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TOP STORY
Ghana Article 6.2 cookstoves project accused of over-crediting by up to 79%
A Swiss NGO has alleged that a clean cooking project developed under a bilateral agreement between Ghana and Switzerland is using assumptions that inflate issuances of credits generated under Article 6.2 of the Paris Agreement, known as Internationally Transferred Mitigation Outcomes (ITMOs).
COP29
A tale of two registries – Article 6 negotiators head towards crunch in bid to force through carbon markets outcome
Countries may be on the cusp of finalising a deal on Article 6 at COP29, with negotiators and observers each signalling that talks on international carbon markets were close to consensus after parties appear to have carved out a compromise on the thorny registries issue, though the latest draft outcomes could also ignite old divisions.
Last chance in Baku for carbon markets to get this right, says Article 6 negotiator
Carbon market negotiators may have one last chance to find the right set of Article 6 rules to ensure integrity before the world abandons the market-based approach for achieving climate action, a Swedish negotiator said Wednesday.
Fossil fuels transition dropped from hollowed-out deal on emission reductions
Large, heavy-emitting economies appear to be winning the battle over if and how the COP29 summit should push forward on last year’s landmark commitment to transition away from fossil fuels — raising alarm bells for many in Baku.
Business coalition calls for clear commitment to transition away from fossil fuels
More than 260 companies have signed a letter outlining what is needed to expedite the shift away from fossil fuels, urging negotiators to tighten up texts at the COP29 global climate summit, underlining that policy clarity is crucial for private sector support.
‘Empty place-holder’ – Countries under pressure to set climate finance goal, amid worry and dismay
The COP29 global climate summit enters its last day on Friday amid widespread frustration surrounding negotiations over a new global climate finance target, as a headline sum is yet to emerge.
North-South alliance with Group of Negative Emitters launched
An alliance of carbon neutral likeminded nations keeps growing at the COP29 UN climate summit, as the group brought the Global North and South together on Thursday.
Fiji unveils carbon market strategy roadmap
Fiji’s government on Thursday published its National Carbon Market Strategy Roadmap, which lays out key considerations and next steps to develop emissions reduction projects in the country using market-based mechanisms.
Singapore signs Article 6 Implementation Agreement with Peru
Singapore and Peru on Thursday announced they had finalised an agreement to trade sovereign carbon credits under Article 6 of the Paris Agreement, paving the way for credits created in the South American country to be used towards a portion of corporate requirements under the city state’s carbon tax.
Norway to join ADB Article 6 carbon fund, pledges $50 mln
Norway will join a fund from the Asian Development Bank (ADB) that seeks to provide carbon finance to developing countries in Asia Pacific to support Article 6 projects, the country announced at COP29 on Wednesday, pledging $50 million to the effort.
ICVCM underscores Indigenous Peoples protection behind REDD+ decision
The Integrity Council for the Voluntary Carbon Market’s (ICVCM) recent approval of three REDD+ methodologies paid special attention to the environmental and social safeguards of Indigenous and local communities, an ICVCM senior expert said Thursday.
Oil companies lobbying at climate negotiations tied to 17 mln deaths since Paris, NGO says
Fossil fuel companies that have sent lobbyists to COP summits produced enough oil and gas since the 2015 Paris Agreement to cause 17 million heat deaths, according to new analysis released on Thursday.
COP29: Roundup for Day 11 – Nov. 21
It is Day 11 at COP29 in Baku – Nature Day. New texts on climate finance and Article 6 dropped first thing this morning in Baku, with parties and negotiating blocs scrambling to pressers to share their views, as side events at country pavilions begin to wrap up. 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
Trust in voluntary carbon markets will come with time – and regulation, experts say
The EU’s Green Claims Directive, currently under negotiation in Brussels, could go some way towards restoring trust in the voluntary carbon market (VCM), provided that policymakers do it right and don’t overstretch their mandate, experts say.
EU Commission pause on EUA auction adjustments bullish for prices -analysts
The European Commission this week announced that it would not increase EUA auction volumes in the near term under its REPowerEU programme to account for lower allowance prices, a declaration that analysts viewed as bullish.
‘Real change’ in UK energy policy under new Labour government, says renewables advocacy group
There has been a “real change” in UK energy policy under the new Labour government, the director of a UK renewables advocacy told an industry conference on Monday.
Rooftop solar is warming up with UK households even as industry struggles financially
UK households are getting savvier about saving on their energy bills through installing rooftop solar, but the European market overall isn’t looking so rosy with persistently tough economic conditions and many providers struggling financially, say industry stakeholders.
