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TOP STORY
Brazil emphasises forest conservation, climate finance needs in first COP30 letter
Brazilian COP30 President-Designate Andre Correa do Lago on Monday published his first open letter, emphasising forest conservation, pledging to create an advisory body of past COP presidencies, and highlighting the importance of international climate finance reform.
AMERICAS
CERAWeek: COPs due to enter ‘another phase’ in Belem, Article 6 awaits -experts
The function of COPs in the coming decade will evolve away from focusing on energy transition and towards adaptation and loss and damage financing, while Article 6 trading is expected to play a bigger role following last year’s historic deal, experts said Monday during CERAWeek.
CERAWeek: US DOE Secretary says agency will honour loans previously awarded by Biden administration
US DOE Secretary Chris Wright said Monday that while the agency will take a new approach with its Loan Program Office (LPO), the administration will honour loans already awarded to projects under former president Joe Biden’s administration.
US Supreme Court denies Republican AGs request to block climate cases
The US Supreme Court rejected the second Republican-led attempt to block five Democrat-led states from seeking damages from oil firms for allegedly concealing the climate impacts of their activities.
US regulator withdraws proposed CO2 pipeline rules for review
Long-awaited rules for CO2 pipeline safety have been withdrawn for review, according to a US federal regulator.
RGGI Market: Double whammy bearish drivers pressure prices
RGGI allowances (RGA) in the secondary market took a beating from a combination of pre-auction positioning and a macro market sell-off on Monday that dragged prompt prices sub-$20 ahead of the Q1 auction on Wednesday.
California’s electricity sector CO2 output hits a new January low
California’s power sector CO2 emissions in January once again set a record low for the month as the share of renewables increased, while natural gas contribution eased.
WCFS credit surplus surges beyond 2 mln in Q3 2024
Net credit surplus under the Washington’s Clean Fuel Standard (WCFS) soared past 2 million in Q3 2024, boosted by record high renewable diesel (RD) credits and the addition of non-metered residential EV charging units for previous quarters.
New York lawmakers propose delay to clean truck regulations
Democrat lawmakers in New York introduced legislation last week aiming to postpone the state’s Advanced Clean Trucks (ACT) regulations until 2027.
INTERVIEW: Bridging gap between Canadian CFR adoption and funding void
Canada’s Clean Fuel Regulations (CFR) design and lack of funding present major challenges for logistics companies aiming to transition their fleets to low-carbon alternatives.
LATAM Roundup: The ‘forestry COP’ in full swing
The incoming Brazilian COP30 presidency is promoting initiatives and agendas to reduce deforestation and forest degradation – as Brazilian agriculture, forestry, and land use (AFOLU) projects dominated Verra’s Latin American voluntary carbon market (VCM) retirements for the week of Mar. 3-9.
BeZero upgrades Brazilian REDD+ project rating to ‘A’
A Brazilian forestry project registered under Verra’s Verified Carbon Standard (VCS) has been upgraded to ‘A’ rating by BeZero Carbon, after the ratings firm reassessed it following new information from the developer.
EMEA
Saudi carbon credits could help meet 5% of big domestic companies’ mitigation goals by 2050 -report
Saudi Arabia’s renewable energy, mangrove afforestation, and carbon capture potential, if fully exploited, could address major companies’ long-term mitigation goals in a low-demand scenario under strong assumptions, according to a report published Sunday.
EU energy traders call for more market integration rather than gas market rules
The European Commission should focus on increasing energy market integration, and not interfere too much in how the bloc’s gas markets function, European energy traders have said.
Euro Markets: EUAs follow gas higher before trimming gains amid growing macroeconomic gloom
European carbon prices advanced strongly with natural gas on Monday, after a weekend attack on Ukraine by Russian forces using a gas pipeline indicated that shipments from Russia would not resume in the near term, before giving up some of their gains as US markets opened weaker amid an increasingly gloomy macroeconomic outlook.
“We stayed the course”, EU’s von der Leyen says 100 days into her mandate
European Commission President Ursula von der Leyen reaffirmed her commitment to the EU’s climate goals for 2030 and 2050 during a press conference on Sunday marking the first 100 days of her new mandate.
UK looks to speed up clean power grid connections with planning overhaul
A new UK law will push dozens of clean energy projects to the front of the queue for grid connections, supporting the country’s goal for clean power by 2030 and luring investments into low-carbon infrastructure, the government announced on Monday.
Satellite tool launched in UK to monitor nature-based carbon projects
A UK-based investment manager and a remote sensing company have released a new satellite-powered tool to conduct due diligence on nature-based carbon projects, they announced Monday.
