Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Sign up here

TOP STORY

EXCLUSIVE: ICVCM now expects CCP decision on cookstove carbon methodologies by end of March

The Integrity Council for the Voluntary Carbon Market (ICVCM) now expects the decision on which cookstove methodologies will qualify for its Core Carbon Principles (CCP) quality label to be published by the end of March, several months after initially planned.

ASIA PACIFIC

Vietnam decree paves way for carbon market, pilot phase to begin in June

The pilot phase of Vietnam’s domestic carbon market will start in June after the government issued a decree greenlighting the scheme.

China could see lower power sector emissions in 2025, but stimulus policy adds uncertainty

Clean energy additions and slower industrial power demand growth may lead to a fall in China’s emissions from the power sector this year, even though government’s stimulus efforts could complicate the emissions outlook, according to a report published Monday.

Japanese forestry group establishes subsidiary to expand reforestation business, carbon credit generation

A major forestry group in Japan has teamed up with a local financial institution to set up a subsidiary to expand its reforestation business and earn credits under the domestic carbon offset scheme, it announced Monday.

Taiwan’s proposed mangrove methodology draws criticism over potential biodiversity loss

A proposed mangrove methodology under Taiwan’s voluntary carbon scheme has met with criticism from scholars and environmental groups, amid concerns over its potential negative impacts and exaggerated carbon sequestration benefit.

Asian shipping giant cuts its carbon removal goal, blaming market “immaturity”

An Asian shipping giant has halved its goal for retiring carbon removal (CDR) credits to 100,000 tonnes per year by 2030, due to the “immaturity” of the technology and market, it announced on Monday.

AMERICAS

Pennsylvania GOP take another shot at RGGI repeal in 2025

Senate Republicans in Pennsylvania reintroduced legislation Friday to repeal RGGI regulation as part of the new 2025-26 legislative session.

RGGI Market: RGAs soften amidst continued market uncertainty, lack of liquidity

RGGI allowance (RGA) prices began to soften last week amidst ongoing uncertainty around the Third Program Review and a lack of liquidity and demand, traders said.

Maryland court dismisses two climate lawsuits against fossil fuel companies

The city of Annapolis and Anne Arundel County in Maryland had their respective lawsuits against several oil giants dismissed on Thursday, setting back the municipalities’ efforts to recover alleged damages they claimed were caused by the fossil fuel industry.

South Dakota lawmakers advance bill to ban eminent domain for CO2 pipelines

A South Dakota state legislative committee advanced a bill Friday to prohibit the use of eminent domain for CO2 pipeline construction in the state.

US FERC terminates GHG policy review for gas pipeline

The US Federal Energy Regulatory Commission (FERC) unanimously ended a process for potentially changing the way greenhouse gas emission impacts are measured from new gas infrastructure projects.

Canada publishes draft direct air capture offset protocol

Direct air capture (DAC) will soon be an eligible method of generating Canadian offset credits, according to a draft protocol published Monday by the federal environment ministry.

Third close brings Canadian asset manager’s forest fund up to $480 mln

A major Canadian global asset manager announced Monday the third close of its forest fund designed to invest in sustainably managed forests for carbon sequestration.

Brazilian Amazon deforestation drops 7% in 2024, degradation jumps -report

The Brazilian Amazon witnessed a 7% annual drop in the amount of deforested land in 2024, even as the area affected by degradation increased multiple times over, according to a report published Friday by a scientific research non-profit.

Brazilian airline, car rental firm face ‘greenwashing’ challenge

A consumer defense group based in Brazil is taking a low-cost airline and a car rental firm to court over alleged greenwashing, a move it calls a first for the country.

LATAM Roundup: Latin America adds regional flair to Article 6, voluntary carbon markets

Latin America and the Caribbean are advancing Article 6 and voluntary carbon initiatives, seeing increased regional efforts to adapt and participate in these markets, according to various speakers and bulletins last week.

ICE US announces new North American clean fuels futures and options contracts

Exchange operator ICE Futures US announced new low carbon fuel futures and options contracts starting next month.

