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
New suite of news and intelligence products to celebrate 10 years of Carbon Pulse
To celebrate 10 years of Carbon Pulse, we are announcing the launch of two new subscription products – Net Zero Pulse and Nature & Biodiversity Pulse – to enhance our suite of specialist news and intelligence offerings.
CARBON FORWARD ASIA
ANALYSIS – ASEAN players seek to balance regional market harmony with domestic requirements
Southeast Asian market associations are striving to ensure regional carbon market developments can align and harmonise with each other in order to build scale and ease of access, as governments are rapidly constructing infrastructure to meet their own domestic requirements.
BRIEFING – East Asian nations progress ETS development, even as participants await more policy clarity
Governments in East Asia are accelerating the construction work for their emissions trading schemes, though participants are eager to see more policy clarity, experts told a conference Tuesday.
India to begin trading voluntary offset credits within six months -official
India will launch its voluntary carbon offset trading mechanism within six months as part of its Carbon Credit Trading Scheme (CCTS), a senior government official told the Carbon Forward Asia conference in Singapore on Tuesday.
Transition credits must hit $30/t to be viable, conference hears
Transition carbon credits, generated from the retirement of coal-fired power plants, should be priced at a minimum of $30 per tonne of CO2e – well above Article 6 credits – to be viable, a conference heard Tuesday.
EMEA
Europe’s national climate policies being undermined by EU ETS, researchers find
National climate policies in Europe are being undermined by the EU ETS, with this interaction resulting in some countries’ measures merely redistributing emissions rather than reducing them, a new report has found.
EU launches high-level steel talks as sector faces existential crisis
The European Commission has kicked off a Strategic Dialogue on the future of the EU’s steel sector, as industry leaders warn that rising costs, global overcapacity, and stalled decarbonisation efforts threaten its survival.
New project aims to position African nation as DAC leader
A new direct air capture (DAC) project in East Africa has begun operations, marking the fastest deployment yet of the burgeoning technology, according to its backers.
UK govt recommends allowing emissions banking between ETS phases
The UK’s ETS Authority recommends allowing market participants to bank their emission allowances between the current first phase of the scheme and the second phase beginning in 2031, officials confirmed on a recent webinar.
UK energy-from-waste plants face high ETS costs, unless pressure is applied to waste producers -trade group
Charges under the UK Emissions Trading Scheme allocated to the energy from waste (EfW) sector should fully reflect the composition of the waste stream in question, in order to drive the intended carbon reduction in EfW feedstock and increase recycling rates, according to an industry body.
UK power plant with CCS will emit more CO2 equivalent than declared, hears Court of Appeal
A gas-fired power plant with carbon capture and storage (CCS) in the north of England will emit more greenhouse gas emissions than initially declared, and will be at odds with the UK’s net zero commitments, said a scientist, whose claim was due to be heard in the Court of Appeal on Tuesday.
UK forest carbon fund receives govt grant to prevent peatland CO2 release
A British forest carbon fund has received a grant of over £87,000 from the Scottish government’s Peatland ACTION fund, aiming to prevent peatland from drying out and generating CO2 emissions, with the project set to generate credits under the country’s Peatland Carbon Code.
Dutch startup secures €8 mln to expand sodium-ion battery storage for solar power
An Amsterdam-based firm announced Tuesday it has raised €8 million to develop sodium-ion battery storage for solar power, a technology it said could help the energy sector cut up to 14 billion tonnes of CO2 annually by 2050 if widely adopted.
Euro Markets: EUAs fall by most in five months to new year-to-date low amid concern over US tariffs, Ukraine
European carbon fell the most in a single session since October to a new year-to-date low on Tuesday amid a steep sell-off in most markets after the US went ahead with plans to impose import tariffs on selected countries and the prospects of a peace deal in Ukraine appeared to recede.
AMERICAS
Canadian CDR advocates call for expansion amid US policy gap, trade war
Canada must seize opportunities to build its carbon removal sector in the wake of a US climate policy gap and trade war, stakeholders say.
PREVIEW: Potential programme tweaks weigh on Washington’s Q1 auction expectations
Washington’s first quarterly auction for 2025 is largely expected to settle at a discount to secondary market levels, dodging a reserve sale despite fundamentals signalling the need for additional permit supply, as recent policy developments cloud programme outlook.
