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TOP STORY

POLL: Analysts predict EU ETS emissions fell 5-8% in 2024

Verified emissions covered by the EU ETS continued their downward trend in 2024, analysts polled by Carbon Pulse predict, with total output seen 5-8% lower year-on-year.

NACW 2025

Microsoft leads call to action on soil carbon projects

Soil sequestration projects have great potential, but are underdeveloped, said tech giant and carbon credit buyer Microsoft on Tuesday, calling for standardisation in approaches to such initiatives.

Voluntary carbon credits yield 40% price premium for every rating grade step-up

Voluntary carbon market (VCM) credits on average are yielding a 40% price premium for each step up in their rankings, a ratings agency expert told conference attendees on Tuesday.

CORSIA becoming benchmark for cookstove credits

In the search for quality among beleaguered cookstove credits, pricing disparity placed CORSIA-eligible units as a benchmark, a trading exchange representative told attendees at a conference on Tuesday.

Permanence as premium feature driving prices in the voluntary market

Carbon credit prices could be decided by the different permanence timelines different project types provide, market experts said at a conference on Tuesday.

Advance scientific research for carbon market integrity, experts say

A multidisciplinary research group is working on five academic priorities to improve carbon markets, addressing study gaps related to durability, baselines, and leakage, a conference heard on Tuesday.

Basing scope 3 actions on carbon credit programmes challenging -experts

Using carbon credit methodologies to develop scope 3 emissions interventions presents challenges, experts told attendees at the North American Carbon World (NACW) conference in Los Angeles on Tuesday.

Boost in LCFS credit prices dependent on early implementation timeline

California’s Low Carbon Fuel Standard (LCFS) credit prices may still approach $100 this year, but this likelihood hinges upon when programme changes take effect, a conference heard on Tuesday.

Businesses, investors challenged with navigating divergent US climate policy landscapes

The divergence between federal and state climate policies further compels industry advocacy, a policy expert told conference attendees Tuesday.

RGGI compliance offsets starting to become viable investments -cCarbon

Savvy investors are watching the RGGI market very closely as offsets are becoming more feasible, while investment opportunities continue to grow globally, analytics company cCarbon said at the North American Carbon World (NACW) conference on Tuesday.

Wetland projects in Mexico face uncertainty in claiming carbon rights

New laws currently under debate in the legislature could cause uncertainty in ownership rights to carbon in Mexican wetlands voluntary carbon (VCM) projects, a legal expert told conference attendees on Tuesday.

VOLUNTARY

Verra suspends four VVBs involved in rice carbon over-crediting scandal

Verra has suspended four validation and verification bodies (VVBs) that were involved in reviewing the 37 rice cultivation projects in China that the standard rejected last year after a whistleblower raised concerns about their integrity.

CDR buyers club signs $33-mln deal for US enhanced weathering carbon credits

A large carbon removal (CDR) buyers club has inked a deal worth $33 million to remove 78,707 tonnes of CO₂ between 2027 and 2030, it announced Tuesday.

Former UK staff from prop trading firm, US energy markets veteran launch new venture

Former UK-based staff of an international proprietary trading firm have joined forces with a US-based energy markets veteran to launch a new trading and risk management company.

SHIPPING

UK pushes for global IMO shipping levy, confirms maritime sector to join ETS from 2026

The UK government is pushing for the quick adoption of a global levy on shipping emissions after announcing on Tuesday that domestic maritime emissions will be cut by at least 30% by 2030 and 80% by 2040, with the sector coming into the ETS from next year.

INTERNATIONAL

Majority of countries ramping up renewables ambition in updated NDCs -report

A total of 15 of the 19 countries that have submitted updated Nationally Determined Contributions (NDCs) under the Paris Agreement are planning to increase their renewable energy ambition ahead of 2035, according to a report by two non-profit research and campaign groups.

Funding facility issues call for blended climate finance projects in developing nations

The Catalytic Climate Finance Facility (CC Facility) on Tuesday issued a tender looking for high-impact, scalable, and market-ready blended climate finance solutions in developing economies.

Global GDP could gain 0.2% by 2040 from enhanced climate action, says study

Strengthening NDCs under the Paris Agreement could add 0.23% to global GDP by 2040 when compared to current policies, with even greater long-term benefits from avoided climate damages, according to unpublished research seen by Carbon Pulse.

Carbon cycle feedbacks could push global heating beyond earlier estimates -report

Global heating could exceed previous estimates as carbon cycle feedback loops intensify, according to a study published over the weekend.

