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TOP STORIES
Brazil’s Senate overcomes long-standing impasse, approves national ETS legislation
Brazil’s Senate voted Wednesday to approve landmark national ETS legislation, overcoming a year of negotiations to pass a cap-and-trade scheme set to be the largest in Latin America.
Brazil second country to submit new NDC round, aims to cut emissions by two-thirds
Brazil submitted its nationally determined contribution (NDC) plan that entails reducing emission by up to two-thirds to the UNFCCC at COP29 on Wednesday, but observers cautioned that the country needs to take steps to ensure its ambitions are met.
Brazilian state signs J-REDD+ credits deal with environmental management firm
A Brazilian state government has entered into an agreement with an environmental management firm to commercialise Jurisdictional REDD+ (J-REDD+) carbon credits while boosting sustainable investments and supporting local communities within the Amazon region.
COP29
Companies willing to pay “significant” premium for Article 6 carbon credits, finds survey
A survey of over 100 companies has underscored the willingness of investors in carbon markets to pay strong premiums for Article 6-aligned credits.
“Sprawling” climate finance text leaves little room for compromise
Negotiations over the new global climate finance goal remain wide open after the first COP29 draft dropped on Wednesday, described by observers as a “sprawling” and messy text, despite a subtle sign from China that it may be open to contributing.
Troika emphasises high-level climate ambition despite Azerbaijan president’s remarks
The three presidents making up the so-called Troika on Wednesday urged countries to come up with ambitious new Nationally Determined Contributions (NDCs), despite COP host Azerbaijan yet to release one, and the country’s president declaring its oil and gas resources a “gift of the god”.
BRIEFING – Philippines to finalise national registry basics by year-end, ready carbon market blueprint by Q2 2025
The Philippines government will finalise the basic work on its national registry by the end of this year and will have a final blueprint for its carbon market framework ready by the end of the second quarter of 2025, the head of the country’s delegation to COP29 in Baku told Carbon Pulse.
Carbon market infrastructure will need ‘step-up’ before Article 6 scales, rating agency founder says
There still needs to be a major overhaul of registry infrastructure before trading at scale under Article 6 will begin, according to the founder and CEO of a carbon project rating agency.
Carbon trading in a warzone – Ukraine looks at Article 6 as a stepping stone towards EU ETS
Ukraine can sell its emission reductions through the nascent Article 6.2 international market as it gradually establishes a national carbon trading scheme and pursues a link-up with the EU ETS, experts said on the sidelines of the COP29 summit.
Ghana, Singapore further Article 6 relationship
Ghana has announced a step forward under its agreement with Singapore on carbon markets by operationalising the digital trading and settlement of ITMOs under Article 6.2, according to a Wednesday announcement.
Verra, Amazonas state sign agreement to collaborate on carbon markets
Verra and the government of Amazonas have signed a memorandum of understanding (MoU) Wednesday on the sidelines of COP29 to collaborate on strengthening the Brazilian state’s engagement with carbon markets.
Turkish ETS auctions to start in 2026 – official
Turkiye’s ETS will see installations required to report their emissions in 2025, and purchase allowances in 2026, the country’s deputy director of climate change told Carbon Pulse at COP29, where the country also presented its long-term strategy for how it plans to hit carbon neutrality by 2053.
More than 40% of coral species at risk of extinction, assessment reveals
Over 40% of reef-building coral species are at risk of extinction worldwide, according to a new assessment released Wednesday during the ongoing COP29 climate summit in Azerbaijan.
COP29: Roundup for Day 3 – Nov. 13
It is Day 3 at COP29, the second day of the World Leaders Summit. Parties are beginning to solidify positions on the new climate finance goal, expected to be the headline outcome of this year’s UN climate event, though conflicts are also bubbling linked to the wider, tense political and diplomatic context. 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
EU carbon removal methodologies risk ‘very significant’ over-crediting, warns think tank
Six draft methodologies proposed by the European Commission in October under the EU’s Carbon Removal and Carbon Farming (CRCF) regulation need “considerable improvement” to comply with best practices in carbon crediting, according to a German think tank.
South Africa looks to boost domestic carbon credit use
South Africa is looking to introduce sweeping changes to boost phase two of its carbon tax scheme, mandating a much higher level of domestic carbon credit use under the levy, as it seeks to align its climate policies with the Paris Agreement, a public consultation paper has revealed.
