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TOP STORY

ANALYSIS: International carbon markets now “open for business” but patience needed before scale hits

UN-approved international carbon markets are now ready to fully operationalise, following the landmark decision to finalise Article 6 in Baku, but questions over demand, and a robust methodological work programme scheduled for 2025, means it may take years until the planned implementation produces credit transactions at scale.

AVIATION

FEATURE: Airlines more concerned by compliance carbon than CORSIA credit supply

Airlines are more worried about the proliferation and expansion of compliance carbon requirements across different regulatory bodies than over the current tight supply of CORSIA-eligible credits, senior industry figures told Carbon Pulse.

More airlines need to follow our example and invest in CDR, says major European carrier

More airlines should be investing in carbon dioxide removal (CDR) to ensure the industry can scale sufficiently to meet future net-zero demand, an executive from a major European airline told an industry conference this week.

No business case for SAF at current CORSIA prices, says airline group sustainability chief

There is no business case for voluntarily investing in sustainable aviation fuel (SAF) given current prices for CORSIA-eligible credits, the head of sustainability at a major European airline group told an industry conference on Monday.

INTERNATIONAL

UK will not use Article 6 towards next UN climate plan, says negotiator

The UK will not use Article 6 towards meeting the country’s next UN climate plan under the Paris Agreement, its negotiator on international carbon markets said Tuesday.

VOLUNTARY

Row erupts after Verra posts anonymous allegations of human rights abuses during consultation on REDD carbon projects

Verra has allowed anonymous allegations of human right abuses at two REDD carbon projects in Cambodia to be posted during a public consultation, sparking a furious response and rebuttal from the developer, who says the claims are groundless.

FEATURE: New forest biomass satellite may improve accuracy of global carbon budget and markets

A satellite set to launch early next year will measure forest biomass more accurately than before, with the ability to precisely understand the carbon emissions arising from land-use change globally – feeding into a more accurate global carbon budget.

ASIA PACIFIC

Japanese policymakers propose 60％ emissions cut for 2035 NDC

Japanese policymakers have proposed setting a 2035 target of cutting greenhouse gas emissions by 60% compared to 2013, as the government is considering a linear path for the country to reach net zero by mid-century.

Little clarity on emissions pathway could complicate China’s climate targets, report says

There is still little clarity on China’s emissions pathway, which experts believe could leave open the possibility of emissions increases until 2030 and very slow reductions afterwards, despite recent policy progress, according to a report published Wednesday.

EMEA

UAE considers carbon tax, cap-and-trade emissions scheme -Bloomberg

The United Arab Emirates (UAE) are considering implementing a compliance carbon scheme similar to the EU ETS, as well as an emissions levy, according to sources familiar with the matter, as reported by Bloomberg.

ArcelorMittal freezes green steel projects in Europe, waits for EU policy guidance

Europe’s largest steelmaker, ArcelorMittal, announced on Tuesday it had frozen final investment decisions over its ongoing decarbonisation projects on the continent until the company has “full visibility” on the EU policy environment.

Parliament to vote on new European Commission amid persisting political tensions

The Greens in the European Parliament decided by a slim majority to approve the new team of EU commissioners led by Ursula von der Leyen during a confirmation vote scheduled on Wednesday, paving the way for the new European Commission to take office on Dec. 1 for a five-year mandate.

Limited risk of loan losses from new CO2 taxes, warns Danish central bank

Denmark’s incoming carbon tax for agriculture, combined with other risks from low-carbon transition, will result in higher impairment charges for some lenders, but most will see only limited impact, according to the country’s central bank.

Global firms ramp up sustainability reporting ahead of CSRD deadline -report

Nearly all of the world’s largest companies have adopted sustainability reporting, with 96% of the largest 250 companies (G250) now publishing ESG data as they prepare for tighter regulations like the EU’s Corporate Sustainability Reporting Directive (CSRD), according to a new report.

UK launches new taskforce to deliver aviation decarbonisation

The UK government has launched a new taskforce to deliver aviation sector decarbonisation, including a focus on carbon removals.

Indirect emissions linked to EU power distribution can be fixed -report

Most of the greenhouse gas emissions from distribution system operators (DSOs) across Europe come from indirect and preventable sources, according to a study published Tuesday.