Central and Eastern Europe needs more funding to cut waste emissions -report
The EU is not allocating enough budget to help Central and Eastern European countries decarbonise their municipal waste, making it harder for them to catch up with the bloc’s environmental targets, according to a report published on Monday.
Danish energy firm partners with CDR platform to offset non-electric emissions
A Danish renewable energy company will purchase carbon credits from a carbon removal (CDR) platform under a two-year partnership, the two firms announced Monday.
VOLUNTARY
VCM Report: ICVCM tough cookstove announcement met with indifference, retirement levels slide
The Integrity Council for the Voluntary Carbon Market (ICVCM)took a tough stance last week on cookstove methodologies, although it seemed to have been with indifference by the market that seems more focused on CORSIA, the aviation emissions scheme, and worrying about rating agency grades.
Basalt shows limited CO2 removal as soil and rock choice prove critical for ERW -report
Basalt demonstrated little to no measurable CO2 removal (CDR) in a large-scale greenhouse experiment on enhanced rock weathering (ERW), which tracked the chemical interactions of 17 soils and 14 rock amendments over four years.
INTERVIEW: Bio-based pesticides have potential to be carbon negative
Integrating waste biomass into the fermentation process can make it carbon negative, according to a Belgium-based startup that’s developing protein-based biocontrols to protect crops against pests and diseases.
ASIA PACIFIC
Gold Standard and Tokyo government to launch new carbon credit trading platform
Gold Standard and the Tokyo Metropolitan Government have announced plans to create a trading platform to enable local companies to access carbon credits issued by the standard without language accessibility barriers.
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.
Irish peatland standard for ecosystems certificates launches
An Irish government-backed non-profit has launched a voluntary standard for generating ecosystem certificates from peatland with biodiversity, carbon, and wildfire reduction benefits.
Uzbekistan sets course for national biodiversity credit, offset markets
Uzbekistan has released a strategy to attract finance for nature protection and restoration, including plans to establish national frameworks for biodiversity credit and offset markets.
Assemblage-level conservation ready for wide adoption in biodiversity preservation, researchers say
US-based researchers are calling on conservationists and policy makers to broaden their approach when acting to protect endangered species and limit global biodiversity loss.
Biochar startup launches SaaS, offtake agreement platform
A carbon credit platform start up is launching new solutions to help biochar project developers gain access to funding, certification, and revenue, it announced Monday.
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NEW REPORT
How offtake agreements are shaping the future of biochar: Long-term offtake agreements are transforming the biochar carbon removal market — securing supply, stabilizing prices, and providing financial certainty. Supercritical’s latest report, Locked in or Left Behind?, explores key shifts in procurement strategies and what they mean for the future of carbon removal. With 62% of high-quality biochar credits for 2025 already committed and prices rising 18% in 2024, securing an offtake could be the key to guaranteeing supply and price stability.
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EVENTS
Insurance in a Changing World – Mar. 13, London – The Conduit hosts an exclusive, full-day conference bringing together leaders in business, policy, and economics. In uncertain times, discover cutting-edge public-private insurance solutions driving global innovation and resilience. From rethinking risk management to unlocking opportunities in emerging economies, this is your chance to connect, collaborate, and shape a greener future. Spaces are limited – learn more and secure your place.