International law firm buys water, carbon units from project in Egypt
An international law firm has purchased a batch of natural capital units generated through a regenerative agriculture project in Egypt, Carbon Pulse has learned.
INTERVIEW: AI-powered building optimisation can cut energy use by 20-30%
AI-powered building optimisation can boost energy efficiency by 20-30% at a fraction of traditional capital expenses, an executive at a Lithuanian proptech startup has told Carbon Pulse.
Carbon pricing in buildings can be fully mitigated, even for hardship cases -report
Carbon pricing in the buildings sector can be fully offset, even for hardship cases where households face significant financial burdens from climate policy measures, according to research published on Wednesday.
Euro Markets: Carbon rides to 12-week high on gas’ coattails, sets up camp above key level
EU carbon prices were pulled to their highest in 12 weeks, above a key level, on Thursday by growing concerns over rising geopolitical tensions in Ukraine and a short unplanned North Sea outage, which encouraged natural gas traders to buy, helping carbon to breach an important psychological level for the second time this week.
AMERICAS
Oregon EQC unanimously votes to restore state’s GHG reduction scheme
Oregon’s Environmental Quality Commission (EQC) on Thursday unanimously approved the proposed Climate Protection Program (CPP), effectively reinstating the GHG reduction scheme after it was invalidated last year.
US bipartisan senate bill seeks to scale CDR through tax credits
A bipartisan US senate bill introduced on Thursday would establish a new tax credit to support the CO2 removal (CDR) industry beyond applications of the existing 45Q tax credit.
WCI Markets: CCA futures, options trade explodes to multi-year records around Q4 auction
California Carbon Allowances (CCA) futures and options activity on ICE ramped to record levels into the last quarterly permit sale of 2024 earlier this week, with sentiment recast lower after ARB delayed cap-and-trade updates to the new year, while lack of liquidity clouds hints of momentum in Washington Carbon Allowances (WCA).
Texas DAC hub to run solely on wind power
Two project developers announced on Thursday the construction of a direct air capture (DAC) facility to be run entirely on wind power and stored onsite using geological storage in central Texas.
Hybrid CDR technologies are key to US decarbonisation -report
Carbon dioxide removal (CDR) technologies that enhance nature-based CO2 absorption should be harnessed to unlock cheaper decarbonisation pathways in the US, a new report said.
Brazilian public prosecutors ask court to suspend Amazonas carbon credit concessions -media
Brazilian public prosecutors asked a federal court this week to suspend carbon credit concessions launched by the state of Amazonas, citing concerns around potential violations of Indigenous rights, according to a national media outlet.
ASIA PACIFIC
Indonesia vows to phase out coal-based power plants by 2040
Indonesian President Prabowo Subianto has pledged to phase out all of the country’s coal-fired and fossil fuel-based power plants over the next 15 years.
Malaysia’s Selangor examining mechanisms to develop state’s carbon market
Malaysia’s richest state, Selangor, is exploring suitable methods and mechanisms to formulate policies for a local carbon market, according to local media.
Western Australia releases CCUS action plan, allocates $17 mln for two major projects
Western Australia on Thursday announced the state’s inaugural action plan for carbon capture, utilisation, and storage (CCUS), pledging to spend A$26 million ($17 mln) towards two CCUS projects.
Asia-focused carbon standards team up to promote voluntary carbon market
Two carbon standard operators have teamed up to promote the development of the Asian voluntary market.
INTERNATIONAL
Developing new oil and gas fields can help cut emissions, Wood Mackenzie argues
New oil and gas fields are less carbon-intensive than old ones because they use state-of-the-art technology, providing significant decarbonisation gains, consultancy Wood Mackenzie said in a new report published on Thursday.
VOLUNTARY
Leading project developers urge SBTi to listen to Global South and allow credits for Scope 3 mitigation
Project developers are urging the SBTi to listen to the Global South and allow credits to be used for Scope 3 emission targets to strengthen the voluntary market.
Trust in voluntary carbon markets will come with time – and regulation, experts say
The EU’s Green Claims Directive, currently under negotiation in Brussels, could go some way towards restoring trust in the voluntary carbon market (VCM), provided that policymakers do it right and don’t overstretch their mandate, experts say.
Verra launches special category of ‘discovery projects’ to pilot Scope 3 standard programme
Verra has launched a special category of pilot carbon projects, known as “discovery pilots”, to feed into its new Scope 3 Standard (S3S) programme and to adapt an additional three VCS methodologies, the organisation announced Thursday.
