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TOP STORIES
Analysts see EU ETS2 driving 20% drop in affected emissions by 2030, prices at €100/t
Analysts forecast that sectors covered by the EU ETS2, which is due to come into force in 2027, could see around a 20% drop in emissions by 2030, compared to 2023, and prices would reach around €100 per tonne by the same date.
EU ministers support ETS2 reform, await 2040 target clarity
European ministers signalled strong momentum for reforming the EU Emissions Trading System for heating and transport (ETS2) at an Environment Council on Tuesday, with a majority of the bloc’s 27 members pushing for revisions to address price volatility and household impacts.
EMEA
France backs three climate targets for 2040, says “interested” in Article 6
Paris supports an EU 2040 climate target divided into three sub-objectives – the first on gross emissions reductions to continue on the current path, and two related to carbon removals from natural and engineered solutions, a French official has said.
UK’s pricey power blamed for slowing the net zero transition
Pricey power is the biggest obstacle to the UK’s decarbonisation, standing in the way of a faster shift to heat pumps, electric vehicles, and the wider rise of electrification, energy experts said on Tuesday.
Rising emissions put UK land, homes at growing risk of flooding, experts warn
Large parts of UK agricultural land, homes, roads, and railways are already at risk of flooding, and more will be in the coming decades as rising greenhouse gas emissions remain on track to push warming beyond 1.5C in the early 2030s, the government’s independent climate advisors warned on Wednesday.
Net zero is a “fraud” that allows fossil fuels to keep rising, says multinational executive
The term ‘net zero’ is a “fraud” that has allowed fossil fuel emissions to keep rising faster, as carbon credits earn money for bankers but do little to protect the environment, the head of a multinational company said on Tuesday.
BP’s profits drop as confidence wavers over ‘reset’ to fossil fuels
BP has reported a year-on-year drop in profits in the first quarter after a slide in oil and gas prices, increasing pressure on the board to redirect the energy company’s strategy back to the energy transition.
Russia’s Sakhalin carbon initiative sees first transaction as market trading begins
Russia’s Sakhalin climate imitative has entered its implementation phase with the first carbon unit transaction, the country’s carbon registry announced this week.
First satellite to map global forest carbon in 3D launches under European programme
A satellite launched Tuesday under a European programme is the first to map global forest biomass and carbon in 3D from space.
Ukrainian agri group to expand soil carbon coverage and renewables in 2025
A Ukrainian agricultural group plans to expand the land area enrolled in its carbon farming programmes this year and continue its investment in renewable energy, while also including bioenergy with carbon capture and storage (BECCS) in its longer-term roadmap, according to its latest annual report.
Egypt to launch carbon insurance product in Q3 -official
A public-private partnership spearheaded by Egypt’s Financial Regulatory Authority (FRA) will launch carbon credit insurance in the coming months, an official told a webinar Tuesday.
Euro Markets: Carbon again lags weakness in natural gas after buying flurries support EUAs
European carbon allowances edged lower for a second day on Tuesday, falling just 0.7% after taking back much of a early 1.8% decline amid flurries of buying activity, even as natural gas prices continued to crumble under the weight of healthy LNG supply and news that German was mulling relaxing its national storage mandate.
AMERICAS
Canada re-elects Liberals, with new PM Carney to build on decade of climate policy experience
Prime Minister Mark Carney and the Liberals won Monday’s Canadian federal election, in a remarkable reversal of fortune just months after they were projected to lose to the opposition Conservatives by 20-30 percentage points.
US appeals court stays order blocking non-profit climate funding, sets date for arguments
A US appeals court has temporarily stayed a lower court’s order that would have awarded several climate non-profits access to grant funds that were allocated under the Biden administration but are now being withheld by the US EPA.
White House fires US scientists preparing National Climate Assessment
US President Donald Trump’s administration notified hundreds of scientists working on a report published every four years that they had been disbanded Monday, saying their analysis of climate change impacts is being reevaluated.
California lawmakers advance bill to establish CO2 pipeline safety rules, lift moratorium
A California assembly committee on Monday approved a bill that aims to establish CO2 pipeline safety regulations and subsequently rescind the existing pipeline moratorium in the state.
