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TOP STORY
SBTi loses key financial backer after incubation grant ends
The Science Based Target initiative (SBTi) has lost one of its key backers after a three-year incubation grant provided by Jeff Bezos’s $10 billion philanthropic fund expired at the end of last year, the standard setter confirmed to Carbon Pulse on Wednesday.
VOLUNTARY
Durable CDR supplier fall-off on the horizon as few buyers, declining investment take their toll -report
The market for durable CO2 removals (CDR) may see supplier consolidation, bankruptcies, prematurely price-based competition, and even oversupply as few new purchasers enter the market and investments decline, according to a report published Wednesday.
Biomass-based carbon removal outperforms DAC, ERW in efficiency -study
Biomass-based carbon removal and storage (BiCRS) methods achieve higher CO2 retention than direct air capture (DAC) and enhanced rock weathering (ERW), according to new scientific research assessing the efficiency and energy use of 12 engineered carbon removal technologies.
ASIA PACIFIC
India to begin trading compliance carbon credits by Oct. 2026
The Indian government is moving forward in establishing its carbon market, with the trading of first carbon credit certificates in the compliance market expected to happen in Oct. 2026, the market regulator told a conference Wednesday.
India moves to establish host country authorisation for under Article 6.4
The government of India is working to establish host country authorisation procedures under Article 6.4 of the Paris Agreement, a panellist told the Carbon Market Association of India’s (CMAI) climate conference in New Delhi on Wednesday.
Australian carbon project developer acquires soil company in preparation for future method
An Australian carbon project developer has announced it has acquired a soil carbon company as a way to expand its expertise and service offering.
South Korea commits $89 mln for technologies to achieve carbon neutrality
South Korea’s trade ministry has pledged to spend 129.3 billion won ($89 million) this year to support R&D projects in the energy sector that will help the country achieve carbon neutrality and ensure a stable supply of energy.
NSW releases finalised emissions reporting requirements for major projects
Australia’s New South Wales has published its final guide for how large projects should report their greenhouse gas emissions.
NZ climate commission calls for investigation into industrial allocation
New Zealand’s Climate Change Commission (CCC) says issues relating to the country’s industrial allocation practices are worth examining, in response to a petition calling for a rapid phase-out of the scheme.
Hokkaido banks back country’s first programme-based project in dairy farming waste management
Three regional banks in Japan’s Hokkaido prefecture will support an emissions reduction project targeting waste management in the dairy farming sector, they announced, the first of its kind in the country.
EMEA
CCS should take centre stage in future EU industrial policies, say experts
Carbon capture and storage should play a major role in the EU Clean Industrial Deal, according to a letter sent by experts to the European Commission on Wednesday.
BRIEFING: Belgium’s new climate and energy plans show push for nuclear
The new Belgian government intends to repeal a nuclear phaseout initiated over 20 years ago and build new reactors instead, with plans to also promote heat pumps and solar PV, while slowing the transition to electric vehicles in company car fleets.
“Simplification or deregulation?” EU bid to streamline green finance rules sparks worries
A much-anticipated EU regulatory simplification package, set to be unveiled on Feb. 26, is raising alarm bells among sustainable finance advocates who worry it may open the door to deregulation.
BRIEFING: Up to 90% of chemical processes can be electrified, industry says
Electrification in the chemical sector can be doubled or even quadrupled depending on the pathways, and up to 90% of current processes could be connected to clean power sources to decarbonise, according to the European Chemical Industry Council (CEFIC), a trade association.
TotalEnergies raises carbon credit spend in 2024
French energy giant TotalEnergies increased its annual spend on carbon credits 2% year-on-year to $49 million in 2024, according to financial results published Wednesday.
BECCS firm secures deal for France’s first biogenic CO2 storage project
A French startup has partnered with a carbon storage firm to launch France’s first bioenergy with carbon capture and storage (BECCS) project.
Norway’s Equinor cuts clean energy targets in shift back towards oil
Another major European fossil fuel producer has cut its clean energy targets, following BP and Shell watering down their climate goals last year.
UK to “rip up” planning laws for new wave of nuclear SMRs
The UK government said it is “ripping up archaic planning rules” and saying no to complaining local residents to allow small modular reactors (SMR) to be built for the first time, in a bid to keep the country on track for net zero with nuclear power.
Euro Markets: “Nervous” EUAs post modest rise after volatile session as funds add to length
EU carbon prices posted a modest increase on Wednesday to end two days of declines, helped by an afternoon rally in gas and power that unwound earlier losses, as selling pressure continued to cap the recent rally, with traders describing a nervous market in consolidation.