Kenyan power firm to help build country’s carbon market framework

The Kenyan government has appointed Kenya Electricity Generating Company (KenGen) to the taskforce responsible for building the country’s carbon market framework.

Euro Markets: EUAs, gas give up Monday gains even as carbon settles into new range

European carbon prices declined on Tuesday amid bouts of sustained selling that drove the market 2.3% lower at one point, as natural gas tumbled by as much as 3.7%, before a late rally in both trimmed losses, helping to consolidate EUAs in a new range.

AMERICAS

Environmental groups sue California county for CCS project approval

A coalition of non-profits last week filed a lawsuit against a California county for its approval of a carbon capture and storage (CCS) project, which they alleged was done without addressing key concerns regarding the initiative’s final environmental impact report.

Washington releases updated CFS draft with book-and-claim, avoided methane provisions

Washington’s Department of Ecology (ECY) on Tuesday outlined its additional considerations for changes to the state’s Clean Fuel Standard (WCFS), which included book-and-claim as well as avoided methane crediting measures.

British Columbia invests C$15 mln in local carbon capture firm

A British Columbia-headquartered carbon capture company announced Tuesday that a provincial fund had committed C$15 million ($10.7 mln) to accelerate the firm’s domestic and international projects.

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.

INC-5: Plastic negotiators in Busan overcome first hurdle as tension builds

Talks on the first-ever UN treaty aimed at tackling plastic pollution have begun in South Korea, with an overwhelming majority of delegates at the opening plenary session defying a group of countries allegedly trying to derail negotiations.

Biodiversity Pulse: Tuesday November 26, 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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Premium job listings

• Manager, Market Strategy & Engagement, Native – Remote (US)
• Senior Director, Carbon Science and Technical Development, Native – Remote (US)
• Event Coordinator, Carbon Forward – Remote (UK)
• Asia-Pacific Environmental Markets Correspondent, Carbon Pulse – Remote

See all listings or post a job

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SUBSCRIPTION OFFER

We’re offering new subscriber organisations 15 months of access to our news and intelligence for the price of 12. Purchase an annual subscription by Dec. 20, 2024, and get 3 extra months for free. Have we recently quoted you a price? Our 15-for-12 offer applies to that too, if you purchase your subscription by Dec. 20. Email sales@carbon-pulse.com to inquire.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

EMEA

Greening lawmakers – The EU Parliament announced on Tuesday it will strengthen its commitment to sustainability by adopting ambitious environmental targets for the years to come. The new targets to achieve by 2029 include a carbon footprint reduction of at least 55 % tonnes of GHG emissions per Full-Time Equivalent (tCO2e/FTE) compared to 2006, a 55% decrease in energy consumption (kWh/m2) compared to 2012, raising the share of energy consumption from renewable sources to 80%, and a 85% reduction in paper consumption compared to 2012. The European Parliament also included a qualitative biodiversity indicator: it tracks the size of green outside spaces and what is happening on them, e.g. recycling of green waste and the promotion of local plants.

Auto plant closure – Stellantis, owner of car brands including Vauxhall, Citroen, Peugeot, and Fiat plans to close its van-making factory in Luton, north of London, putting about 1,100 jobs at risk. Rules to speed up the electric vehicle transition in the UK partly drove the decision, it said, with the company set to combine its electric van production at its other UK plant in Ellesmere Port. The news comes amid growing concerns among car manufacturers over EV sales targets, with many calling for the government to do more to boost consumer demand. Current UK rules state EVs must make up 22% of a carmaker’s car sales, and 10% of van sales this year, with penalties for any sales outside the mandate, though there are flexibilities to buy credits from automakers who can meet the targets. Car brands with factories in the UK have been urging the government to relax the rules, arguing that EV demand is not strong enough and more incentives are required for drivers to go fully electric. The government is expected to announce a consultation on the rules imminently. (BBC)

ASIA PACIFIC

Review launched – Australia has launched a review into how its largest grid, the National Electricity Market (NEM) will operate in the coming years amidst the backdrop of the energy transition. The government has appointed an independent expert panel to undertake a wide consultation and look at NEM wholesale market settings to ensure the market promotes investment in firmed renewable energy generation and storage capacity into the 2030s and beyond. The NEM is one of the world’s largest interconnected networks with around 40,000 km of transmission lines and cables and supplying electricity to more than 23 million people. The terms of reference says the expert panel will not consider options that involve introducing carbon trading schemes, carbon markets, or involves the government supporting new fossil fuel generation.