BRIEFING: Louisiana CCS remains highly contentious, state representatives hear
Louisiana state representatives heard from numerous residents at odds with carbon capture and storage (CCS) during a committee meeting Tuesday that ran several hours into overtime.
US House proposal seeks to establish federal registration fees for electric, hybrid vehicles
A US federal transportation budget proposal introduced Tuesday aims to establish new federal registration fees for electric and hybrid vehicles, as well as rescind funding for several environmental programmes created under the Inflation Reduction Act (IRA).
Brazilian project developer secures $30 mln in latest funding
A Sao Paulo-based reforestation carbon removal (CDR) project developer announced Tuesday it has secured $30 million in a Series A funding round.
Colombian peatlands carbon storage capacity up to 1.91 billion tonnes of CO2e -study
Peatland ecosystems can store between four and 10 times more GHGs than other vegetation types, including rainforests, according to a study published in Environmental Research Letters.
Canadian bank ditches emissions, sustainable finance goals
Royal Bank of Canada (RBC) said it was scrapping its sustainable finance and emissions reduction goals, despite reporting another cut in its operational emissions in 2024.
Canadian bank parts ways with environmental trading director
A major Canadian investment bank has parted ways with its director of environmental trading, Carbon Pulse has learned.
Calgary CDR developer locks in MRV partner
A Calgary-based carbon removal (CDR) project developer is tapping a Toronto-based digital monitoring, reporting, and verification (MRV) firm for its Saskatchewan bioenergy with carbon capture and storage (BECCS) project.
ASIA PACIFIC
NZ Market: NZU prices plunge as experts question climate commission’s ETS advice
NZU prices fell by around 5% on Monday as experts raised concerns about the Climate Change Commission’s advice on emissions trading scheme settings.
Softer NZU, ACCU prices weigh on Carbon Fund value
Weakening prices in the Australian and New Zealand carbon markets in the first quarter led to a near-8% fall in the value of an Antipodean carbon fund.
Asian forest fund acquires Laos project owner
A Sydney-headquartered nature-based asset manager has invested in a Laotian agroforestry firm with a Verra-registered carbon project as it expands its Southeast Asia footprint after a successful, multi-million dollar raising several years ago.
China accelerates construction of spot power markets, sets 2025 targets
China has laid out this year’s policy priorities for regional governments to speed up the construction of spot power markets, according to a government notice published Tuesday, its latest bid to accelerate power system reforms seen vital for its carbon price to be effective.
Indonesia’s JETP secures $60 mln for floating solar post US pullout
Indonesia’s Just Energy Transition Partnership (JETP) secured $60 million on Tuesday to fund a 92 MW solar power project, signalling that despite the US exit earlier this year, the partnership that aims to help the Southeast Asian country reach net zero emissions by 2060 is alive and kicking.
VOLUNTARY
DATA DIVE: Carbon integrity and sustainable development criteria negatively correlated, data suggests
It is difficult for buyers to find projects that meet both carbon integrity and sustainable development criteria, new data shared and analysed by Carbon Pulse has found.
INTERVIEW: Ecuadorian president’s VCM law veto was a “pause”, not a no
President Daniel Noboa only pressed pause on voluntary carbon market (VCM) legislation when he vetoed it last year, according to an Ecuadorian consultant and former official speaking to Carbon Pulse on the sidelines of the Colombia Carbon Forum last week in Bogota.
VCMI launches Scope 3 Action Code of Practice in bid to ignite voluntary carbon credit market
The Voluntary Carbon Markets Integrity Initiative (VCMI) has launched its Scope 3 Action Code of Practice that allows companies to use Core Carbon Principle (CCP) tagged credits to hit interim mitigation targets.
UK platform launches carbon project assessment framework, brings together ratings agency work
A British climate action platform has unveiled a carbon project assessment framework aimed at raising the bar for transparency in the voluntary carbon sector, which is endorsed by four of the major ratings agencies in the market.