Carbon market veteran joins NextEra Energy as senior environmental trader

A carbon market veteran has joined NextEra Energy as a senior environmental trader, Carbon Pulse has learned.

EMEA

Nigeria must bring in carbon market regulations soon to attract investment -experts

The government of Nigeria must legalise carbon market regulations soon in order to boost investor confidence and promote participation, according to experts at a recent stakeholders’ consultation.

Egypt lays out afforestation plans in support of national initiative -media

Egypt’s ministry of environment on Sunday launched a guide in support of national afforestation goals that also include a mitigation component, local media reported.

EU seeks views on draft net zero Industry Act secondary bills

The European Commission has opened public consultations on four draft pieces of secondary legislation under the EU’s net zero Industry Act (NZIA), a regulation adopted last year that sets aspiring targets for the production of “strategically important” clean technologies in the bloc.

France floats initial suggestions for EU CBAM reform

Paris has made initial suggestions for reforming the EU’s Carbon Border Adjustment Mechanism (CBAM) and is planning to gather further input in the coming weeks with a view to preventing carbon leakage – or relocation of industries abroad to avoid the EU’s CO2 pricing policies.

INTERVIEW: Offsets should only be allowed for unavoidable emissions, says EU Parliament speaker on Green Claims Directive

The lead European Parliament negotiator on the EU’s Green Claims Directive told Carbon Pulse she will push for climate neutrality claims based on carbon offsets to be allowed only for leading companies that need to tackle their “residual emissions” during final talks on the directive due to kick off this week.

Oslo waste incinerator resumes BECCS project, eyes carbon credit market

Norway’s largest waste-to-energy plant located in Oslo has resumed construction on its bioenergy with carbon capture and storage (BECCS) facility, which aims to generate credits for the voluntary carbon market (VCM), the company announced on Monday.

Italy’s soaring gas investments ignore falling demand, researchers say

The Italian government continues to incentivise programmes for gas and operators of liquefied natural gas, pursuing a path that researchers consider out of step with market reality.

Stockholm Exergi wins €1.7 bln Swedish BECCS auction

Stockholm Exergi will receive over SEK 20 billion (€1.74 bln) from a reverse government auction for its Stockholm biomass co-generation plant, which aims to become the EU’s first running on bioenergy with carbon capture and storage (BECCS), the company announced on Monday.

European capacity markets have funnelled over €50 bln to fossil fuels since 2015 -report

Capacity markets across Europe have allocated nearly €53 billion in public subsidies to fossil power plants since 2015, funded through a levy on energy bills aimed at ensuring the lights are kept on at all times, a new report published on Tuesday has revealed.

Euro Markets: EUAs drop in sync with gas, equities as bears try to correct ‘over-stretched’ market

European carbon prices began the week with a move lower as bearish traders sought to impose their views but ran into stubborn defence at technical levels, while natural gas eased back as the supply outlook improved even as EU storage levels fell to around 15% below the same time last year.

VOLUNTARY

VCM Report: Market ticks along amid cookstoves, US political uncertainty

Indecision and uncertainty continued to plague the voluntary carbon market after news broke that the Integrity Council for the Voluntary Carbon Market (ICVCM) may not decide on which cookstoves methodologies will qualify for the Core Carbon Principles (CCP) quality label until the end of March, while participants continued to digest the possible impact of US President Donald Trump’s withdrawal from the Paris Agreement.

French research institute launches deforestation mapping tool for carbon credits in Global South

A France-based agronomic research agency has introduced a free software tool to help countries in the Global South map deforestation risks and meet REDD+ carbon credit certification requirements.

Over 30% of corporate carbon emissions target outcomes lacked accountability in 2020 -report

Around one-third of corporate emissions target outcomes set for 2020 lacked accountability, with limited transparency surrounding their outcomes, according to a recent study.

