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TOP STORY
INC-5: Busan summit fails to deliver global plastic treaty, talks to resume next year
Negotiators in South Korea have failed to reach an agreement on a first-ever global treaty aimed at tackling plastic pollution, with countries deciding to resume talks next year due to unresolved divergences between parties.
ASIA PACIFIC
PREVIEW: NZ ETS watchers expect partial clearance at final auction for 2024
New Zealand carbon market participants are expecting to see a partial clearance at this week’s government-held auction in anticipation of much smaller volumes being issued in future years.
ACCU price expected to more than double over the next the next decade, survey finds
The price of an Australian carbon credit is set to more than double in the next decade, a majority of business owners surveyed believe.
Australia Market Roundup: Local survey sees ongoing optimism and concerns around carbon farming
A community survey in southwest Queensland has provided divergent results on the views of carbon farming, with concerns expressed not entirely aligned with the findings suggested.
Coal mine expansions jeopardise NSW climate targets, Net Zero Commission warns
The expansion and extension of coal mines in Australia’s most populous state is undermining its ability to achieving its ambitious emissions reduction targets, according to the newly-established Net Zero Commission (NZC).
Demand signals needed to drive green steel development in China, report says
Chinese steelmakers need stronger demand signals, such as a much larger volume of purchase commitments, to spur investment in technologies to make green steel at scale, according to a report released Tuesday.
Taiwan pledges $300 mln funds to support green investments
Taiwan has approved the establishment of a special fund worth NT$10 billion ($308 million), as the government aims to encourage more domestic green investments.
Indonesia’s 2040 coal phase-out target difficult, could hit ratings -agency
Indonesia’s recently announced 2040 target coal phase-out date may be unrealistic and could affect power and resource sector companies’ credit ratings if the government adjusts its policy approach to meet the goal, a leading rating agency warned over the weekend.
Organic matter decomposition study finds best type of wetland for carbon storage
Wetlands across the world are releasing more carbon and sequestering less when temperatures increase, a study using an unusual proxy tool has found.
EMEA
Industry groups want CBAM registry to be as transparent as EU ETS
The new registry containing information about importers of goods covered by the EU’s new carbon border fee should be as transparent as its ETS registry, a group of European business association have told the European Commission.
New research highlights trade-offs in EU ETS integration of carbon removals
An effective integration of carbon removals in the EU’s Emissions Trading Scheme (EU ETS) requires a careful balance of trade-offs and will, in any case, be insufficient to bridge the gap between prices on the bloc’s carbon market and costly removal technologies like direct air carbon capture and storage (DACCS).
BRIEFING: UK wins praise for renewed climate leadership at COP29
The UK showed renewed climate leadership among developed countries at COP29 across the public, private, academic spheres, observers have said, making the new Labour government a standout at a summit that many found disappointing.
Euro Markets: EUAs give up early rally above key level as gas fluctuates on new supply
EU carbon prices ended Monday modestly higher after an early rally was followed by a long and aggressive sell-off, while natural gas prices also faded but held on to more of their gains amid news that Azerbaijan had started shipments to Slovakia.
Veteran carbon analyst joins ClearBlue Markets
A veteran carbon analyst has joined carbon analytics and consulting firm ClearBlue Markets after leaving London Stock Exchange Group (LSEG) earlier this year.
AMERICAS
Canada proposes CFR credit generation updates
Canada proposed changes to carbon intensity (CI) calculations of certain fuels eligible for credit generation under the Clean Fuel Regulations (CFR) on Friday.
WCI, Washington release expected 2025 auction dates and reserve prices
The California-Quebec joint carbon market and Washington’s cap-and-invest programme announced auction dates and reserve prices for 2025 on Monday, along with next year’s sale volumes.
INTERVIEW: Tech company works with Amazon to leverage data centre waste for carbon removals
A tech company is developing its carbon removal technology in partnership with Amazon Web Services (AWS), enabling data centres to capture CO2 from waste heat and air flows.