Gold Standard issues guidance on next steps for assurance platform transition
Voluntary carbon registry Gold Standard has published additional information on the next steps for project developers and verification and validation bodies (VVBs) as part of a transition period for its assurance management processes.
South Pole joins new carbon data standardisation initiative
Large project developer and consultancy South Pole has formally joined a new initiative aimed at standardising data across carbon markets.
French asset manager enters new forest finance partnership
A France-headquartered sustainable asset manager has signed a Memorandum of Understanding (MoU) with an English non-profit to boost forest finance.
INTERNATIONAL
Fragmented carbon markets, leakage undermine Paris Agreement targets, say researchers
The path to a global carbon pricing system is fraught with challenges, from market fragmentation to leakage issues, but by fostering regional cooperation and utilising Article 6, countries can bring together disparate mechanisms to make meaningful progress towards Paris Agreement targets, researchers said Tuesday.
New BRICS members go all in on fossil fuels with Chinese backing -report
The recently added members of the BRICS bloc are building over 10 times as much coal, oil, and gas capacity as wind and utility-scale solar, according to a report released Tuesday, which found that Chinese finance and construction majors are still backing new fossil projects in these nations.
Charity calls on industrial gas companies to speed up transition
The industrial gas sector should accelerate its transition to renewable energy, and investors should hold it accountable for its emissions, a responsible investment charity has said.
BIODIVERSITY (FREE TO READ)
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Biodiversity Pulse: Tuesday April 29, 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).
INTERVIEW: African nature accelerator changes tack after biodiversity credit issues
An African nature accelerator has relaunched, aiming to help raise millions of dollars in a second cohort with a different focus following obstacles in the biodiversity credit market.
High Ambition Coalition launches funding mechanism for biodiversity targets
The High Ambition Coalition for Nature and People (HAC for N&P) on Tuesday launched a financial mechanism to provide small-scale grants aimed at helping developing member countries achieve their “30×30” biodiversity targets.
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WEBINAR
Mastering Carbon Removal Procurement: How to design effective RFPs and secure high-quality carbon removal – Join Supercritical on Thursday, May 8th at 1600 BST (1500 GMT) for a practical session on navigating the carbon removal procurement process. This expert-led webinar will explore how to design effective RFPs, evaluate supplier credibility, and structure contracts that deliver on both climate goals and business needs. Featuring insights from experienced corporate buyers Chris Minter (Zurich Insurance) and Emily Jackson (The Economist), you’ll gain actionable guidance to secure high-quality carbon removal, mitigate risk, and accelerate progress toward your net zero goals. Register
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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
Sustainable1 Summit – April 30, London – S&P Global predicts $60 trillion in energy investment opportunities under global net zero investment scenarios through 2050. During this same period, there is also a projected $25 trillion in cumulative financial impact on the world’s largest companies due to changing climate exposure. Join us at the Sustainable1 Summit in London to unlock transition opportunities with specialist opinions, market outlooks, data insights, and strategic forums, providing insights to finance the energy transition, discover opportunities in climate resilience, and report your sustainability performance with confidence. Save your spot
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. Centred 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
Carbon Pulse has published its 2025 advertising brochure and media pack, featuring updated offerings and prices. With that, bookings are now open for advertising on our website and in our newsletters.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Call for input – Ahead of the Supervisory Body’s upcoming May meeting, the agenda for the meeting and the documents for consideration have been published on the UN website. Stakeholders are now invited to provide input on the topics covered in the annotated agenda and related annexes via the public call for input. The deadline for input is May 5. Members of the Supervisory Body will meet in Bonn from May 12-16. They will discuss methodological standards related to baseline setting and leakage, following the recommendations made by the Methodological Expert Panel (MEP), as well as the consideration of stakeholders inputs received on issues related to the Article 6.4 Mechanism Registry.
