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TOP STORY
ANALYSIS: Headline risk from potential federal legal action to stymie US compliance markets
Traders expect volatility and unsettled US compliance carbon markets under the looming overhang threat of federal action via several potential legal avenues seeking to terminate state-run ETS schemes following guidance from the White House.
EMEA
UK throws weight behind VCMI and ICVCM as it backs using voluntary credits to mitigate Scope 3 emissions
The UK government has thrown clear-cut support behind a company using high quality avoidance voluntary credits to meet Scope 3 indirect emission targets, as it steps into the void left by the opposition from the Science Based Targets initiative (SBTi), as well as the election of a climate sceptic US president.
BRIEFING: EU’s CO2 storage goal for 2030 “unlikely” to be met – but that’s no reason to give up, says Romania
Eastern EU countries like Poland and Romania are developing national CO2 transport and storage frameworks, but public opposition to onshore storage means their emissions may need to be shipped across Europe to be stored under the North Sea – potentially taking energy-intensive industries with them.
Germany steps away from hydrogen towards CCS for new gas fleet
Germany plans to move away from a focus on hydrogen to decarbonise industry, with carbon capture and storage (CCS) now on the menu as the new government pushes forward with gas-fired power plans.
Key Parliament group demands cost-benefit analysis of EU’s Green Claims Directive
Lawmakers from the ruling European People’s Party (EPP) in the EU Parliament have requested an impact assessment of the bloc’s Green Claims Directive, which seeks to regulate climate allegations that companies are allowed to put in front of consumers.
INTERVIEW: NGOs formally challenge EU omnibus proposal
Seven NGOs have lodged a formal complaint with the European watchdog for the so-called ‘omnibus’ proposal for changing sustainability disclosures in areas including biodiversity.
Emissions dropped 37% in Europe since 1990, EU agency reports
The EU cut its net greenhouse gas emissions down by 37% between 1990 and 2023, driven by steep cuts in the energy sector, but falling short of the EU’s goal of 55% by 2030, the European Environment Agency (EEA) reported on Wednesday.
Kenya could raise $170 mln from Article 6, say analysts
Kenya could raise $170 million from the sale of carbon credits under Article 6 of the Paris Agreement, according to analysis by a carbon market data aggregator.
Euro Markets: EUAs post weekly gain as traders book profits ahead of extended Easter break
European carbon prices dropped away on the last trading day before the Easter break, but ended the week up 1.7% as the market squared its books ahead of the four-day break and some participants booked profits after a 9% rally over the last six days.
AMERICAS
INTERVIEW: Canada’s Green Party centres affordability, sovereignty in climate-oriented election bid
The Green Party of Canada would re-establish Canada’s carbon tax, given a chance at the helm, though the group’s co-leader said she hopes to broaden support for climate action beyond its environmental benefits.
Minnesota continues clean energy progress, despite national transition challenges -report
Minnesota is outperforming the national average in several key areas of clean energy transition, even as the US energy sector saw mixed results in emissions and investment in 2024, according to a new report.
WCI Markets: Lawmakers’ support for ETS extension boosts CCAs, but scepticism lingers
A joint statement released by California’s governor and lawmakers supported California Carbon Allowance (CCA) prices that were dampened after the federal government announced intent to terminate state-level ETS, but overall market sentiment remained wary in the absence of clarity surrounding the future of the scheme.
California power sector emissions again hit historic lows in February as renewables gain generation share, natural gas declines
California’s power sector CO2 emissions in February once again set a record low for the month as the share of renewables increased and the state cut back on the power resources used overall, state data published Thursday showed.
Washington discusses electric utlitity allocation adjustments under cap-and-trade programme for 2026
Washington’s Department of Ecology (ECY) on Thursday detailed its initial considerations related to no-cost allowance allocations for electric utilities under the state’s cap-and-trade programme as it prepares to finalise adjustments by October this year.