RWE urges gas-fired power plant push in Germany
The finance chief of large German utility RWE has urged Germany to ditch its hydrogen condition for new gas-fired power plants due to near-term capacity needs.
Carbon project developer in Africa surges ahead with Article 6 activities, expects first authorisation letter soon
A developer of clean cooking and clean water projects in Rwanda and Ghana expects to achieve its first letter of authorisation over the next few months to begin trading carbon credits under Article 6.2, and is in advanced talks with multiple international governments, its CEO told Carbon Pulse.
Euro Markets: EUAs shed 1.8% as investment funds cut net short position to smallest in more than a year
European carbon prices dropped 1.8% on Wednesday, with EUAs clawing back some of a 3.2% decline in a late recovery, as the weekly positions data showed that investment funds cut their bearish bets to the smallest in more than a year, while natural gas prices struggled amid reports that additional supply may soon be finding its way to Europe.
AMERICAS
BRIEFING: Washington to plan future EITE allowances without WCI linkage considerations
Washington’s Department of Ecology (ECY) will prepare a number of recommendations for future cap-and-trade allowance distribution to 2050 for its emissions-intensive and trade-exposed (EITE) industries without WCI linkage considerations, staff told an advisory group on Wednesday.
SCOTUS halts attempt to revive youth climate case
The Supreme Court of the US (SCOTUS) this week rejected an effort from youth activists to reopen a lawsuit against the federal government for its alleged failure to address climate change.
US appeals court hears arguments on Washington’s cap-and-trade lawsuit
A US appellate court on Wednesday heard arguments in an appeal of a district court’s ruling against a power producer’s challenge to Washington’s no-cost permit allocation provisions under the cap-and-trade scheme.
Canadian carbon project developer sells 10k offsets to RBC, Microsoft
A Montreal-based carbon removal project developer announced on Wednesday the sale of 10,000 CO2 removal (CDR) credits to its first buyers.
ARB’s latest two-week offset outlay offers under 10% of DEBs
California regulator ARB’s latest issuance of compliance-eligible offsets was the smallest since the end of June with slim pickings of this distribution having direct environmental benefits (DEBs) to the state, agency data released Wednesday showed.
Brazilian oil refiner to produce SAF, RD using industrial hydrotreating technology
An oil refinery based in Rio Grande, Brazil has signed an agreement with a Danish CO2 reduction tech firm to deploy the latter’s hydrotreating technology for the production of sustainable aviation fuel (SAF) and renewable diesel (RD).
ASIA PACIFIC
SK Market: November auction again oversubscribed, spot KAU price increases
South Korea’s latest monthly CO2 permit auction was again oversubscribed with an increase in the clearing price, while sentiment in the spot market continues to improve partly due to the relaxation of the carryover rules.
Japan to soon add DAC methodology to national offset programme
Japan is preparing to add an offset methodology for direct air capture (DAC) projects to its national voluntary J-Credit programme.
Blue carbon credits to help bolster Australian coastal ecosystem restoration project
Australia’s Clean Energy Regulator has registered the nation’s second blue carbon project, which restores and enhances blue carbon ecosystems at a site that is part of a vast network of crucial habitats for migratory birds across East Asia and the Pacific.
VOLUNTARY
Top firms see climate opportunities near $5 trillion, more than double previous estimates
The world’s leading companies are eyeing nearly $5 trillion in potential gains from climate action, more than doubling since 2018, according to analysis released Wednesday.
US-based cleantech firm launches new carbon removal RFP with accelerated, streamlined review process
A US-based provider of sustainable technology solutions on Wednesday launched a new request for proposals for CDR technologies, pledging a smoother and more expeditious experience for applicants.
South Pole appoints new chief risk officer coming from global bank
South Pole has announced the appointment of a new chief risk officer, hailing from a global bank, who will join the company in the new year.
INTERNATIONAL
Oil company emissions progress is stalling, with methane pledges particularly troubling -report
Oil and gas company progress on emissions has stalled for the second year in a row, while corporate strategies for meeting emissions targets are of “questionable credibility”, a report published Thursday has found.
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.
Plastic credits ‘false solution’ as UN talks edge closer, says UK non-profit
A UK-headquartered biodiversity conservation organisation has urged countries not to back crediting mechanisms as a means to tackle the plastic crisis, labelling them as a “false solution” that is highly exposed to greenwashing.