AMERICAS
North American Clean Fuels Markets: Federal policy uncertainty looms over programmes
California’s Low Carbon Fuel Standard (LCFS) credit prices moved higher even as the programme’s surplus bank hit a new high in Q3 2024, but market observers remained cautious about the impact of ongoing political turbulence in the US and Canada on clean fuel schemes.
Judges question standing in case challenging Louisiana’s CO2 well permitting programme
A panel of appellate judges questioned whether a group of environmentalists had standing to challenge the US EPA over its recent decision to grant Louisiana authority over the permitting process for CO2 injection wells.
US district court narrows scope of California climate disclosure laws challenge
A US district court on Monday dismissed two sets of claims made by business groups in their ongoing challenge against California climate disclosure rules.
Crop rotation doesn’t improve soil carbon storage -US study
A new study counters the hypothesis that farmers can increase carbon storage in their fields by rotating crops and fertiliser, with a trade-off of potential nitrogen benefits.
Complex, but feasible path forward expected for ocean-based CDR in Washington state -report
Ocean alkalinity enhancement (OAE) off of Washington’s coast must ensure compliance with multiple levels of regulation, researchers found, but the state has taken steps to streamline the process that could support development of CO2 removal (CDR) projects.
US pipeline developer promises 670k tonnes CO2 per year to electrofuels producer
A pipeline development company announced an arrangement on Wednesday to supply up to 670,000 tonnes of CO2 annually to a Midwest electrofuels (efuels) facility.
British Columbia considers monitoring period adjustments for CCS offset protocol
British Columbia’s environment ministry released a discussion paper on Tuesday, seeking input on plans to reduce “prohibitively long” monitoring and maintenance requirements within the state’s carbon capture and sequestration offset protocol (CCSP) currently under development.
Reforestation company to launch call for Brazilian ARR carbon projects
A carbon project implementer seeking to partner with developers in Brazil will next week launch a call to identify large-scale afforestation, reforestation, and revegetation (ARR) initiatives, estimating that this first round could identify around 200,000 hectares for activities.
INTERNATIONAL
UN SBSTA vice-chair moves to commodities trading firm
The former vice-chair of the UN’s Subsidiary Body for Scientific and Technological Advice (SBSTA) has moved to a new role at financial services provider and commodities trader.
BIODIVERSITY (FREE TO READ)
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FEATURE: US aid freeze hits nature programmes as experts grapple with funding dilemma
The US administration’s sudden decision to freeze all foreign assistance programmes is having far-reaching impacts on biodiversity and climate projects worldwide, with some weighing options to bridge the funding gap amid fears that the move could foreshadow a permanent cut to aid for nature conservation.
Agriculture has wiped out biodiversity over a third of the planet’s land, report estimates
The agricultural industry has destroyed biodiversity over an area of 55 million square kilometres across its supply chain, a report by CDC Biodiversite has estimated.
Colombian developer to market up to 30k biodiversity credits this year
A Colombian developer and asset manager is planning to put on sale up to 30,000 biodiversity credits later this year generated within a marine conservation project in Zanzibar, the company told Carbon Pulse.
NGOs advise EU Commission to include biodiversity credits in agricultural reform
A group of global NGOs has included funding biodiversity credits among the steps that the EU Commission should take to mobilise financing under the bloc’s Common Agricultural Policy (CAP) reform.
UK company releases framework for corporate claims on nature
An England-based nature tech company released on Tuesday a framework seeking to steer private organisations to invest in nature, including a hierarchy of metrics to measure the recovery of ecosystems.
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EVENTS
India Climate Week – Feb. 3-7, New Delhi – Carbon Markets Association of India (CMAI) is launching India Climate Week at Hotel Le Meridien, New Delhi. 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, Hon’ble Union Minister of Road, Transport and Highways, and Shri Manohar Lal Khattar, Hon’ble 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 solu
tions. www.nacwconference.com
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
JETP mayday – Several nations, including Germany and Japan, are working to sustain Just Energy Transition Partnership (JETP) programmes aimed at providing around $45 bln to help developing countries move away from fossil fuels, as the US reduces its involvement. Bloomberg reports that discussions are ongoing among international partners to maintain momentum in agreements targeting Indonesia, Vietnam, and South Africa, which were established under the Biden administration. Germany will replace the US as co-leader in securing $20 bln for Indonesia’s transition, while global JETP supporters are assessing the financial impact of a potential full US withdrawal. A review meeting is planned for February or March to evaluate progress on Vietnam’s $15.5 bln deal, South Africa’s $9.3 bln package, and potential future agreements, including with Colombia. The US retreat, driven by President Donald Trump’s decision to halt climate-related financial aid and withdraw from the Paris Agreement, is complicating JETP plans. These initiatives were originally seen as a breakthrough in mobilising public and private finance for developing nations to transition away from fossil fuels. However, progress has been slow due to financing challenges, leadership changes in Indonesia and Vietnam, and difficulties in shutting down power plants with long operational lifespans. Despite these obstacles, other nations and financial institutions remain committed to the JETP framework. The EU has reiterated its support, and Japan has pledged continued assistance to Indonesia’s decarbonisation. Indonesia is in talks with the World Bank and other partners, while Vietnam is finalising priority projects under its JETP. South Africa has reaffirmed its commitment and has already received significant funding from Germany, France, and other partners. A separate €2.5 bln JETP agreement with Senegal, established in 2023, does not involve the US. While uncertainty over US participation is concerning, other nations believe they can continue financing efforts independently. However, looming elections in Canada, Germany, and France may introduce further challenges to the JETP’s long-term prospects.