BRIEFING: US data centres, AI growth add pressure for transmission permitting reform -panellists
As data centres and artificial intelligence drives electricity demand across the US, permitting wait times for transmission lines will need to be dramatically sped up in a number of ways, panellists said Monday, from limiting lawsuits against transmission projects to centralising permitting authority in the federal government.
CFTC: Traders bulk holdings in V25s across WCI, RGGI carbon markets
Both emitters and financial players continued to move their holdings in California Carbon Allowances (CCAs) and RGGI Allowances (RGAs) into 2025 at the expense of 2024, delayed data from the US Thanksgiving holiday published Monday by the US Commodity Futures Trading Commission (CFTC) showed.
VOLUNTARY
VCM Report: Verra carbon credit retirements breach 7 mln as market shows signs of life
Retirements in the Verra voluntary carbon registry surged to just over 7 million last week, as the market started to show some life after having failed to ignite after the COP climate talks last month.
BeZero launches standardised datasets for carbon project analysis
Carbon credit rating provider BeZero has introduced standardised datasets with technical carbon data to simplify project analysis, the London-based agency announced on Monday.
Xpansiv launches carbon removals trading, lists 75,000 new forest credits
Xpansiv, an environmental market services provider, on Monday launched new spot exchange and portfolio management tools to support the trading and handling of carbon removal credits as a separate market segment.
INTERVIEW: Powder to clean up harmful algae promises to quickly remove carbon
A tech startup working to rid harmful algae growth from lakes and reservoirs believes it can remove carbon, avoid methane emissions, and restore biodiversity in a relatively simple way that can be funded by voluntary credits, the first of which are due to be sold from a project in Utah.
Majority of large asset managers fail to use influence to drive climate policy -report
Most of the world’s largest insurers and pension funds — representing over $17 trillion in assets — fail to use their significant influence to advocate for climate policy in line with science-based pathways to net zero, according to new analysis by a non-profit.
INTERVIEW: US non-profit to launch Ethiopian methane carbon credit project
A North Carolina-based research non-profit is set to launch a carbon credit project in Ethiopia with a US development agency, aiming to expand its approach for reducing enteric methane emissions from small farmers’ livestock in the developing world, representatives of the organisation told Carbon Pulse on the sidelines of COP29.
INTERNATIONAL
INTERVIEW: Article 6 decision marks ‘fundamental’ shift in landscape for project developers
The breakthrough on Article 6, achieved in Baku last month, will have a huge impact on the ground in terms of project development, according to executives at a global association for the sector.
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: INTERVIEW – Global criteria needed to steer shift to non-plastic substitutes
Curbing plastic production and banning chemicals of concern should go hand in hand with measures aimed at avoiding an over-reliance on non-plastic materials that are similarly harmful to the environment or human health, a scientist has told Carbon Pulse.
INC-5: Indigenous Peoples claim being ‘systematically’ excluded from plastic talks
Indigenous peoples have accused countries of repeatedly and systematically excluding them from negotiations on the first-ever global plastic treaty, with some saying their voices have been silenced during the last round of talks in South Korea.
Norway delays deep sea mining exploration after budget compromise
The Norwegian government has agreed to hold off issuing deep sea mining exploration licences for the next two years as part of a wider national budget compromise.
INTERVIEW: UK developer delivers 105 houses with biodiversity net gain
A residential house builder in the northwest of England has delivered 105 houses with biodiversity net gain (BNG), having started two years ago when the development requirements were in their infancy.
IFC launches $450-mln green bond to fund biodiversity
The International Finance Corporation (IFC) has issued a A$700-million ($451 mln) so-called green kangaroo bond in Australia to help close the biodiversity funding gap in emerging markets, it announced Monday.
European country donates up to $21 mln to Brazil’s Amazon Fund
Brazil’s national development bank announced Friday that a European nation has donated up to $21.1 million to the Amazon Fund, aiming to help combat deforestation and promote sustainable development.