INTERVIEW: Small ‘obligated parties’ in Brazil’s compliance market disproportionately burdened, gear up to fight

Brazil’s biofuels-based RenovaBio compliance carbon market is once again at the centre of controversy with the introduction of stricter penalties for fuel distributors that violate its ‘CBio’ credit purchase targets – which already placed smaller fuel distributors at a competitive disadvantage, according to a Brazilian RenovaBio researcher, sparking litigation.

IDB, Brazilian development bank partner on $1 mln Amazon restoration initiative

The Inter-American Development Bank (IDB) and Brazil’s national development bank have signed a $1 million cooperation agreement to fund partnership projects aimed at restoring and sustainably managing public forests in the Amazon.

INTERNATIONAL

INTERVIEW: “Miraculous” Article 6 decision is final chance to get international carbon markets off the ground

In the wake of the monumental decision to finalise Article 6 rules at COP29, the world now cannot afford for the new UN crediting mechanism to fail, but seeing it through will not be easy, according to an international carbon markets veteran.

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.

UK investor raises additional £27 mln for nature-based solutions, BNG projects

A London-based investor announced Monday it has raised an additional £27 million ($33.7 mln) to advance investments in nature-based solutions and biodiversity net gain (BNG) projects across the UK.

INTERVIEW: Mid-year ocean conferences to mark turning point for High Seas Treaty

Several countries are on track to announce the ratification of the UN High Seas Treaty at two major ocean conferences in mid-2025, paving the way for the hard-fought agreement to come into force nearly two years after it opened for signature, a senior member at a large philanthropic organisation told Carbon Pulse.

COMMENT

The Project Developer Forum’s voluntary carbon market aspirations for 2025

The voluntary carbon market (VCM) faced challenges in 2024 with low prices and limited activity, but key developments – such as advancements in standards, Article 6.4 of the Paris Agreement, and COP29 breakthroughs – set the stage for growth. The Project Developer Forum outlines its seven aspirations for 2025, focussing on improving credit integrity, policy alignment, corporate engagement, and market innovation to revitalise carbon offsetting and advance climate action.

—————————————————

EVENTS

Calyx Webinar: 5 Ways to Minimize Environmental and Social Risk – Jan. 29 – As a carbon credit buyer you want to maximize your impact and minimize your risk. Join sustainable development experts as they share strategies for decreasing environmental and social risks in carbon projects so you can make informed purchasing decisions and investments. Register now!

India Climate Week – Feb. 3-7, New Delhi – Carbon Markets Association of India (CMAI) is launching India Climate Week at Hotel Le Meridien. This event will bring together policymakers, industry leaders, and climate action advocates to discuss carbon markets, green technologies, and India’s net zero path. Highlights include panel discussions on emerging climate trends, a two-day certification workshop on carbon markets by Indian Institute of Corporate Affairs (IICA), the launch of India SAF and EPR Alliance, and field visits to CBG and Article 6 technologies. The event will feature Shri Nitin Gadkari, Honourable Union Minister of Road, Transport and Highways, and Shri Manohar Lal Khattar, Honourable Union Minister of Power. Register here

Carbon Forward Asia – Mar. 4-5, Singapore – Our third annual Asian conference will once again be held in Singapore. Like at our past events, we’re excited to bring together experts from Asia Pacific to talk ASEAN markets, regional opportunities, developments in local and global carbon pricing, and all the topics you need to hear about across a stimulating two days. Register here

North American Carbon World (NACW) – Mar. 25-27, Los Angeles – The annual NACW conference addresses the most pressing issues in climate policy and carbon markets to the largest gathering of climate professionals in North America. NACW 2025 will dive into major new policies and developments that will shape and scale carbon markets and climate solutions with integrity and ambition. In addition to outstanding speakers, discussions, and insights, NACW provides premier networking opportunities with an active and engaged audience of carbon professionals. Join us for the content, community, and connections for successfully navigating the low-carbon landscape and advancing market-based climate solutions. www.nacwconference.com

—————————————————

Job listings this week

• *Forest Carbon Sales Manager, Manulife Investment Management Timberland And Agriculture – Boston/Remote
• Economist, Fastmarkets – London
• Modeller, Fastmarkets – London
• Prairies Agriculture Program Manager, Nature United – Canadian Prairies (Manitoba/Saskatchewan/Alberta)

*Premium listings

See all listings or post a job

—————————————————

ADVERTISE WITH US

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.