Soil carbon project developer secures USDA support after exceeding programme benchmarks
A soil carbon project developer has secured continued support from the US Department of Agriculture (USDA) after exceeding all key benchmarks set under the agency’s Advancing Markets for Producers (AMP) initiative.
ASIA PACIFIC
ACCU issuance shrinks in first quarter, regulator data shows
Australian Carbon Credit Unit (ACCUs) issuance has shrunk in the first quarter of 2025, according to data published by the Clean Energy Regulator Thursday.
CN Markets: CEAs dip to one-year low, CCER trading remains robust
Prices in China’s national emissions market dropped to their lowest levels in a year amid downbeat sentiment, while the country’s voluntary carbon credits maintained their relative strength.
Malaysia’s Sabah enacts law mandating licences for carbon trading
The Malaysian state of Sabah on Thursday made acquiring licenses mandatory for all carbon credit trading, with offenders facing fines of up to MYR5 million ($1.1 mln) and five years’ imprisonment.
Malaysian govt agency, Gold Standard sign deal for aligning forestry carbon initiatives, building capacity
Malaysia Forest Fund (MFF), a federal government agency, has signed a Memorandum of Understanding (MoU) with Gold Standard to strengthen the fund’s institutional capacity and support the development of national carbon credit initiatives, it said Thursday.
Rio Tinto mulling low-carbon aluminium smelter in India
Australian mining giant Rio Tinto has signed a deal with an energy transition solutions provider to explore the feasibility of developing a low-carbon aluminium project in India.
BRIEFING: Shell’s Prelude will not be an eternal source of SMCs
Shell, experts, and the Clean Energy Regulator have sought to allay concerns that the Prelude floating LNG facility will be the source of an infinite supply of Safeguard Mechanism Credits (SMCs).
China’s ETS expansion, power policy to drive aluminium sector decarbonisation -report
Challenges in decarbonising China’s aluminium sector persist, but policy signals such as the expansion of the domestic emissions trading scheme are starting to guide the industry towards a lower-carbon future, according to a think tank.
Japanese giant presses play on huge CCS project
Another of Australia’s large-scale carbon capture and storage (CCS) projects has hit the starter with its Japanese LNG company operator announcing it has begun preliminary engineering work for a project that could be sequestering millions of tonnes of CO2 by the end of the decade.
INTERNATIONAL
Article 6 must break free of old paradigms to succeed, say experts
The new carbon market logic under Article 6 of the Paris Agreement must be about cooperation, not just offsetting, according to an expert report circulated on Thursday.
VOLUNTARY
Just 2% of companies demonstrate top environmental leadership in 2024, finds disclosure platform
Only 2% of the more than 22,700 companies assessed in 2024 achieved the highest rating for environmental transparency and action, according to new data released Thursday by a climate disclosure non-profit.
US agtech firm approaches 1 mln credits issued in fourth carbon crop
A US-based agtech firm has completed its fourth carbon crop, which more than doubles its post-buffer pool offset supply and brings its total volume of carbon credits issued to nearly 1 million, the company said Wednesday.
Carbon price critical to making low-carbon steel competitive, ArcelorMittal says
Supportive policy and a global price on carbon will be critical to making low-carbon steel production competitive, according to steelmaker ArcelorMittal, which reported on Thursday that it had almost halved its emissions footprint since 2018.
New project to test seaweed’s role in improving crop yields and soil health
A new research project will assess sugar kelp’s ability to improve soil health and crop nutrient efficiency in partnership with a Scottish research institute.
Auditors need to take better account of company climate risks, think tank says
Auditors need to fully consider and disclose information on climate-related matters in their reports, a think tank warned on Thursday, based on an analysis of audits for more than 100 “carbon exposed” companies.
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.
US data firm releases biodiversity disclosure guidance
A US-based nature intelligence company has published a framework for supporting companies in biodiversity-related disclosures, in line with major reporting standards and rules.
