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TOP STORY

RGGI Market: Virginia county circuit court judge rules RGGI repeal unlawful, RGAs soar 10%

A Virginia county circuit court judge ruled the state’s withdrawal from the RGGI carbon market to be unlawful, siding with a trade group that challenged last year’s programme exit, sending RGGI Allowances (RGAs) in the secondary market rocketing higher by as much as 10.3% on the day.

COP29

DATA DIVE: The carbon projects poised to profit if Article 6 gets over the line in Baku

With hopes of a breakthrough on Article 6 still high as COP29 edges towards a conclusion, data from first-moving countries and projects reveals a market ready to go on international carbon trade.

Azerbaijan urges ministers to bridge differences in last stretch of talks

Azerbaijan’s COP29 presidency has urged ministers to speed up their negotiations on the new global climate finance goal and next steps for cutting greenhouse gas emissions, as major sticking points persist in the final days of the summit.

“Is it a joke?” – climate finance splits persist as negotiators await new text

Developing countries have rebuffed the idea of a $200 billion annual climate finance target for wealthy government coffers, calling it a “joke” as ministers rushed to bridge persistent differences in the last stretch of COP29 negotiations on Wednesday.

Correspondingly adjusted carbon credits trading at $7-22, says market analytics firm

Article 6.2 or CORSIA-eligible carbon credits are currently trading in the $7-22 range, with prices expected to peak in 2027 and stabilise by 2030, according to a market specialist speaking to Carbon Pulse on the sidelines of COP29.

Global organisations call on countries to raise ambition on nature under climate finance deal

A group of 68 global NGOs, business coalitions, companies, and Indigenous Peoples organisations has called for COP29 parties to recognise nature’s role in addressing the climate crisis within negotiations on the New Collective Quantified Goal (NCQG).

BRIEFING – Experts see rising chance of US CBAM, along with international challenges

There is an increasingly strong likelihood that the US will implement a carbon border adjustment mechanism (CBAM), but such a policy would likely come with challenges on the international level, according to experts speaking at COP29.

US foundation invests $10.9 mln in African energy transition solutions

A US philanthropic foundation will invest $10.9 million to advance African-led clean energy solutions, the organisation announced at COP29.

Ecuadorian civil society cleaves on carbon markets after presidential veto

One month after Ecuadorian President Daniel Noboa vetoed a bill that would have legalised carbon markets in the country for good, industry and activists are divided, while an energy crisis continues to divert officials’ attention.

New Zealand joins fossil fuel phaseout subsidy coalition while on cusp of lifting oil and gas exploration ban

New Zealand on Tuesday joined several countries in an international coalition to phase out fossil fuel subsidies and incentives, despite its government expecting soon to pass legislation to lift the country’s ban on oil and gas exploration.

GGGI to support Uzbekistan promote carbon markets, implement Article 6

The Global Green Growth Institute (GGGI) has signed an agreement with Uzbekistan at COP29 in Baku, to promote carbon markets and support the implementation of Article 6 under the Paris Agreement.

UK gains ground in latest climate change performance index, but no countries on track for 1.5C

The UK achieved the largest rise in annual rankings of countries’ climate change performance, published Wednesday, but no nations are on a 1.5C-aligned pathway despite the strong global growth of renewables.

Countries urge global ban on new unabated coal

Some 25 countries, as well as the EU, have urged the rest of the world to stop new unabated coal investment for use in energy systems.

Roundup for Day 10 – Nov. 20

It is Day 10 at COP29 in Baku – Urban and Transport Day. It is getting close to crunch time and parties will soon be expected to agree on key texts, or get stuck in a quagmire of debate that will drag negotiations into overtime. 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.

AMERICAS

Brazil’s lower chamber reapproves landmark national cap-and-trade legislation, sends to President Lula for signing

Brazil’s Chamber of Deputies passed on Tuesday evening landmark legislation to establish a nationwide ETS, as the historic proposal for what would be the largest compliance carbon market in Latin America rolls onwards towards full approval.

Additional policy and fuel pathway considerations needed to drive US SAF growth -think tank

California and Washington rank as top supporters of sustainable aviation fuel (SAF) investments in the US, but overall growth looks grim absent improved policy frameworks and production pathway considerations, according to a think tank.