New tool to offer customisable climate risk analysis for investors
Investors can now customise how they analyse climate risks and portfolio alignment with global temperature goals, thanks to a new reporting tool released on Thursday.
Carbon credit financier names commodities trading “expert”, activist investor as new CEO
A Toronto-based carbon credit project financier has named a commodities trading “expert” and activist investor as its new CEO.
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.
PREVIEW: UN plastic talks enter last stretch amid outcry over weak draft agreement
Negotiations on the first-ever global treaty aimed at tackling plastic pollution enter the final stretch next week amid calls for raising ambition levels, as observers have largely deemed the latest draft text of the agreement as lacking in crucial actions.
Verra to open consultation on stewardship credits in early 2025
Environmental crediting standard Verra is set to open public consultation on its stewardship credit programme early next year, a company executive told a webinar on Wednesday.
Nutrient credit partnership launches in UK with biodiversity net gain target
A partnership of local authorities in England soft-launched on Tuesday to scale delivery of nutrient mitigation credits, while exploring how to combine them with biodiversity net gain (BNG) units, following government investment.
Biodiversity Pulse: Thursday November 21, 2024
A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).
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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
Throttling fossil fuels – Negotiators from the EU, US, and other countries are working towards landing a deal at the OECD gathering in Paris to throttle tens of billions of dollars of financial support for foreign oil and gas projects, weeks before President-elect Donald Trump moves into the White House. The agreement would see the expansion of existing rules that prohibit member nations’ export-credit agencies from financing unabated coal projects. The move is a last-ditch attempt to lock in climate policy that would be reportedly difficult for the new administration to reverse, while freeing up multibillion-dollar funds for global clean energy projects. If new curbs are adopted, the EU and other OECD members would likely block any bid by the US new administration to change the policy. However, opposition from South Korea and Turkey remains a key obstacle. Between 2018 and 2022, export-credit agencies in OECD countries financed an average of $41 bln annually in oil and gas projects, according to data compiled by environmental advocates. (Bloomberg)
‘Capitalism incarnate’ – Interviews and analysis of court documents have shown how US consultancy McKinsey & Company has provided significant advisory services to high-emitting clients, helping to fuel the climate crisis, the Guardian reports. For example, Saudi Aramco accounted for 1-5% of McKinsey’s UAE revenue in 2023, according to documents analysed by the Centre for Climate Reporting (CCR) and the Guardian, while a cache of US court records filed by McKinsey revealed more of its dirty dealings. Almost two-thirds of the 57 fossil fuel producers responsible for 80% of all global CO2 emissions since the signing of the Paris Agreement are among the list of entities connected to McKinsey in the disclosures. Those found to have “client connections” with McKinsey include the operator of one of the world’s largest open pit coalmines and companies exploiting Canada’s dirty oil sands. One former McKinsey consultant said: “It’s capitalism incarnate,” while another, who says they petitioned senior figures at the firm to curb some of its more damaging fossil fuel work, said he was told: “If we don’t do it, a competitor will.”
EMEA
UK’s Scope 3 feedback – The UK government’s call for evidence last year on the costs, benefits, and practicalities of Scope 3 emissions reporting found concerns about the challenges of obtaining primary data for the reporting, as well as the lack of consistent methodology, it said on Thursday. Nonetheless, respondents generally said the benefits of Scope 3 reporting outweigh the costs, with strong demand from stakeholders and investors. The call for evidence, held between October and December last year, drew 184 responses, including from reporting organisations, trade associations, and investors. It followed the ISSB’s release of standards for sustainability-related disclosures, including requirements to report on Scope 1, 2, and 3 emissions.
Auto job cuts – Ford plans to cut 800 jobs in the UK over the next three years under a major restructuring programme, which will see 4,000 positions closed across Europe as a whole. The automaker has cited difficult trading conditions, including intense competition and weak EV demand as behind the reasoning, though it plans to make the majority of cuts through voluntary redundancy. The restructuring plan will remove 15% of its workforce, most of whom are expected to be administrative or product development roles. The cuts will not affect its manufacturing sites in Dagenham and Halewood, or its logistics base in Southampton, it said. Carmakers Europe-wide are struggling, faced with high energy costs, weaker than expected EV demand, and growing competition from Chinese manufacturers. Companies including Volkswagen, Mercedes Benz, and BMW have seen their profits tumble this year. (BBC)
Full steam ahead for heat pumps – Noise restrictions on heat pumps in the UK are to be relaxed in the pursuit of net zero, the Telegraph reports, with the current rules blocking homeowners installing a heat pump less than a metre from their property’s boundary being scrapped under the Warm Homes Plan. The rules will also increase the size of heat pumps able to be installed by houses and double the number of heat pumps permitted from one to two for detached houses. The new plan aims to see 300,000 households benefit from home upgrades in the next year, with the offer including grants for heat pumps, support for renters and low-income households.