Insurers must contribute to nature-positive future, UNEP FI says
A “first-of-its-kind” guide to try to galvanise action from insurers to engage with a nature-positive future, enabling investments in ecosystems and innovative biodiversity-linked products, was published Monday by the UN Environment Programme Finance Initiative (UNEP FI).
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EVENTS
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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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
INTERNATIONAL
Climate hearing – The world’s top court — the International Court of Justice (ICJ) in The Hague — has begun hearing evidence in a significant case that may clarify the legal responsibilities of governments in relation to climate change. ICJ will hear hear testimony from nearly 100 countries, attempting to answer key questions as to what countries should do to fight climate change and, critically, what should they do to repair damages linked to rising temperatures. The outcome is not legally binding, but could give extra weight to climate change lawsuits all over the world, particularly where small island states are seeking financial recompense from the developed world over the loss and damage they have suffered as a result of historic emissions of planet warming gases. At COP29 last month, it was decided for richer nations to provide $300 bln a year in climate finance by 2035, to the anger of developing nations who argued it was insufficient. Also during the ICJ hearing, Ralph Regenvanu, Vanuatu’s special envoy for climate change and environment, said responsibility for the climate crisis lay squarely with “a handful of readily identifiable states” that had produced the vast majority of GHG emissions but stood to lose the least from the impacts. Pacific island nations such as Vanuatu are already bearing the brunt of rising sea levels and increasingly frequent and severe disasters, the court heard, as reported in the Guardian.
Bright future – Africa stands to benefit from the recently agreed Article 6 deal for international carbon trading by achieving fair carbon prices and protecting forests, said Gabriel Labbate, head of the UN Environment Programme’s climate mediation unit. The continent has huge potential to reduce emissions from deforestation, forest degradation, cooking, and also has good potential for engineered carbon removals in some countries, he said in an interview. It’s important the continent puts in place enabling conditions for project developers and ensures that methodologies are of high quality, he said. REDD+ prices of at least $30/tonne would help to support good projects in the market, and a recent study by UNEP suggested that prices should quickly rise to that level with greater integrity and increased buyer interest, he said.
EMEA
Kenya’s forest carbon – Kenya is speaking with carbon markets consultancy Suni Smart Energy to monetise the 15 billion trees the government seeks to plant over the next eight years by way of carbon markets. The talks, led by the Ministry of Environment, Climate Change, and Forestry, are aimed at inking a $3.5 mln 10-year deal that will allow Suni Smart Energy to support the development of a trading platform for carbon credits across 47 countries. Kenya also seeks to create a National Carbon Registry to document verified carbon credits and emissions reductions for the government to keep track of the revenue stream.
EV duty cuts – The government of Zimbabwe has reduced the customs duty for battery-electric vehicles to 25%, down from 40%, which is the standard customs duty on most motor vehicles in the country. Hybrid vehicles are not covered by the duty reduction and shall remain in the 40% duty category. The government has also introduced a rebate on charging stations, though it’s not yet clear if this is a partial or full rebate. The announcements were made during the national budget presentation by Finance Minister Mthuli Ncube, and follow months of lobbying in Zimbabwe by EV company BYD, to create more incentives to buy EVs.