Pacific plea on NDCs – Pacific Island nations have written to developed country governments, urging them to submit ambitious NDCs and make the steep GHG cuts needed to stay within the 1.5C global warming limit, according to the Guardian. The third NDCs, covering the period out to 2035, were meant to be submitted to the UNFCCC by February, but many missed the deadline, forcing the climate secretariat to extend it to September. The letter added that governments should be prepared to strengthen their NDCs again, should they be found lacking at the UN climate talks in Brazil later this year. They should also detail how governments will make good on a previous COP decision to phase out fossil fuels, the newspaper reported. As of Apr. 28, 19 countries had submitted their plans, according to Carbon Pulse’s NDC Portal.
Renewables dip – Only 50% of renewables respondents in a new energy market survey expect to meet revenue targets, and just 43% are optimistic about profits – down from 75% and 67% three years ago, reported assurance and risk management company DNV on Tuesday. The annual survey also finds that only 39% expect their organisation to increase capital investment in the coming year, down from 55% in 2023. Nevertheless, 67% of renewables respondents remain optimistic about growth. DNV surveyed over 1,100 senior energy professionals, including more than 400 from the renewables sector, in February and March 2025 to understand how short-term volatility and long-term optimism are creating new challenges and opportunities for the energy industry.
EMEA
Return to normal – The large share of energy being generated by renewables could have exacerbated the disruption in grid frequency or voltage on Spain’s power grid, which led to one of the worst blackouts in Europe in over a decade on Monday. Grid operators in Spain and Portugal are working to get networks working again but restoring all power supply in Spain may take 6-10 hours, according to grid operator Red Electrica. Though it’s not clear what caused the initial disruption, Red Electrica said the blackout was due to ‘oscillation’, suggesting a disruption in grid frequency or voltage, which could have been worsened by Spain’s high proportion of renewables and its lack of power cables connecting to neighbouring countries. Getting an electricity grid back operating after a blackout is complex because it needs to be restarted gradually, with smaller, often diesel, generators used to start up bigger ones in a process that creates so-called ‘islands of power’ that gradually restore the grid. The last European blackout of this scale was back in 2006. (Bloomberg)
Low-carbon aluminium – Hydro has signed a long-term agreement to supply low-carbon aluminium wire road to Denmark-based NKT for the production of electricity cable to upgrade Europe’s grid infrastructure. The contract with NKT has an estimated value of around €1 bln and Hydro’s wire road is made from aluminium produced in Norway, made with renewable energy that emits about a quarter of the global industry average. In March, Hydro announced a NOK 1.65 bln (€1.40 bln) investment in a new facility at its smelter in Karmoy, Norway to expand aluminium capacity, which is expected operational in 2028. The expansion should allow it to ensure a stable supply of low-carbon aluminium wire rod to NKT from 2026 to 2033, with a total committed volume estimated at 274,000 tonnes. Norway accounts for 40% of primary European output of aluminum. (Reuters)
Steel woes – Steelmaker SSAB reported a 57% decline in first quarter operating profit on Tuesday, driven by poor market conditions and low prices in North America. The Swedish company’s operating profit dropped to SEK 1.35 bln (€1.23 bln) in 1Q 2025, from SEK 3.16 bln a year earlier. On top of pressure from cheaper Chinese steel and higher energy costs, European steelmakers are now battling increased US imports duties. Though SSAB has said that US President Donald Trump’s tariffs did not impact its business during the latest quarter, because it has production facilities close to major customers on both sides of the Atlantic. Yet it did say that the tariffs made the outlook for the second quarter in its steel divisions more uncertain than usual. (Yahoo/Reuters)
Better than expected – Fortum reported a smaller-than-expected decline in first quarter comparable operating profit on Tuesday, which it attributed to optimisation of power generation. Nordic power prices in 1Q 2025 were lower with respect to the same period of last year due to mild weather. The Finnish utility said its comparable operating profit for Jan-March fell to €462 mln from €530 mln a year ago, above an average expectation of €364 mln by analysts in a company commissioned poll. The company achieved a very good power price thanks to optimisation of its low-carbon fleet made up of nuclear and hydro in Finland and Sweden, said CEO Markus Rauramo. (Reuters)