—————————————————

BITE-SIZED UPDATES FROM AROUND THE WORLD

EMEA

Nuclear extensions – EDF has signalled that Britain’s ageing fleet of nuclear reactors can keep running into the 2030s amid the country’s scramble to meet the 2030 target for 95% clean power. The company on Monday said it aimed to to “maximise output” from the remaining gas-cooled nuclear reactors to “2030+”, providing this can be agreed with regulators, the Telegraph reported. EDF has pointed to the ability of nuclear power plants to keep the lights on when generation from wind and solar ebbs. The news follows lifetime extensions for EDF plants that were announced as recently as December. EDF’s oldest nuclear plants, Heysham 1 in Lancashire and Hartlepool in Teesside, have had their shutdowns postponed from Spring 2026 to 2027, while the other two, Heysham 2 and Torness in East Lothian, were extended from 2028 to 2030. But the newly published update by EDF says that all four could potentially remain online until at least 2030. This would support the UK with its clean power goals and as the country builds new nuclear plants, such as Hinkley Point C, Sizewell C, and potentially small modular reactors (SMRs), it said. Combined with Sizewell B in Suffolk (switched on in the 90s) which EDF hopes to run into the 2050s, the plants collectively generated around 13% of Britain’s electricity needs last year.

Shell’s profit drop – Shell is expected to post lower annual profit than the previous year next week, in its 2024 financial results this Thursday, after the oil major was hit by weak oil prices and weakening demand for the fossil fuel. Analysts have forecast that it will post earnings of £24.1 bln for the year, down from £28.3 bln in 2023. It comes after a year during which oil prices have steadied and demand has dropped, partly due to rising EV demand. 2025 could bring more weakness in oil prices, analysts said, with the US, Canada, and Brazil set to increase their production and continued weakness in demand from the key Chinese market. Shell’s LNG production also fell during the final quarter of last year. (Standard)

Last-minute votes – The German parliament (Bundestag) is set to pass a package of climate and energy laws this week in its final sitting before a snap federal election on Feb. 23. The minority government of Social Democrats (SPD) and Greens has reached agreement with the opposition Conservatives to address solar PV feed-in peaks (to enhance grid stability), and future funding for biogas and combined heat and power (CHP) plants, reported Tagesspiegel Background on Monday. The German Association of Energy and Water Industries (BDEW) called the agreement “good news” for the energy transition. In other news, the German solar and heating industry associations reported large drops in demand for renewable heating systems in Germany in 2024. Compared to 2023, they recorded sales drops of 46% for heat pumps, 40% for solar thermal systems, and 52% for biomass heating systems. Heating systems sales overall also dropped by 46%.

Carbon tax for Kazakhstan? – A carbon tax could be implemented usefully in Kazakhstan by establishing a price floor on the country’s existing emissions trading system while expanding carbon pricing to other sectors, according to the World Bank. “A carbon tax could be part of the policy toolbox for Kazakhstan to meet its climate goals, raise revenues for domestic priorities, and enhance economic competitiveness,” officials from the World Bank wrote in The Astana Times on Monday. A carbon tax would also be timely as Kazakhstan’s biggest trading partner, the EU, starts applying its Carbon Border Adjustment Mechanism (CBAM) in 2026, they added, saying charges paid by Kazakh exporters to the EU could amount to around $66 million by 2034, with key sectors like iron and steel ($45 mln), aluminium ($14 mln), and fertilisers ($7 mln) being most affected. “Implementing a carbon tax would help to decarbonise these sectors and enhance the competitiveness of these industries in EU markets. As carbon prices paid in the exporting country are deducted from the CBAM charge, it would also allow Kazakhstan to keep some of the money that would otherwise be paid to the EU,” the authors argue.