Solar plans – Japan’s industry ministry is contemplating promoting the use of perovskite solar cells to cover 20 gigawatts of electricity in 2040, equivalent to 20 nuclear reactors, according to Japan Times. Given that such light cells are generally more expensive than conventional ones, the ministry plans to subsidise part of the implementation costs. It also aims to include the plan in the country’s basic energy programme, which the government will update within FY2024.

Getting ready – Five exchanges, also the members of Association of Southeast Asian Nations – Interconnected Sustainability Ecosystem (ASEAN-ISE) have agreed to issue a Request for Information (RFI) to develop a centralised ASEAN ESG data infrastructure, a press statement said. Key representatives include Bursa Malaysia, Indonesia Stock Exchange (IDX), The Philippine Stock Exchange (PSE), Stock Exchange of Thailand (SET), and Singapore Exchange (SGX Group). Through this RFI, ASEAN-ISE seeks market input to shape the development of a centralised ASEAN ESG data infrastructure in order to position the region as a competitive and trusted partner globally. The data infrastructure will be the first of the four undertakings agreed upon by these exchanges in July 2024. The announcement comes as five carbon market associations partnered to advance regional cooperation within the ASEAN region during COP29 in Baku.

Tech partnership – Indian cleantech startup Hygenco has selected Dutch gas company Topsoe as the technology licensor for the first phase of planned green ammonia plant in Gopalpur, India with an installed capacity of 750 tonnes per day, the startup said in a statement. Phase one of the project is expected to become operational by 2027. Meanwhile, Topsoe will deliver its ammonia technology of conversion of green hydrogen to green ammonia, and will also deliver engineering design, proprietary hardware, and catalysts for the plant.

Corporate procurement is the key – A report by BloombergNEF has found that enabling 24/7 carbon free electricity procurement in the Asia Pacific (APAC) could unlock the private investment needed for the region’s energy transition. BNEF’s analysis indicates that corporate clean energy procurement will be a critical source of funding to meet the increased power capacity and grids investment required for decarbonisation. Increased share in the global emissions will require an acceleration of investment in deployment of solar, wind, and storage along with grid expansion. As a result of the falling cost of renewables, this would be the most economically sustainable pathway to fulfilling the Paris Agreement goal, the report said. While clean power procurement has grown across APAC in recent years, existing policies and market regulations continue to restrict access to affordable clean energy and constrain expansion of renewable energy supply, it added. In the report, BNEF has reviewed current decarbonisation plans and corporate clean power procurement frameworks of 11 APAC markets including Bangladesh, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, and Vietnam.

AMERICAS

ZEV back-up plan – California Governor Gavin Newsom (D) pledged Monday to propose a new version of the state’s Clean Vehicle Rebate Program (CVRP) if President-elect Donald Trump eliminates a federal zero-emission vehicle (ZEV) tax credit. The CVRP was phased out in 2023, but funded almost 600,000 vehicles during its lifetime, according to a press release. The proposed California rebates, which would include changes to promote innovation and competition in the ZEV market, could come from the Greenhouse Gas Reduction Fund, which is funded by proceeds from the state’s cap-and-trade programme. In the third quarter of 2024, Californians purchased almost 115,900 ZEVs, representing 26.4% of all new vehicle sales in the state. According to a report published Monday by the US Environmental Protection Agency, US electric vehicle sales doubled in 2023 as vehicle emissions hit a record low.

Ballot bites – New financial data shows that Washington state residents are likely to pay higher gasoline prices after state voters earlier this month rejected a ballot measure to repeal the state’s cap-and-invest programme, E&E reported. According to data from the US Energy Information Administration (EIA), the average price of gasoline per gallon in Washington in November was about 19 cents less than the October average for the years 2003-2023. However, this year, the November average thus far sits at only about 4 cents below the October average, implying a rise in average gasoline prices this November compared to the historical seasonal decline.