Full US IRA repeal is “highly unlikely”, carbon consulting company says
Despite the freeze on Inflation Reduction Act (IRA) funds by US President Donald Trump, the tax credits could endure in Congress, a carbon consulting company said Tuesday.
New York to release NYCI reporting protocol this month
The new acting head of New York’s environmental conservation commission announced Thursday that the agency will release protocols this month for reporting GHG emissions as it prioritises advancing the state’s future cap-and-invest programme, known as NYCI.
Connecticut committee considers climate superfund bill
The Connecticut legislature on Monday discussed a bill that requires polluters to pay into a climate superfund that would be used to finance climate adaptation projects across the state, matching similar laws recently enacted in other Northeastern states.
California carbon-negative energy producer raises $7 mln in Series A funding
A hydrogen producer that would capture CO2 from its wood waste processes announced on Tuesday the first close of its Series A round funding for $7 million.
INTERVIEW: Argentina will keep carbon policies, lose carbon finance if it leaves the Paris Agreement
In late January, just days after US President Donald Trump announced the country’s departure from the Paris Agreement, reports emerged that Argentine President Javier Milei would follow suit – likely sacrificing international carbon finance while keeping most of Argentina’s carbon policies intact.
ASIA PACIFIC
Australian fintech firms team up to simplify emissions reporting
Two Australian fintech companies are teaming up to streamline and strengthen digital emissions reporting and certification efforts, they announced Tuesday.
Malaysia introduces carbon capture and storage bill
Malaysia on Tuesday unveiled a carbon capture, utilisation, and storage (CCUS) bill in its house of representatives, establishing a regulatory framework to generate revenue from the technology.
INTERNATIONAL
Capital markets tech firm launches sovereign environmental assets trading platform for governments
A London-headquartered provider of consulting and capital markets technology services on Tuesday launched a new environmental markets infrastructure platform designed to support governments in issuing, trading, and managing sovereign environmental assets.
Fossil fuel presence at COPs has grown sharply, reaching 3% of delegates at COP28 -report
Fossil fuel interests accounted for 2,347 delegates, or 3% of all participants at COP28, gaining entry largely through business NGOs and developing country governments, according to a study released Monday.
VOLUNTARY
Voluntary offsets change corporate climate strategies, shifting cost to buyers while maintaining profitability -study
Companies are increasingly allowing consumers to purchase voluntary carbon offsets, reducing corporate responsibility for emissions while maintaining profitability, according to new research.
UK insurer commits £87 mln to NbS
A leading UK insurer has invested £87 million in nature-based solutions (NbS), with a further £13 mln still to be deployed by 2030.
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.
UN plastic treaty talks to resume in August in Geneva
Negotiations on the first-ever global treaty to tackle plastic pollution will resume in August in Switzerland after countries were unable to reach an agreement during talks in South Korea last December.
Google unveils accelerator for nature tech startups
US giant Google has launched its first accelerator for startups using technology to protect, manage, and restore biodiversity, amid continuous growth of the global nature tech market.
Biodiversity net gain has been harder for small companies, UK govt advisor says
Smaller developers have struggled more with biodiversity net gain (BNG) requirements than larger companies, an executive representing the government’s nature adviser has said.
Biodiversity Pulse: Tuesday March 4, 2025
A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).
