Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here
Come COP with us – Take a 14-day Free Trial of our news and intelligence to coincide with COP29 (Nov. 11-22). Register to get full coverage from our 12-person team of reporters in Baku. If you’ve already trialled our content but want to take a second look, email us at sales@carbon-pulse.com to reactivate your login before Nov. 24. Some restrictions apply.
Subscription offer – We’re offering new subscriber organisations 15 months of access to our news and intelligence for the price of 12. Purchase an Annual Subscription by Dec. 20, 2024, and get 3 extra months for free. Have we recently quoted you a price? Our 15-for-12 offer applies to that too, if you purchase your subscription by Dec. 20. Email sales@carbon-pulse.com to inquire.
TOP STORY
COP29 presidency secures early Article 6 outcome as parties approve carbon crediting standards
Azerbaijan’s COP29 presidency secured an early endorsement of key methodological standards under Article 6 during Monday’s opening plenary, driven to action by two years of failure at the annual UN climate summit to move forward on the Paris Agreement’s carbon crediting mechanism.
COP29
Envoy Podesta confident of continued US climate action under Trump presidency
US climate envoy John Podesta acknowledged the election of Donald Trump as “disappointing” for climate action, but remained steadfast in continued private sector and subnational-led efforts to reduce emissions at COP29 on Monday.
Brazil announces new UN climate target, targets 59-67% emissions cut
COP30 host Brazil has announced a new UN climate plan that aims to reduce net greenhouse gas emission by 59-67% in 2035, compared to 2005 levels.
BRIEFING – Article 6.2 advice wants distinct registries with synced-up reporting
Initial recommendations for a joint Article 6.2 Crediting Protocol between Singapore, Verra, and Gold Standard advise synchronised, detailed reporting and credit traceability between UN, national, and private carbon registries – but avoid consolidation, giving each a distinct role.
CORSIA credit approval details ‘a moving target’, Verra CEO says
Further details from the UN aviation body ICAO on its voluntary credit approvals is unlikely to be published until the end of the month at the earliest, according to Verra’s CEO, making it hard to say when eligible credits are likely to appear and from what countries.
‘Terrible’ demand for carbon credits needs fixing, Bhutan PM
The demand for carbon credits in the international voluntary carbon markets is terrible and needs to be fixed, the prime minister of Bhutan said at a panel discussion on the first day of COP29 in Azerbaijan on Monday.
INTERVIEW – China has been more helpful than Europe in green cooperation, says Bahamas
The Bahamas envoy to the COP29 UN climate summit has called out Europe for seeking “business as usual” commercial relationships in bilateral green development talks, saying cooperation with China has yielded more results, particularly in areas like electric mobility.
Host Azerbaijan’s state oiler sees three-fold increase in oil and gas deals struck in the lead up to talks
The state-owned oil company (SOCAR) of COP29 host Azerbaijan has made some $8 billion of deals with foreign firms in the year leading up to the talks, according to analysis published Monday.
UN regional centres helping to build global Article 6 capacity
UN Regional Collaboration Centres (RCCs) channelling funds from the Clean Development Mechanism (CDM) have played a key role in developing notable Article 6 and carbon pricing initiatives in the Global South, with ongoing projects expected to yield further concrete outcomes in the near and medium term.
Roundup for Day 1 – Nov. 11
It is Day 1 at COP29 as some 50,000 diplomats, observers, and other stakeholders descend on Baku, Azerbaijan. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (GMT+4).
Come COP with us – Take a 14-day Free Trial of our news and intelligence to coincide with COP29 (Nov. 11-22). Register to get full coverage from our 12-person team of reporters in Baku. If you’ve already trialled our content but want to take a second look, email us at sales@carbon-pulse.com to reactivate your login before Nov. 24. Some restrictions apply.
EMEA
FEATURE: The risks facing EU CO2 storage and how to manage them
The EU does not have a single operational CO2 storage site, but the ambition of storing 50 million tonnes of CO2 a year from 2030, and while oil and gas operators are likely to be responsible for delivering the target, they have less than a year, until June 2025, to confirm how many tonnes they will store and where.
Electrification push threatens climate resilience, says Belgium system operator
The political push to massively electrify energy systems risks making them more vulnerable to climate change, said the chief transition officer of the Flemish distribution system operator (DSO) at an event in Brussels.
Euro Markets: EUAs fall away late to post modest loss as gas, power rise near multi-month highs
European carbon prices started the week brightly, catching a boost from rising gas and power but failing to hold on the full extent of the increase as EUAs traded either side of Friday’s settlement before dipping at the close.
Veteran carbon trader joins new London-based energy transition investment firm as partner
A veteran carbon trader has joined a London-based energy transition investment firm as partner, Carbon Pulse has learned.
