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TOP STORY
DATA DIVE: Most countries now open to using Article 6 to meet NDCs
Most parties to the Paris Agreement have officially signalled interest in using Article 6 carbon market mechanisms to meet their national emission reduction targets, new Carbon Pulse analysis of updated Nationally Determined Contributions (NDCs) shows.
ANNOUNCEMENT
Carbon Pulse launches new NDC Tracker ahead of COP30 in Brazil
As countries submit new national climate plans to the Paris Agreement ahead of a September deadline, Carbon Pulse is keeping track of who’s submitted what, and gauging interest in Article 6 in particular among parties.
EMEA
Turkish government delays Climate Law with national ETS
The Turkish government withdrew the country’s draft Climate Law from discussions in parliament on Tuesday, putting on hold a policy that would introduce a national emissions trading system, amid opposition, according to local media.
FEATURE: Rise of border carbon fees will create compliance costs, trade shuffles, and – maybe – some emissions cuts
The once-distant idea of a global market divided up by border carbon fees is coming increasingly into focus, as countries ready themselves for the full force of the EU’s Carbon Border Adjustment Mechanism (CBAM) next year.
Details emerge of French proposal to reform EU ETS2
France has expressed “serious concerns” about the risk of high prices on the EU’s upcoming Emissions Trading System for road transport and heating fuels (ETS2), and put forward detailed proposals to reform the scheme before its planned 2027 kick-off date in order to avoid a public backlash.
Brussels approves Finland’s request to expand ETS2 to new sectors
The European Commission on Wednesday adopted a draft decision allowing Finland to unilaterally expand the scope of the EU’s Emissions Trading System for road transport and heating fuels (ETS2) to new sectors.
UK biomass subsidy cut points to future drop in generation, emissions -report
UK electricity generation from biomass is set to halve from 2027 after the government cut subsidies for Drax, marking a step toward phasing out large-scale biomass and cutting power sector emissions, a new report released Wednesday has found.
UK’s steel struggle offers gateway to truly green the sector -report
The UK’s struggle to protect its ailing steel industry also presents an opportunity to transition the sector towards modern electric arc furnaces supplemented by imported iron, argued a think tank in a new report.
UK urgently needs roadmap to merge compliance, voluntary carbon market demand, finds report
London is pitching to become the hub of the global carbon market, with stakeholders in a new report calling on the UK government to pull levers for scaling demand, including a roadmap to integrate voluntary and compliance carbon markets, as well as plans to allow removal credits to compensate for hard-to-abate North Sea oil and gas emissions.
UK ETS market surplus to end in 2025 as supply adjustment mechanisms expected in 2026 –analyst
The UK ETS market balance is likely to remain marginally long in 2025 before it enters a period of substantial annual deficits, as the anticipated introduction of a supply management mechanism soaks up surplus allowances from 2026, according to an analyst.
Euro Markets: EUAs advance amid balanced COT data as UKAs stabilise amid record fund length
EU carbon permit prices rose on Wednesday after weekly Commitment of Traders data showed investment funds had liquidated almost all of the net EUA length they had accumulated since February, further raising the prospect that prices might start to float higher and test a key technical level, while UKA prices steadied as positions data showed speculators had built up record net length.
AMERICAS
DATA DIVE: Chilean renewable projects aim for PACM after major support from CDM
The Kyoto Protocol’s Clean Development Mechanism (CDM) played a critical role in building out Chile’s renewable energy generation, Carbon Pulse analysis of new national data has found, while dozens of Chilean renewables projects look ahead to the Paris Agreement Crediting Mechanism (PACM).
Brazilian prosecutors demand cancellation of Para’s $180 mln J-REDD deal
Brazilian public prosecutors issued a recommendation recently to cancel the state of Para’s $180 million deal for the sale of jurisdictional REDD (J-REDD) credits, saying the agreement violates national law.
US courts rule to unfreeze $20 bln in climate funds blocked by Trump, federal agencies
In two separate lawsuits, federal judges ordered multiple federal agencies on Tuesday to unfreeze billions in climate funds “unlawfully” suspended as per an inauguration day executive order issued by US President Donald Trump.