Advanced nuclear tailwinds ‘have never been stronger’ -US companies

Advanced nuclear companies are enjoying tailwinds pushing them toward technology deployment, according to new industry reports published on Wednesday.

EMEA

New European Commission set for clearance as EU parties seal political pact

The new Commission headed by Ursula von der Leyen is set to begin its term on Dec. 1 after the three mainstream political groups in the European Parliament sealed an agreement on Wednesday evening to approve her team.

EU court rejects French cement-maker’s €40-mln damages claim over ETS rules

A top European court on Wednesday dismissed a €40.1-million damages claim by a French cement manufacturer against the European Commission and relating to the free allocation of carbon allowances, ruling that the company failed to prove it suffered financial harm directly caused by Brussels’ actions.

EU countries back one-year delay to anti-deforestation law, reject Parliament’s amendments

The Council of EU member states on Wednesday approved a proposal to delay the bloc’s controversial anti-deforestation law by one year but did not endorse the European Parliament’s proposed amendments, triggering angry reactions from conservative lawmakers who called the move “irresponsible”.

ArcelorMittal suspends green roadmap at Belgian plant

A planned billion-euro investment in the greening of ArcelorMittal’s plant in Gent, Belgium was suspended earlier this week, casting doubt on the company’s wider commitment to decarbonisation in Europe.

French bank launches sustainable forest fund with carbon data a key focus

A French bank has launched a sustainable forestry fund that will collect in-depth carbon data, saying this will give it a competitive advantage as companies up the value chain prepare to comply with EU reporting obligations.

Green Climate Fund backs African landscape-level regenerative agriculture facility

Climate Asset Management is set to develop a strategy for accelerating regenerative agricultural practices at landscape scale in Sub-Saharan Africa, with advice from Pollination, following a grant from the UN Green Climate Fund (GCF).

Startups urge govt to turn UK into a voluntary carbon hub

The UK could become a global hub for carbon market startups, building on the £790 million the sector has already raised — if the British government gets behind to boost the voluntary carbon market’s growth, according to a report published on Wednesday.

Serbia issues first GHG emissions licences, eyes EU CBAM compliance

Serbia has issued its first greenhouse gas emissions licences, the Energy Community Secretariat announced this week, hailing it as a “significant step” towards the country’s implementation of its EU ETS obligations.

European industry faces significant obstacles on road to net zero, report warns

European industries are grappling with significant technological, financial, and regulatory hurdles as they work towards net zero emissions, according to a new report.

Euro Markets: Carbon edges higher but fails to take strength from 2.5% rally in gas, as funds flip to length

EU carbon allowances edged higher on Wednesday, posting a modest gain but failing to take strength from a 2.5% climb in front-month gas prices, while weekly positioning data showed investment funds held their first net long position in 15 months.

ASIA PACIFIC

Japan to release policy draft on domestic carbon market soon -media

The Japanese government is expected to soon release draft regulations for its planned emissions trading scheme, requiring hundreds of domestic emitters to participate in the programme, according to domestic media reports.

New Zealand seeks public feedback on 2035 NDC

New Zealand’s environment ministry is seeking comments on the country’s 2035 international climate change target, as the government is set to finalise the latest Nationally Determined Contribution (NDC) in the coming months.

Australia releases updated environmental plantings method

Australia on Wednesday released the updated method for generating carbon credits from environmental plantings, replacing the previous version that expired in September.

VOLUNTARY

Power-hungry data centres to exceed extra electricity demand from EVs, in boon to removals market

Power-hungry data centres in Europe will need more electricity to feed their expanding memory banks and artificial intelligence functions over the rest of the decade than the growing fleet of electric vehicles, according to new analysis.

Early intervention can halve forest risks if investors look beyond carbon credits -report

Early intervention can mitigate half of risks in forest investments, but stakeholders must look beyond carbon credits and address broader challenges like land rights, community engagement, and governance, according to a new report.

HSBC reportedly drops plans for voluntary carbon trading desk amid market concerns

HSBC has reportedly scrapped plans to establish a voluntary carbon trading desk, signalling a shift in strategy as the market grapples with slowing demand and concerns about integrity and transparency.

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.