—————————————————
*NEW REPORT*
Supercritical’s 2025 Novel CDR supply briefing – To hit net zero by 2050, the carbon removal market needs to scale 14,000-fold. We can’t rely on a single method to get there – we need multiple solutions at gigatonne scale. Explore the state of cutting-edge carbon removal methods, including DACCS, BECCS, mineralization, and biomass storage in Supercritical’s latest supply briefing. Access here
—————————————————
EVENTS
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
EVision 2025 – Mar. 5-6, Brussels – An energy system transitioning to net zero requires more flexibility. Electric vehicles can be a great source of flexibility for Europe’s energy system, but their potential remains largely untapped today. Eurelectric together with EY will quantify EVs potential, benefits to the power sector and costs savings for consumers at EVision 2025: power sector accelerating e-mobility at Autoworld. Register
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
European Climate Summit – Apr. 1-3, Lisbon – To kick off our Annual Regional Climate Summit Series of this year, we at IETA look forward to welcoming delegates this Spring to our flagship European Climate Summit (ECS) 2025, taking place at the Pavilhao Carlos Lopes. ECS will take place amid a rapidly changing geopolitical landscape, even as carbon markets in the EU and globally continue to mature and expand. A new political cycle for EU climate action has begun, and the task of preparing carbon markets for their next stage presents both new challenges and opportunities. In this dynamic context, competitiveness, integrity, and innovation will be at the heart of our discussion. Be part of the conversation driving the next phase of carbon market evolution. Join us at ECS to engage with policymakers, business leaders, and climate market pioneers who are shaping the future of carbon markets. Organised by IETA, ECS is an in-person event. Register
—————————————————
Job listings this week
- (Senior) Quantitative Carbon Market Analyst EU ETS2, Veyt – Oslo/London
- Carbon NBS Specialist/Project Manager, NatureCo – India/Southeast Asia/Indonesia/Brazil/Australia
- Nature and Biodiversity Correspondent, Carbon Pulse – Remote
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
AMERICAS
RGGI compliance – Market administrator RGGI Inc. released Tuesday the 2024 interim compliance summary report, which confirmed that every entity complied with its interim compliance obligations in line with the Mar. 3 deadline. The interim compliance deadline was the first of two for the regional power sector ETS’s Sixth Control Period, which runs from Jan. 1, 2024 to Dec. 21, 2026. Compliance entities were required to surrender allowances equating to 50% of their 2024 obligations. Even though emissions under the scheme were up 5.9% YoY in 2024, the Q4 market monitor report released last week showed allowances held for compliance purposes exceeding emissions by some 3.5 mln. The most recent interim compliance deadline in Mar. 2023 showed only one entity in non-compliance – a New York biomass-fired power facility, Black River Generation, for which emissions were addressed pursuant to a prior Order on Consent and a Jan. 2021 exercise of enforcement discretion with New York’s Department of Environmental Conservation (DEC). Regulated RGGI entities will face a true-up compliance deadline of Mar. 1, 2027 for the Sixth Control Period. In Apr. 2024, RGGI Inc. confirmed near-universal compliance for the Fifth Control Period, which ran from Jan. 2021 to Dec. 2023, with Black River Generation being the only non-compliant entity.
Tariff troubles – Canadian Prime Minister Justin Trudeau vowed that Canada would respond forcefully to US tariffs after President Donald Trump imposed a 25% duty on nearly all Canadian goods. Trudeau pledged to retaliate with tariffs on $30 bln worth of American imports, with an additional $125 bln in levies set to follow. Ontario Premier Doug Ford echoed Trudeau’s concerns, signalling potential countermeasures, including restricting energy exports to the US and blocking American firms from government contracts. Trump responded on social media, threatening further tariffs in response to Canada’s actions, CBC News reported. However, later in the afternoon, US Commerce Secretary Howard Lutnick told Fox Business the Trump administration is still seeking a deal – not a pause – to avoid the implementation of tariffs against Canada and Mexico, an announcement for which could even be made Wednesday.
Sure, thanks – Steven Guilbeault, Canada’s minister of environment and climate change, has officially responded to a pair of reports released by Canada’s Net-Zero Advisory Body three months after their release. Guilbeault’s response includes no new initiatives, instead he said Canada has already taken significant steps to implement the body’s recommendations and will continue to consider its expert advice to progress Canada’s climate plan. In the reports, the body had asked that the country redouble climate efforts to meet its 2030 targets.
SAF objection – The US has objected to a recommendation on sustainable aviation fuels (SAF) made during the 13th triennial meeting of the ICAO Committee on Aviation Environmental Protection (CAEP). The recommendation, which supports multi-cropping as a strategy for SAF production, was criticised by the US government as lacking sufficient technical or scientific justification and unfairly favouring Brazil over US farmers. Despite these concerns, CAEP adopted the recommendation, which the US argued could harm domestic agriculture and aviation while incentivising deforestation in tropical regions.
Counting on carbon – The finance ministry of British Columbia issued a budget projecting a C$10.9 bln deficit largely due to tariffs on Canadian exports to the US and the expected counter-tariffs. BC Finance Minister Brenda Bailey noted no major cuts or hikes in the budget aside from the increase in the carbon tax programme effective Apr. 1, adding C$488 mln in revenue. If the federal carbon tax is scrapped, “we will do the same”, Bailey said, according to Business Intelligence for BC.