Washington passes bill to tighten clean fuels programme stringency
The Washington state legislature on Tuesday passed a bill to significantly ramp up carbon intensity (CI) reduction targets under the state’s Clean Fuels Programme (WCFS) amid industry calls to increase programme stringency to address an ongoing credit surplus.
Washington approves bill to lower cap-and-trade price ceiling, revise APCR provisions
The Washington state legislature on Tuesday passed a measure to lower the cap-and-trade scheme’s price ceiling for upcoming years and revise the Allowance Price Containment Reserve (APCR) volumes for the second compliance period.
California refinery announces closure by Q2 2026
A major California refinery, an obligated entity under the state’s cap-and-trade programme, announced Wednesday that it expects to close shop in the second quarter of 2026.
North American Clean Fuels Markets: California, Washington advance efforts to tighten standards
Recent developments in California and Washington to increase the stringency of their respective clean fuels programmes supported credit values heading into April, but this uptick in prices was hindered by US President Donald Trump’s latest actions that seek to attack state-level climate policies.
Repeal of US clean power and transportation rules could boost 2050 emissions by 500 MtCO2 -report
Removal of the Biden administration’s clean power plan rule and vehicle fuel economy standards would increase US emissions by over half a billion tonnes of CO2 by 2050, according to federal data released Tuesday.
West Virginia legislature passes bill for CO2 storage under state parks
A West Virginia bill allowing the state to lease space under its parks is heading up the chain of command for final approval.
Alberta TIER funds C$65 mln toward sustainable solutions for energy intensive industries
Emissions Reductions Alberta (ERA) launched a C$65 ($47) million funding opportunity for technologies with environmental benefits through its annual Industrial Transformation Challenge on Wednesday.
ASIA PACIFIC
ANALYSIS: Australian market uneasy about coal, oil, and gas dominating SMC issuance
Market participants have raised concerns over the way Safeguard Mechanism Credits (SMCs) are being generated, with data released by the Clean Energy Regulator showing they are largely being issued to coal as well as oil and gas facilities.
China thermal power production drops 2.3% in March, but coal output growth pace quickens
Growth in China’s thermal power generation continued to decline in March despite an increase in monthly coal output, while renewable energy showed strong growth, according to government data published Wednesday.
Forest fees prompt NZU sales, consultancy says
The introduction of charges on forests in the New Zealand Emissions Trading Scheme could be spurring emissions unit sales, according to a carbon market consultant and trader.
Australian miner signs electric kit deal to cut carbon emissions
An Australian metals miner has signed a multimillion dollar deal for delivery of another tranche of electric kit as it works to decarbonise diesel-heavy operations in the middle of the desert.
Pro-growth governments implement weaker carbon pricing, study finds
Governments that prioritise economic growth consistently implement weaker carbon pricing, according to research published this week that looked at how party ideology influences climate policies.
ID Market: March carbon trading slumps amid focus on credits for domestic use only
Indonesia’s carbon market saw a drop in trading activity in March, with international involvement completely absent and overall volumes falling compared to the previous month, according to data from the IDX Carbon exchange.
Activist shareholder urges ore miner to cut emissions, ditch offset use
Australia’s largest iron ore miner has done much to cut its emissions and engaged in forward facing plans to decrease them more but is still not on a Paris-aligned path and must move away from “unscientific” offset reliance, an activist shareholder group said this week.
South Korea likely to fail international credit purchase target for 2030, report says
South Korea should not rely on carbon credits from international projects to achieve climate goals, as the country is considered highly likely to fail its target of securing millions of Paris-aligned units by 2030, according to a recent report.
INTERNATIONAL
Trump’s tariff war crunches global oil demand growth, finds IEA
Big Oil’s shift back to fossil fuels and away from greener alternatives has been undermined by US President Donald Trump’s tariffs war, with the International Energy Agency (IEA) slashing this week its global oil demand growth for this year and next as it warned the currently supply overhang could balloon.