UN agency to support biodiversity credit markets in rural areas
UN agency the International Fund for Agricultural Development (IFAD) has released its environmental strategy for 2025-31, planning to support the development of biodiversity and carbon credit markets to reward small-scale farmers.
‘Enormous potential’ for biodiversity credits in rewilding, non-profit chair says
Biodiversity credits have great potential for supporting the surge in rewilding projects, the chair of an international rewilding network has said.
Biodiversity Pulse: Thursday April 17, 2025
A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).
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EVENTS
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.
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.
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 chanelling 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
INTERNATIONAL
Circles of trust – The COP30 Presidency has launched four leadership circles aimed at leveraging key issues for the future of climate action and global mobilisation ahead of the November summit in Belem. The groups would facilitate debates on climate finance, traditional and Indigenous Peoples and communities, climate governance, and global action. They aim to accelerate the implementation of the Paris Agreement, to promote climate action beyond the two weeks of the COP and the Climate Change Convention, and to advance the call for a global effort against climate change, according to a press release. Each group will operate independently and in parallel with the negotiations, with work that will support the COP30 Presidency. Carbon Pulse has launched a new map tool tracking countries that submit their new national climate plans to the Paris Agreement ahead of the UNFCCC’s September deadline.
Elephants in the room – IMF Managing Director Kristalina Georgieva’s opening ‘curtain raiser’ address on Thursday for the Spring Meetings focused on trade tensions, inflation, and public debt, avoiding mention of nature or climate. Georgieva’s remarks come amid civil society concerns that the IMF and World Bank – both of which will next week hold Spring Meetings in Washington – are pivoting away from these issues. Explanations for this potential shift include diverted attention to the US trade war or pressure from the increasingly protectionist and climate denialist US government. As recently as 2023, French President Emmanuel Macron hosted a Paris climate finance summit in partnership with Barbados Prime Minister Mia Mottley centred on her Bridgetown Initiative, which called for new applications of IMF ‘Special Drawing Rights’ (SDRs) reserve assets. At the time, Georgieva thanked several G20 countries for facilitating a $100 bln reallocation of SDRs to help de-risk lending and leverage cheaper private sector investment in a just climate transition for developing countries.
AMERICAS
Canadian fairytale – The leaders of Canada’s four major political parties squared off on oil, emissions, and carbon pricing during an English language debate Thursday, ahead of the country’s federal election on Apr. 28. Leaders largely echoed points from the French language debate the night prior, though Liberal Prime Minister Mark Carney emphasised support for continued production of oil and gas – so long as it would be low-carbon. Carney said moving forward on major carbon capture, utilisation, and storage projects – namely the oilsands’ Pathways Alliance project – was key for long-term global energy market share. Opposition Conservative leader Pierre Poilievre doubled down on Carney’s retention of an industrial carbon price and said that it would result in jobs moving south of the border, but also continued to advocate for lower-emissions oil relative to those in emergent economies. However, Bloc Quebecois leader Yves Blanchet said that the two leaders’ discussion of clean oil and gas was a “fairytale” that “does not exist”. Still, NDP Leader Jagmeet Singh said that he would hold both the Liberals and Conservatives accountable in defense of the environment. A round up of where Canada’s top two parties stand on the country’s climate policies can be found here.
Clean grid money – New York Governor Kathy Hochul (D) has put $12 mln on tap for technologies supporting clean energy efficiencies on the state’s electric grid. The fund is designed to accelerate deployment of projects that improve grid reliability and make it easier to integrate renewable sources onto the grid. The programme, known as the Grid Enhancing Technologies programme, is administered by the New York State Energy Research and Development Authority (NYSERDA). The maximum funding amount for a product development or demonstration project is $3 mln, while the maximum funding amount for a study is $400,000. Proposals need to demonstrate a “clear action plan to drive adoption readiness toward commercial deployment and proactively address market risks and uncertainties”, the state said in a Wednesday press release. Proposals must also reflect cost share requirements outlined in the solicitation, including 50% for product development and demonstrations and 25% for studies.