Keeping positive – German airline Lufthansa stayed firm on its 2025 financial guidance on Tuesday and expressed optimism about the key summer season ahead, whilst cautioning it’s keeping abreast of the impact of trade tensions. Investors are concerned about airline demand as US President Donald Trump’s tariffs hit US air travel and cast doubts over the prospect of global growth. Yet in contrast to some of its peers, Lufthansa said it was staying firm on a positive outlook for this year. For 1Q 2025, Lufthansa reported an adjusted loss before interest and taxes of €722 mln, roughly in line with a company-compiled forecast. That marks a 15% improvement from a loss of €849 mln for 1Q 2024. Revenues were up 10% on last year at €8.1 bln. Despite some of its peers such as Virgin Atlantic noting a travel slowdown to Britain from the US, Lufthansa said demand in US sales region was continuing to rise, and in March the airlines group transported around a quarter more passengers from the US to Europe than the year before. Lufthansa is leaning heavily on the lucrative transatlantic route as it strives to revive its core airline, which has been battling high pay and competition from Chinese carriers in Asia. (Reuters)
Integration benefits – The European Energy Exchange (EEX) will fully integrate all operations and services offered by Grexel Systems as of Jan. 1, 2026, following the approval of the EEX supervisory board, it announced in a release Tuesday. Both players provide solutions related to guarantees of origin and other energy certification schemes, and by consolidating all international registry services under the EEX brand, it’s hoped the integration will create a more streamlined and comprehensive offering for the market.
Carbon complaints – Pricing carbon emissions is “killing manufacturing” in the UK, said the chairman of Ineos, chemicals billionaire Jim Ratcliffe. The fourth-biggest chemicals company globally said its plant at Grangemouth, Scotland faced a £15 mln bill for its carbon emissions last year. Coupled with the impact of high energy prices, Ratcliffe said paying the carbon price on its emissions will require Ineos to pause investing in projects designed to make operations more sustainable and efficient. On Wednesday, companies will need to pay the carbon price levied on their carbon emissions last year under the UK ETS. Ratcliffe’s comments comes after Ineos saw its profits scrapped last year as it battled high debt costs. He said the carbon price could push some UK manufacturing offshore to countries with “less stringent” emissions rules. (the Standard)
HyNet backing – Standard Chartered has pledged its support to the UK’s HyNet industrial cluster in northwest England, working together with Eni and other stakeholders to advance the UK’s carbon capture and storage (CCS) ambitions, it said in a release Tuesday. The bank played a key role in the £2.5 bln financing of Eni’s carbon transport and storage infrastructure in Liverpool Bay to serve HyNet by acting as mandated lead arranger and hedging bank. The transaction built on its growing expertise in CCS, having previously backed financing for both Net Zero Teesside (NZT) Power and the Northern Endurance Partnership (NEP) projects, part of the UK’s East Coast Cluster. Standard Chartered aims to mobilise $300 bln in sustainable finance by 2030, to support companies transition to low-carbon technologies.
Take back control – Think tank Common Wealth has urged the UK government to nationalise the country’s remaining gas power stations to prevent their owners from holding the electricity market ‘to ransom’, the Guardian writes. Ministers aim to cut gas consumption to just 5% of the UK electricity system by 2030. And by taking the plants back under public control, the government could prevent the plant owners from commanding fees up to 100 times the normal market rate to run when renewables are in short supply, Common Wealth argued. In January, almost £18 mln was paid to two gas power plants (Uniper’s Connah’s Quay gas plant in north Wales and Vitol’s Rye House gas-fired power station north of London) to run for a few hours during a cold snap when wind power was low.
Force majeure – Ukraine’s Ecocommittee has appealed to European partners to postpone the implementation of the Carbon Border Adjustment Mechanism (CBAM) for Ukraine. Oleh Bondarenko, chairman of the Verkhovna Rada Committee on Environmental Policy and Nature Management, made the request during a workshop on CBAM and its connection to the EU ETS, attended by representatives of the European Commission’s Directorate-General for Taxation and Customs Union (DG TAXUD) and the Directorate-General for Climate Action (DG CLIMA). The full implementation of CBAM will commence from Jan. 1, 2026 to cover the carbon price gap between EU-made products and those made outside the bloc. However, Ukraine stakeholders keep reminding officials the country must defend its right to apply paragraph 30.7 of the CBAM regulation to Ukraine, which opens the possibility of excluding a country from CBAM during force majeure circumstances, including war. (ecopolitic.com)
WCC consultation – The UK’s Woodland Carbon Code has launched a consultation on a new version of the code to be released later this year. The programme invites views to the online survey open until June 10. The update is intended to ensure the code remains clear, accessible, and aligned with global and national standards. It builds on a recent consultation on additionality and incorporates feedback from developers and validation and verification bodies.