Sustainable finance leader – The EU has now issued more than €65 billion of NextGenerationEU (NGEU) green bonds, setting the bloc on track to becoming the largest issuer of green bonds in the world. This is expected to enable €264.6 bln of green investments in the nine sectors set out in the NGEU Green Bond Framework, including clean transport, clean energy and energy efficiency, and to reduce GHG emissions by an estimated 55 Mt per year within the bloc, equivalent to 1.5% of all EU GHG emissions.
ASIA PACIFIC
Suggestions – The Taiwanese government should create a ministerial task force to coordinate and facilitate the achievement of net zero emissions by 2050, the European Chamber of Commerce Taiwan (ECCT) urged, according to Taipei Times. There is a long way to go to reach the island’s renewable energy targets, and the government should “ensure a financially and commercially robust investment environment” because no third-round projects have achieved financial closure, putting 2027 to 2028 grid connections at risk, the chamber said. The group also suggested a government-backed renewables procurement platform alongside the national credit guarantee mechanism to speed up the financing process.
AMERICAS
Uncapping cap-and-trade – California state Senate leader Mike McGuire said the state legislature will be moving in January to extend the cap-and-trade programme. The scheme is currently set to expire in 2030, but the legislature will work to reauthorise it as soon as the new session begins, E&E News reported on Thursday.
Permitting redo – Summit Carbon Solutions resubmitted its permit application with reroutes for its CO2 pipeline to the South Dakota Public Utilities Commission on Tuesday, according to the Des Moines Register. The state regulatory commission rejected the initial application because the original pipeline route was too close to existing features per county laws. The $9 bln project would span five states with a 2,500-mile route. The developer received a permit from North Dakota state regulators last week – the state’s Public Service Commission allowed the project to advance after an initial rejection in 2023.
Colorado methane proposals – The Colorado Air Quality Control Commission voted on Wednesday to approve a rulemaking request to further reduce air pollution that contributes to ground-level ozone-forming compounds. The state regulators will evaluate proposals to cut methane emissions from existing oil and gas equipment in the state. A decision for the proceeding is expected in February.
Ag effort – Ag tech firms Truterra and Indigo Ag this week announced a partnership attempting to create a framework for agriculture sustainability programmes. The collaboration comes in response to the demands of downstream buyers within and beyond the ag value chain, the firms said in a press release. The effort aims to channel Indigo’s science, data, and technology capabilities that are expected to establish predictable ag sustainability outcomes, as well as Truterra’s ability to drive farmer engagement. Farmers enrolling in agricultural sustainability programmes would be able to choose the programme that best suits their farming operations. They are expected to also benefit from new, actionable insights that would likely be generated by aggregating and standardising data, the companies said.
VOLUNTARY
LEAF call for proposals – The LEAF Coalition has issued a new call for governments to supply emissions reductions and removals with vintages beyond 2026, which may include corresponding adjusted credits, to the public-private forest finance partnership. Proposal submissions open with immediate effect and close on 21st May 2025, according to Emergent, a non-profit which coordinates LEAF. Forest governments that have not previously submitted a proposal, as well as those which did not progress in previous proposal windows, are eligible to apply. Proposals must demonstrate the forest government’s capacity to meet the requirements of ART’s standard, TREES, 1 including ensuring the full and effective participation of relevant stakeholders — in particular, Indigenous peoples and local communities. For correspondingly adjusted credits, the seller will transfer the credits to Emergent on the ART Registry, and Emergent will then transfer the ERRs to private sector buyers, and the host country will adjust the national registry. Read more here.
AND FINALLY…
Low-carbon isles – The European Commission, European Investment Bank, and Greece signed a deal on Thursday to finance decarbonisation on the Greek isles, financed through the auctioning of up to 25 mln EU ETS allowances – worth around €2 bln, they said. More than half will be invested in renewable energy supply on the islands, including PV systems, offshore wind farms, and stand-alone energy storage systems. The fund will also support the demand and distribution of renewable energy, with projects such as EV charging stations and power interconnections, they said.
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