EMEA

German firms demand climate action as government talks continue

Germany’s top business leaders have issued a call for climate action, urging the country’s next government to embed climate neutrality at the heart of its economic strategy.

EU policy support crucial to decarbonising ammonia, US imports threaten competitiveness -report

Decarbonising Europe’s ammonia industry hinges on targeted subsidies and carbon pricing, but domestic producers may still lose out to cheaper US imports backed by generous subsidies and looser carbon accounting rules, a report released this week has found.

Researchers pitch ‘export adjustments’ for EU industries covered by CBAM

A climate think tank has suggested a compensation scheme for European exporters of goods covered by the EU’s Carbon Border Adjustment Mechanism (CBAM) who will stop receiving free emission allowances under the bloc’s carbon market.

BRIEFING: EU seeks to promote highest carbon value for wood, biomass

With its carbon removals certification scheme agreed last year, the European Commission is seeking to promote biomass use with higher value-added than biofuels or bioenergy – both financially and from a climate perspective, a senior EU official has said.

European Commission, Eurocontrol to cooperate in monitoring aviation emissions

The European Commission has signed a new cooperation agreement with Europe’s civil-military organisation, setting out new monitoring, reporting, and verification of aviation emissions outside of CO2, they announced on Tuesday.

Switzerland opens consultation to ensure carbon market alignment with EU ETS

Switzerland has opened a consultation on Tuesday concerning proposed changes to keep its emissions trading system (ETS) aligned with that of the EU.

Euro Markets: EUAs, energy markets record late drop on news of limited ceasefire in Ukraine

Europe’s carbon market traded in a narrow range for a second successive day as traders prepared for Wednesday’s expiry of the March options contract, with prices falling back towards the lowest of the main strike prices while energy markets also dropped late in the day as news emerged that a limited ceasefire deal in Ukraine had been agreed.

Ethiopia to adopt carbon market law, issue 15 mln credits in 2025 -official

The Ethiopian government is planning to put in place its national carbon markets legislation in the first half of 2025 and issue more than 15 million emissions reduction and removal credits in the second half of the year, an official told a World Bank seminar Tuesday.

AMERICAS

BRIEFING: US Supreme Court considers where Clean Air Act challenges should be heard

The US Supreme Court heard oral arguments on Tuesday that may determine whether cases involving disputes under the Clean Air Act (CAA) should be routed to the Washington DC Circuit court or remain in regional circuit courts.

US Forest Service denied dismissal of carbon impacts lawsuit

A federal judge has denied a request from the US Forest Service to partially dismiss a lawsuit alleging it failed to assess the effects of its logging projects on carbon storage and emissions.

US states should rethink industrial decarbonisation plans, reduce reliance on federal funding -report

US states should revise their industrial decarbonisation strategies, according to a new report, which recommended steps they can take to reduce their reliance on federal funding that faces an uncertain future and tailor their financial, technical, and policy approaches.

Canadian climate policy should realign amid shifting US stances -report

Canada should overhaul its federal environmental strategy in response to recent US climate policy reversals, said a report, which recommended weakening emissions targets, reforming multilateral climate institutions, and legal protections against climate litigation.

ICE, US investment firm reach $100k settlement for alleged CCA wash trade

Exchange operator ICE announced last week it had agreed to a $100,000 penalty with a US investment firm for the alleged execution of a prohibited wash trade in California Carbon Allowances (CCAs).

ASIA PACIFIC

CSIRO study finds high degree of variability in carbon stocks after grazing exclusion

A CSIRO study published this week has found it is difficult to predict whether excluding grazing livestock can reliably boost carbon stocks in woody vegetation, raising further questions over Australia’s human-induced regeneration (HIR) carbon credit method.

Chinese exchanges explore CCER-linked financial products

Exchanges in China are exploring innovative financial products linked to carbon credits issued under the national voluntary programme, amid rising interest in project investment across the country.

Vietnam to roll out ETS in three phases -media

Vietnam is set to implement its emissions trading system (ETS) targeting high-emitting industries in three phases, with an approach that balances carbon cuts with international market competitiveness, senior government officials were quoted saying in local media reports this week.

NZ dairy firm continues to slash Scope 1 and 2 emissions

Operational emissions at a major dairy producer in New Zealand continued to fall in FY24, while its Scope 3 emissions crept up.

Australian budget commits A$4.3 bln in new net zero spending

Australia on Tuesday announced A$4.3 billion ($2.7 bln) in new spending to reach net zero emissions, but attracted criticism from environmental groups for lack of new funding to protect nature.

