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TOP STORY
COP29: Back on track – New Article 6 text opens door to finalising trade rules in Baku
A new Article 6 text published Friday after a late night of work in Baku has put talks on finalising international carbon trade rules firmly back on track, according to sources close to the negotiations, following a nervy reaction to a chaotic, 43-page previous draft.
DATA DIVE: Too soon to draw conclusions on CORSIA carbon credit supply and demand
With four new standards approved to supply CORSIA compliance last month, and the aviation sector now well into its first phase, the voluntary carbon market is starting to make predictions around prospective supply and demand for the UN’s international aviation offsetting scheme – but it may be too soon to forecast what will be needed, and what will be available to buy.
COP29
Developing countries demand more transition finance to stop exploiting fossil fuels
Developing countries relying on oil and gas extraction for state revenues need technical and financial support to phase it down — even if they are keen to follow through on last year’s COP28 global commitment to pursue a just and orderly transition away from fossil fuels, according to experts at COP29.
BRIEFING – Global coal phaseout requires targeted finance and agreement on timelines, experts say
The coal transition requires targeted finance, with challenges in balancing investor expectations and supporting coal-dependent regions, experts said at COP29.
Global efforts to cut methane emissions grow, mobilising $500 mln
An increasing number of countries have committed to reduce their methane emissions, with proposals to strengthen their goals and mobilise nearly $500 million to support 65 developing countries.
US energy secretary confident in EV tax credits’ durability post Trump win
A day after incoming President-elect Trump’s administration reportedly indicated its intent to eliminate electric vehicle (EV) tax credits in broad tax reform, US Energy Secretary Jennifer Granholm expressed confidence that the credits – and other financing supporting nascent clean energy technologies – should be durable enough to withstand potential attack.
BRIEFING – Israel readies carbon tax to shield companies from CBAM
Israel is in the final stretches of preparing a tax on greenhouse gas emissions and air pollutants that parliament approved in September after years of debate in an effort to resolve a “significant market failure” caused when polluters don’t pay for their environmental damage.
Russian petrochemical company to offset carbon footprint of country’s Baku delegation
A Russian petrochemical company plans to offset the carbon footprint of the country’s delegation attending COP29 in Baku, the firm announced on Thursday.
Russia, Ethiopia partner on low-carbon development initiatives
BRICS members Russia and Ethiopia signed a memorandum of understanding (MoU) on low-carbon development at COP29 in Baku, local media reported on Thursday.
Thailand to present draft climate change bill to cabinet in December -official
The government of Thailand will submit the draft climate change bill containing provisions for an emissions trading scheme and a carbon tax for cabinet approval by December, but expecting a final bill to be implemented only by 2026, a government official told Carbon Pulse.
Tanzania agrees deal to distribute 1 mln cookstoves
The federal government of Tanzania has teamed up with a Nairobi-based cookstoves manufacturer and project developer to distribute 1 million clean cookstoves throughout the East African nation to be funded by voluntary carbon credits.
Pledge to boost global power storage, grids aims to support renewables rollout
The Azerbaijani COP29 presidency launched a series of pledges on Friday to boost clean energy storage and infrastructure globally and in the Caspian region, in support of last year’s commitment to triple renewables and double energy efficiency.
COP29 Roundup for Day 5 – Nov. 15
It is Day 5 at COP29 in Baku – Energy Day. After a messy Article 6 draft on trading rules was published on Thursday, with negotiators then demanded to work late to help slim down the 43 pages of text, signs of fatigue are setting in, just 48 hours before ministers arrive. On the energy front, the Azerbaijan presidency will announce a raft of pledges, and debate over the COP28 fossil fuels outcome is expected to be high on the agenda.
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
Mining giant invests $16 mln into Madagascar REDD project with eye on CCP label
A mining giant has committed $16 million into the Makira Natural Park REDD Project in northern Madagascar that will help the project scale as well as reassess its deforestation baseline under Verra’s VM0048 methodology, which has just been approved by the Integrity Council for the Voluntary Carbon Market (ICVCM) as eligible for its stamp of high quality.
UK finance minister outlines reforms to drive growth in green finance, clean energy
UK Chancellor of the Exchequer Rachel Reeves pledged to fire up competitiveness in the country’s financial services sector during her first Mansion House speech on Thursday evening, planning to boost private investment in clean energy and make the UK a global leader in sustainable finance.