Fall of the Empire – US Interior Secretary Doug Burgum has directed the Bureau of Ocean Energy Management to halt construction of the Empire Wind Project, a planned offshore wind farm off the coasts of New York and New Jersey that would have provided 2.1 GW of power to New York. Burgum made the announcement Wednesday on the social media platform X, saying that all construction activities will be halted “until further review of information that suggests the Biden administration rushed through its approval without sufficient analysis.” The decision is part of President Donald Trump’s call for comprehensive reviews of federal wind projects and wind leasing, he said.
You get the GIX? – The US Securities and Exchange Commission (SEC) has approved the Green Impact Exchange (GIX)’s Form 1 application for registration as a national securities exchange, enabling the GIX to launch as the first sustainability-focused stock market in the US. Founded in 2022 by former NYSE executives, GIX said in a release it aims to be the first national securities exchange in the US dedicated to the emerging global green economy, listing companies that make binding commitments to set, implement, measure, and achieve sustainability goals, and to provide investors with transparency about their progress.
Earnings calls and yap – A survey of eight US energy firms’ quarterly earnings calls by Semafor found less and less mention of climate change in recent months in favour of President Donald Trump’s energy dominance agenda. While none of the eight firms surveyed mentioned climate change in Q4 2024, it was already fading from its peak in early 2022.
Spotlight on Schwalb – The American Tort Reform Association, Foundation for American Innovation, and Manhattan Institute for Policy Research, are calling on the US federal government to examine its use of outside lawyers on environmental cases, E&E News reported. The groups alleged in a letter DC Attorney General Brian Schwalb has made a habit of awarding contracts to political allies and former employees of his office, and is targeting specific industries in an effort to further a political agenda. E&E News wrote the groups are critical of climate lawsuits brought against the oil and gas industry.
Somebody call 911 – Advocacy group Consumer Watchdog filed a lawsuit against the California Department of Insurance on Monday over its decision to let insurance companies pass on costs from disasters such as the January Los Angeles fires, E&E News reported. The group also argued that the state’s property insurer of last resort, of which insurance companies are mandated to offer coverage through, doesn’t allow for ratepayer pass-through.
Struggling – Renewable fuels company Global Clean Energy Holdings has commenced Chapter 11 bankruptcy proceedings in Texas, it announced Thursday. The company entered into a Restructuring Support Agreement with key stakeholders, including commodity shop Vitol Americas, an ad hoc group of term loan lenders, and engineering, procurement, and construction firm CTCI Americas. It also secured $100 mln in debtor-in-possession financing to maintain operations during restructuring and continues to focus on its “farm-to-fuel” renewable energy business model, with a goal to confirm its Chapter 11 bankruptcy plan by Aug. 2025. Law firm Kirkland & Ellis, financial advisor Lazard, and consultancy Alvarez & Marsal are assisting the process.
EMEA
More drama – The UK government is reportedly ready to align its ETS with that of the EU as part of efforts to strengthen relations with Brussels and head off the risk of carbon border taxes. The article, published by Business Green, is just the latest in a series of speculative reports that a deal may be struck on linking the two carbon markets. The outlet said that a major deal could soon be reached between the two jurisdictions, paving the way for alignment between their respective ETS markets, as Britain seeks to avoid the imposition of levies under the EU’s CBAM policy. The two will meet at a crunch ‘reset’ summit in May, at which linking is on the table.
Ocean energy – Europe’s ocean energy sector advanced toward commercialisation in 2024, with 165 MW of capacity across 15 tidal projects set to be deployed over the next five years, according to a new report from Ocean Energy Europe. Growth in the pre-commercial tidal pipeline and full-scale wave deployments has been driven by national revenue support schemes in the UK and France alongside EU grant funding. The report stressed that ongoing financial backing is critical to scaling up wave energy, with several technologies now ready for farm-scale deployment. Interest in ocean energy is also rising outside Europe, with the US and China ramping up investment.