AMERICAS
RGGI Market: RGAs briefly recapture $24 through US election week, revert lower
RGGI Allowances (RGA) rallied briefly back above $24 post US election results last week, but gave back some gains as market focus returns to clarity on proposed programme changes.
US lawmakers propose tax credit extension for second generation biofuels
A bipartisan trio of US House Representatives on Friday introduced a bill to extend a biofuels tax credit by a year as producers await guidance on a key incentive.
Investors announce $100-mln expansion of Colombian nature-based project
Two investors on Monday announced they had put an additional $100 million into a Colombian project to earn carbon removal credits from restoring degraded land.
LATAM Roundup: Brazilian bonanza in carbon markets as COP29 begins
A barrage of developments has come out of Brazil in the week ending Nov. 10 as carbon market observers wait with bated breath for congressional ETS approval this week, setting the stage for a dynamic first week at COP29 in Baku, Azerbaijan.
Colombian carbon industry groups dispute peer-reviewed study’s ARR claims
Colombian carbon body Asocarbono and the National Federation of Timber Industries (Fedemaderas) have rejected a peer-reviewed study criticising Colombia’s afforestation, reforestation, and revegetation (ARR) projects.
ASIA PACIFIC
China passes first-ever energy law, backs development of renewables and hydrogen
Chinese legislators have passed the country’s first energy law, giving additional legal clout to the development of renewable energy and hydrogen.
Germany’s Pyreg takes biochar tech ‘down under’ via partnership
German technology firm Pyreg, which specialises in carbonising organic waste into biochar and renewable energy, is set to make its debut in Australia through a collaboration with the North West Hub Alliance, an infrastructure group involving John Holland, KBR, and Stantec.
VOLUNTARY
VCM Report: Baku bump lifts spirits after Trump election, liquidity improves in Q4
News of the COP29 presidency securing an early Article 6 outcome during Monday’s opening plenary session lifted spirits in the voluntary carbon market, which had been left uneasy by last week’s election of Donald Trump to the White House despite improving liquidity amid a typical fourth quarter pick-up.
INTERVIEW: Cercarbono confident on CORSIA, CCP approval, tests water with new circular economy programme
Colombia-based carbon standard Cercarbono is still working hard to obtain approval for Phase 1 of the CORSIA international aviation offsetting scheme and expects to receive assessment results from the ICVCM for its Core Carbon Principles (CCPs) by the end of the year, while it has also launched a circular economy programme with a first project in Bangladesh.
Researchers work with Verra to evaluate forest carbon leakage in IFM projects
Economists and forestry researchers are working with Verra to develop a framework to better account for the full extent of forest carbon leakage in Improved Forest Management (IFM) projects, including the market-based responses of the global timber market.
INTERNATIONAL
National renewable targets fall far short of global capacity goals -report
National renewable targets will lead to a doubling of global capacity by 2030, far from the goal of tripling the total that was agreed one year ago at the COP29 climate conference.
Developed countries should take on extra carbon reduction, removal onus on top of national targets -researchers
With the global carbon budget for a 1.5 C rise in temperatures set to be exceeded, researchers have floated the idea of assigning rich countries responsibility for extra emissions reductions and carbon removals in addition to achieving their own national targets.
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.
New compliance markets needed to scale nature investments in the UK, think tank says
New and broader compliance nature markets are needed in the UK to meet the 2030 biodiversity target, as voluntary schemes and existing regulations are not sufficient to drive business investment, a London-based think tank has said.
Chinese protected areas cover just half of priority conservation sites, study says
Approximately half of China’s protected areas (PAs) overlap with priority sites for species preservation, indicating high potential for enhancing conservation efforts across the country, according to a new paper.
—————————————————
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.
—————————————————
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.
—————————————————
MONDAYS – Job listings this week
- *Asia-Pacific Environmental Markets Correspondent, Carbon Pulse – Remote
- Sustainability Advisor, Viresco Solutions – Canada
- Carbon Project Manager, Climate Forest – US
- Carbon Project Manager, Climate Forest – Canada
*Premium listings
See all listings or post a job
—————————————————
SUBSCRIPTION OFFER
We’re offering new subscriber organisations 15 months of access to our news and intelligence for the price of 12. Purchase an annual subscription by Dec. 20, 2024, and get 3 extra months for free. Have we recently quoted you a price? Our 15-for-12 offer applies to that too, if you purchase your subscription by Dec. 20. Email sales@carbon-pulse.com to inquire.