Cap-and-yes – A public poll of almost 700 California voters, conducted by Slingshot Strategies on the state’s cap and trade programme, demonstrated a range of perspectives on the programme’s benefits and impacts on affordability, Politico reported. In an initial test, 56% of voters supported extension, and after hearing positive and negative arguments, a majority of Californians continued to support the measure. 63% of voters expressed concerns about the affordability of cap-and-trade, and of those who raised concerns, 61% supported addressing the issues through more rebates rather than reducing the cost companies paid for carbon allowances.
Add to the list – Several industry groups have sued the state of New York in federal court for its Climate Superfund Act, which seeks to create a cost recovery programme for fossil fuel companies to fund based on their historic GHG emissions. The US Chamber of Commerce, the American Petroleum Institute, the National Mining Association, and the Business Council of New York State filed the suit in US District Court for the Southern District of New York Friday. The lawsuit makes several allegations that are similar to a separate lawsuit filed by a group of 22 Republican state attorneys general earlier in February, including that the state has exceeded constitutional authority in federal pre-emption and violated the commerce clause, among others. The Act was singed into law in January.
South Dakota Sweep – South Dakota moved closer to legislative certainty on CO2 pipelines during Tuesday’s legislative sessions. SB 1052, which would prohibit the use of eminent domain for CO2 pipeline construction, heads to Gov. Larry Rhoden (R) for signature or veto. HB 1249, which would safeguard landowners from unethical practices while establishing easement agreements, heads to the Senate floor on a narrow 5-4 vote out of the Senate State Affairs committee. HB 1085, which would restrict CO2 pipeline construction in the state until federal rules were adopted to regulate the projects, died in a narrow 5-4 vote in the same aforementioned committee.
Power price panic – New Jersey lawmakers are preparing for public backlash as electricity prices are set to rise by approximately $25 per month starting in June due to a regional power supply shortage, E&E News reported. During a three-hour state Senate oversight committee hearing on Monday, legislators signalled openness to policy changes previously considered unlikely, including reversing a decades-old ban on utility-owned power plants. Sen. Bob Smith (D), chair the Senate’s Energy and Environment Committee, warned the rate shock would have a severe impact across the state, and thousands of people would seek to hold officials accountable.
Fixing fractures – Montana State University researchers, supported by the National Energy Technology Laboratory (NETL) and Lawrence Berkeley National Laboratory, have evaluated a biomineralisation process called ureolysis-induced calcium carbonate precipitation (UICP) to improve CO2 storage and gas well efficiency. NETL, a US DOE lab focused on energy innovation, provided shale samples, imaging analysis, and technical input. UICP uses microscopic cementing agents to seal microfractures more effectively than traditional materials, potentially enhancing hydraulic fracturing by reducing fluid leakage and enabling well restimulation.
Ten – A new bill in the state of New York would provide property tax incentives for landowners who place at least 10 acres of forested land under a conservation easement as New York pursues its statutory goal of conserving 30% of state lands by 2030. Sponsored by Rep. Monica Martinez (D), S 5603 would also provide state assistance to municipalities to offset lost property tax revenues due to the new measure. The legislation was referred to the Senate Local Government committee last week.
EMEA
Consultation time – The European Commission is planning a consultation on regulatory changes for banks’ trading businesses, considering options such as implementing the rules as planned, delaying them, or offering concessions for up to three years, Bloomberg reports. The regulations, known as the Fundamental Review of the Trading Book (FRTB), have already been postponed to 2026 to prevent European banks from being at a disadvantage compared to their US counterparts. They include considerations for carbon trading. Recalibrating the rules could improve companies’ ability to hedge their positions in carbon markets. The proposed solution would enable banks to engage in greater netting between spot and longer-dated maturities, potentially easing capital requirements for carbon trading activities. The consultation will seek feedback from banks, regulators, and other stakeholders on their preferred approach and the potential impact of any changes, with a decision expected by the end of June.