Scottish CCS firm enters partnership to issue carbon removals credits from Scotch whiskey production
A British carbon finance specialist, Swiss bank, and Scottish carbon capture and storage (CCS) firm have partnered to issue carbon removals credits from Scotch whiskey distilleries and their supply chains, the companies announced on Friday.
UK REDD+ project developer launches insurance product for its carbon credits
A London-based jurisdictional REDD+ (JREDD+) project developer has introduced a new insurance feature for its carbon credits, the organisation announced on Thursday.
Startup aims to tackle emission reporting gaps ahead of UK fleet disclosure rules
A new AI-powered technology could help UK companies measure and reduce emissions from electric vehicle charging, as they face stricter reporting obligations under the upcoming UK Sustainability Disclosure Requirements (SDR).
Euro Markets: Carbon drops marginally after volatile session as gas reacts to supply cut headlines
European carbon saw a volatile end to the week, giving up a strong opening surge to a 10-week high to fall by 2.2% at one stage and eventually recording an 0.4% drop on the day, as allowance prices were whipsawed by a volatile gas market reaction to news that one EU gas buyer was set to be cut off by its Russian supplier this weekend.
AMERICAS
Washington state’s cap-and-trade scheme records strong compliance in inaugural year
Most entities covered under Washington’s cap-and-invest programme fulfilled their annual compliance obligation in 2023 as only one entity fell short, a report from the state’s Department of Ecology (ECY) released Friday showed.
BRIEFING: RMI to analyse decarbonisation pathways for EITEs in Washington
US think tank RMI will be working closely with Emissions Intensive Trade Exposed (EITE) facilities active under Washington state’s cap-and-invest programme, to research viable decarbonisation pathways for various industries.
CFTC: Investor CCA sentiment sours with regulatory delays, emitters boost overall holdings across North American carbon markets
Financial entities axed their net California Carbon Allowance (CCA) holdings into the upcoming Q4 auction and with the delay in highly-anticipated regulatory updates that pulled prices lower this week, while producers built their positions across North American carbon markets, according to data released Friday from the US Commodity Futures Trading Commission (CFTC).
North Dakota approves permit for contentious CO2 pipeline after months of deliberations
North Dakota’s Public Service Commission (PSC) has approved a permit for a multi-state CO2 pipeline, clearing path for project development in the state amid permitting struggles in other regions.
Canadian carbon financier boosts Article 6-labelled credit inventory to 1.7 mln
Canada-based Base Carbon has an inventory of more than 1.7 million Article 6-authorised cookstove credits on its balance sheet, the company said in third quarter results.
Timberland management firm’s LATAM reforestation fund reaches $500 mln, as Petrobras steps up Amazon investment
The timberland management division of a Sao Paulo-based investment bank has reached $500 million for its Latin American reforestation fund, while Brazilian oil giant Petrobras has pledged increased funding for ecological restoration in the Amazon in partnership with the country’s development bank.
ASIA PACIFIC
CN Markets: CEAs extend record high again, volume continues to increase
Chinese carbon prices hit record highs again over the past week as the emissions market continued to gather momentum from emerging demand ahead of the year-end compliance deadline.
AU Market: ACCU price hits A$42 amid accelerating demand, supply concerns
Australian Carbon Credit Unit (ACCU) prices on the secondary market have surged to A$42 ($26.55), as buying activity continues to ramp up by facilities covered under the Safeguard Mechanism ahead of the March deadline.
INTERNATIONAL
Nearly half of companies use zero renewable electricity -report
Nearly half of companies globally continue to only use non-renewable electricity, according to a new report released on Friday.
VOLUNTARY
Carbon market investment has exploded since 2021, analysts find
Some $42 billion has been spent was spent on the origination and development of 11,752 registered and pre-registered carbon credit projects globally, and about half of this, $22 bln, happened between 2021 and 2023, analysts estimate.
INTERVIEW: Air sample monitoring could provide real-time carbon reporting accuracy, firm says
A developer of atmospheric emissions monitoring for carbon markets said its approach could improve the accuracy of monitoring, reporting and verification (MRV) of nature-based projects, and potentially lead to more credits being issued than otherwise assumed using conventional methods.