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
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Job listings this week
- *(Senior) Quantitative Carbon Market Analyst EU ETS2, Veyt – Oslo/London
- *Nature and Biodiversity Correspondent, Carbon Pulse – Remote
- Development Director, UpEnergy Group – Remote
- Junior Execution Trader & Research Analyst, Carbon Cap Management LLP – London
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ADVERTISE WITH US
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BITE-SIZED UPDATES FROM AROUND THE WORLD
AMERICAS
Pressing pause? – Canadian Environment Minister Steven Guilbeault is reviewing options to halt the Apr. 1 increase in the country’s revenue-neutral ‘backstop’ carbon tax, following new Liberal Leader Mark Carney’s pledge to scrap the programme. Carney reiterated his commitment after winning the leadership race, stating his government would eliminate the fossil fuel tax on families, farmers, and small businesses. Currently, the charge is set to rise from C$80 to C$95 per tonne next month, pushing the carbon price on petrol from 17.61 cents to 20.91 cents per litre. Introduced in 2019, the policy aimed to reduce carbon use, with most proceeds returned to Canadians through rebates. However, it has faced growing opposition, particularly from Conservative Leader Pierre Poilievre, who campaigned to “axe the tax,” blaming it for rising living costs. During the Liberal leadership race, Carney and fellow candidates Chrystia Freeland and Frank Baylis vowed to end consumer carbon pricing, while Karina Gould proposed pausing increases but keeping the system. Guilbeault, a Carney supporter, confirmed he is assessing how to implement the promise but has no set timeline for a decision. The government could either repeal the legislation or set the price to zero through regulation, as it did in 2023 for home heating fuel. Saskatchewan Premier Scott Moe urged immediate action before the Apr. 1 increase, calling it a vital relief measure. Meanwhile, BC Premier David Eby criticised the politicisation of carbon pricing, stating his province remains committed to removing its tax once federal law allows. Carney has proposed replacing the carbon tax with incentives for greener choices, middle-class tax cuts, a stronger industrial pricing system, and a carbon border adjustment to impose fees on imports from countries with lower carbon pricing. Poilievre, however, accused Carney of planning more carbon taxes, calling it an election-defining issue. With parliament prorogued until Mar. 24, any legislative changes would have to wait, but Carney is expected to call an election soon, with insiders predicting it could be as soon as Apr. 28 or May 5. (Globe & Mail)
Hit ’em where it hurts – Ontario has released details on its 25% tax on US-bound electricity in response to US tariff threats. Starting Mar. 10, the surcharge will look like C$10 per megawatt-hour. It’s expected to impact 1.5 mln homes and businesses in Michigan, Minnesota, and New York, costing the states up to C$400,000 per day, according to a release by the province. Premier Doug Ford once again said the province wouldn’t “back down” until US tariffs are “gone for good”. The province said revenues brought in by the tax would go to Ontario workers, families and businesses. Ontario was the biggest exporter of Canadian electricity by far in 2024. Ford has also removed all American alcohol from the province’s Liquor Control Board of Ontario (LCBO). The province said the move is expected to cost American producers C$1 bln in lost revenue. Canada has also announced retaliatory measures.
Call for coal – Wyoming lawmakers have cut back the severance tax rate for surface-mined coal to 6% from 6.5% to spur reinvestment in the state’s mining operations, News From The States reported. The cut comes amid passing of House Bill 75 (HB 75) in the Wyoming Legislature. Senate File 17 will look to create a $10 mln fund to support enhanced oil recovery – pumping CO2 into the ground to produce more oil and natural gas. Companies that qualify for the federal 45Q tax credit can apply for up to $10 per metric tonne for CO2 used in enhanced oil recovery.
Tax tensions – A group of House Republicans has urged the Ways and Means Committee Chairman Jason Smith (R) to prioritise energy affordability and maintain existing energy tax credits amid discussions of potential reforms. In a letter published Mar. 9, the lawmakers expressed support for the administration’s energy dominance strategy, warning that modifying or repealing credits could disrupt investments in domestic energy production, raise utility costs, and hinder economic growth. They called for a stable tax structure to support both traditional and renewable energy sources, arguing that tax policy changes should be targeted to avoid negative impacts on energy security and affordability.
Plea to Congress – Iowa Attorney General Brenna Bird led 15 other AGs in a letter to Congress asking federal legislators to pass companion bills that would allow for the year-round sale of E15 in the country. S 593 and HR 1346 were introduced in February by a bipartisan group of legislators, and are endorsed by a number of industry organisations including American Petroleum Institute, the Renewable Fuels Association, and Growth Energy. The AGs wrote that access to year-round E15, gasoline that is blended with 15% ethanol, would strengthen energy independence nationally, aligning the policy with President Donald Trump’s goals.
Climate clash – US national investment fund Climate United has filed a suit against the EPA and Citibank for “illegally withholding obligated funds”, according to a press release. It said Climate United and seven other Greenhouse Gas Reduction Fund (GGRF) awardees have been unable to draw finances from EPA-controlled accounts at Citibank for three weeks. The GGRF is a part of the Inflation Reduction Act frozen by US President Donald Trump.
Green banks’ funding squeeze – The Coalition for Green Capital (CGC) filed a breach of contract claim against Citibank Monday due to the bank’s refusal to disburse federal grant funds awarded by EPA under the National Clean Investment Fund. CGC has been unable to deploy Congress-appropriated funds for clean energy, air, and water, the group said. It is seeking a court order compelling Citibank to release the funds and honour its contractual obligations. CGC received $5 bln in funding from the US EPA in Apr. 2024 to focus on growing a national network of green banks via public-private partnerships.