Laos must drop biomass, reduce reliance on hydropower to meet net zero -report

Landlocked Laos will need to modify its energy system and rely less on hydropower if it is to decarbonise, meet its net zero target of 2050, and its nationally determined contribution (NDC), a regional grouping has warned.

Agri-tech firm secures $10-mln investment to expand operations across India

An Indian agriculture technology startup has raised INR 830 million ($10 mln) from a UK investor to expand its carbon farming operations across the South Asian nation, it announced Tuesday.

BIODIVERSITY (FREE TO READ)

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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

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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ADVERTISE WITH US

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BITE-SIZED UPDATES FROM AROUND THE WORLD

INTERNATIONAL

Article 6 meeting agenda – The agenda of the fifth Article 6.4 Methodological Expert Panel (MEP) meeting has been released as of Tuesday. Key discussion points will be: 1) baseline setting in mechanism methodologies to align with host country NDCs, 2) public consultation on the investment and common practice analysis tools, 3) discussion of leakage and suppressed demand standards, 4) updates to methodologies for carbon removal projects, including reversal risks and long-term monitoring and compensation, 5) methodology and tool revisions including for renewable energy methodologies, landfill gas and waste management, and energy efficiency and biomass. On the latter, further refinements will be made to the tool for the calculation of fraction of non-renewable biomass (fNRB).

EMEA

Simplifying the grid – E.ON is launching a new business to simplify grid connections and support the net zero transition, it announced in a release Tuesday. The new Independent Distribution Network Operator (IDNO) business will offer an end-to-end service for customers ranging from housing developers to charge-point operators, helping them access a smart and flexible power grid. A Distribution Licence application is under consideration with energy regulator Ofgem to enable E.ON to launch this business. The company achieved its Independent Connections Provider (ICP) accreditation to support both high and low voltage connections last year.

Saudi’s EV charging – An EV infrastructure company has launched its first highway charging station in Saudi Arabia, marking a key step-up in the regional goal to promote sustainable transport. Eviq, a prominent player in Saudi Arabia’s electric vehicle infrastructure launched its first highway charging station at Sasco Aljazeera, strategically located along the crucial Riyadh-Qassim highway. The new station should help address the range anxiety dilemma faced by drivers on long trips and is expected to greatly speed up EV adoption in the country. Eviq aims to install more than 5,000 fast chargers by 2030 in Saudi Arabia. The partnership with Sasco also marks a key moment in integrating EV charging into the company’s wide-ranging service station network.

ASIA PACIFIC

Continued expansion – Shanghai-listed Yueyang Forestry & Paper has secured a new contract through a subsidiary to develop forest-based carbon credits in Jiangxi province’s Ningdu county, which has around 4.5 mln mu (300,000 hectares) of forests, according to a recent notice. Yueyang said it would seek project registration under the country’s CCER programme or international voluntary standards, and the exact project scope is still subject to final approval. The company is gearing up for the expansion of its nature-based carbon business in China, with several new projects in the pipeline.

Gassy investment – A consortium of Japanese firms on Tuesday signed an MoU to explore investment in a green ammonia project in the coastal state of Odisha in India. Developed with India’s renewable power firm ACME Group, the facility aims to produce 400,000 tonnes of green ammonia annually by 2030 for export to Japan. The initiative seeks to establish a stable ammonia supply chain for power generation and industrial use, supporting Japan’s decarbonisation goals, according to a press release. The firms said they will assess forming a special purpose company for production and investment if the plans move forward.

Mass exodus – Japanese agriculture bank Norinchukin on Tuesday became the latest to exit the Net-Zero Banking Alliance (NZBA), after defections from its peers Mitsubishi UFJ, Nomura, and Sumitomo Mitsui. The UN’s NZBA has been in trouble lately after widespread exits, which forced the bank to increase its climate target to 2C from 1.5C. Wall-street giants JPMorgan Chase and Bank of America had already exited the group since December.

Green credits – ​Ca Mau province in Vietnam this week launched a feasibility study to design a proposal for a green carbon credit project, as per local media reports. The initiative will focus on measuring carbon footprints to develop solutions for mitigating environmental impacts, managing carbon risks, and improving efficiency through reduced energy consumption. A specific objective is to evaluate the feasibility of creating an advocacy document for a green carbon credit project targeting coastal communities in Tam Giang, Tam Giang Dong, and Lam Hai communes of Nam Can district. The project has a budget of over nearly $66,500 and will run until Sep. 2025.