Blue carbon competition – Two global conservation organisations, the Nature Conservancy and Conservation International, have launched Blue Carbon Plus (BC+), an initiative aimed at developing regenerative business models that support coastal conservation. The initiative is partnering with Hatch Blue, a global aquaculture accelerator, to run the BC+ Challenge, a competition to support early-stage projects that contribute to blue carbon ecosystem conservation. The BC+ Challenge is currently seeking applications until Apr. 1, 2025 for the competition’s first iteration. The challenge is split into three mini-competitions, offering $50,000 in grant funding for one team in each category: Pilot Stage, Scaling Stage, and Community-Led Enterprise. The competition will take place May 5-9, 2025, on-site in Singapore.
EMEA
Council of the willing – The UK government’s ‘Net Zero Council’ met to agree on a series of priorities for 2025-26, the government said in a statement Wednesday. Leaders from major businesses, civil society, and local authorities were said to have backed the UK government’s pro-growth and clean energy superpower missions, with a plan to help sectors accelerate to net zero and support thousands of jobs. Co-chaired by Energy Secretary Ed Miliband and Co-operative Group CEO Shrine Khoury-Haq, the Council also includes Siemens, Nestle, and HSBC. The Council now wants to focus on providing expert input to inform government strategies relating to net zero; supporting the development and delivery of sector roadmaps, helping businesses to develop transition plans and investors to identify opportunities; supporting small- and medium-sized enterprises to decarbonise while maximising the benefits of the transition; and informing the government’s approach to public engagement and developing products to support public participation with net zero, according to the release. A new ‘Delivery Group’ will oversee the Council’s workstreams and help to drive progress, it added.
Top them up? – A group of European countries that hold the biggest gas reserves in the region have held early stage, informal talks about relaxing refill targets after this year, amid concerns that high prices are making it unprofitable to store gas. EU rules requiring storage to be 90% full by Nov. 1 expire at the end of this year, and the European Commission has clearly expressed it would like to continue the requirement for Nov. 2026 but there are discussions among a group of countries including Germany, Italy, and the Netherlands to support a softening of the target. Binding targets were introduced at the height of the 2022 energy crisis to ensure there would be sufficient gas during the coldest periods, but now the region is dipping into its reserves faster than expected, pushing up prices in the summer when refilling should happen, making it unprofitable to store the fuel. Italy would back a relaxation of the EU’s gas storage obligations, and the Netherlands would also support a storage ambition rather than a target, according to their energy ministries, while Germany has yet to take a formal position. Talks are informal currently and the Gas Coordination Group will meet later this month to discuss storage levels. (Bloomberg)
Swedish office – Technology provide Carbonaide has opened a new office in Stockholm, following its receipt of Business Finland DTA funding for technology commercialisation. The company, which has developed technology to permanently store carbon as carbonates in concrete, is working to expand internationally, saying its technology is now proven and services ready for large-scale commercial implementation. The new office is expected to help drive sales and customer support with European concrete and steel manufacturers.
Green takeoff – Athens International Airport (AIA) is set to become the first airport in Europe to meet 100% of its energy needs from renewable sources, without relying on guarantees of origin or carbon offsets, local media reported. The transition is part of its “Route 2025” initiative, which aims to achieve net zero carbon emissions 25 years ahead of the 2050 target set by European airports. AIA’s renewable energy project is already in an advanced stage of construction and will fully power the Greek airport’s operations. In Mar. 2023, AIA commissioned a 16 MWp PV park, covering 210,000 square metres, which, along with an existing 8 MWp installation, supplies approximately 45% of the airport’s electricity needs. The next phase involves adding a 35.5 MWp PV system with an 82 MWh battery energy storage system, scheduled for completion in the second half of 2025.