Gulf gas grab – The American Petroleum Institute and Chevron USA have asked a federal district court to dismiss an environmental lawsuit challenging the National Environmental Policy Act (NEPA) review of an offshore oil and gas lease sale. In a letter dated Mar. 9 to the US District Court for the District of Columbia, the industry groups argued that the case is now moot following the White House Council on Environmental Quality’s withdrawal of its binding NEPA regulations. The lawsuit concerns Lease Sale 259 in the Gulf of Mexico, which was mandated by Congress. (E&E News)
Houston hub – Schneider Electric announced that it has opened a new Energy Innovation Centre in Houston, aimed at advancing digitalisation, automation, and energy efficiency. The 10,500-square-foot facility, strategically located in the city’s energy corridor, will serve as a hub for collaboration, training, and showcasing AI-driven industrial automation solutions. The centre is part of Schneider Electric’s broader €2 bln investment plan for 2024-27.
EMEA
Same ambition – Zambia on Monday published its third Nationally Determined Contribution (NDC) document under the Paris Agreement. The NDC states that Zambia will use voluntary cooperation under Article 6 to fulfil part of its mitigation goals, adding that its Green Economy and Climate Change Act (2024), its carbon market framework, signed agreements with several countries, and its existing carbon registry infrastructure and projects under development support the implementation of Article 6. However, this new NDC text does not appear to have ratcheted up mitigation ambition over the prior one. As in its updated first NDC from 2021, Zambia has set the target of a 25% unconditional and 47% conditional reduction in GHG emissions below 2010 levels by 2030, versus a business-as-usual baseline.
Cleaning vital coal – World’s largest coal producing company Coal India has signed an MoU with IIT Hyderabad to launch the Centre of Excellence (CoE) for Clean Coal Energy & Net Zero (CLEANz), an initiative to boost clean coal energy research in the country, the New Indian Express reported. Funded with an initial grant of rupees 98 crore ($11 mln) from Coal India, the initiative will aim to advance multiple technology projects, ensuring they achieve high technology readiness levels (TRL) to contribute effectively to sustainable energy solutions.
Soggy no more – Japan-based Ryobi Systems is launching a demonstration project in Bangladesh to promote alternate wetting and drying (AWD) rice cultivation method, known to conserve water while cutting methane emissions. The program will roll out gradually and is backed by Japan’s trade ministry under the Global South Future-Oriented Co-Creation Program, Ryobi said. The company will also measure methane with local researchers and assess potential carbon credit generation. In 2022–23, Bangladesh cultivated about 39.1 million tonnes of rice across 10.5 million hectares of land, according to government data, and is the world’s eighth-largest emitter of methane from rice cultivation, according to the International Rice Research Institute.
Needs more work – Malaysia’s recently passed carbon capture and storage bill “raises many questions that need to be answered”, said an environmental NGO last week. The NGO, Sahabat Alam Malaysia, urged the government to halt the swift passage of the CCUS Bill 2025, citing inadequate debate and public consultation. The environmental group also warned of economic, environmental, and social risks linked to carbon capture technology, including CO2 leakage, seismic activity, and high project failure rates. Meanwhile, Deputy Prime Minister Datuk Seri Fadillah Yusof said that the federal government is working with Sarawak legislators to align CCUS laws. The bill currently only applies to peninsular Malaysia and does not apply to the states of Sabah and Sarawak on the island of Borneo.
Building foundation – The Indian state of Karnataka has announced the establishment of Karnataka Forest, Wildlife, and Climate Change Mitigation Foundation to combat the effects of climate change, the New Indian Express reported. Under the 2025 state budget, the government has outlined plans for the generation of carbon credits through agroforestry and afforestation projects, while emphasising efforts on environmental conservation and human-wildlife conflict mitigation. The government intends to strengthen farmers by introducing policy on carbon credits and will take steps to grow plant species with high carbon retention capacity through forestry activities, state’s chief minister said in his budget speech. The government has also announced planting of 350,000 saplings across 1,200 hectares of non-forest land.
INTERNATIONAL
On the chopping block – Nearly a tenth of global climate finance could be under threat as US President Donald Trump’s aid cuts risk wiping out huge amounts of overseas spending, according to Carbon Brief analysis. US funding is estimated to have accounted for more than 8% of all international climate finance in 2024, but any progress in US climate finance has been thrown into disarray by the new administration. Trump has halted US foreign aid and threatened to cancel almost all US Agency for International Development (USAID) projects. Another $4 bln of US funding for the UN Green Climate Fund (GCF) has also been cancelled by the president’s administration, with one expert expecting more climate funds to likely be chopped too. There will be a huge gulf to meeting the $300 bln climate-finance goal nations agreed last year, if the US stops reporting – let alone providing – any official climate finance, said another.