Michigan CCS bill – Michigan Senator Sean McCann (D) introduced earlier this month SB 1131, which would give the state’s Department of Environment, Great Lakes, and Energy control of permitting carbon sequestration wells. The bill would require a public hearing process and approval from at least 60% of the owners of underground pore space. It would place fees on carbon CCS projects to generate money for the state permitting programme and a legacy fund that would pay for long-term monitoring. Developers would have to continue monitoring wells for about a decade after they are closed, then could start an official closure process with the state. SB 1131 has been referred to the Committee on Energy and Environment. Michigan has divided control of its state legislature after Republicans captured control of the House of Representatives in elections earlier this month, breaking a Democrat trifecta.

Data battle – Alberta is set to adopt measures under its sovereignty act to impede the federal government’s cap on oil and gas emissions, the Calgary Herald reported Tuesday. The Alberta Sovereignty Within a United Canada draft motion would prevent oil and gas operators from reporting GHG emissions data to the federal government without the province’s approval. The government would consider changes to ensure no provincial entity – such as the Alberta Energy Regulator or Environment Department cooperated or participated in enforcing the federal mandate. The province’s motion would ensure all oil and gas facilities would be protected under Alberta’s Critical Infrastructure Defence Act, and would prohibit entry by any individuals, including federal employees or contractors, to them. Under this plan Alberta would also declare all information directly or indirectly related to GHG and collected at various facilities – such as upgraders or oilsands operations, as “proprietary information” exclusively owned by the government of Alberta, and disclosed “at the province’s discretion”. Other measures under consideration are a challenge over constitutionality of the federal plan once it would become law. Under Section 92A of the Constitution, provinces may exclusively make laws primarily focused on the exploration, development, and management of non-renewable natural resources. According to the federal government, all industrial facilities that emit more than 10,000 tonnes per year of GHGs must report annually under the Canadian Environmental Protection Act.

Two thousand trees – Market research firm Abacus Data on Tuesday unveiled its partnership with Canada’s Forest Trust Corporation to plant 2,000 trees in the country. The effort is expected to capture some 280 tCO2 over its lifetime. A part of the firm’s Smart Forests initiative, the collaboration aims to plant and manage a diverse range of tree species, and also establish a programme to enable client engagement in the effort.

Canadian collaboration – Regina-based carbon credit origination and streaming firm Carbon RX announced Tuesday a new partnership with the Pimicikamak Cree Nation to assist in forest management and preservation of First Nation lands in Manitoba. The project includes 3 mln acres (1.2 mln hectares) of traditional lands in the Canadian boreal forest, home to the Pimicikamak people, and intends to generate carbon credits.

Brazilian partnership – Brazilian certification body Tero Carbon and trading platform GEAP have signed a Memorandum of Understanding (MoU) to integrate services. The collaboration seeks to enhance liquidity, transparency, and transaction efficiency for Brazilian carbon credits and environmental assets, according to a press release. Tero Carbon, based in Manaus, certifies small-scale projects with locally adapted methodologies, while Rio de Janeiro-based GEAP facilitates carbon credit transactions via its electronic platform. The partnership aims to strengthen Brazil’s carbon market, expand global access for local projects, and adapt to evolving environmental regulations.

VOLUNTARY

Soil carbon – Risk management provider DNV has validated and verified the GHG reductions and removals from Agreena’s soil carbon programme for the third consecutive year, according to a press release. Denmark-based Agreena, which supports over 2,300 farmers across 4.5 mln hectares in 20 countries, uses digital MRV tools to quantify the GHG impact of regenerative farming practices like reduced soil disturbance and cover cropping. DNV confirmed that Agreena’s methodology, which helps farmers generate finance through carbon credits, complies with ISO 14064-2 standards.

AND FINALLY…

Albums we don’t need – K-pop’s huge success, along with the industry’s profligate CD output, has raised concerns over the environmental impact of a growing mountain of discarded albums and merchandise waste, according to activist group Kpop4planet. It’s not uncommon for some K-pop fans to buy multiple CDs solely for photocards randomly placed in each album, a practice that has resulted in significant amounts of waste from the K-pop industry. In addition to plastic packaging, producing a CD generates about 500 grams of carbon emissions, according to a study by Keele University. That means the weekly sales of a single top K-pop group could be equivalent to the emissions from flying around the Earth 74 times, Kpop4planet said. (AFP, Reuters)

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