Uganda, Switzerland Article 6.2 deal “very close” to maturity -official
Uganda is very close to signing a bilateral agreement with Switzerland under Article 6 of the Paris Agreement, following the legalisation of country’s carbon market regulations earlier this month, an official from the Ministry of Water and Environment (MWE) said Wednesday.
Global energy emissions may have peaked last year, analysts say
Global energy-related emissions could begin a structural decline from 2025 after likely peaking last year, despite surging electricity demand from data centres and a wider push to electrify more sectors of the economy, according to new research from BloombergNEF.
VOLUNTARY
BeZero and Xpansiv to link ratings and data across voluntary and compliance carbon markets
Ratings agency BeZero Carbon and carbon infrastructure provider Xpansiv have expanded their partnership to link ratings and market data across voluntary and compliance carbon markets, the two announced Wednesday.
Corporate Scope 3 decarbonisation faces persistent systemic barriers, finds report
Corporate efforts to reduce Scope 3 emissions are being slowed by a combination of systemic and sector-specific barriers, according to research, which found that nearly half of companies surveyed 38% have seen their value chain’s climate impact recently increase.
US tech giant retires 52% more nature-based carbon credits in 2024
A large Silicon Valley-based technology company confirmed it had retired over 700,000 voluntary carbon credits last year, up 52% year-on-year, in its sustainability report published Wednesday.
Occidental acquires second direct air capture startup -media
Occidental Petroleum has acquired a direct air capture (DAC) startup, according to media reports, marking its second such purchase in under two years through its subsidiary Oxy Low Carbon Ventures.
Researchers welcome novel CDR crediting methodology as opening door to new chapter for market
Researchers at a US-based carbon non-profit have lauded the novel approach adopted to carbon removal in a new wastewater alkalinity enhancement methodology, which they say could lead to a new future for crediting in the nascent market.
Widespread challenges persist in protecting Indigenous, local rights in forest carbon market projects -study
Despite over a decade of international commitments to uphold the rights of Indigenous and local communities (IP&LCs) involved in forest carbon markets, many initiatives are falling short in practice, according to a recently published study.
BIODIVERSITY (FREE TO READ)
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UK to mandate nature offsetting for all corporates, ratings exec predicts
The UK is likely to escalate nature restoration by mandating the offsetting of nature impacts for all corporates, not just developers, potentially within a few years, the co-founder of a nature ratings company has predicted.
BRIEFING: Debt crisis impact on nature tipped to grow as fears loom over US economy
Governments must ramp up efforts to address the impact of spiralling sovereign debt on biodiversity, as the looming US economy slowdown is likely to place even greater pressure on nature across the Global South, a webinar heard this week.
Pressure builds on UK Planning Bill to address irreplaceable habitats
The UK government is under pressure from ecologists, charities, and a politician to address the potential impacts of the UK Planning and Infrastructure Bill on critical ecosystems.
European Commission finalises loosening of EU’s anti-deforestation law
The European Commission has added further simplifications to the EU’s anti-deforestation regulation, reducing what international trading partners perceived as an administrative burden.
ICYM
WCI Markets: CCAs skip higher as California lawmakers unite to support ETS extension
California Carbon Allowance (CCA) prices briefly raced higher in early trade Tuesday as California lawmakers along with the governor released a joint statement in support of extending the cap-and-trade programme faced with federal actions seeking to terminate state-led carbon markets.
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EVENTS
Innovation Zero – April 29-30, London – The UK’s largest net zero congress will bring together 10,000+ delegates, 400+ speakers and 250+ exhibitors in London at the end of the month to accelerate a just, global transition to a low-carbon economy. Supported by the UK Government, Innovation Zero provides a space and opportunity for collaboration, breaking down silos, and overcoming obstacles to drive large-scale, impactful progress towards global emissions reduction. The congress will feature 13 high-level forums and theatres, including a Carbon Markets Forum that will explore the potential of voluntary carbon markets (VCMs) to unlock meaningful climate action. Register here.