VOLUNTARY
In memoriam – Matthew Eisaman, a Yale University associate professor and expert in carbon capture, passed away on Feb. 28 at the age of 46 after a prolonged illness. He joined Yale in 2023 as part of the Yale Center for Natural Carbon Capture (YCNCC), which researches nature-based carbon sequestration and greenhouse gas reduction. Eisaman also co-founded Ebb Carbon, a California-based startup developing technology to store atmospheric carbon dioxide in seawater while mitigating ocean acidification. The company was a finalist in the $100-mln XPRIZE Carbon Removal competition in 2024. (Carbon Herald)
First verified projects – France’s national domestic carbon scheme Low Carbon Label (Label bas carbone) announced it has audited and verified the first emission reductions from two forestry projects. These pilot projects, focused on afforestation in the Auvergne Rhone-Alpes and New Aquitaine regions, were developed by France’s National Center for Forest Ownership (CNPF) and have had their reductions verified by an independent body. More forestry projects will be audited in 2025, France’s ecology ministry said.
Setting records – Arbor Day Carbon, a subsidiary of the Arbor Day Foundation, said it has retired over 1.6 mln forestry carbon credits on ACR, the most by any non-profit. Through large-scale reforestation and improved forest management projects in the US, the organisation has helped restore ecosystems, protect forests, and strengthen communities. Beyond ACR, Arbor Day Carbon has also transacted approximately 6.4 mln forestry carbon credits across other global standards, including Verra, Plan Vivo, and Climate Action Reserve. The organisation works closely with corporate buyers, investors, and project developers to drive impactful environmental initiatives. The Arbor Day Foundation, its parent organisation, has planted over half a billion trees in its mission to inspire and promote global reforestation efforts.
SCIENCE & TECH
Whet your appetite? – Lab-grown meat, dairy, and sugar could be on sale in the UK for human consumption for the first time within the next two years, sooner than expected, the BBC reported. The Food Standards Agency (FSA) is seeking to speed up approvals for lab-grown foods as UK firms lead the way scientifically but complain they’ve been held back by regulations. In 2020, Singapore became the first country to authorise the sale of cell-cultivated meat for human consumption, followed by the US three years later and Israel last year. But, Italy and the US states of Alabama and Florida have instituted bans. British firms worry they’re losing ground to overseas competitors and say the approvals process for new technologies is much slower than other countries. One of the concerns is related to the health implications of ultra-processed foods, of which these are, while lab-grown foods are incredibly energy-intensive, so the environmental benefits may be oversold.
Carbon storage potential – The International Union for Conservation of Nature (IUCN) has launched a new platform to assess the carbon storage potential in conservation and restoration projects across the union. The platform can calculate potential carbon storage and emissions reductions, as well as potential contributions towards species extinction risk reduction. The underlying data for natural ecosystems are provided by Conservation International, while those for managed ecosystems are sourced from the International Center for Tropical Agriculture (CIAT). Read more here.
Biomass satellite – The European Space Agency’s (ESA) biomass satellite has arrived at Europe’s Spaceport in French Guiana, to be prepared for liftoff on a Vega-C rocket at the end of April, the ESA announced in an emailed release. Biomass is the first satellite to carry a P-band synthetic aperture radar, which can penetrate forest canopies to measure the woody trunks, branches, and stems where carbon is predominantly stored. It’s set to enhance scientists’ understanding of forest carbon stocks and fluxes, feeding into a more accurate global carbon budget, as explained in this feature by Carbon Pulse.
AND FINALLY…
Cropping out the truth – Organic farmers in the US, along with two environmental advocacy groups, are suing the US Department of Agriculture (USDA) for deleting web pages with climate data and information about federal loans and other types of assistance, Grist reported. The USDA’s director of digital communications instructed staff in January to remove agency pages related to climate change within a day. Now the plaintiffs, arguing that farmers are on the front lines of climate change, are demanding that the department stop erasing the information, and republish what it’s taken down. “Purging climate change web pages doesn’t make climate change go away. It just makes it harder for farmers to adapt,” said Jeff Stein, a lawyer representing the plaintiffs from Earthjustice. The lost web pages include science on drought, extreme weather, and other climate impacts, which can help them assess their risks. For example, it showed which watersheds are projected to face the greatest climate impacts and highest demand.
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