S.O.S. from Moldova – The EU has proposed a €30 mln emergency assistance package in a first step to support the Republic of Moldova in tackling the severe energy crisis provoked by Gazprom. Through this package, the EU stands ready to finance the purchase and transport of natural gas to the Transnistrian region, to help restore electricity and heating for the region’s more than 350,000 inhabitants until Feb. 10. The package can also allow for electricity supply from the Left Bank to the Right Bank. In addition, the EU is committed to deliver in the next weeks a financial support package aiming to mitigate the social consequences of the crisis for the citizens, while laying the groundwork for long-term energy resilience and economic growth.

ASIA PACIFIC

Beyond borders – Chinese companies have made a milestone in their overseas power development, installing a record 24 GW of capacity in Belt & Road (B&R) countries in 2024, according to a new report from Wood Mackenzie. This marks a doubling of the capacity installed in 2023 and defines the highest level of investment since the initiative was launched in 2013, the report showed. However, Wood Mackenzie also noted that 19 GW of coal power projects remain in the pipeline, even though they are subject to potential cancellations due to the global shift away from coal and Beijing’s pledge to halt the construction of coal-fired power plants overseas.

New partnership – The state of Maharashtra in India has signed an MoU with environmental services company EcoSattva during the World Economic Forum in Davos. Under the partnership, both the state government and the firm will focus on restoring lakes and rivers, fix waste management systems, use nature-based solutions for carbon sequestration, and preserving the state’s biodiversity.

Another push for carbon tax – Philippines’ legislator Luis Raymund Villafuerte has proposed imposing a carbon tax on the country’s electricity consumption, to generate additional revenues and support climate goals. “One win-win revenue measure that government can consider is a CTE or Piso para sa Kalikasan tax”, he said, adding that the extra funds generated will help Philippines reduce its GHG emissions by 75% by 2030. The proceeds from the proposed tax would be allocated for developing and promoting clean and alternative energy sources, enhancing disaster resilience, expanding green transportation, disseminating climate change awareness, protecting biodiversity, and supporting international commitments to climate action under the Paris Agreement. Villafuerte’s proposal comes as the government is targeting raising P300 billion ($5 bln) through measures such as the taxation on single-use plastics and rationalisation of the mining fiscal regime.

AMERICAS

Hochul hits pause – New York Governor Kathy Hochul (D) delayed implementation of the state’s cap-and-invest ETS dubbed “NYCI” just days after draft regulations were supposedly finalised, POLITICO reported. Staff from the New York State Energy Research and Development Authority and the Department of Environmental Conservation are said to have completed draft rules on Jan. 9, initially set to be released in mid-January and published by February. The programme, modeled after a cap-and-trade system, would have regulated pollution pricing and funded climate initiatives.

net zero exit – US wealth manager Northern Trust, with $1.6 tln in assets, announced its exit from climate alliances amid a broader wave of US financial institutions abandoning net zero initiatives, ESG Dive reported. The move coincided with US President Donald Trump’s return to office and executive orders reversing federal climate policies, including re-withdrawing the country from the Paris Agreement. Major banks like Bank of America, Citi, and BlackRock also recently left UN-backed climate groups, prompting the net zero Asset Managers initiative to pause operations. House Republicans’ scrutiny of ESG investment practices has further spurred exits, with over 70 investors leaving CA100+ under pressure from antitrust concerns.

VOLUNTARY

Biochar as removals? – A new paper questions the validity of biochar as a carbon removal, saying instead that in most cases its use will rather reduce CO2 emissions. The paper published on LinkedIn said that “biochar is mostly a way of processing biomass into a more permanent matrix for carbon storage, independently of carbon removals that may have occurred previously into various types of biomass” and that it’s therefore misleading to attribute removal processes to biochar except in some specific cases, such as purpose-grown tree plantations. Distinguishing between removals and reductions is important to prevent the misallocation of resources available for mitigation activities, the study stated. Read more.