No stopping yet – Germany’s onshore wind power capacity kept rolling in early 2025, after 4 GW of new turbines were licensed in the first quarter. The first three months of this year marked the third quarter in a row in which more than four GW were licensed and the strongest January-to-March period ever, said industry agency Fachagentur Wind und Solar. With 1.7 GW of newly licensed capacity, western state North Rhine-Westphalia topped the list once again, followed by northern wind power leading state Lower Saxony with 0.8 GW. Licenses this year so far took 20% less time on average to be obtained than in 2024. Meanwhile, 1 GW of new turbines had been physically installed between the start of the year and the end of March – nearly 40% more than during the same period a year before. Overall, the capacity of installed onshore turbines exceeded 64 GW in roughly 28,830 turbines by the end of March.
Smoke and mirrors – The corporate restructuring strategy of Czech energy company Energetický a průmyslový holding (EPH) is allowing it to greenwash its image for investors, continue profiting from coal and fossil gas, and avoid paying billions of euros in mine recultivation costs in Eastern Germany, according to a conference held by Beyond Fossil Fuels (BFF) and partners last weekend. When assessing EPH’s transition plans, BFF determined that the lack of commitment to phasing-out coal in Europe by 2030, and the company’s insistence on developing new fossil gas power capacity contradict its claims that it is supporting Europe’s energy transition. EPH has reshuffled its assets under the guise of a coal phase-out to its sister company EP Energy Transition (EPETr) in order to present a clean image for investors while continuing to profit from coal, BFF concluded.
H2 subsidy – Green hydrogen producer Lhyfe has confirmed a €149 mln subsidy from the French government for one of its largest upcoming production sites. The site named ‘Green Horizon’ will help to decarbonise one of Europe’s largest industrial ports, in Normandy, and was selected by the European Commission to join the exclusive list of strategic transnational projects for Europe (IPCEI). The facility is expected to be completed by 2029 and to reach capacity of up to 34 tonnes per day. Taking into account Green Horizon, Lhyfe will pass the 100 MW milestone in installed electrolysis capacity, it announced Thursday. The first payment of €18 mln under the grant is scheduled by June 2025.
ASIA PACIFIC
Georgia on my mind – The Asian Development Bank (ADB) has approved a $104 mln loan to Georgia to create the country’s first energy storage facility, the bank said on Wednesday. The energy storage and green hydrogen development project will see the installation of a 200 MWh battery enabled storage system near Tblisi, reducing emissions by an estimated 15% against business-as-usual by 2030, according to the project data sheet. It will help reduce Georgia’s reliance on neighbouring Russia for power, and help mitigate against problems with hydropower, which the country sources 75% of its power from. The ADB also approved a $400,000 technical assistance grant for Georgia to identify the potential for hydrogen development and requirements to attract private sector investment.
Dedicated to EU – Indian steelmaker JSW Group has announced its plans to construct a steel mill dedicated to exports to the European Union (EU), adhering with its Carbon Border Adjustment Mechanism (CBAM) measures, the group’s chairman has announced. The plant will be located in the state of Maharashtra and run by JSW Steel’s subsidiary, JSW Green Steel. With an investment of $5-7 bln, the brownfield mill will have a capacity of 10 Mt per year. The carbon intensity of the steel produced at this plant will be one-fifth of the current steel produced in the nation, according to the group.
Big numbers – Vietnam’s new $136 billion national power plan (PDP8) aims to more than double the Southeast Asian manufacturing hub’s power generation capacity to 183–236 GW by 2030, the government announced Thursday. The expansion will be led by solar, wind, and gas. Renewables, excluding hydropower, will account for 28-36% of capacity by 2030 and 74-75% by 2050. Coal’s share will decline, the government said, with remaining plants being converted to biofuels or ammonia by 2050. Vietnam needs to keep its carbon emissions 9% below business-as-usual in 2030 to meet its Paris Agreement commitment.
