample of almost 2,000 UK citizens in Spring 2023, following the record-breaking temperatures of Summer 2022. Almost 70% said the UK is already feeling the effects of climate change and nearly one in 10 said they had experienced flood damage to their home.
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