Carbon cost relief – Three trade unions have put forward plans to ensure British Steel’s blast furnaces in Scunthorpe keep running throughout the transition to an electric arc furnace (EAF), and low-carbon steelmaking, but said the government needs to provide relief from carbon costs under the UK ETS. “Thousands of jobs and primary steelmaking cannot be lost because carbon costs rule out British Steel pursing a sensible and just transition to low-carbon steelmaking,” said Charlotte Brumpton-Childs, national officer at trade union GMB. British Steel had planning permission for an EAF at its Scunthorpe site narrowly approved by councillors in Apr. 2024, subject to an agreed timescale for the decommissioning of the coke blast furnaces. But since late summer, questions have emerged over whether the blast furnaces would be continued until the EAF was fully operational. A planning document stated construction of the EAF would take about 22 months.
Get your bids in – Kenya Electricity Generating Company (KenGen) has issued an open international tender, KGN-SALE-001-2025, for the sale of 1.8 mln Certified Emission Reductions (CERs) generated from its clean energy projects under the Kyoto-era CDM. These CERs originate from three geothermal projects: Olkaria I Units 4 & 5 (853,361 CERs), Olkaria II Geothermal Expansion (111,904 CERs), and Olkaria IV (840,985 CERs), with the potential for additional CERs to be included if they become available. The tender invites bids from eligible international entities, with submissions required to be made electronically through KenGen’s e-procurement portal by Feb. 26. Bids must be quoted in USD, with a reserve price set at $4.50 per CER.
ASIA PACIFIC
Hesitation – Concerns about the integrity of voluntary carbon credits have led Japanese companies to hesitate in offset adoption, according to a recent analyst note from the Nomura Research Institute (NRI). The note, cited a survey of professionals in sustainability-related roles, revealed that many companies in Japan are prioritising their carbon reduction measures within value chains to meet near-term targets, but are open to using voluntary carbon credits for achieving long-term goals. While these credits are recognised as playing a role in reaching carbon neutrality, many Japanese corporates seem to be putting off using them out of reputational risk concerns, said Nomura.
Concern – Australia’s Clean Energy Regulator has received three compliance audits from two un-named carbon project developers and one emissions reporter, it said in a compliance update. The audits returned a “qualified” result, meaning the auditor identified areas of “significant concern”. The CER said it was assessing and investigating the non-compliance identified and would decide on a appropriate action. Meanwhile, it said one greenhouse and energy auditor was deregistered.
Greener asphalt – Japanese oil firm Eneos has concluded a sales contract with Nippo for low-carbon asphalt using voluntary carbon credits, it announced Wednesday. Eneos began selling its carbon offset-linked fuels in 2024, and has now added asphalt to its sales list. With the contract, Nippo, which aims to decarbonise the road paving industry, will be able to use Eneos’ asphalt products featuring the use of Gold Standard-certified credits from FY2025. No further financial details were disclosed in the statement.
Drought risk – Planted forests in China are potentially facing a higher risk of drought than natural ones, according to a recently published study, which compares drought resistance and resilience in forests across China using satellite observations from 2001 to 2020. It was found that planted forests exhibited lower drought resistance and resilience compared to natural ones, particularly in subtropical broad-leaved evergreen forests and warm temperate deciduous broad-leaved forests. To mitigate future drought impacts on planted forests, enhanced management strategies – such as the preservation of natural forests and augmentation of structural diversity in planted areas – are imperative, the researchers argued.
SAF to Singapore – Singapore Airlines Group has signed an agreement to source sustainable aviation fuel (SAF) from a firm that plans to set up production in Southeast Asia and the US. Aether Fuels’ will supply SAF for five years with the option for a five-year extension. First it will supply neat SAF which will be blended with jet fuel and supplied to Singapore Airlines and budget carrier Scoot. The first five-year supply begins when Aether begins production.
Blue carbon satellite – South Korea-based satellite company Telepix has launched BlueBON, a monitoring satellite developed for blue carbon data observation, local media reported. BlueBON is equipped with a self-developed multispectral camera and has optimised spatial resolution compared to existing satellites, allowing it to efficiently check the amount and distribution of floating algae in marine ecosystems. Telepix plans to utilise relevant data to enter carbon markets in the future.