Insurance product – Japan’s Tokio Marine & Nichido Fire Insurance has started offering risk management support services for carbon credit buyers amid growing concerns over greenwashing activities, according to a statement released this week. The new insurance product will cover the costs of countermeasures, such as legal consultation fees and the costs of procuring extra credits, when companies are accused of greenwashing. The insurer also said it would support the formulation of procurement standards to ensure credit quality.

We will help you – Turkiye and Denmark have agreed to collaborate on forestry and carbon credit initiatives in Pakistan, according to an official press statement. In a meeting on Thursday between the ambassador of Turkiye and Pakistan’s Ministry of Climate Change and Environmental Coordination, the officials agreed to enhance bilateral cooperation in carbon credit projects and boost investment for climate finance, with a focus on forestry management, reforestation, waste management, and circular economy projects. Meanwhile, the Danish ambassador has also stressed Denmark’s readiness to provide support in climate change mitigation and adaptation initiatives in the South Asian nation, the statement added.

What opposition? – Malaysia’s senate, the Dewan Nagara, unanimously passed the Carbon Capture, Utilisation, and Storage Bill 2025 on Tuesday despite opposition from environmental groups. An environmental watchdog had warned that the law will ramp up, rather than cut emissions, adding that nine out of 10 identified CCUS projects will focus on unlocking previously inaccessible oil and gas reserves. The government had introduced the bill in early March saying that it will help curb emissions and create economic opportunities.

Hydrogen cancelled – Less than a week after the Australian government announced over A$800 million ($502 mln) for a green hydrogen project in Western Australia the state government of neighbouring South Australia announced the cancellation of another. It said this week a A$750 mln green hydrogen at a Port Pirie smelter to be developed by commodities trader Trafigura was not a part of its hydrogen plans. The project was first announced several years ago under the previous conservative government. “We are advised work has not progressed on this plan for some years, and it never proceeded beyond feasibility,”  a spokesperson told the ABC. 

AMERICAS

Over and done with – The US Supreme Court on Monday once again rejected a bid by 21 young people to revive a novel lawsuit claiming the US government’s energy policies violate their rights to be protected from climate change, Reuters reported. The nation’s highest court previously rejected the group’s request in Nov. 2024 to revive the long-standing climate lawsuit in Juliana vs. US after the 9th US Circuit Court of Appeals dismissed the case in May. The decision marks the end of Juliana v. US, one of the longest-running climate change cases that youth activists have filed nationwide and one that the plaintiffs’ lawyers say helped sparked a broader youth-led movement for climate rights, according to the outlet. The US Department of Justice, which had fought the case across three presidential administrations, welcomed the court’s decision, which Acting Assistant Attorney General Adam Gustafson in a statement said, “brings this long saga to a conclusion.” The youth plaintiffs had alleged the US government has permitted, authorised, and subsidised fossil fuel extraction and consumption despite knowing those actions cause catastrophic global warming, but the 9th Circuit held it was beyond the power of the courts to order and supervise remedies designed to address climate change and that such complex policy decisions were better left to Congress and the executive branch.

Poz for applause – Progressive Plant, a British Columbia low-carbon cement technology developer, has won C$1 mln ($700,000) in provincial funding towards its PozGlass pilot plant. PozGlass transformers post-consumer glass into cementitious material, and sequesters carbon by permanently converting captured CO₂ into limestone. The company said in a release the funding will help scale the technology to address cement’s substantial carbon footprint.

AI energy watch – The New Jersey Senate Environment and Energy Committee has passed a bill that would require all electricity for AI data centres be powered by new clean energy. The bill (S4143), requires all AI centre energy derived from new verifiable Class I renewable energy and energy from nuclear power plants, or a combination thereof. Energy can’t be drawn to the decrease of these types of energy supplied to the transmission and distribution system from the current grid, according to the American Public Power Association.  

Bipartisan breakthrough – The US House of Representatives on Monday passed a series of bipartisan energy research bills designed to improve transparency and strengthen research collaborations at the US DOE. Among them was HR 359, the Cost-Share Accountability Act, which passed unanimously in a 405-0 vote. Sponsored by Rep. Jay Obernolte (R), the bill requires the DOE to submit quarterly reports on waivers granted for cost-sharing requirements in research grant programs, particularly those involving minimal financial input from recipients working on advanced technologies. The legislation had previously cleared the House but was not considered by the Senate. (E&E News)

Republicans to the rescue – Republican lawmakers have helped some environment programs “dodge DOGE” — the US Department of Government Efficiency headed up by Tesla tech magnate Elon Musk — according to E&E News. The news outlet reported lawmakers have raised concerns up the chain of command – with some success – about the fallout of DOGE’s recent firing of federal workers, freezing of funding programmes, and more in their state and districts. They appear to be having more success with President Donald Trump’s cabinet than their Democrat counterparts, according to the outlet.