Renewable energy credits – The Global Carbon Council (GCC) has registered the 50-MW Hawa Energy Wind Farm Project in Pakistan in its GCC registration portfolio, which is estimated to reduce 85,946 tonnes of CO2 emissions annually, amounting to a total of 859,460 tonnes of CO2 emission reductions over a fixed 10-year crediting period. The project, operational since 2018, delivers energy to Pakistan’s national grid and adheres to the ACM0002 CDM methodology under the UNFCCC framework, tailored for grid-connected electricity generation from renewable sources. It aligns with several SDGs including clean energy and gender equality, and has biodiversity protection in place to avoid disrupting migrating birds.

Hot stuff – The Chipotle restaurant chain has announced new investments through its Cultivate Next venture fund in two sustainable food startups: Plantible, a producer of plant-based proteins, and CH4 Global, which focuses on reducing livestock methane emissions. Cultivate Next, launched in 2022, recently doubled its funding to $100 mln to support early-stage ventures advancing sustainability and long-term restaurant growth. Plantible, founded in 2018, produces “Rubi Protein” from duckweed, offering a sustainable alternative to animal-based proteins with reduced water usage and carbon emissions. CH4 Global has developed Methane Tamer, a seaweed-based cattle feed supplement aimed at cutting methane emissions by 90% and enhancing cattle energy efficiency. Chipotle’s investment aligns with its broader climate goals, which include halving emissions across its value chain by 2030. The company has also supported other agricultural innovation ventures and introduced all-electric restaurants using 100% renewable energy to further its sustainability mission. (ESG Today)

INVESTMENT

French fund – France Valley, a European nature asset manager, has launched its first carbon and biodiversity fund for institutional investors. Available from Jan. 1, 2025, the fund aims to raise €200 mln in its initial phase and combines financial performance with sustainable environmental impact to address climate challenges. It will focus on creating natural carbon sinks including afforestation projects, and other ways of reducing GHG emissions. In doing so, it hopes to benefit from the anticipated increase in the value of high-integrity forest carbon credits in years to come, the provider said.

Canadian funding imminent – Canada’s Energy Minister Jonathan Wilkinson is set to make a carbon technology funding announcement Wednesday. A media advisory Monday said the announcement will “support carbon management technologies in Alberta”. No further details were available at the time of the statement.

INTERNATIONAL

New boss – 350.org has announced Anne Jellema as its new executive director, succeeding May Boeve, who led the organisation for 15 years in its global fight against fossil fuels. Jellema, a seasoned leader with over 20 years of experience in global movements for human rights and social justice, steps into the role at a critical time as the world faces escalating climate challenges. Under Jellema’s leadership, 350.org’s plans for 2025 include training over 275 activists from 70 countries, expanding renewable energy networks, and pushing for bold national climate action ahead of COP30 in Brazil. Her extensive background includes leading Hivos and the World Wide Web Foundation, along with decades of collaboration with social movements and grassroots activists worldwide.

AND FINALLY…

Hacked off – A US Justice Department investigation into a hacking campaign targeting prominent climate activists has turned its focus toward allegations implicating a Washington DC-based lobbying firm that is claimed to be working on behalf of oil and gas major ExxonMobil, NPR reported. According to US prosecutors, the alleged operation, dating back to 2015, aimed to discredit individuals and organisations engaged in climate litigation against the oil giant. Central to the case is private investigator Amit Forlit, whom US authorities are seeking to extradite from London on charges of orchestrating the hacking. Prosecutors claim Forlit hired co-conspirators to breach email accounts and devices of at least 128 individuals, as part of a scheme referred to internally as “Fox Hunt.” Forlit’s alleged co-conspirator, Aviram Azari, pleaded guilty in 2019 to charges of hacking and wire fraud. He was sentenced in 2023 to over six years in federal prison. ExxonMobil denies any connection to Azari, Forlit, or hacking activities.

Got a tip?  How about some feedback?  Email us at news@carbon-pulse.com