Carbon Forward Turkiye – May 7-8, Izmir – Following the success of our inaugural event in Izmir, we are excited to host the second annual instalment of Carbon Forward Turkiye. With the country about to launch its national ETS, attendees will learn what’s in store for participants and other stakeholders. Also, take a tour of the region’s other carbon markets, consider the financial impact of the EU’s CBAM, and hear from experts about developments in the voluntary carbon market, CO2 removals, CORSIA, and decarbonisation in the power, industrial, and shipping sectors. The agenda will be released shortly but registration is now open, with a 30% super-early bird discount available for a limited time.
East Africa Carbon Markets Forum – May 8-9, Kampala – Join the East Africa Carbon Markets Forum on May 8-9, 2025, in Kampala, Uganda, as project developers, policymakers, investors, and community representatives come together to shape the future of the region’s carbon markets. Centered on advancing policy, unlocking green finance, and fostering innovation, this free, high-impact event delivers curated sessions, expert insights, and meaningful networking opportunities. With attendance capped at 350 participants, EACMF2025 offers an exclusive platform for impactful connections and actionable engagement in East Africa’s sustainability efforts. Be part of the dialogue shaping tomorrow’s carbon markets. Join the conversation and learn more at www.carbonmarketsforum.com.
Carbon Removal Investment Summit – June 3, London – cCarbon is hosting this exclusive, one-day conference with the goal of accelerating carbon removals through a data and modelling-driven discussion. It will bring together a distinguished group of investors, capital providers, carbon removal buyers, leading developers, and other key stakeholders to unlock investment and create partnering opportunities. An invite-only investors’ conclave will take place during the summit to explore pathways for unlocking and channelling capital into carbon removals. Attendees will have the opportunity to participate in high-impact sessions to discuss the business case for nature- and technology-based removals. cCarbon will unveil a data-driven benchmarking tool designed to assess carbon removal providers based on key factors like feasibility, scalability, and maturity. Register here.
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ADVERTISE WITH US
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BITE-SIZED UPDATES FROM AROUND THE WORLD
AMERICAS
Goldilocks Canadian oil – Energy and emissions were a flash point Wednesday in the first of Canada’s two national debates ahead of its federal election. Leaders of Canada’s top four political parties squared off on oil amid the country’s trade war with the US and closely tied electrical grids. Liberal Prime Minister Mark Carney said Canada needs to produce more oil to reduce its imports, especially from the US, and the country needs to invest in low-carbon oil, pipelines and carbon storage. Carney framed the carbon management efforts as necessary to stay competitive in the long-term. Opposition Conservative Leader Pierre Poilievre said Canada needs to go around US President Donald Trump and repeal Bill C-69, which he’s dubbed the “no more pipelines act”. He said Canada could help other countries reduce their GHGs by exporting cleaner Canadian oil. New Democratic Party Leader Jagmeet Singh said he was in favour of a east-west clean energy grid, steering away from pipelines in support of renewable and hydro power. Bloc Quebecois leader Yves-Francois Blanchet said he wanted less oil, and that the country should wean off it and invest in clean energy as the cost of the consequences of climate change will rise in the future. The national price on carbon was of limited discussion, as only Carney said that he would maintain the industrial carbon tax and create a new market for major polluters to pay households to make “green” decisions. The first debate was hosted in French, the second kicks off tomorrow in English. A round up of where Canada’s top two parties stand on the country’s climate policies can be found here.
Tough times – Carbon management firm LanzaTech has issued a financial warning as its net loss widened in 2024. It reported total revenue of $12 mln for the final three months of last year as compared to $20.5 mln for Q4 2023, and $49.6 mln for FY 2024 as compared to $62.6 mln for 2023. The year-over-year decrease was primarily driven by 2023 results benefiting from projects that have since reached the completion of their current development phase, coupled with timing delays related to several large biorefining projects experienced throughout 2024, the firm said. The company’s net loss in Q4 2024 was $27 mln, and $138 mln for the full year. LanzaTech’s management concluded that the evaluated liquidity enhancing initiatives and cost reduction plans do not alleviate substantial doubt about the company’s ability to continue.