Skogn & Saugbrugs – The Norwegian Environment Agency has issued a prior notice that could exclude two Norske Skog mills, Skogn and Saugbrugs, from the EU ETS for 2026-30. This exclusion, due to revised criteria targeting facilities with over 95% emissions from sustainable biomass, would end their free allocation of EUAs. Norske Skog CEO Geir Drangsland criticised the decision, warning it might discourage renewable energy use and increase reliance on fossil fuels, despite the mills’ successful reduction of their fossil carbon footprint. While exclusion would mean no obligation to surrender EUAs, it could financially impact the mills, which plan to sell around 150,000 EUAs net in 2025. The change does not affect Norske Skog’s Golbey or Bruck facilities or Norway’s CO2 compensation schemes. The company will collaborate with industry partners to advocate for fair treatment of biomass-based decarbonisation. Drangsland highlighted potential benefits from Austria’s CO2 compensation developments to mitigate the impact of the decision. (Paper Advance)
Look North East – North East Mayor Kim McGuinness has unveiled plans for a North East Carbon Marketplace at the Net Zero North East England Annual Summit in Gateshead. This initiative aims to allow organisations to offset carbon emissions by investing in local carbon-saving projects, ensuring regional benefits. The marketplace will facilitate the trade of carbon credits and offsets, enabling funding for sustainable initiatives like tree planting, peatland restoration, and community energy schemes. The announcement was part of a summit attended by over 300 delegates, featuring 65 speakers and 25 exhibitors showcasing regional efforts towards achieving net zero. (North East Bylines)
ASIA PACIFIC
Keen on carbon credits – Singapore and Thailand will work together on carbon credits, food security, and education among other things, the countries announced during a joint press conference last week. Prime Minister of Singapore Lawrence Wong said that Singapore was “keen to work with Thailand on carbon credits” and that the two countries could work towards “an Implementation Agreement on carbon credits collaboration”, which would open up new opportunities for the companies in these nations. Wong said that the power grid could be another area of integration which will form the building block for a broader ASEAN Power Grid, and help strengthen the region’s energy resilience and sustainability.
Farmer card – Indian agri-tech firm BharatRohan has partnered with financial services firm Obopay and Mastercard to launch BharatRohan Pragati card, Business Standard reported. Through this collaboration, BharatRohan is also exploring joining Mastercard Community Pass digital platform to enable offtake solutions for the farmers, with the proceeds from such produce sale getting directly credited to the BharatRohan Pragati card. This will also enable access to supply chain financing solution for offtake transactions via the platform. The card has an underlying prepaid wallet that enables farmers to transact seamlessly at any merchant outlet that accepts Mastercard payments. It will also allow farmers to purchase essential agricultural inputs like seeds, biological inputs, fertilisers, pesticides, and services like drone-based crop monitoring.
Cash for novel CCS – Western Australia has allocated A$2.5 mln ($1.62 mln) in grants for work in mineral carbonation, a newer and novel form of carbon capture and storage (CCS), as part of its wider CCS action plan announced Nov. 21. The plan highlighted mineral carbonation as a potential emissions reduction technology, given it is a naturally occurring process which the state Labor government suggests could sequester 1 billion tonnes of CO2 per annum, or about 10 times the state’s current emissions. “The Minerals Research Institute of Western Australia (MRIWA) Mineral Carbonation Roadmap identifies a pathway for accelerated mineral carbonation, the industrial-scale process to convert CO2 into a stable form using mining wastes and byproducts,” the government said Monday. The MRIWA is now calling for expressions of interest.
Saving wetlands – Scientists in New Zealand and China are collaborating to save coastal wetlands in the two nations. Under the New Zealand-China Strategic Research Alliance programme, the University of Auckland along with Hohai University and East China Normal University in China are cooperating to protect wetlands from erosion, provide habitats for flora and fauna, reduce flooding, and store carbon. According to a research, New Zealand has already lost more than 90% of its wetlands, due to drainage and conversion to farmland. Therefore, the three-year collaboration will see scientists use computer modelling to guide wetland management. Meanwhile, the Chinese team will stress-test some of their models in New Zealand conditions. Sophisticated models can simulate tide flows and sediment shifts, even incorporating the effects on tide flows from friction with newly established vegetation and are able to predict blue carbon effects such as carbon burial and emission changes, the scientists said.