German nature tech company raises €1.6 mln to scale biodiversity monitoring platform
A Germany-based nature tech company raised €1.6 million in pre-seed funding to scale its automated biodiversity monitoring platform, it announced on Wednesday.
Report flags limitations with corporate forestry data platform
Financial institutions should be aware of the shortcomings of a corporate forestry data platform called Forest IQ, a new study has said, drawing attention to the risk that it could generate misleading results, though it remains a good starting point.
Regen, Terrasos partner to develop blockchain platform for biodiversity credit market
US-based environmental credit platform Regen Network Development and Colombia-based developer Terrasos have partnered to create a new blockchain-based system for enabling transparent sales of biodiversity credits.
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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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BITE-SIZED UPDATES FROM AROUND THE WORLD
VOLUNTARY
Moving out – Shell is looking to sell its portfolio of nature-based carbon projects amid a contraction in the voluntary market, Bloomberg reports. A Shell spokesperson reportedly said a number of options are being considered, but the current intent is for the company to retain a minority stake. The company is in talks with potential investors that include a group of private equity firms, according to people familiar with the matter.
Avoiding contrails – Avoiding contrails from the very few flights that cause them would be particularly cheap, at less than €4 per flight, according to a new study by green group Transport & Environment (T&E). Contrails – the white lines in the sky created by planes – have a net warming effect at least as important as those caused by aviation’s CO2 emissions. But only a minority of flights (3%) generate 80% of contrail warming, the study found. Tweaking the flight paths of these very few flights can reduce global contrail warming by more than half before 2040, the authors wrote. Climate benefits from contrail avoidance would be 15 to 40 times larger than the CO2 penalty entailed in re-routing those flights where required, they added. Using a conservative estimate, the study found that on a flight from Paris to New York, it would cost less than €4 per ticket to re-route the flight to avoid the contrail, with the cost accounting for the extra fuel and technologies associated with contrail avoidance such as humidity sensors and satellites. Per tonne of CO2 equivalent abated, this is more than 15 times cheaper than other climate solutions like carbon capture and storage (CCS), the report concluded, in an emailed statement sent Wednesday.
Undo’s latest deal – UK automotive platform Auto Trader has partnered with enhanced rock weathering (ERW) removals provider Undo to help achieve its 2040 net zero goal. Auto Trader plans to achieve this through a 90% emissions reduction, with the remaining 10% addressed through carbon removals. Under the agreement with Auto Trader, UNDO will spread 1,839 tonnes of mineral-rich basalt rock on agricultural land in the UK, which will permanently remove approximately 340 tonnes of CO₂. The partnership will help the developer towards its goal to remove 1 mln tonnes of CO2 by 2025, adding to existing deals with Microsoft and Stripe. Auto Trader has been investing in carbon offsets/community projects for many years with multiple projects, the team told Carbon Pulse. Last year, they funded their first round of removal projects, of which Undo was one.
The CDR Policy Scoop – Two carbon removals policy experts – Eve Tamme and Sebastian Manhart – have launched The CDR Policy Scoop – a regular live commentary on CDR policy developments hosted on LinkedIn via livestream. The first session will be Nov. 14 at 18:00 CET, and will address the recent adoption of Article 6.4 standards at COP29 in Baku. Attend here. Tamme and Manhart are also welcome to suggestions about future topics to discuss in upcoming CDR Policy Scoops.
INTERNATIONAL
Go further – A new paper quantifying countries’ “additional carbon accountability” shows only 18 countries (including the EU) need to exceed their climate targets to meet the 1.5C goal. 1.5C is dependent on those with accountability to take it, which right now seems unlikely, as if countries meet their current pledges, we’ll emit 801 Gt of CO₂ through 2070, which is nearly compatible with a 2.0C target but overshoots the 1.5C target by 576 Gt CO₂, wrote Robert Hoglund, carbon removals expert on LinkedIn. Carbon removals are a must for countries to meet their additional accountability as most of them have already exceeded their budgets, he wrote. Examples of countries’ additional accountability beyond reaching their stated 2030 reduction targets and net zero targets are 47 GT of CO2 for the EU, 150 GT for China, and 167 GT for the US. Full paper available here.
