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COP29
Countries on cusp of historic Article 6 deal in Baku as final texts land
Negotiators from nearly 200 countries could be on the verge of a historic agreement on international carbon markets at COP29, after presidency proposal texts were published late on Friday and multiple sources said that consensus may now be present on the key outstanding technicalities of international carbon trade under Article 6.
Backslide in Baku as 1.5C wiped from mitigation text
A late-stage presidency text for the Mitigation Work Programme (MWP) has eliminated any mention of the Paris Agreement’s global warming limit goals, and repeated its exclusion of “fossil fuels” or “renewables” language, reversing course on last year’s landmark COP28 Global Stocktake (GST).
New climate finance goal proposal offers $250 bln by 2035
A new climate finance goal of $250 billion by 2035 was proposed in a draft presidency text published on Friday at COP29, falling well below the $1.3 trillion figure requested by developing nations, while provisions that would encourage carbon markets were deleted.
German govt announces over €1 bln in annual biodiversity funding
Germany plans to ringfence an annual €1.1 billion to fund biodiversity conservation and restoration starting next year, a government official announced at the ongoing COP29 UN climate summit in Azerbaijan.
UK commits over £200 mln to support international forest carbon markets
The UK has pledged to commit £239 million in funding to support forest-rich nations worldwide conserve nature and biodiversity through the development of voluntary carbon markets, the government announced on the sidelines of COP29 on Friday.
US DOE deputy chief “confident” rulemaking on certain IRA tax credits will finish before Trump
Ongoing work to finalise outstanding rules for certain tax credits within the Inflation Reduction Act (IRA) will be completed before the end of President Biden’s term, a top US Department of Energy (DOE) official said this week, although work on final rules for other credits may be left in the hands of the new Trump administration.
India “in talks” with Singapore, South Korea for ITMO deals -sources
India is in talks with the governments of South Korea and Singapore to sign agreements on a framework for the transaction of Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6 of the Paris Agreement, sources have told Carbon Pulse on the sidelines of COP29 in Baku.
Roundup for Day 12 – Nov. 22
It is Day 12 at COP29 in Baku – the final scheduled day in Baku. New texts on climate finance and Article 6, as well as other streams, are expected to drop from midday, though the state of play on the NCQG is that the goal appears to be in disarray. This in turn is threatening a previously-expected deal on carbon markets. Buckle 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
Greece, EU unveil ETS-funded multi-billion-euro investment vehicle to decarbonise country’s islands
Greece has unveiled an multi-billion-euro investment vehicle with the EU to decarbonise its islands’ energy sources, raising funding in part from the sale of 25 million carbon allowances.
BRIEFING: GB Energy will be open to risk-taking and innovation – but other aspects remain unclear
Great British Energy, the UK government-owned company being set up to spearhead the country’s energy transition, will make investments in risky technologies that governments usually avoid, a conference heard this week.
BRIEFING: UK could face hefty export tax on electricity under EU’s CBAM
The UK risks facing a tax on electricity exports to the EU in the range of £40-50 (€43-55) per megawatt-hour under the bloc’s Carbon Border Adjustment Mechanism (CBAM), experts told a webinar Friday about the UK’s need for electricity market reform.
Euro Markets: EUAs post 1.9% weekly gain despite Friday’s gas-fuelled sell-off, as coal takes pole position
European carbon prices posted a 1.9% weekly gain despite a steady decline on Friday amid some end-of-week profit taking that also pushed natural gas prices down, and shrugging off an ongoing shift in plant economics that analysts said puts coal ahead of gas for power generation over the next three months.
AMERICAS
Largest soil carbon project in Latin America launches in Paraguay
A Paraguayan agricultural conglomerate has partnered with a multinational developer to launch a livestock farming project that participants claim will be the largest soil carbon initiative in Latin America.
Mexican state launches biodiversity, carbon credit programme
A Mexican state has partnered with a Franco-Mexican environmental credit company to kickstart a programme aimed at advancing the local biodiversity and carbon market.