UK-backed nature fund “unaffected” by Federated Hermes withdrawal

The government-backed UK Nature Impact Fund remains optimistic about its future, with an associated accelerator programme hoping to announce new funding, following the withdrawal of partner investment manager Federated Hermes.

INTERVIEW: French biodiversity credit scheme hard to scale without EU incentives

France’s newly launched biodiversity credit scheme is unlikely to scale unless the EU takes actions to incentivise corporate voluntary purchases across the bloc, consultancy CDC Biodiversite told Carbon Pulse.

BRIEFING: UK to hold producers responsible for packaging lifecycle under forthcoming regulation

The Extended Producer Responsibility (EPR) scheme set to launch next year in the UK will require packaging producers to report how much they produce, and pay associated fees, though it is unclear how high those costs could go, say industry experts.

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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.

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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REPORT

Discover High-Quality NBS Credits: Redefining carbon removal with community agroforestry – Dive into Supercritical’s latest report on Community Agroforestry, a high-integrity nature-based solution delivering high-quality carbon removal alongside transformative community benefits. With rigorous quality standards and satellite-based MRV, Community Agroforestry regenerates ecosystems, empowers local communities, and ensures measurable CO2 removal. Discover why this innovative approach is setting a new standard for impactful carbon removal. Read the report

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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, now open until Dec. 6, 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

INTERNATIONAL

EMEA

Europe-India hydrogen shake – The industrial associations Hydrogen Europe and Green Hydrogen Association (GH2 India) shook on a Memorandum of Understanding on Wednesday, agreeing to foster collaboration and support, strengthen knowledge-sharing, and promote the hydrogen sectors across Europe and India. The strategic partnership aims to develop common initiatives for the benefit of both regions, they said on the sidelines of the European Hydrogen Week conference. 

French offshore wind duo – The French government has selected a new joint venture between Octopus Energy and Skyborn Renewables to bid in next year’s offshore wind tender. The French government has pre-qualified 12 bidders for the up to 2.9 GW AO9 tender for four offshore wind sites, including Iberdrola, RWE, and TotalEnergies. It marks Octopus’s entry into offshore wind tenders and comes as the utility surpasses a $2 bln offshore wind investment milestone. Octopus started investing in offshore wind farms in 2022 and has since backed six wind farms across the UK, Netherlands, and Germany. France’s offshore wind market is still relatively small at just 1 GW of installed capacity, yet has huge untapped potential, with the government targeting 18 GW by 2035 and 45 GW by 2050.

Carbon calculator for SMEs – Tide has launched a new automated carbon tracking tool for SMEs in the UK to calculate their carbon emissions, which has been developed in partnership with Connect Earth, it said in a press release Wednesday. The new tool will allow Tide’s 650,000 UK members (customers) to view an estimated and categorised understanding of their carbon emissions, helping them on their journey to net zero.

Climate funding – Berlin-based Climate venture capital Extantia Capital on Wednesday announced the final close of its oversubscribed Article 9 flagship fund at €204 mln. Extantia invests in software and hardware solutions that address high-impact, near-term opportunities in the climate sector. The firm focuses on Seed to Series A rounds, with initial tickets ranging from €1-5M. The firm currently manages €300M AUM, and has a portfolio of 20 climate firms. (Silicon Canals)

ASIA PACIFIC

SAF partnership – Cathay Pacific has teamed up with HSBC and EcoCeres to support the use of sustainable aviation fuel (SAF) in Hong Kong, the airline said in a statement released this week. HSBC Hong Kong is entering into a one-time purchase agreement for around 3,400 metric tonnes of SAF produced by EcoCeres, which will be used in Cathay Pacific flights departing from the Hong Kong International Airport. EcoCeres’ SAF is derived from 100% waste-based biomass feedstock, which can deliver an estimated reduction of up to 90% in GHG emissions compared to conventional jet fuel. Cathay has said it aims to achieve net-zero carbon emissions by 2050 and to use SAF for 10% of its total fuel consumption by 2030.

Nature-based credits – Project developer Green Carbon has launched a consortium to promote the creation of nature-based carbon credits in Japan, according to a company statement. In addition to an existing initiative targeting rice projects, the newly established consortium aims to utilise diverse resources such as forests, dairy and livestock farming, as well as biochar. It plans to create 500,000 carbon credits, which represent the total amount of emissions from fuel combustion used in agriculture in Hokkaido, through partnerships with local companies by 2025.