Sustainable projects need more than internal carbon price to be viable, says food and beverage company
A food and beverage multinational on Thursday told a webinar that making the business case for sustainability projects needs more than an internal carbon price to be financially viable, and so turns to a different set of metrics when evaluating which investments to make.
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.
France launches voluntary biodiversity credit scheme
The French government has announced the launch of a national scheme for voluntary biodiversity credits, in an attempt to mobilise private financing towards nature conservation and restoration.
Canadian, Indigenous govts ink landmark C$375-mln conservation deal
The Canadian and Indigenous governments, together with a group of private donors, signed on Thursday an agreement set to unlock C$375 million ($270 mln) over the next 10 years for conservation efforts in the Northwest Territories (NWT).
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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
EMEA
Mine closure aid – The European Commission has approved, under EU State aid rules, a €790 mln Romanian measure to cover exceptional costs arising from the closure of the four uncompetitive coal mines of Lonea, Lupeni, Livezeni, and Vulcan in the Jiu Valley. The measure will help Romania to phase out coal by 2032 in line with its binding commitment under its national Recovery and Resilience Plan and Territorial Just Transition Plan. Specifically, the measure will cover social costs for workers losing jobs as a result of the closures and costs related to the safety and remediation works required to close the mines. The aid covers costs incurred from Oct. 1, 2023 – Dec. 31, 2032.
Nuclear phase-out – Restarting Germany’s decommissioned nuclear reactors would not be economically viable, according to the country’s former plant operator E.ON. The company, which took its last reactor offline in April 2023, said plans to dismantle all plants remain unchanged, local media Handelsblatt reported. While some politicians, including the largest opposition group CDU/CSU, suggested revisiting nuclear energy amid the energy crisis, CDU leader Friedrich Merz, who could become chancellor after February’s snap elections, said a return to nuclear power could not proceed “without a societal consensus”, Die Welt reported. At COP29, International Atomic Energy Agency (IAEA) head Rafael Grossi called a nuclear return “logical”, noting that Germany is the only country to have fully withdrawn from nuclear power.
Russian interaction – The operator of the Russian registry of generation attributes and the operator of the Russian registry of carbon units (Kontur) signed a memorandum of information interaction related to the simultaneous operation of the carbon units market and the electricity origin certification system. They recorded their intention to exchange information regarding generating facilities using renewable energy and presented on the markets of generation attributes (certificates of electricity origin) and carbon units. Greenhouse gas validation and verification bodies will be able to take this information into account when validating climate projects and verifying reports on the implementation of climate projects, and JSC Kontur will be able to use this information when making decisions on registering climate projects and issuing carbon units, said the statement Thursday.
ASIA PACIFIC
Chinese coal stocks soar – In 2023, coal stocks in China shot upwards to a record level of over 500 million tonnes (Mt) and have stayed high since, rising to over 600 Mt in June 2024, reported the European Association for Coal and Lignite (Euracoal) in its latest market report on Friday. It noted a lot of speculation about why so much capital is being tied up in coal stocks in China. The association suggested there are many reasons to stockpile beyond allaying fears of shortages: market control, leverage in price negotiations, competitive advantage, preparation for war (or stoking the fear of war), managing strategic sectors, risk aversion, and reaction in response to the inefficiencies of a centrally planned economy. President Xi has also declared a need for greater self-sufficiency, it suggested.
Regional decarbonisation – Japanese climate startup Sustech has teamed up with Iyo Bank to promote a regional decarbonisation initiative in Ehime prefecture, it announced Friday. As part of their collaboration, a local car dealer will use carbon credits created through forest conservation by the Iyo Forestry Association to offset its GHG emissions for one year, according to a statement.
AMERICAS
Dear Mr. President – The National Farmers Union (NFU) sent President-elect Donald Trump a letter on Wednesday urging him to support policies promoting climate resilience. Among other requests for the administration, the group says “voluntary, incentive-based conservation and renewable energy programmes are more important than ever”. NFU touted the positive impacts of the Farm Bill’s conservation and energy provisions, the Inflation Reduction Act, and the US Department of Agriculture’s Partnerships for Climate-Smart Commodities programme. Additionally, the group asked the Trump administration to promote biofuels and the use of higher-level blends of ethanol, to allow year-round E15 and to move toward E30. The union also stated support for the sustainable aviation fuel and clean fuel production tax credits, asking the administration to require that feedstocks be grown domestically.