Well positioned – US Energy, an industrial gas and carbon management company, announced the acquisition of approximately 2,300 net acres (931 hectares) in Montana’s Kevin Dome for $200,000, expanding its CCUS platform. The acquisition includes a permitted Class II injection well, approved by the US EPA under the Underground Injection Control Program, intended for CO2 sequestration from the company’s upcoming industrial gas processing facility.
Stepping down – Manu Asthana, CEO of the eastern US regional transmission organisation PJM Interconnection, has announced his surprise resignation, E&E News reported. The article said the CEO would step down at the end of the year following criticism over power price concerns, PJM policies, and slow adaption to new climate policies and technologies.
Portfolio portrait – Pennsylvania-based Finite Carbon has opened public access to its marketplace. The company on LinkedIn invited buyers, partners, and climate and conservation aficionados to explore its ongoing projects and initiatives via an interactive mapping tool. The new launch followed news in March the project developer lost a significant number of its staff after being bought by Toronto-based forestry investment firm, Boreal Carbon Corporation.
NEPA order – US President Donald Trump released a memorandum Tuesday looking to streamline environmental reviews and permitting processes for energy and infrastructure projects under the National Environmental Policy Act (NEPA). In the memo, Trump said federal agencies “shall make maximum use of technology” in permitting, including eliminating paper-based applications. The memo also called for the Chairman of the Council on Environmental Quality (CEQ), in consultation with the National Energy Dominance Council and other relevant agencies, to issue a Permitting Technology Action Plan for modernisation, as well as to establish and lead an interagency Permitting Innovation Center. The Trump-administration is overhauling climate policy, including a recent rollback of NEPA requirements, attracting a flood of split responses from industry groups and individuals.
Go fish – The federal watchdog Government Accountability Office (GAO) released a report on Monday scrutinising the impact of offshore wind development, noting a limited risk to whales. The report was requested in 2023 by Republican lawmakers seeking to curb offshore wind development, E&E News reported. The GAO largely emphasised that the full impacts of offshore wind development on marine life and ecosystems are unknown based on the current level of deployment of the technology. However, the agency made several recommendations for the Bureau of Ocean Energy Management (BOEM) to develop stronger collaboration with Tribal communities, and recommended that Congress amend legislation regarding BOEM’s capacity to include Tribes and tribal organisations in the offshore wind leasing process.
EMEA
How about those nukes? – The European Commission wants feedback ahead of its update of the Nuclear Illustrative Programme (PINC), a comprehensive, fact-based overview of nuclear energy investments across the EU. The programme aims to identify investment trends, needs, and challenges in the sector. It is also intended to inform EU countries on their national policy decisions on nuclear energy. The feedback period lasts until May 12.
Grid extension – Germany’s grid regulator has approved the A-Nord power link to transmit wind energy from the north to the south of the country, with the line expected in operation in mid-2027. Approval for a second line, Ultranet, is expected in the second half of the year, said Klaus Mueller, president of the Bundesnetzagentur. Mueller is overseeing the construction of a total 9,600 km of high-voltage grids needed as Germany seeks to use more renewables, 4,400 km of which are expected to be approved this year. A-Nord will be a 2-GW subterranean, direct current line extending over 300 km in northwestern Germany, to connect the offshore wind power port of Emden with Meerbusch near Duesseldorf. Ultranet will instead mostly run along existing overhead lines, from Duesseldorf to Philippsburg in Baden-Wuerttemberg state, southwestern Germany, where big industrial power consumers such as Mercedes-Benz and Bosch are based. (Reuters)
NZBA exit – Dutch lender Triodos Bank on Tuesday said it has left the Net Zero Banking Alliance (NZBA), arguing that the group’s recently updated guidelines dilute climate ambition by no longer requiring members to align portfolios with a 1.5C pathway. “In the current situation, Triodos Bank does not believe it can still effectively influence the NZBA and its members to move the dial,” the lender said. The 129 member banks of the NZBA this month approved the new protocol that changes previously mandatory requirements for reducing clients’ emissions into non-binding ‘best practice’ guidelines.