AMERICAS
Utility relief proposed – New York lawmakers have introduced Senate Bill 4327, which would amend tax and public service laws to provide a tax credit for certain utility payments and temporarily halt specific surcharges. Sponsored by senators Jake Ashby (R), George Borrello (R), and Jim Tedisco (R), the bill would allow taxpayers to claim a credit based on the difference between their current and average utility payments over the prior three years, starting 2025 to 2026. It also establishes a moratorium on surcharges related to system benefit charges, renewable portfolio standards, and energy efficiency programmes until Apr. 1, 2026. The measure aims to provide financial relief on utility costs and would take effect immediately upon enactment.
Clean truck delay – Oregon lawmakers have introduced House Bill 3119, which prohibits the Department of Environmental Quality from implementing or enforcing California’s Advanced Clean Trucks (ACT) regulations before Jan. 1, 2027. The regulations, adopted by the California ARB in 2020, require manufacturers of medium- and heavy-duty vehicles to sell an increasing percentage of zero-emission vehicles. The bill, chiefly sponsored by Rep. Shelly Davis (R), declares an emergency, making it effective immediately upon passage. Last year, industry stakeholders called for Oregon to review its diesel emissions strategies, including the state’s adoption of ACT regulations.
Persisting partnership – DHL Group, a multinational package delivery company, and Neste, a producer of sustainable aviation fuel and renewable diesel, have expanded their collaboration aiming to reduce logistics emissions by exploring the use of renewable diesel (RD) and sustainable aviation fuel (SAF) in DHL’s transportation operations. The agreement includes a plan for DHL to gradually acquire up to 300,000 t of unblended SAF annually from Neste by 2030, while also evaluating RD for road transport. DHL aims to achieve net-zero logistics emissions by 2050, with interim goals of increasing SAF use to over 30% by 2030. The companies have previously collaborated on SAF deliveries and contributed to the development of the International Sustainability and Carbon Certification Credit Transfer System for emissions reporting.
RNG ramp up – France-based renewable energy firm Waga Energy announced Wednesday that it created a Brazilian subsidiary based in Sao Paulo. Currently present in six countries in Europe and North America, the company develops, finances, and operates units to produce RNG, a substitute for fossil-based natural gas, using biogas naturally generated by landfill sites. Waga said Brazil has approximately 3,900 landfill sites, and cited the recent Fuels of the Future bill as an example of the country’s supportive regulatory environment.
VOLUNTARY
REDD upgrade – BeZero Carbon has upgraded the Katingan REDD project (VCS 1477) in Indonesia, which restores 149,800 hectares of peatland, because a fire management and mitigation report published by the project developer. The project has been awarded an AA rating, meaning it has a very high chance of avoiding or removing a tonne of CO2. BeZero’s review will focus on non-permanence and leakage. “The revised ‘AA’ rating reflects our view that non-permanence risk from natural and anthropogenic factors is limited by mitigatory activities now evidenced by the project, although some risk remains,” BeZero said. The project previously had an ‘A’ rating.
SCIENCE & TECH
Worst-case scenario – New analysis by climate scientist James Hansen concludes the pace of global heating to be vastly underestimated and the 2C target to be “dead”, and calls for a carbon fee and dividend policy to be instated to avoid tipping points, as well as the potential use of geoengineering to block sunlight. Under such a carbon fee, all fossil fuels would be taxed and the revenue returned to the public, Hansen suggested in the study. The research tries to account for the extreme temperatures over the last two years, which cannot fully be explained by burning of fossil fuels and the El Nino climate cycle, finding that recent cuts in sun-blocking shipping pollution have raised temperatures and the climate has also been more sensitive to increasing fossil fuel emissions. The group’s results are at the high end of estimates from mainstream climate science but cannot be ruled out, independent experts said. If correct, they mean even worse extreme weather will come sooner and there is a greater risk of passing global tipping points, such as the collapse of the critical Atlantic ocean currents. (the Guardian)
AND FINALLY…
From cubicles to crops – With office vacancies reaching as high as 25% in some cities, start-ups are transforming empty spaces into indoor farms, growing produce such as kale, cucumbers, and herbs, BBC News reported. In Calgary, Canada, a section of the iconic Calgary Tower has been converted into a 6,000-square-metre farm, demonstrating the potential for urban agriculture to repurpose underutilised commercial real estate. The Covid-19 pandemic underscored supply chain vulnerabilities, sparking a surge in vertical farming investments, though some early ventures have since struggled financially. Despite challenges such as high energy demands and zoning restrictions, proponents highlight the benefits of indoor farms, including reduced water use, higher crop yields, and proximity to consumers. As cities seek ways to revitalise vacant office buildings, urban farming may offer a practical and sustainable solution, with projects emerging in locations from the US to Australia.
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