VOLUNTARY
Credit consultation – Gold Standard has launched a consultation on the requirements and procedures for the extension of the crediting period of forestry activities. The document serves to guide developers, managing entities, and validation and verification bodies (VVBs) on the extension of the crediting period for forestry and mangrove projects. It creates procedures for how to extend the crediting period if desired during a project’s lifetime. Deadline for consultation submissions is May 17, 2025.
Accredited – ACT Group has been accredited by the International Carbon Reduction & Offset Alliance, which aims to set a benchmark for integrity in the voluntary carbon market. Nadiya Nair, the company’s team lead for strategy and development (APAC), has also been appointed to the ICROA Governance Committee, aiming to help shape the future of high-integrity climate action. The accreditation provides third party verification of ACT credits to clients, helping to ensure credibility and transparency, the company stated on LinkedIn.
LatAm forests– Verra will host a virtual course on carbon markets in Latin America in partnership with Foredor, a Chilean sustainable forestry company. The course will focus on developing forest carbon projects in Verra’s Verified Carbon Standard (VCS) Program, and other topics covered will include the voluntary and compliance carbon markets, and the main characteristics of both. Classes will be taught in Spanish three times a week. The course will run from June 2 through July 21, 2025. Registration closes on May 23, 2025.
Absolute advisory – The US-based methodology developer Absolute Carbon announced the formation of an advisory board and a new hire as it develops the first industry-wide CDR standard, according to a Thursday press release. The advisory board will consist of Giana Amador, executive director of the Carbon Removal Alliance, and Erin Burns, executive director of Carbon180. Additionally, Adam Ward has been hired as Absolute Carbon’s certification lead, where he will spearhead the expansion of the Absolute Carbon Standard and lead certification efforts.
INVESTMENT
Cleaner shipping – Tricapital Angels and Blackfinch Ventures have invested a combined £800,000 in clean tech firm H2CHP, which is developing free-piston engine to help shipping decarbonise. This latest investment brings the company’s total raised to nearly £4 mln. The technology is aimed at eliminating emissions from idle ships burning marine fuel when berthed, and also has significant potential in other sectors requiring off-grid power solutions. The shipping industry is facing growing pressure to decarbonise, driven by factors such as inclusion in the EU ETS, the IMO’s recent agreement to set a global carbon price, and the UK’s Maritime Decarbonisation Strategy. (Scottish Financial News)
SCIENCE & TECH
STAX on Sea – California-based maritime emissions capture developer, STAX Engineering, and UK-based onboard capture developer, Seabound, successfully demonstrated Wednesday their combined emissions capture technology in Port of Long Beach. Connected together atop a STAX barge, the developer’s combined system serviced an at-berth roll-on roll-off (RoRo) vessel from Norwegian/Swedish shipping company, Wallenius Wilhelmsen (WWL). The system filtered out harmful pollutants, including particulate matter and nitrogen oxide and captured CO2 from the vessel’s exhaust. The companies said in a release that shipping powers 90% of global trade and is a major contributor of GHGs – accounting for 3% (or more than 1 bln tonnes) of carbon annually. STAX secured $70 mln in funding earlier this year to accelerate deployment of its technology.
AND FINALLY…
Fossil-related deaths – BP’s recent scrapping of a 2030 interim target to reduce production is estimated to lead to 72,000 additional heat deaths by 2100, driven by higher emissions from burning more oil and gas, according to analysis by Global Witness. The original target set in 2020 was to cut oil and gas production 40% by the end of 2030 relative to 2019, but BP curbed this to 25% in 2023, and now has scrapped the goal altogether. Had the oil major stuck to its original target for the next 25 years, about 409,000 additional heat deaths could be avoided by the end of the century, found Global Witness, using the mortality cost of carbon methodology. The analysis comes amid steady criticism from a number of investors about BP’s climate -turn, ahead of the company’s AGM on Thursday. A group of institutional investors representing a reported £5 trillion in assets demanded a vote on the firm’s climate strategy at the meeting, but BP appears to have denied their request.
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