Downgraded targets – France has slashed its clean hydrogen targets for 2030 in a national strategy update, citing the slower than expected development of the hydrogen market. Its reduced its target for installed electrolyser capacity powered by renewables (green H2) or nuclear power (pink H2) by 2030 from 6.5GW to 4.5GW, and has also downgraded its expectation that more than 10GW will be installed by 2035 to 8GW of capacity by that year. (Hydrogen Insight)
Nigeria prepares – The government of Nigeria has started preparations for submitting its 2nd Biennial Transparency Report (BTR2) and Fourth National Communication (NC4) to the United Nations Framework Convention on Climate Change (UNFCCC). As a signatory to the Paris Agreement, Nigeria must submit national reports detailing its GHG emissions by source and removal by sinks, mitigation actions, adaptation efforts, and the support received or required. It was among the first African countries to meet the UNFCCC submission deadline of Dec. 31, 2024. The national reports are expected to offer a comprehensive picture of Nigeria’s environmental situation, identify challenges, and outline concrete plans for adaptation and mitigation. The BTR2 and NC4 are key instruments for tracking Nigeria’s progress toward its nationally determined contributions, or NDCs. (Science Nigeria)
Car insurance offsets – The Green Insurer, a motor vehicle insurance broker, has partnered with Carbon Neutral Britain to offset the emissions of all its customers’ driving, Insurance Business reported on Wednesday. Under the agreement, The Green Insurer will offset emissions from the driving it insures by funding seven internationally certified carbon projects: wind farms in Mongolia and India, a solar farm in Turkiye, a household solar lighting project in Zambia, reforestation in Costa Rica and Uruguay, and mangrove restoration in Pakistan.
Irish-British spark – The Greenlink Interconnector between Ireland and the UK has commenced commercial operations, helping to boost the supply of renewable power on the Irish island, Ireland’s Minister for Climate, Environment, and Energy Darragh O’Brien said in a statement on Wednesday, welcoming the subsea power line. The official startup of the 500 MW project follows three years of construction and a testing period. The new link will double Ireland’s interconnection capacity to 1 GW, adding to the existing East-West Interconnect commissioned in 2012, and will support the Irish island’s transition to net zero energy while bolstering energy security, the ministry said. The Greenlink was recognised as an EU Project of Common Interest, meaning that it’s considered a strategically important cross-border energy infrastructure project and is eligible for funding under the Connecting Europe Facility. Ireland and Northern Ireland share a single electricity market across the island.
ASIA PACIFIC
Multi-stakeholder support systems – Farming cooperatives and local enterprises in China can play a crucial role in climate adaptation, helping smallholder farmers better respond to climate change, according to a Greenpeace report. The report examined climate change’s impact on farming communities in three Chinese regions with diverse climates. It found that farming cooperatives and enterprises have the potential to act as a hub that improves the resilience of local farming communities, introduces resources for post-disaster recovery, and facilitates knowledge transfer and mutual aid between farmers.
No hiccups – Animal methane mitigation firm Ruminant BioTech said it will not be affected by the winding-down of early investor New Zealand Green Investment Finance, reported Farmers Weekly. NZGIF made a NZ$2.5 mln ($1.5 mln) equity investment in the agri-tech firm in 2023, to support its development of a methane inhibitor for livestock, aiming to reduce emissions from cows which ingest it by 70% over a six-month period. Ruminant BioTech CEO Tom Breen reportedly said the investment had been invaluable in establishing the firm, but it is now in a place where it is attracting capital from a range of places and is aiming for a commercial release of its product by the end of 2025. The government announced last week that it was closing the publicly-funded investment vehicle.