ASIA PACIFIC
Clean shipment – Swire Shipping has swapped three of its ships in the South Pacific region to biofuels, the firm said in a press release. The biofuel programme – in conjunction with sister firm Argent Energy and BP – will see the ships bunkered with B24 in Singapore in Q2 then transition to B30. Meanwhile, Swire said it will also be launching a platform for customers to offset their Scope 3 emissions, called Voyage to Zero. Those which opt to use the platform will receive certificates of independently verified emissions savings, the firm said. The announcement follows a historic deal at the IMO earlier this month to tax emissions from the shipping sector from 2028.
New product – China’s national trading system for carbon allowances will allow transactions of CEA24 from Tuesday (Apr.29), according to a notice published by Shanghai Environment and Energy Exchange (SEEE). The listing of the new product means the exchange will accordingly adjust the way it calculates the weighted carbon price in the Chinese market. The announcement comes after China’s environment ministry earlier this month outlined this year’s compliance deadlines and relevant tasks, which required pre-allocation of carbon permits to regulated power plants should be completed by Apr.20.
Collateral – Vietnam should develop a legal framework to recognise carbon credits as collateral to boost access to capital and support the green economy, experts urged at a banking conference in Hanoi on Monday. Although global examples exist, with Thailand and some EU nations allowing carbon credits as loan security, Vietnam’s laws still only accept tangible or traditional financial assets. Legal gaps are hampering green finance growth, speakers said, urging updates to the Civil Code and financial regulations.
Support – South Korea’s trade ministry (MOTIE) is looking to fund domestic climate tech companies seeking overseas expansion, according to a statement released Tuesday. Selected companies will receive around KRW 200 mln ($139,135) to promote their businesses abroad. Until last year, the funding programme mainly focused on international emissions reduction initiatives, but MOTIE has reorganised the project into a bottom-up structure that supports various business models. Applications will be accepted until May 26.
Green bonds – South Korean steelmaker Posco on Tuesday said it had raised $700 mln by selling green bonds in overseas markets, its first global bond sale since the 2022 reorganisation. The bonds were issued in two tranches: $400 mln in five-year bonds and $300 mln in 10-year bonds. Posco plans to use the proceeds to develop its energy materials business.
AMERICAS
Reshaping rulemaking – US House Republicans included provisions in their newly released budget reconciliation bill that would limit federal agencies’ ability to implement major rules without congressional approval. The legislation would require any major rule that increases revenue to be approved by both the House and Senate before taking effect. It would also amend the Congressional Review Act to allow lawmakers to disapprove multiple regulations at once, potentially accelerating rollback of rules related to areas such as environmental protection and financial regulation. The House Judiciary Committee is scheduled to mark up the bill on Wednesday. (E&E News)
Fracking fight – The 10th US Circuit Court of Appeals ruled on Monday that the EPA acted improperly when it approved Colorado’s air quality implementation plan without requiring the state to consider air pollution from oil and gas drilling and hydraulic fracturing activities. The Court sided with the Center for Biological Diversity, finding that the EPA’s decision failed to address emissions from drilling, fracking, and well completion. The court returned the matter to the EPA for further explanation but did not impose a specific deadline for a revised decision. (E&E News)
Raise the bar – California’s Assembly Natural Resources Committee on Monday voted 11–0 to approve Assembly Bill 1207 (AB 1207), which would require regulator ARB to adjust price ceiling provisions under the cap-and-trade scheme in alignment with the US EPA’s updated social cost of carbon (SCC) estimate of $190/tonne established in 2023. The bill was originally introduced as a measure to reauthorise the cap-and-trade scheme, but that language has since been scrapped. At the hearing, Assemblymember Jacqui Irwin (D), the bill’s sponsor, said AB 1207 would ensure that the cap-and-trade scheme is informed by the best available science, and “insulated the programme from the politicising of the US”. However, a report published earlier this month by an energy think-tank questioned the use of the SCC in driving US policy choices. The bill will now be considered at the chamber’s Committee on Appropriations.