—————————————————
BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Factored in – ICAO has published the CORSIA annual Sector’s Growth Factor (SGF) in a document dated Oct. 31. The SGF is used by each participating state in the calculation of the annual amount of CO2 emissions required to be offset, by each aeroplane operator attributed to it, prior to consideration of the CORSIA eligible fuels, the document read. Total 2023 CO2 emissions for all state pairs subject to offsetting requirements stood at just over 330 mln tonnes. Total 2019 CO2 emissions for all state pairs subject to offsetting requirements in the year 2023 stood at just over 351 mln tonnes. Carbon Pulse plans to analyse and cover in more depth the implications of this publication for Phase 1 (2024-26) in the near future.
Green investments – Voters in 10 major economies, representing 25% of the global population, prioritise clean energy investment, according to a poll by the Global Renewables Alliance. Citizens in countries including France, Germany, India, and the UK placed green tech among their top priorities for government investment, with Brazilian respondents ranking it first. Based on the findings, the alliance recommends clear renewable targets, streamlined permitting, and robust NDC frameworks to attract private investment and meet the COP28 renewables tripling goal.
Socially just markets – A report by the International Labour Organization (ILO) highlights the importance of designing carbon markets to ensure they take account of a just transition, so they don’t exacerbate existing inequalities or create social risk. It mentions the possibility of SMEs and informal workers not having capacity to participate in the carbon market and that job losses may occur in carbon-intensive industries without commensurate job creation. To counter any negative impacts of carbon markets and harness their positive potential, governments together with industry bodies need to work collaboratively to establish frameworks that prioritise a just transition for all, it says. This could include channelling funds from carbon markets to positive social impacts and developing policies that ensure robust social dialogue and ensure that Indigenous Peoples receive adequate compensation from stewarding nature.
EMEA
Renewed commitment – Senegal is expected to recommit to its €2.5 bln Just Energy Transition Partnership (JETP) deal to reduce reliance on fossil fuels as early as this month’s COP29 in Baku, according to France’s state development bank, a key funder. Negotiations over the pact had been slowed by a change of government in the African nation this year, but commitment to the deal, possibly in the form of an investment plan, is now expected. Bassirou Diomaye Faye is expected to announce support for the project if his party and the prime minister he appointed, Ousmane Sonko, wins parliamentary elections on Nov. 17, said Remy Rioux, CEO of France’s state development bank. The investment plan would lay out how Senegal plans to boost the share of renewable power in its energy mix. If confirmed, the deal would see the money flow from France, Germany, the EU, the UK, and Canada over the next five years. It would add to similar JETP agreements signed with South Africa, Indonesia, and Vietnam. (Bloomberg)
Combine goals – European researchers at PIK, in collaboration with KfW bank, will urge for the inclusion of removals in compliance carbon mechanisms, in a new paper to be launched at COP29. The discussion paper outlines the option of integrating carbon removals into the EU ETS, for example. Promotional banks like KfW could play a crucial role in advancing market development by launching early purchase programmes and assuming risk, it states. For example, ‘clean-up certificates’ can create incentives for private-sector demand in the early stages of the new market, the researchers argue. Instead of paying money up-front for a conventional emission allowance, companies would use this new instrument to commit to having the CO2 removed from the atmosphere at a later date – preferably using new, high-quality processes such as air filter systems or artificially accelerated weathering of rock. The discussion paper classifies the retrieval and storage of CO2 as the third pillar of climate policy, alongside rapid emission reduction towards zero, and adaptation to climate change. Targeted government support will also be needed, as well as new EU institutions to oversee the sector. The paper is due to launch on Nov. 14 at the UN climate summit.
Free handouts – Between April 1 to June 30, 2025, all installation operators within scope of the UK ETS are required to submit data to their regulator ahead of the next allocation period, according to an update published by the British carbon market authority Monday. This data collection period is also used as the application window for free allocation and for Hospital or small emitter (HSE) and Ultra-small emitter (USE) status. The baseline data collection is an essential part of the free allocation application, the UK authority said. Failure to submit this report by the deadline will result in an operator not receiving free allocation at any point during the second allocation period.
ASIA PACIFIC
Partnership – Indonesia and China have inked $10 bln in deals covering sectors including food, renewables, technology, and biotechnology, according to Reuters. The two countries have agreed to enhance collaboration in fields such as new energy vehicles, lithium batteries, photovoltaics, and the digital economy. They also pledged to strengthen their partnership on the global energy transition and jointly ensure the security of global mineral supply and industrial chains.
Ramping up – The Asian Development Bank will increase its climate-related lending by up to $7.2 bln after the US and Japan agreed to underwrite risk for some existing loans, an ADB executive told Reuters, marking the first ever sovereign guarantees for climate finance. The agency said the new strategy offers a potential template for other development banks to follow as COP29 in Baku focuses on ramping up the amount of finance available to developing nations.