Compliance entities fall short RGGI permits in Q3 as prices rocketed to records -report
RGGI compliance entities hold a permit shortfall in Q3 from an earlier surplus through the prior quarter, while RGGI credit prices in the secondary market rose to new records, according to the latest market monitor report.
CFTC: CCA investors flock to V25 as prices spiral lower, RGGI traders quietly add net length
Financial entities continued to trim V24 California Carbon Allowance (CCA) exposure and build V25 length this week as futures prices spiralled lower into the Q4 WCI allowance sale after sentiment soured with news of regulatory delays, while traders added to RGGI Allowance (RGA) net length even as price action stalled, according to data released Friday from the US Commodity Futures Trading Commission (CFTC).
California power emissions in September higher YoY despite slight drop in natural gas generation
California’s electricity sector emissions in September rose year-on-year (YoY), even as the share of natural gas in the power mix decreased, according to a report from the state’s grid operator.
Massachusetts finalises CHS reporting requirements for heating fuel suppliers and storage facilities
Massachusetts this week published final GHG reporting requirements for entities to be regulated under the Clean Heat Standard (CHS) with minor changes, but nevertheless extended the registration deadline for enrollment.
Maine updates climate action plan to increase 2030 EV goal, support clean energy jobs
Maine released an updated plan for the state’s climate priorities on Thursday, teeing up a number of proposals for consideration in the next state legislative session.
ASIA PACIFIC
South Korea proposes energy system roadmap, highlights use of nuclear and renewables
South Korea has proposed a ten-year roadmap for the creation of a carbon-free energy ecosystem, which the government said can bring an economic effect worth 59 trillion won ($42 billion).
Japanese leasing company to support creation of nature-based carbon credits in Southeast Asia
A Tokyo-listed financial firm has teamed up with a project developer with an increasing presence in Southeast Asia to pursue the creation of nature-based carbon credits.
CN Markets: CEA price remains stable, weekly trading volume jumps
CO2 allowance prices in China’s carbon market remained stable over the past week, with a surge in the weekly trading volume as compliance demand continues to grow.
VOLUNTARY
13% of companies buying carbon offsets apply them to 100% of their emissions -report
Some 13% of companies that are offsetting their emissions are applying the resulting credits to 100% or more of their Scope 1, 2, and 3 emissions, according to a report released on Wednesday.
Magnesium hydroxide highly effective for ERW, but there’s a catch -study
Magnesium hydroxide (MgOH2) is one of the most effective materials for capturing and storing atmospheric CO2, according to a new study that evaluated the potential for commonly-used hydrated rock, mineral powders, and industrial cement waste in enhanced rock weathering (ERW).
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.
Bahamas inks $300 mln debt swap deal to finance marine conservation
The Bahamas government has signed a deal to refinance $300 million of its external debt, in a move that is expected to unlock more than $120 mln for marine conservation over the next 15 years.
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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
Fossil fuel transition – Half of the world’s economies have passed their fossil fuel generation peak, but global progress remains slow, according to a commentary by Ember that looked at developments since COP28. OECD nations have halved coal use since 2008, and China is nearing a turning point as emissions stabilise due to a renewables boom. However, 2024 set records for coal, oil, and gas use amid soaring energy demand. Limited updates to national targets and lagging progress on the COP28 pledge to triple renewables and double efficiency require stronger policies and investment in grids, storage, and clean flexibility, according to Ember.
AMERICAS
Team, assemble! – Colombia’s environment ministry has assembled a national ETS team, according to a LinkedIn post by Victor Caro, head of the information and environmental economy division. The ETS launch is planned for 2025 in an ‘enrolment’ phase, as per remarks by Environment Minister Susana Muhamad to Carbon Pulse on the sidelines of Climate Week NYC in September. The ETS team have just completed two days of capacity building, Caro added.
Addressing environmental inequities – The US Environmental Protection Agency (EPA) released a draft of a framework for how its various programmes and regional offices consider cumulative impacts of their work on communities. The EPA seeks to analyse impacts to “acknowledge the role of government in policies and practices that have resulted in the inequitable distribution of environmental burdens” and to incorporate that consideration within its activities. Those principles are already incorporated in water permitting processes and the EPA’s updated residential soil lead guidance. The draft is available for public comment and Tribal consultation until Feb. 19.