AMERICAS
Coal challenge – A group of Republican Attorneys General have filed a lawsuit against investment firms BlackRock, Vanguard, and State Street claiming that the firms improperly influenced investing in publicly traded coal companies. “Over several years, the three asset managers acquired substantial stockholdings in every significant publicly held coal producer in the United States, thereby gaining the power to control the policies of the coal companies. Using their combined influence over the coal market, the investment cartel collectively announced in 2021 their commitment to weaponise their shares to pressure the coal companies to accommodate ‘green energy’ goals,” Texas AG Ken Paxton said in a press release. Paxton was joined in the suit by the AGs of Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming.
Partnership for satellite technology – The satellite imaging company Planet Labs PBC has signed a three-year, seven-figure partnership with the climate finance and carbon asset firm Laconic, according to a press release. Under the deal, Laconic will use Planet Lab’s AI-powered data tools to measure global forest carbon via measuring canopy height, cover, and above-ground carbon levels. Laconic will integrate Planet’s data into its platform to facilitate efficient carbon securities trading. The companies said that the accurate valuation of global forests will support the voluntary carbon market and the creation of sovereign carbon assets.
US LNG Asia bound – US liquified natural gas (LNG) will be critical for meeting Asia’s energy demand in the 2030s and beyond, according to a new Wood Mackenzie study. The study, which was commissioned by the Asia Natural Gas & Energy Association, found that Asia’s LNG is forecasted to double to 510 Mt per year by 2050 as emerging nations seek to replace coal-fired generation. The study also examined the impact of the Biden administration’s pause to pending and new US LNG export facilities. Wood Mackenzie found that if this pause is lifted in early 2025, which President-elect Donald Trump has pledged to do, US LNG could make up 33% of global supply by 2035.
BR credit platform – State-owned Brazilian financial services firm Caixa signed a memorandum of intent last week with the Brazilian Mint (CMB) to create a digital platform that guarantees certification of emissions associated with carbon credits in the country. The solution targets compliance, traceability, and transparency across all stages of certification of emissions associated with carbon credits. The objective is to establish a national certifier to strengthen the Brazilian carbon market, Caixa said.
Watching EPA – The US EPA’s Office of Inspector General (OIG) released its semi-annual report last month warning that the agency will need more resources for internal oversight as the agency braces for the incoming administration under President-elect Donald Trump (R), E&E reported. In the report, EPA Inspector General Sean O’Donnell asked Congress for dedicated funding for the OIG to oversee the implementation of programmes within the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA). He said the office remains significantly challenged to execute oversight of the agency. “With more than $100 bln in IIJA and IRA dollars on the line, the stakes have never been higher,” O’Donnell wrote.
VOLUNTARY
Carbon going to litigate – Voluntary carbon offset project developer Carbon Done Right reported net losses of C$4.1 mln through the third quarter ended Sep. 30, 2024, relative to net losses of C$1.4 mln over the same timeframe last year. Losses are primarily attributed to a C$2.8 mln termination of a lease attributed to its subsidiary Pomeroon Trading Holdings Limited (PTHL) in Guyana (PTHL Leasehold Estate). As a result, total assets decreased in Q3 given the disposal of related assets to the PTHL Leasehold Estate. The company is actively seeking to recover costs through litigation, Carbon Done Right’s management said in its analysis published Friday. As of July, PTHL was in dispute with landowners for its operations on leased land, as the landowners sought damages for non-payment of rent and termination of the lease. According to Carbon Done Right’s website, it is involved in coconut and mixed agriculture agroforestry project development in Guyana.
Chemicals call – The Science Based Targets initiative (SBTi) has invited chemicals companies to participate in its pilot phase to test and help shape its draft chemicals sector target-setting criteria and tool. Participants are being sought from a wide range of chemical industry stakeholders including producers of primary chemicals and other base chemicals, manufacturers of intermediate and specialty chemicals, pharmaceuticals and consumer chemicals, as well as those engaged in chemical recycling activities. Companies interested in participating must meet the requirements laid out in the terms of reference and submit their interest through this application form no later than Jan. 10, 2025. Following the pilot phase, the SBTi will conduct a thorough review of the feedback received and revise the sector criteria and tool in accordance. Then once approved by the technical council, the board of trustees will consider the criteria for formal adoption. Once approved, the final chemicals sector criteria and supplementary resources will be published for use.