AMERICAS
Legend of Zeldin – President-elect Donald Trump has chosen former Representative Lee Zeldin (R) as the new EPA administrator, pending confirmation. Zeldin, who served in Congress for eight years representing New York and was a known Trump ally, will oversee environmental regulations and support Trump’s agenda to reduce environmental protections and increase energy production. Although a member of climate-focused caucuses, Zeldin holds a low environmental score from the League of Conservation Voters. Trump praised Zeldin’s “America First” approach, while Zeldin pledged to restore US energy dominance and support the auto industry, emphasising environmental protection in air and water quality. (E&E News)
Natural gas stays – Washington voters passed a ballot measure that blocks state and local governments from restricting the use of natural gas. Supporters of Initiative 2066 said this win would help rural communities and small businesses that cannot afford electrifying their heating, Washington Examiner reported on Monday. The Washington Secretary of State updated election results on Saturday to show that 51.6% of voters supported the ballot measure. Through the passage of I-2066, Washington will also prohibit state or local building codes from penalising the use of natural gas. The state utility commissioners will be prohibited from approving multi-year rate plans requiring a natural gas company or utility to terminate natural gas service, or implementing any regulations that would price out natural gas service. Non-profits tried to block the secretary of state from counting signatures to advance the gas restricting measure. That lawsuit was dismissed in August along with a legal challenge to a ballot measure that sought to repeal the state’s cap-and-trade programme, which failed.
ESG accusations – US Securities and Exchange Commission (SEC) today charged Atlanta-based Invesco Advisers, for making misleading statements about the portion of company-wide assets under management that integrated environmental, social, and governance (ESG) factors in investment decisions. Invesco has agreed to pay some $17.5 mln in civil penalties to settle the charges. According to the SEC’s order, between 2020-22 Invesco told clients and stated in marketing materials that between 70-94% of its parent company’s assets under management were “ESG integrated”. However, the percentages included a substantial amount of assets that were held in passive ETFs that did not consider ESG factors in investment decisions, said SEC. The commission’s order also found that Invesco lacked any written policy defining ESG integration. Invesco agreed to cease and desist from violations of the charged provisions, be censured, and pay the penalty without admitting or denying the order’s findings.
VOLUNTARY
Thriving forests – Non-profit Ashden has announced plans to protect or restore one million hectares of threatened forest, through its Thriving Forests programme, funded by The Nature Recovery Project. The initiative is intended to strengthen the work of more than a dozen organisations rooted in forest communities, including some in Cameroon, Democratic Republic of Congo, Gabon, Indonesia, and Peru. Each organisation will receive a grant of between £25,000 and £30,000, as well as development support and promotion from Ashden. The programme will support these organisations to help Indigenous Peoples develop sustainable livelihoods, such as agroforestry and ecotourism, creating climate benefits through carbon sequestration.
Chain reaction – CarbonChain – an AI-powered carbon tracking platform – claims to have become the first carbon accounting platform to enable manufacturers and commodity traders to calculate their emissions using third-party validated methodologies. SGS has independently reviewed and validated these methodologies as aligned with global carbon accounting standards – specifically, the GHG Protocol Corporate Accounting and Reporting Standard and the GHG Protocol Product Life Cycle Accounting and Reporting Standard – the company said in a Monday release.
SHIPPING
Wind in its sails – Maersk Tankers has placed an order for wind-assisted propulsion systems with Bound4blue, with 20 of the company’s 26-meter-high suction sails to be installed on five Maersk tankers in 2025 and 2026. The order will support Maersk’s strategy to improve fleet sustainability, and the sails were chosen in partnership with green technology catalyst Njord, who evaluated a broad range of wind-assisted propulsion systems to ensure optimal environmental and commercial impact for Maersk vessels. The sails are expected to deliver double-digit percentage reductions in fuel consumption and CO2 emissions per vessel, by way of their aerodynamic design. Bound4blue has also received orders from operators such as Eastern Pacific Shipping and Louis Dreyfus Company as the maritime industry seeks ways to reduce its emissions impact.
AND FINALLY…
More oncom to come – An Indonesian culinary staple could be substituted for animal protein while helping to reduce food waste, a Stanford professor found. Chef and bio-engineer Vayu Hill-Maini found that upcycling food waste into protein via fermentation could reducing net animal protein consumption, potentially creating a “massive impact” on the climate, Grist reported on Friday. Hill-Maini’s research would lower waste from plant-based milk production to start by recycling it similarly to the Indonesian process to make oncom, a traditional fried snack made from fermenting soybean pulp.
—————————————————
Subscription offer – We’re offering new subscriber organisations 15 months of access to our news and intelligence for the price of 12. Purchase an annual subscription by Dec. 20, 2024, and get 3 extra months for free. Have we recently quoted you a price? Our 15-for-12 offer applies to that too, if you purchase your subscription by Dec. 20. Email sales@carbon-pulse.com to inquire.
Got a tip? How about some feedback? Email us at news@carbon-pulse.com