Recusal record – A former EPA official under the administration of former US President Joe Biden, cited as an example of conflict of interests and political favouritism by current EPA administrator Lee Zeldin in the termination of the agency’s $20 bln GHG reduction programme, did actually recuse himself in from making any decisions on grants that could have benefited his former employer, E&E reported. Wise designed and oversaw the development of EPA’s flagship green banking grant programme in 2022 and 2023, and Zeldin has charged repeatedly in interviews and on social media that Wise steered the programme’s funding to his former employer, the Coalition for Green Capital (CGC). Earlier this month, a federal judge temporarily blocked the EPA from reclaiming the $20 bln in climate grants.

New hires – Spiritus, a US-based company focused on industrial-scale direct air capture (DAC), announced two senior hires to accelerate the transition from pilot to large-scale carbon removal deployment. Brian Higgins, formerly Chief Strategy and Climate Officer at Babcock & Wilcox, joins as Vice President of Technology Innovation, while Scott Kongkitisupchai, previously with LanzaTech, becomes Senior Director of Engineering. The hires will support Spiritus’ pilot facility in New Mexico and the development of its “Carbon Orchard” in Wyoming, which aims to reduce CO2 emissions from sectors like aviation and data centres.

Planet-friendly passage – The Panama Canal Authority has announced the launch of the “NetZero Slot,” a dedicated weekly transit opportunity for Neopanamax vessels that meet specific low-carbon criteria, beginning Oct. 5, 2025. The initiative was set to launch in Jan. 2024, but was delayed until Apr. 1. The programme aims to encourage the decarbonisation of the maritime sector, offering guaranteed transit time and flexible scheduling to vessels capable of operating on fuels with a low well-to-wake carbon intensity. Eligibility requirements will evolve in phases, with Phase 1 focusing on dual-fuel readiness and cleaner fuel use, and Phase 2 in 2026 introducing mandatory energy efficiency evaluations. The slot will be awarded based on cargo condition and vessel capacity, as part of the Canal’s broader commitment to supporting low-carbon shipping and achieving net zero emissions by 2050.

Agro-industry steps in – Colombia’s Riopaila Castilla Agroindustrial Group has entered the VCM, certifying 11,524 carbon credits though the Orinoco2 project (Portafolio). This project was a collaboration with developer the Cataruben Foundation and Colombian oil major Ecopetrol. According to the Cataruben Foundation, conservation measures have been implemented on 1,083 hectares of natural forest owned by Riopaila Castilla between 2018 and 2022, increasing carbon capture by more than 300%. The area linked to this project corresponds to 17% of the agroindustrial group’s total conservation area in the eastern plains of Vichada, which exceeds 6,400 hectares. Proceeds from the sale of carbon credits will be used for environmental and social investments in Vichada, including maintaining and expanding conservation areas, implementing sustainable livestock practices, regenerative agriculture, and support for local community and small business projects.

INVESTMENT

Battery raise – German battery startup Theion has raised €15 mln in a Series A funding round with proceeds aimed at further developing lower-carbon footprint batteries that provide more power and energy storage than standard lithium-ion ones. The Berlin-based company develops crystal batteries for mobile, portable, and stationary applications, and is using sulfur to develop a new type of battery for electric vehicles, aircraft, and energy storage. It claims the sulfur-based raw materials it uses are far cheaper than those used in conventional batteries, replacing nickel and cobalt, which are expensive and can be environmentally harmful to mine. Theion is targeting batteries with one-third of the cost, one-third of the carbon footprint, and three times the energy density of conventional lithium-ion batteries. (ESG Today)

AND FINALLY…

Basins of concern – Researchers from the University of Waterloo, based in Canada, have published a long-term study of subglacial rivers beneath Antarctica’s ice, providing new insights that could influence future projections of sea level rise. The study focused on the Aurora Subglacial Basin, a rapidly changing region in East Antarctica grounded below sea level, where ice melt could contribute up to four metres to global ocean levels. By modelling subglacial hydrology over a period from 34 mln years ago to 75 years into the future, the study claims that the paths of these rivers are dynamic and shifting, potentially affecting ice stability and accelerating ice loss faster than previously suggested. The findings suggest that incorporating subglacial hydrology into ice sheet models is essential for more accurate predictions of sea level rise.

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