Mapping the future – Puro.earth has published its ‘Annual CDR Meta-Map on Policy‘. The map highlights the progress made by governments, international organisations, and voluntary rule-setters in defining net-zero emissions, thereby creating demand for durable carbon removals to deliver the “net” in net-zero emissions, the removals standard and registry said. The map also showcases the key initiatives Puro is engaging with.
Partnering for accuracy – Planet Labs has signed a deal with Laconic, operator of a sovereign carbon securitisation platform, the two announced on Monday. For the next three years, Laconic will receive both Planet’s 3 metre forest carbon monitoring product and its 30-metre forest carbon product. Laconic operates a platform to provide data and real-time data to allow carbon securities to trade efficiently, and with Planet’s forest carbon products, Laconic will now receive AI-powered forest carbon insights from around the globe. This will allow it to provide customers with accurate trends, correlations, and predictions to instill trusted trading confidence and empower informed decision-making in the VCM. Planet’s recently launched forest carbon monitoring product provides a quarterly dataset estimating aboveground carbon, canopy height, and cover over the entire Earth at 3 metre resolution, dating back to 2021. While its forest carbon diligence product offers a robust archive of global aboveground carbon data at 30 metre resolution dating back to 2013.
SCIENCE & TECH
Heat rising – Heatwaves are surpassing even the extremes predicted by climate models, with some parts of the world impacted particularly badly, NewScientist reports. The UK, northern France, southern Australia, and northern Canada were all cited as places at particular risk of potent heatwaves. As the world warms further, these and other areas could see extremes of heat that outpace those climate models are projecting, said Kai Kornhuber at the International Institute for Applied Systems Analysis in Austria. “Extreme event projections should be considered as conservative estimates”, wrote Kornhuber.
SHIPPING
Wind in their sails – Wind power is set to make a comeback in the shipping industry, as the sector responsible for more than 80% of global trade and about 3% of global GHG emissions looks to make a dent in its carbon footprint. The cleanest of the new wind-powered vessels, like the Grain de Sail II, which can carry 350 tonnes of goods in its holds, uses its diesel engine alone to move in and out of port and sails for the rest. The speediest of Grain’s four crossings so far to New York took 17 days, and just 15 days on the return trip to Saint-Malo, France. Yet wind-assisted systems are also being fitted to engine-powered cargo ships, such as the 340-metre Sea Zhoushan, which transports iron ore and expects fuel savings of up to 8% on its 40-day voyages between Brazil and China. Other cargo shippers to adopt sails on vessels include Louis Dreyfus Company and Cargill. Some 165 cargo ships are already using wind to some degree or are due to have wind-assisted systems installed, according to Clarksons Research. Pressure from the EU ETS, under which larger cargo ships will have to start paying for some of their emissions from 2025, is expected to further strengthen wind’s appeal. However, the intermittency of wind could impede a ship’s punctuality, of great importance in the world of global trade. (the Independent)
AND FINALLY…
Blowing it – The UK has paid more than £1 billion in ‘congestion costs’ so far this year to turn off wind farms that can’t deliver electricity into the national grid due to grid capacity constraints. The cost is being borne by consumers and puts at risk plans to decarbonise the network by 2030. Britain has boosted its offshore wind fleet by 50% in the past five years and is set to double it in the next five, but the grid can’t cope, Bloomberg reports. When Storm Bert swept across the country last month, Scotland’s £3 bln Seagreen project, owned by SSE and TotalEnergies, was shut off. while SSE’s Viking development on the Shetland Islands was also closed. Curtailing generation has become increasingly common. This year’s congestion costs exceed last year’s total and are second only to 2022, when power prices were almost three times as high.
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