Parallel parking – Gov. Patrick Morrisey (R) signed into law a West Virginia bill to permit CO2 storage under state parks last week. SB 627 aims to open up more state-owned pore spaces for CO2 storage. The US EPA recently approved West Virginia for primary enforcement authority over Class VI injection wells — enabling it to regulate CO2 storage projects.
VOLUNTARY
New CEO – Climate Action Data (CAD) Trust is recruiting for a newly defined role of CEO and executive director, based in Singapore. The role is open to full time or part time of 3/4+ days per week, stated the announcement on the organisation’s website. It’s part of the transition towards “a permanent governance model supported by an operationally independent and sustainably funded Secretariat”, the release stated. CAD Trust’s medium-term priorities are promoting data harmonisation and interoperability in carbon markets, improving access to information on key credit attributes, and supporting regulators with data management on carbon markets. Applications will be considered on a rolling basis over Q2 2025.
CO2 capture from trains – Carbon capture startup Remora is preparing to test its mobile carbon capture system on freight trains as it expands focus from trucking to rail. The Detroit-based company’s system is designed to extract up to 1 tonne of CO2 per hour from diesel exhaust and will use the retrofitted 1994 General Electric locomotive as a research platform. Backed by $117 mln in venture to date, Remora has signed evaluation agreements with railroad and logistic companies including DHL and Union Pacific and hopes to launch live train trials next year. Its technology purifies and liquefies the captured CO2 from tailpipe engines onboard, planning to resell it for use in sectors like food processing and agriculture, with revenue shared with transport partners. (Wall Street Journal)
Digital first – Northern Trust has announced a new service agreement with UK-based Ecosystem Certification Organisation (ECO) to provide record and settlement services for digital carbon credits. These credits are issued to developers under the Natural Forest Standard (NFS), which ECO administers, and the partnership aims to improve transparency and efficiency in the VCM. (gurufocus.com)
Marine carbon storage – Removals registry Puro.earth has announced its Ocean Storage of Biomass (OSB) methodology has been updated and renamed Marine Anoxic Carbon Storage (MACS). This follows a public consultation and sets a new standard for safely and durably storing carbon in anoxic marine environments-helping to ensure long-term climate impact with strong scientific safeguards and transparent monitoring. Learn more here.
JNR fee clarification – Verra has clarified that its Verified Carbon Standard (VCS) programme fees also apply to jurisdictional and nested REDD+ (JNR) activities, unless explicitly stated otherwise. The update affirms that key elements of the VCS programme, including regular auditing and fee requirements, apply equally to JNR programs as they do to standalone projects.
INVESTMENT
Dollars for green hydrogen – Renewable hydrogen producer Hy2gen has secured €47 mln from existing shareholders to support further scale-up of its portfolio of e-fuels and green ammonia projects to reach financial close and enter construction. The funding round was led by Hy24, with Technip Energies and individual founding investor BenDa, and will benefit the company’s most advanced projects, stated the release Tuesday.
AND FINALLY…
Call me maybe – Telemedicine use reduced emissions in the US by some 21,400-47,600 tonnes of CO2 every month in 2023, according to a study published in the American Journal of Managed Care. The researchers said between 741,000 and 1.4 mln of the nearly 1.5 mln telemedicine visits between Apr. 1 and June 30, 2023, were substitutes for in-person visits. Findings of the study suggest that the environmental impact of medical care delivery can be reduced when lower-carbon options, such as telemedicine, are substituted for other services that produce more emissions. The US health system contributes about 9%, of the country’s GHG output, while transportation accounts for some 29% of total emissions. (Science Daily)
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