**CP Daily will not be published between Dec. 25 and Jan. 1. Carbon Pulse will file stories and send out CP Alerts on merit during that period. Regular coverage will resume Jan. 2.**

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TOP STORY

DATA DIVE: How climate philanthropy became a major driver behind the carbon removal boom

The past five years have seen philanthropic giving towards the carbon dioxide removal (CDR) industry soar, with foundations becoming a major force getting innovative projects off the ground.

DISCLOSURES

BRIEFING: EU vows to “stay the course” on climate, while making plans to slash red tape by 25%

The European Commission’s upcoming ‘Competitiveness Compass’, due in January, will pave the way for streamlining corporate sustainability reporting obligations in Europe by putting it all “in one place”, EU officials have indicated.

Canada publishes new proposed environmental claims guidelines

The Canadian government published Monday new proposed guidelines intended to help businesses determine whether their environmental claims are compliant with national law.

UK looks to further integrate ESG in financial reporting with endorsement of sustainability, climate disclosure standards

The UK Financial Reporting Council (FRC) has recommended adopting the International Sustainability Standards Board (ISSB) reporting standards, IFRS S1 and IFRS S2, to align UK businesses with global sustainability practices.

VOLUNTARY

KEY TAKEAWAYS: Bezos Earth Fund’s global roadmap to scale CDR technologies by 2050

The Bezos Earth Fund late last week released a report outlining how to scale CO2 removal technologies by 2050. Here’s a summary of the key takeaways from the 109-page paper.

VCM Report: Boost from smaller carbon registries keeps credit retirements set for annual record

Retirements of voluntary carbon credits remained high last week across the big four registries, which saw the gap continue to narrow to last year’s record total, but other, smaller organisations have seen volumes grow, putting 2024 on course to hit a fresh annual high.

EMEA

FEATURE: European climate NGOs face bleak future as funding dwindles

European climate advocacy groups are worried about their future — and the future of the causes they care about — as their government funding dries up and public backlash rises.

First contracts signed under UK’s Hydrogen Allocation Round 1

The first hydrogen production contracts have been signed under the UK’s Hydrogen Allocation Round 1 (HAR1), the Low Carbon Contracts Company (LCCC) has announced.

UK universities introduce hydrochar with £100/t capture potential

Two UK universities last week announced an advanced form of hydrochar that could remove 30 million tonnes of CO2 per year globally by 2030 at £100 per tonne.

Oslo launches pilot biochar project to test carbon storage potential

The Norwegian capital is testing the potential of biochar to store carbon and improve urban planting conditions in a new pilot project along a cycle path in the Oppsal suburb, the local municipality announced last week.

Green protein startup secures €5 mln to fund commercial carbon capture scale-up

A startup developing technology for sustainable microalgae production with a carbon-negative footprint has secured €5 million in a funding round.

Euro Markets: EUAs build on recent strength amid bullish gas, auction pause

European carbon prices gathered strength on Monday on low volume, rising over 2.5% as they tracked strength in TTF natural gas, with the few active buyers encountering little resistance amid the quiet market.

AMERICAS

US renewable fuels producer to retire 19 mln RINs as part of bankruptcy settlement

A Texas-based renewable fuels company has reached a settlement in its ongoing bankruptcy case with the US government, agreeing to retire nearly 19 million Renewable Identification Numbers (RINs) to meet its previous obligations.

US marine CDR bill would offer $2.5 bln across federal agencies

Four bipartisan members of the US Congress introduced new legislation focused on developing federal programmes for marine carbon dioxide removal (mCDR) over the next decade, which would appropriate more than $2.5 billion among various agencies.

Colorado toughens midstream GHG restrictions

Colorado regulators added further restrictions on natural gas facilities while keeping an eye on how that would impact the development of a carbon credit trading system.

Early deployment of CO2 removal technologies crucial for hitting US net zero target, study finds

Deploying CO2 removal (CDR) technologies in the near term could significantly reduce the economic and environmental risks associated with the US journey to net zero emissions by 2050, according to a new study.

California power emissions drop in November as renewables and natural gas recede, imports climb

California electricity sector emissions fell year-on-year (YoY) in November as the share of generation from renewables and natural gas decreased while imports increased, data published Thursday by the state’s grid operator showed.

California diesel sales rise YoY in September, gasoline use continues to fall

California diesel consumption in September inched up year-over-year (YoY), rising for the fifth month this year, while gasoline volumes continued their long-standing YoY, state data published Monday showed.