Smart bees – Italian nature tech company 3Bee announced on Monday the launch of XNatura, its intelligence division dedicated to environmental monitoring and reporting. XNatura aims to digitise the management of impacts and risks on nature, biodiversity, and climate by combining artificial intelligence, IoT sensors, satellite technologies, and cloud computing. XNatura’s first product is an integrated platform encompassing a set of thematic suites, including climate change, pollution, water resources, and biodiversity and ecosystems. “Each suite focuses on specific indicators and provides a clear view of the environmental impacts, dependencies, risks, and opportunities associated with business activities and operations,” the company said.
Far behind – Germany is far from reaching its 2030 electric vehicle target, as the registered fleet hits 1.65 million in 2024, marking a 27% reduction in sales of new EVs in the country last year. This puts Germany behind its target of having 15 million electric cars on the country’s roads by 2030. Fully electric cars now make up 3.3 % of the entire fleet of more than 49 million passenger cars. About 44 million of these are still fuelled by diesel or petrol. Two climate think tanks, Agora Verkehrswende and Zukunft KlimaSozial have proposed reintroducing subsidies to support especially lower-income households. (Clean Energy Wire)
The next generation – Families have gathered in Westminster, London on Tuesday to lobby for an end to all new oil and gas extraction in the UK. Organised by green group Parents for Future, the “family lobby” is a nationwide initiative that will see parents seek to meet local MPs throughout the week to encourage their support for a just transition to renewable energy. Green Party leader Carla Denyer and Conservative MP Alberto Costa are set to attend the meeting in the Palace of Westminster, the campaigners said, while others such as junior energy minister Miatta Fahnbulleh and Liberal Democrat MP Wera Hobhouse have been invited. The campaigners will urge MPs to prioritise the ruling out of drilling Rosebank – the UK’s largest undeveloped oil field in the North Sea, with the government set to decide about Rosebank’s future and other new fossil fuel projects after a consultation ends this spring. More than 80% of 1,000 parents recently surveyed are concerned about the impact of the climate crisis on their children’s future. (the Independent)
ASIA PACIFIC
Have your say – Australia’s Emission Reduction Assurance Committee (ERAC) is seeking feedback on the animal effluent management method, as it aims to ensure it meets the market’s offset integrity standards (OIS). ERAC said in a statement project developers, industry bodies, government agencies, and the scientific community were encouraged to respond. The animal effluent management method earns Australian Carbon Credit Units (ACCUs) by capturing and destroying methane in biogas that would have otherwise been released into the atmosphere. The consultation closes on Mar. 25. It follows ERAC launching a similar review into the ACCU Scheme’s 2021 soil carbon method.
Going to Cambodia – Japanese project developer Green Carbon on Tuesday announced it has signed an MoU with the provincial government of Battambang in Cambodia for a rice paddy field project expected to generate some 1.3 mln carbon credits over a decade. The project starts next month and adds to Green Carbon’s growing portfolio of Southeast Asian initiatives to reduce methane emissions from rice production.
One more down – Japan’s Sumitomo Mitsui Financial Group (SMFG) will withdraw from the Net Zero Banking Alliance (NZBA), the country’s second-largest bank announced on Tuesday. SMFG becomes the first major Japanese lender to join an exodus led by institutions from Wall Street and Canada, Bloomberg reported. Meanwhile, Nomura Holdings is also considering exiting the group, media outlet Nikkei has reported.
SHIPPING
Energy efficiency first – Shipping insurer DNV’s latest report outlines the energy-efficiency measures and technologies that shipowners can select. It provides an overview of more than 40 energy-efficiency measures, detailing their fuel-saving effects, cost figures and suitability for specific ship types.
AND FINALLY…
Hydrogen-powered crunch – Kellogg’s has reportedly become the UK’s first food manufacturer to trial producing cereal powered by hydrogen. The trial at its Manchester factory replaced fossil gas with hydrogen to fuel the toasting oven. The three-week demo was conducted under the UK government’s £55 mln Industrial Fuel Switching Competition, and under the HyNet Industrial Fuel Switching 2 programme. The learnings at the Manchester facility, which makes brands such as Corn Flakes and Special K, is expected to serve as evidence of hydrogen adoption across the company’s other sites, seeing as the Manchester site is due to close by end 2026. (H2 view)
Got a tip? How about some feedback? Email us at news@carbon-pulse.com