Carbon justice – China’s Yellow River basin this week completed its first carbon credit transaction tied to soil and water conservation, China News Service reported. The Ziwuling Forest Court had directed a defendant to buy 250 tonnes of carbon credits as compensation for environmental damage. These credits, generated from conservation efforts in the Nanshaohe Valley, were listed on the Xiamen property rights exchange in Oct. 2024. China last year introduced regulations on ecological protection compensation to bolster the use of market-based tools like carbon credit purchases. Courts in several provinces like Guizhou and Fujian have offered convicted criminals to buy nature-based credits in exchange for more lenient punishments.
Mining emissions on high – A think tank has used satellite data to uncover evidence that emissions from Australia’s open cut coal mines may be up to 40% higher than reported. Ember said Wednesday it had focussed on six coal mining clusters that produce 79% of Australia’s black coal in Queensland and New South Wales. It found elevated methane emissions in both states, with a notable gap in New South Wales.
Pumped for longer life – Australian miner BHP will extend the life of one of its New South Wales coal mines by four years but also transition it to a pumped hydro site, it said Wednesday. It originally planned to close the thermal coal mine in 2045, then pulled the date back to 2030. The four-year extension was approved by the state government this week. Acciona has agreed to a feasibility study to convert part of the mine into a pumped hydro energy storage project.
Watering down – India’s market regulator SEBI is reviewing ESG disclosure requirements for listed companies, particularly those related to supply chain reporting, amid concerns from industry about the burden of compliance. The reassessment, to begin next month, could lead to relaxed rules for smaller companies, Reuters reported. SEBI had mandated top 250 firms to disclose data for 75% of their supply chains by FY26, but eased some rules in 2024 and delayed full compliance by a year. The regulator last month also permitted listed companies to use contested green credits for sustainability requirements.
Partners – Japan’s City of Kisarazu in Chiba Prefecture and the Tokyo-based company Bywill have signed a comprehensive partnership agreement aimed at promoting carbon neutrality and revitalising the regional economy. This marks the first time Bywill has signed such an agreement with a municipality in Chiba Prefecture. The collaboration will focus on the creation and distribution of J-Credits – government-certified carbon credits generated through activities like renewable energy use and sustainable forestry. These credits can be sold to other businesses for carbon offsetting. Kisarazu declared itself a “Zero Carbon City” in February 2021, aiming to achieve net zero CO2 emissions by 2050. The city has been promoting environmental education, local renewable energy production, and organic agriculture to cut GHG emissions. Under the new agreement, the two parties will begin by creating J-Credits through the installation of solar power systems in public facilities. Bywill will support the process from registration and monitoring to credit sales, helping drive local decarbonisation through locally produced and consumed initiatives.
Ethanol to altitude – Technip Energies, a global engineering and technology company focused on energy, decarbonisation, and sustainable chemistry, has been awarded a Front-End Engineering Design (FEED) contract by Jet Zero Australia, a sustainable fuels company, for Project Ulysses in Townsville, Australia. The project aims to produce 102 mln L of sustainable aviation fuel (SAF) and 11 mln L of renewable diesel annually by 2028 using Australian bioethanol. The FEED work seeks to support cost estimation and timeline development. The project expects use Technip Energies’ Hummingbird technology to convert bioethanol to ethylene, followed by LanzaJet’s alcohol-to-jet process to produce SAF, with a targeted emissions reduction of up to 70%.
INTERNATIONAL
Raising the stakes – Increasing the ambitions in countries’ NDCs could boost global GDP by at least 3% by 2050, according to analysis by the OECD and UNDP. Previewing its forthcoming report on investing in climate for growth, the two organisations said that enhancing NDCs could reduce the risk of climate-related events, avoiding significant economic losses. They also call for the private sector to be brought into NDC design and implementation, in order to unlock further investment opportunities, and for international and national financial and developmental financial institutions to be strengthened, which would help climate finance reach those countries which need it the most.