RGGI Market: RGAs hold above $23 ahead as holiday lull starts to set in

RGGI allowances (RGAs) continued to hold above the $23 threshold as market activity dampened heading into the holiday season.

Deadline approaching for $550k IDB tender to pilot blue carbon credit system in Trinidad and Tobago

The deadline is approaching for a $550,000 Inter-American Development Bank (IDB) tender to pilot a blue carbon credit system in Trinidad and Tobago.

ASIA PACIFIC

AU Market: ACCU prices trend lower as market enters summer doldrums

Australian carbon prices have softened in recent days as the market enters into its Christmas lull.

ID Market: November traded volumes rise sharply

Indonesia saw an uptick in activity on in its domestic carbon market in November, with traded volumes of Indonesia Technology Based Solutions (ITBS) units totalling 1,552 compared with the prior month’s 379, according to monthly data published by its exchange.

INTERNATIONAL

2025 to be year of uncertainty for energy markets -outlook report

An outlook report indicates that 2025 will be a year marked by more uncertainty for energy markets than any year since the pandemic as conflicts in Ukraine and Gaza remain unresolved and geopolitical rivalry between China and the West ratchets up.

AVIATION

INTERVIEW: Aviation sector needs to look at ways to cut carbon now, while waiting for emissions-free planes to launch

Hydrogen fuel cell planes may not hit the market until the late 2040s, which means the aviation sector will have to adopt other measures to reduce emissions, such as increasing energy efficiency or redesigning airspace, according to a developer of the technology.

BIODIVERSITY (FREE TO READ)

All our nature and biodiversity articles remain free to read (no subscription required). However, we now 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.

GEF Council ringfences nearly $700 mln for biodiversity protection, chemical management in developing countries

The Global Environment Facility (GEF) Council has approved nearly $700 million in financing to support developing countries in enhancing chemicals and waste management and protecting biodiversity.

BIOFIN sets out actions to scale biodiversity credit market in Colombia

Scaling the voluntary biodiversity credit market could help Colombia bridge the financing gap on ecosystem services preservation, though steps must be taken to improve integrity and unlock corporate investments, the UN Biodiversity Finance Initiative (BIOFIN) has said.

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ADVERTISING BROCHURE

Carbon Pulse has published its 2025 advertising brochure and media pack, featuring updated offerings and prices. With that, bookings are now open for advertising on our website and in our newsletters next year.

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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.

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Job listings this week

• *Assistant Director, Carbon Markets, Asia Society Policy Institute (ASPI) – Washington DC/at Asia Society Centers in US, India, Korea, Japan, Australia, France, or Switzerland
• *Senior Program Officer, Carbon Markets, Asia Society Policy Institute (ASPI) – Washington DC/at Asia Society Centers in US, India, Korea, Japan, Australia, France, or Switzerland
• Carbon Project Lead, Hampshire & Montpelier Foundations – London

*Premium listings

See all listings or post a job

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BITE-SIZED UPDATES FROM AROUND THE WORLD

INTERNATIONAL

Olympic-sized footprint – The challenge of cutting travel emissions from Olympic Games should be continually scrutinised, according to the top Paris 2024 green official, after travel caused more than half of all total emissions from the sporting event. The level of travel pollution exceeded original estimates by almost 60%, exceeding 830,000 tonnes of CO2eq., due to record-breaking ticket sales and many long-haul flights to the event. The long-haul flights of international spectators to Paris were responsible for almost a third of the Games’ total emissions, while US travellers alone contributed almost 17%. In total, Paris 2024 emitted GHG equivalent to 1.59 mln tonnes of CO2, including from food, construction, and energy use, or 54.6% below the average emissions of London 2012 and Rio 2016. But there are concerns about the travel emissions to occur from the upcoming Olympics in Los Angeles in four year’s time, with less electric transport infrastructure than Paris, and Brisbane in 2032, where long-haul flights will be the only option for many participants or attendees. The huge nature of such internationally dispersed sporting events makes them inherently unsustainable, but that doesn’t mean they can’t become more sustainable, experts have said. (FT)

EMEA

Battle in the skies – EU Climate Action Commissioner Wopke Hoekstra’s push to impose more tax on airlines will be one of the crunch political battles of Commission President Ursula von der Leyen’s second term. The fight won’t just be with the airlines — whose opposition is led by International Air Transport Association head Willie Walsh, who has called the tax plans “bullshit” — but also EU countries that worry it will harm their tourism industries. Hoekstra, whose remit includes tax, plans to increase the taxes airlines pay as part of an effer to cut transport emissions by 90% by 2050. This includes introducing a tax on fossil jet fuel, putting a carbon price on extra-European airline emissions, and ending the zero-VAT rates on international travel. (Politico)

Going the last mile – The UAE’s Ministry of Energy and Infrastructure reached a deal with Pact Carbon, the UAE subsidiary of Geneva-based Pact Capital, to launch a pilot project using electric motorcycles for last-mile delivery services, it announced on Monday. The ministry and Pact will work together to implement the project and evaluate the potential for scaling it up, in line with the UAE’s strategy for transitioning to more sustainable mobility and cutting transport sector emissions.