Curbing pollution – Non-profit the Environmental Deference Fund, along with three other environmental groups, has asked the US Environmental Protection Agency (EPA) to administratively strengthen the rule released in September requiring some industries to permanently abide by the “maximum achievable” hazardous pollutant standards regardless of their regulatory status. The groups had generally welcomed the new regulations, which amounted to a partial reinstatement of the “once in, always in” policy, jettisoned by the EPA during former President Donald Trump’s first term. The petition calls on the EPOA to reconsider an exemption from the rollback. They have also filed a lawsuit as a backup. (E&E News)
Nuclear assessment – The New York State Energy Research and Development Authority (NYSERDA) on Friday announced the issuance of a Request for Information (RFI) to assess market interest in activities to develop advanced nuclear energy technologies in New York. Through this RFI, NYSERDA seeks to identify entities that are currently pursuing or interested in a potential role in advanced nuclear energy development. Responses will help inform next steps following the Future Energy Economy Summit held in September at Governor Kathy Hochul’s (D) direction. The agency has requested responses by Dec. 16 to inform nform future engagement opportunities and planning. Separately, NYSERDA also anticipates releasing a Final Blueprint for Consideration of Advanced Nuclear Technologies which was informed through public comments collected on the Draft Blueprint Link opens in new window – close new window to return to this page. released at the Future Energy Economy Summit in September.
VOLUNTARY
Chemicals consultation – The Science Based Targets initiative (SBTi) has released its updated Chemicals Sector Target-Setting Criteria Draft for a second round of public consultation and requests that global experts weigh in. Chemicals are used in 95% of products used day to day, but with the vast majority made from fossil fuel feedstocks, the chemicals industry contributes a huge 5% of global CO2 emissions, making it the third-highest industrial emitter globally. The SBTi draft for the sector is intended to deliver a framework for chemical organizations to understand how fast and how much they need to decarbonize to prevent the worst effects of climate change. Stakeholders are invited to take part in this consultation, running from Nov. 12 – Jan. 10, 2025.
Removals rebrand – CarbonX has rebranded as ClimeFi, to reflect its developed role to catalyse the financial resources needed to roll out permanent carbon removal. ClimeFi will continue to offer market insights and risk assessment across a range of removal technologies, offering direct access to projects while serving as the sole counterparty for a portfolio of transactions, said the LinkedIn statement.
AVIATION
CORSIA guidance – International Air Transport Association (IATA), together with Article 6 Implementation Partnership, IETA, and Air Transport Action Group (ATAG), has produced a guidance document for host countries concerning the issuance of CORSIA eligible emissions units. This provides parties under UNFCCC with a comprehensive overview of CORSIA emissions unit criteria, highlighting their responsibility to implement corresponding adjustments to guarantee the environmental integrity of CORSIA eligible emissions units. The document outlines key steps involved in issuing a Letter of Authorization (LoA) and applying corresponding adjustments, taking into account the recently adopted operational rules of Article 6 of the Paris Agreement. A LoA template is also available.
Flight offsets – Azerbaijan’s national air carrier, AZAL, has launched a voluntary carbon offset programme for passengers in partnership with credit provider CarbonClick. Passengers will now see the estimated amount of emissions relative to their flight displayed during the booking process and will be able to offset the emissions alongside buying their flight ticket, said a press release Friday. The programme will be available to all passengers on all routes and flight classes, with participating passengers receiving a ‘Track and Trace’ receipt from CarbonClick, which shows which project their funds have been allocated to. They will be able to access a wide range of nature-based and renewable energy projects including the Katingan Peatland Restoration Project in Indonesia and the Mangrove Restoration Project in Pakistan.
AND FINALLY…
Anti-COP recap – Environmental activists gathered for a five-day summit in Oaxaca, Mexico last week that they dubbed the Anti-COP, Grist reported on Friday. Activists rallied around their concerns for communities being overlooked by the climate solutions being pushed by leaders on the global stage, as well as a feeling of exclusion from the international conference in Baku, Azerbaijan. The event, officially known as the Global Meeting for Climate and Life, concluded with an outline of increased coordination from the 200-some participants and a proposal to send caravans of activists next year to COP30, which will be held in the capital of Brazil’s Para province.
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