Further cooperation – Bangladesh and Japan have agreed to sign a Memorandum of Understanding (MoU) on waste management, carbon trading and climate resilience, according to Dhaka Tribune. A bilateral meeting was on the sidelines of COP29, where government officials discussed several topics including the utilisation of the Joint Crediting Mechanism (JCM). Since signing the bilateral agreement in 2013, Bangladesh has implemented four JCM projects, including the Southwest transmission grid expansion project, with financial and technical support from Japan and the Asian Development Bank (ADB).

AMERICAS

VOLUNTARY

Crimson carbon – Harvard University’s endowment fund established a carbon offsetting project in Uruguay in 2012, which has since sold over 5 million carbon credits to companies including EasyJet, British American Tobacco (BAT), and Ernst & Young. The scheme was sold in 2017 and 2019 for $450 mln but remains operational. However, it has been criticised for selling ineffective credits that do not represent genuine carbon reductions, The Bureau of Investigative Journalism (TBIJ) reports. The project, approved by carbon standards body Verra, received a zero grade in 2022 from ratings agency Renoster. The firm highlighted issues including the lack of additionality, flawed baseline assumptions, and doubts about the project’s longevity. It concluded the credits had no real environmental impact. A second agency, BeZero Carbon, raised similar concerns, deeming the project unlikely to achieve meaningful emissions reductions. BAT, Lavazza, and EasyJet have defended or adjusted their offsetting strategies, while Ernst & Young retired its credits from the project in 2023. The current owner of the project told TBIJ it had received no revenues from sales of carbon credits to these companies. A spokesperson for the Harvard fund said it does not comment on individual investments.

Restoration underway – Climate finance company Catona Climate announced on Wednesday an investment in the Assisted Natural Regeneration (ANR) project in Colombia. Catona said multiple enterprises have signalled strong interest in the ANR project from NatureRe, which would restore over 60,000 hectares of land and sequester about 6.3 tonnes of CO2e. Other environmental benefits of the project could include water quality improvement, enhanced drought resilience, soil runoff reduction, and reduced fire threats, according to Catona’s evaluation.

BAT wait, there’s more – BAT used these credits to promote its Vuse brand as carbon neutral, including through a July 2021 Thames yacht stunt that emitted 10 tonnes of CO2, TBIJ wrote in a separate piece. BAT bought another 47,000 credits from the same project in 2022, despite criticism from Renoster, whose chief science officer, Elias Ayrey, highlighted the project’s industrial nature, lack of biodiversity, and reliance on chemicals. Ayrey dismissed carbon neutrality claims linked to such credits as illegitimate and urged BAT to use credits from native forest conservation projects. A BAT spokesperson defended the 2021 validation of its claim and noted a shift towards eco-design and emissions reduction in its strategy. However, the Vuse website still promoted its carbon neutrality as of the report date, despite ending related communications in Dec. 2023. BAT has purchased over 500,000 carbon credits since Dec. 2020, most of which were rated as having a low likelihood of achieving meaningful emissions reductions by BeZero Carbon, including the Uruguayan project. Critics argue that carbon neutrality claims for tobacco products are misleading given the significant environmental harm caused by the industry. Tobacco production is linked to deforestation, 84 Mt of CO2 emissions annually, and the disposal of waste such as lithium-containing vape devices. The WHO highlighted the industry’s CO2 footprint as equivalent to 20% of commercial aviation emissions. In 2021, BAT, despite producing nearly 7 Mt of GHGs, won a sustainable product award for Vuse.

AND FINALLY…

Faster, stronger – Climate change increased the maximum wind speeds of every Atlantic hurricane that formed this year, scientists have found. All 11 storms intensified between 9 and 28 miles per hour under the influence of warmer-than-average ocean temperatures. The extra juice pushed seven storms at least one category higher than they would have been without the influence of climate change. And Hurricanes Debby and Oscar likely would have remained tropical storms in a world without global warming. The new analysis was released Wednesday morning by researchers from the climate science and communications non-profit Climate Central. It’s the latest study to warn of the dangers of intensifying hurricanes in a warmer world. (E&E News)

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