ASIA PACIFIC

Bureaucracy – Stakeholders warn that Nepal’s first results-based carbon funding of up to $45 mln from the World Bank’s Forest Carbon Partnership Facility (FCPF) may be subjected to complex bureaucratic processes and lack of coordination among multiple government bodies, Mongabay reports. Only 72% of the funds are expected to reach the beneficiaries after administrative deductions, with further uncertainty about how much will directly benefit local forest-protecting communities, given potential operational costs and unclear disbursement mechanisms.

Disappointment – An Australian developer of asparagopsis, which is used to reduce enteric methane emissions from livestock, has voiced disappointment that a feed additive method was not selected to be prioritised to earn carbon credits, the ABC reports. Sea Forest is developing the seaweed to cut livestock emissions, however a feed additive method was not selected to be developed to eventually earn Australian Carbon Credit Units (ACCUs) by the Emissions Reduction Assurance Committee (ERAC). ERAC selected four out of 39 proposals that were put forward to be prioritised for method development, yet stated more submissions would be able to be made by developers at a later date.

Sugarcane – Japan’s Idemitsu Kosan and agricultural firm Sagri have joined with Vietnam’s Lam Son Sugar Cane JSC to develop a project in the Southeast Asian country’s Thanh Hoa province that will reduce emissions from sugarcane plantation, they announced Monday. Using a regenerative approach, they plan to implement the project next year on farmland spanning 500 ha before expanding it to some 8,000 ha in 2026. The partners aim to register the project for carbon credit generation with Verra.

Trees too late – Singapore is set to see emissions from its land use sector double, and then rise again, according to newspaper the Straits Times, quoting from a report submitted to the United Nations last month. It said the sector is not a large contributor to emissions, with a footprint of just 0.06% of the total; however, actual emissions will rise from to 90,000 tonnes of CO2e in 2025, over 40,000 tCO2e from 2022, and then to 140,000 tCO2e by 2030. It said this was occurring even as the nation is working on tree planting. In prior decades Singapore’s land was a carbon sink rather than a net source of emissions. The energy sector is Singapore’s largest contributor to emissions. 

AMERICAS

Trafi’s trees – Trafigura announced a $100-mln investment in its Brujula Verde tree-planting initiative in Colombia at the COP29 climate conference. In partnership with GenZero, the project aims to plant 36 mln mixed-species trees across 30,000 hectares in the eastern plains, generating carbon credits while promising to restore biodiversity within 30 years. However, experts challenge the ecological benefits, noting that the savanna targeted for planting was not originally forested and is a valuable ecosystem in its own right. Critics are particularly concerned about the extensive use of non-native eucalyptus trees, which can harm soil health and biodiversity. InverBosques, the project manager, defends the choice as economically driven, stating that fast-growing eucalyptus allows for quicker carbon credit generation. Plans to increase the use of native species in future phases have been announced, though challenges persist given the area’s historical ecology. The project’s climate impact is also questioned, as Trafigura continues to invest in oil and gas infrastructure in Colombia, undermining emissions reductions. While the initiative supports local communities by creating jobs and social programmes, concerns about environmental impacts, including water use, persist. Trafigura plans to sell the carbon credits generated, with buyers already lined up, despite the credits not yet being registered. (Mongabay)

Deforestation up in Brazil – The Brazilian Amazon saw its sixth straight month of year-on-year (YoY) growth in deforestation and degradation in November, according to a report published last week by non-profit scientific institution Imazon. According to Imazon satellite image monitoring, deforested areas increased 41% YoY to 164 sq km in November, an increase of 41%, while degraded forests also rose 84% to 2,882 sq km. As a result, accumulated deforestation from January to November 2024 reached 3,654 sq km, only 7% less than in the same period last year. According to Imazon, the state of Para, which is set to host COP30 next year in its capital of Belem, led deforestation during November, amounting to 95 sq km of forests, while also degrading 1,118 sq km.