No more NOx – The US EPA on Friday announced tighter limits on NOx emissions from new stationary combustion turbines at power plants and industrial facilities. The agency estimates the proposed standards will reduce NOx emissions by 198 tonnes in 2027 and 2,700 tonnes in 2032. As part of the proposal, the agency aims to determine whether combustion controls with the addition of post-combustion selective catalytic reduction (SCR) is the best system of emission reduction (BSER) for most combustion turbines. The agency has also called to lower the NOx standards of performance for affected sources based on application of the BSER. Finally, the EPA proposes to establish “more protective” NOx standards for affected new sources that plan to fire or co-fire hydrogen.
Battery bankruptcy – Battery startup Northvolt has filed for Chapter 11 bankruptcy protection in the US after it failed to agree to a last-minute rescue package with investors. Europe’s best-funded startup and main hope for countering Asian dominance in EV batteries said it would carry on working as normal in the meantime. The company, which raised more than $15 bln from investors such as Volkswagen, Goldman Sachs, and BlackRock as well as from the German and Canadian governments, has struggled to increase production at its one factory in Skelleftea in northern Sweden. In its Chapter 11 filing, it disclosed it had just $30 mln of cash left, enough to support its operations for one week, plus debt of $5.8 bln. It plans to access $145 mln in cash and receive $100 mln in new financing from one of its customers — Swedish truckmaker Scania — as part of the Chapter 11 process. While its German and Canadian businesses are expected to continue operating as normal because they were separately financed, including via subsidies from the respective governments. Northvolt aims to raise fresh capital from investors who could provide exit financing to launch it on a long-term path to sustainability and growth. (FT)
VOLUNTARY
Helping hand on Scope 3 – Greenhouse Gas Protocol has released technical guidance to help companies with calculating their Scope 3 (supply chain) emissions, which often account for a significant portion of an organisation’s carbon footprint. The guidance outlines key steps for data collection, categorizing emissions into 15 distinct categories, and employing suitable methods to calculate and report emissions accurately. It emphasizes the importance of engaging suppliers and stakeholders to gather reliable data and apply consistent measurement approaches. Overall, the aim is to provide a clear pathway for businesses to assess and reduce their Scope 3 emissions.
First ARR project – Sao Paulo-headquartered project developer Future Climate and Paris-based reforestation firm Morfo have announced a partnership for the latter’s first ARR project. The initial phase of the project is beginning this week in Fazenda dos Jacarandas, an area of Atlantic Forest in Sao Paulo’s interior, and the project plans to expand to 1,100 hectares as part of the broader Rio Preto initiative, which will be carried out in another location and aims to restore 3,000 hectares. Morfo has developed a patented large-scale reforestation methodology comprising four stages – soil analysis, species selection, planting encapsulated seeds, and monitoring – and the project will use drones in the planting process to increases coverage capacity to up to 50 hectares per day with a two-person team, while reducing costs by up to 50% for large areas, according to a press release.
Travel offset – Indian travel company EaseMyTrip has partnered with BNZ Green Technologies, a Mumbai-based climate tech firm, to launch a carbon footprint tracking and blockchain-based carbon offset programme, with an aim of reducing the environmental impact of the tourism industry. Under the partnership, EaseMyTrip will integrate BNZ Green’s Application Programming Interface (API) into its booking platform through the syncing of blockchain-based carbon offset programme enabling travellers to purchase carbon credits directly through the platform and receive verifiable certificates stored on a secure blockchain. The users will also have real-time access to carbon emission calculations, the tech firm said in a statement.
AND FINALLY…
Leading Ag – President-elect Donald Trump is expected to pick former Georgia Republican Senator Kelly Loeffler to serve as Secretary of Agriculture, E&E News reported on Friday. Loeffler served a bit more than a year in the Senate, appointed to finish out the term of retiring Senator Johnny Isakson (R), and supported then-President Trump during her time in office. In 2020, she lost the special election race to finish the remainder of the term to Democrat Raphael Warnock.
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