Land risks – Options for addressing the risks of non-permanence for land-based mitigation are explored in a new report, a collaboration by Oeko-Institut e.V., SEI — Stockholm Environment Institute, and FAO. The report explores reversal risks — what they are, why they matter, what factors influence them, and how they can be managed; the approach of carbon crediting programmes in addressing reversals — such as reversal risk assessments and pooled buffer reserves; and host country challenges — how countries may manage the risk of reversals.
EMEA
Best of a bad bunch – The EU is on track to see its CO2 emissions decline by almost 4% this year to 2.4 bln tonnes, as it bucks a global trend of record-high fossil fuel emissions, according to a study by the Global Carbon Project (GCP), reported by Montel. “Strong growth in renewables is driving emissions down, in the presence of weak economic growth and high energy prices,” GCP said. The organisation forecast a 15.8% reduction in coal-fired emissions, adding that emissions from natural gas were likely to fall 1.3% and cement industry emissions to fall 3.5%. Meanwhile, UK-based consultancy Icis expected sectors covered by the EU ETS to deliver a 3-4% reduction, and consultancy ClearBlue Markets expected an even sharper decline, thanks to a particularly pronounced fall in energy sector emissions. In contrast, global emissions were likely to reach 37.4 bln tonnes this year, an increase of 0.8% year on year, driven by growth in natural gas and oil use. EU emissions account for roughly 7% of the world’s total.
Open to all – The UK Woodland Code has commissioned an independent consultation on the financial additionality test that projects need to pass to be eligible for the code. Anyone with an interest in carbon markets is invited to take part, they said Wednesday.
ASIA PACIFIC
Data matters – Carbon data provider Sylvera has teamed up with Japan’s Osaka Gas to provide assessments of carbon credits for Japanese clients, it announced Wednesday. The collaboration will combine Sylvera’s data insights with Osaka Gas’s advanced AI system for both the gas supplier’s own procurement and the benefit of Japanese companies, Sylvera said. The alliance plans to expand the AI system’s application, initially focused on biochar, to cover more project types.
Carbon capture project – Taiwan’s environment ministry has inked a partnership with semiconductor giant TSMC to carry out projects in various fields such as carbon capture, emissions reduction, and green technology innovation, the regulator announced Wednesday. As part of the collaboration, the two parties will introduce carbon capture technology into public incineration plants, the ministry said.
Energy ties – South Korea and Indonesia are discussing ways to enhance bilateral cooperation in the energy sector, including the supply chain for key minerals, the industry ministry said, according to Yonhap. Seoul also asked the Indonesian government to ensure a stable supply of liquefied natural gas to Korean firms sourcing the resource from the Southeast Asian nation at appropriate prices.
AMERICAS
The tax is tax-free – In a statement posted to X late Tuesday, Chrystia Freeland, Canada’s deputy prime minister and minister of finance, clarified that the small business carbon tax rebate due to be reimbursed in December would not be taxed. The Canadian Federation of Independent Business (CFIB) had revealed in a blog post on Tuesday that the federal government would be taxing its long-overdue small business carbon tax rebates when issued in December. In February, CFIB said that Canada’s pledge to allocate 10% or C$2.5 bln ($1.8 bln) of unpaid carbon tax revenues to small businesses had not yet been fulfilled. Canada’s Budget 2024 released in April, assigned funding to pay out the small-business carbon tax rebate to about 600,000 small firms at the end of the year. Since the federal carbon pricing levy was instituted in 2019, small businesses have not received a carbon rebate for five years.
New cooler nuclear – The Biden administration released a framework to triple US nuclear power capacity by 2050 on Tuesday. The plan to “jumpstart the nuclear energy deployment ecosystem” was presented during COP29 and includes a goal to add 35 GW of nuclear energy by 2035, and 200 GW by 2050. The plan seeks to signal US nuclear power plant operators to prepare to extend their operating licenses and to prioritise the cleanup of abandoned uranium mine waste.
AND FINALLY…
Game, sunset, match – Rowton Hall Hotel and Spa in Chester, UK has proposed converting its disused tennis courts into a solar farm to enhance sustainability. The hotel has submitted plans to Cheshire West and Chester Council for a ground-mounted solar array spanning 0.27 acres with 340 low-profile solar panels designed to minimise visual impact on neighbouring properties. The project aims to reduce the hotel’s dependence on grid electricity and to cut carbon emissions by approximately 30 tonnes per year. The hotel hopes this eco-friendly initiative will offer energy security and cost stability amidst rising energy expenses impacting the hospitality sector. (Business Live)
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