Learnin’ from Permian – Methane emissions from oil and gas operations in the Permian Basin fell by 26% in 2023, equivalent to avoiding 18.5 Mt of CO2, according to an S&P Global Commodity Insights analysis. The reduction, amounting to over 34 bln cubic feet of methane, aligns with the emissions avoided by all electric vehicles in the US in the same year. Despite increased oil and gas production, methane intensity in the basin dropped by over 30%, highlighting significant progress in emissions management. The decrease is attributed to advancements in equipment and technologies such as AI, remote sensors, aircraft surveys, and satellites, enabling faster leak detection and repairs. Methane emissions as a percentage of natural gas output declined by 33%, while the lost economic value of leaked methane fell to 0.12% of upstream revenues, a 70% year-over-year reduction due to falling gas prices. The study, conducted with Insight M, underscores the potential for continued emissions reductions in the Permian Basin, which produces nearly half of US oil output. Industry experts noted that addressing methane leaks remains economically beneficial, as captured gas can be sold even in a low-price environment.

SoCal backtracking – A large California city is being criticised for backtracking on a climate policy designed to electrify new and renovated city buildings roughly two years after it was implemented. Last week, the San Diego City Council amended the policy to create exemptions to the rule that soften requirements on EV charging stations and how businesses leasing city buildings must handle renovations, according to Governing. The policy change was made one week after the city’s finance officials advised that scaling back vehicle and building electrification efforts could reduce projected budget deficits. The council approved the changes by a unanimous 7-0 vote.

Methane removal report – The Sabin Center for Climate Change Law at Columbia University published a report earlier this month exploring the international and domestic laws in the US context governing atmospheric methane removal (AMR) via soil amendments, or substances added to soil to increased methane uptake. Looking at how these might affect whether, when, where, and how soil amendment projects are conducted, the report reached four conclusions. First, although still highly complex and likely challenge, soil amendment projects may present fewer legal issues compared to some other AMR techniques. Second, the Convention on Biological Biodiversity (CBD) is the most relevant international agreement to soil amendment projects. Third, many soil amendment projects implicate and will be governed by traditional environmental law. Fourth, key distinctions in applicable legal regimes are whether projects are on federal or private land, and whether they are conducted on agricultural or other soils.

Canada’s clean fuel guidance – The Low Carbon Fuels Division of Environment and Climate Change Canada (ECCC) released additional guidance on Monday regarding the Land Use and Biodiversity Criteria of the country’s Clean Fuel Regulations (CFR). Regarding CFR credit creation, the ECCC clarified Subsection 47(1) describing the calculations and quantity of eligible feedstock within the supply chain. The ECCC also shared an update to the CFR Material Balancing and Declaration Guidance, although a new version will be published later.

Alberta approves offset protocol update – Alberta’s environmental ministry has approved changes to a protocol for offset generation from CO2 capture and sequestration projects following a 30-day comment period. The protocol, titled the Quantification Protocol for CO2 Capture and Permanent Geologic Sequestration, was initially flagged for an update in September. It is the first update to the protocol since it went into effect in 2015 and establishes how offsets from CCS projects are eligible for compliance under the Technology Innovation and Emissions Reduction (TIER) carbon market regulation. The approved version of the protocol will be posted on the ministry’s website in the new year, the ministry said. Meanwhile, in early 2025 the ministry will further explore the treatment of power purchase agreements in the quantification of consumed energy under the protocol.

Kids’ day in court – Ontario has requested the Supreme Court of Canada to consider a youth-led challenge to the province’s climate plan, escalating the case towards a potential hearing before the country’s top court. The case, brought by seven young individuals, argues that Ontario’s reduced emissions target violates the Canadian Charter of Rights and Freedoms by jeopardising their right to life and discriminating against them as youth disproportionately affected by climate change. Initially dismissed at trial, the case gained momentum in Oct. 2023 when Ontario’s highest court ordered a new hearing, leaving the constitutional challenge open to success. Ontario’s application argues the case addresses a critical, unresolved national issue – whether Canadian governments are constitutionally obligated to combat climate change. The challenge stems from Premier Doug Ford’s government repealing Ontario’s cap-and-trade system in 2018 and replacing its emissions target of 37% below 1990 levels by 2030 with a less ambitious target of 30% below 2005 levels. The young challengers claim this weakened target allows for significantly higher emissions, equating to 7 mln additional vehicles on the road annually. Although an Ontario Superior Court judge acknowledged the province’s emissions plan lacked scientific justification, the judge ruled it did not constitute a Charter violation. However, the Appeal Court clarified that the case centres on whether Ontario’s chosen target complies with the Charter, given its voluntary commitment to address climate change. Ontario’s lawyers have framed the case as an opportunity for the Supreme Court to clarify governments’ constitutional obligations regarding climate action. The case is attracting national attention, including from a similar federal challenge scheduled for trial in 2026. The Supreme Court typically grants only 80 of the approximately 600 annual appeals it receives. (Canadian Press)