VOLUNTARY
Bigger picture – Carbon removal buyers have so far targeted a narrow subset of techniques, namely direct air capture (DAC) and bioenergy carbon capture and storage (BECCS), leaving other methods such as enhanced rock weathering and ocean alkalinity enhancement out in the cold. Between 2020-24, firms have bet $3.3 bln on DAC compared to $3.4 bln for all other novel approaches, according to CDR.fyi, with the support for DAC largely driven by the fact it receives backing from US federal tax credits and grants. A lack of portfolio diversification and shortage of buyers (with Microsoft being the lead buyer so far) have also significantly held back the market, wrote Bloomberg. Scaling up removals will require making it mandatory, and treating it as a public good akin to trash removal, say experts. Increasing funding for other innovative removal methods is important as they promise greater durability, verifiability, and effectiveness to store CO2 than planting trees, even if they can be harder to understand. Many more buyers with deep pockets are needed to grow the market to the levels required.
ERW grants – Cascade Climate has announced the awardees for its ERW field data partnership grants, with over $1.2 mln in funding across nine projects focused on addressing key research priorities in enhanced rock weathering (ERW). In collaboration with the Grantham Foundation, Google, and Frontier, the funding initiative is intended to accelerate ERW science via a “piggybacking” model, where academic researchers layer scientific exploration onto existing ERW deployments. The projects span multiple sites in nine different countries, covering a wide range of climate, soil, and crop types. They tackle several scientific priorities in ERW, including secondary phase formation, soil organic carbon stock changes, and the flow of weathering products. Each partnership also commits to making data available via the ERW Data Quarry and scientific publication. View a map of the projects here.
On track – London-based oil company Tullow confirmed in its annual sustainability report that it is on course to meet its net zero goals, which includes the development of a jurisdictional REDD+ programme in Ghana. The producer said it had finalised contractual agreements with the Ghana Forestry Commission (GFC) last year to begin full-scale implementation of a nature-based carbon offset programme, in the report for 2024. The programme aims to offset a minimum of 600,000 tonnes and up to 1 mln tonnes of CO2 per year, and includes an investment of around $90 mln over ten years, targeting 14 priority districts in the Bono and Bono East regions. This programme is central to Tullow’s ‘Net Zero by 2030’ strategy for Scope 1 and 2 emissions, aiming to cover residual, hard-to-abate emissions, the company said.
Timber and tonnage – Manulife Investment Management, a natural capital investment manager, has released its portfolio of forest carbon projects, highlighting both active initiatives and those under development. The portfolio includes projects with available credits—such as Blueback IFM in Maine and Kite Hammock IFM in Florida—and several projects in development, including Finn Brook, Oak Bluff, and the Gippsland Plantation Investment Project in Australia.
Plastics programme webinar – Verra announced Wednesday it will hold a webinar on Apr. 29 for key requirements for its Plastic Waste Reduction Program, specifically diving into details of its PWRM0001 Plastic Waste Collection Methodology, v1.1 and PWRM0002 Plastic Waste Recycling Methodology, v1.1 with a focus on enhancing participants’ understanding of requirements such as project regions, baseline scenarios, applicability conditions, and additionality.
INVESTMENT
E-fuel investment – Trading house Mitsui has invested in California-based e-fuel producer Infinium for an undisclosed amount, it announced Wednesday. This marks the Japanese company’s second initiative in the synthetic fuel sector, following a similar investment in Twelve Benefit Corporation. Mitsui said it aims to expand efforts in a wide range of “carbon value chains”, from direct air capture (DAC) to synthetic fuel production and the creation of carbon credits.
AND FINALLY…
Pepsi’s pal – PepsiCo and global low-carbon fertiliser company, Yara, are partnering on a new programme to reduce GHGs in the soda giant’s agricultural supply chain, according to a report by La Gran Noticia. Yara’s fertiliser is produced with low-emission ammonia through carbon capture, as opposed to natural-gas produced fertiliser. More than 20 farmers are involved in the first phase of the project, covering about 700 hectares of potato fields in Mexico, Columbia, Chile, and Argentina. Later stages would look to expand across Latin America and cover additional crops, including corn, wheat, oats, coconut and banana.
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