Musical chairs – Carbon Streaming has appointed new CEO Marin Katusa to replace Jeanne Usonis on the company’s board of directors after Usonis resigned her seat.  Carbon Streaming also announced the appointment of Mark Schaal as new CFO from January. “Mr. Schaal has over 35 years of finance and accounting experience and has spent the past 17 years acting as Chief Financial Officer of a number of private companies,” the company said.  Katusa, a commodities trading “expert” and activist investor, was named as Carbon Streaming’s new CEO last month.

VOLUNTARY

Verra updates concrete methodology – Verra has updated its methodology for CO2 utilisation in concrete products – VM0043 – to enable projects to quantify GHG and CO2 removals separately, the registry announced Monday. Verra said the update to VM0043 “constitutes a minor revision” that will allow project developers to apply for mitigation outcome type labels that can “meet market demand for differentiating between these mitigation outcomes.” The update comes as Verra simultaneously conducts a “major revision” to the methodology. That ongoing revision will expand the scope of the methodology to include activities using concrete additives, recycled concrete aggregates, and reclaimed water with CO2 as a feedstock for concrete production.

INVESTMENT

Second LIFE – Paris-based venture capital firm 360 Capital has announced the first closing of its €140 mln climate tech fund, 360 LIFE II, with a target of €200 mln. Led by partners Cesare Maifredi, Alexandre Mordacq, Alessandro Zaccaria, and Thomas Nivard, the fund will focus on investing in Series A and B startups across Europe in areas such as energy transition, circular economy, and urban sustainability. Key investors include:

• A2A: €40 mln as anchor investor, continuing its support from the 2020 launch of 360 LIFE I.
• CDP Venture Capital: €44 mln via EU-backed funds.
• De Nora: €10 mln as an anchor industrial partner.
• Bpifrance: Institutional partner.

360 LIFE II builds on 360 Capital’s track record of supporting deep tech and climate tech ventures, with notable successes like Exotec, Preligens, and Alsid. The fund aims to deliver both financial returns and transformative solutions to climate change, leveraging collaborations with industrial partners. 360 Capital, established in 1997, operates out of Paris and Milan, managing a portfolio of over 60 companies and continuing its commitment to ecological and industrial innovation. (EU-Startups)

AVIATION

SCIENCE & TECH

More like Bye-drogen – A number of projects to produce green hydrogen have been abandoned this year as expectations for declining costs failed to materialise. Despite high hopes from governments and energy companies touting the gas as key to reaching net zero, the uneconomic cost of production has led many developers to scrap plans. Cost estimates for green-hydrogen projects in the US and EU were increased by 55% this year, compared with 2022 forecasts, by analysts at BloombergNEF, due to more complex design and engineering processes and higher power prices. Green hydrogen — produced via electrolysis using renewable electricity — costs four times as much as that made from natural gas, so hardly surprising there has been a dearth of interest. Scrapped projects include Orsted’s  $175 mln Swedish plant to produce shipping fuel from hydrogen, a hydrogen-ammonia export plant in Tasmania, and more than a dozen early-stage developments planned by UK oil major BP. Demand for hydrogen-related executive roles has also plummeted. Better planned and expedited state support for green hydrogen would certainly help, including effective definitions of what makes green hydrogen, Bloomberg writes.

AND FINALLY…

Lucy in the sky – Scientists propose that injecting 5.5 mln tonnes of diamond dust annually into the stratosphere could cool the planet by 1C (1.8F), potentially offsetting almost all human-caused warming since the industrial revolution. The research, part of the geoengineering field, explores ways to reflect sunlight away from Earth, inspired by natural cooling after volcanic eruptions. Unlike sulfur dioxide, which can cause stratospheric warming and disrupt global weather patterns, diamond particles are highly reflective and don’t clump or absorb heat. While diamonds are theoretically the most effective material for cooling, their extreme cost – estimated at $175 trillion over 65 years – makes options like calcite, a common component of limestone, more practical. The study acknowledges significant uncertainties and controversies surrounding stratospheric aerosol injection (SAI). Critics warn of unforeseen consequences and argue it diverts resources from other climate solutions. However, proponents like study co-author Sandro Vattioni suggest SAI could “buy time” to avoid crossing climate tipping points while working towards net zero emissions. (Live Science)

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