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TOP STORY
India, UK reach trade deal despite CBAM tensions
India and the UK have reached a trade deal after three years of negotiations, with no current exemption in the agreement for the South Asian country from Britain’s planned carbon border adjustment mechanism, although talks on this are reportedly set to continue.
EMEA
EU ETS2 futures launch on ICE with trade above €70/t
ICE launched its EU ETS2 futures on Tuesday, with the nearest Dec-28 contract seeing trade at €73.57/tonne on thin volume, much higher than official reference prices for the scheme.
EU plans to cut ties with Russian energy by end-2027, legislative proposals out in June
The European Commission has unveiled on Tuesday a long-awaited roadmap detailing its strategy to phase out Russian fossil fuels for good by the end of 2027, with the plan to be followed by legislative proposals next month.
Germany to cancel 500k EU ETS allowances linked to 2022 coal plant closures
Germany has notified the European Commission of its intent to cancel around 500,000 EUAs linked to the closure of coal-fired power plants in 2022, in a bid to ensure that its phaseout of the polluting fuel source delivers genuine climate benefits.
EU Parliament races ahead with vote to relax road transport CO2 rules
European lawmakers agreed on Tuesday to use the urgent procedure for a targeted change to CO2 emission performance standards for new cars and vans, adding the item to the voting list for May 8.
Euro Markets: EUAs renew upward momentum as buyers target technical level, while UKAs surge again
European carbon allowances shrugged off a weak session on Monday to advance to their highest in nearly five weeks as technically-focused buyers targeted a key resistance level, while gas prices climbed steadily as the EU confirmed it would legislate for a Russian energy ban, and UK Allowances rose to their highest in more than 18 months amid continued speculative buying ahead of a key EU-UK summit.
UK forest carbon standard announces draft changes to align with ICVCM
The UK’s Woodland Carbon Code has unveiled changes in a new version of its crediting framework, including lengthening the minimum project duration to align with the Integrity Council for the Voluntary Carbon Market (ICVCM) standards, as well as introducing biodiversity baselining.
Moldova beats EU to 2035 NDC submission, targets 75% unconditional emissions reduction with Article 6 provisions
Moldova has submitted its latest Nationally Determined Contribution (NDC) to the Paris Agreement, outlining an economy-wide 75% emissions reduction target by 2035, compared to 1990, while marginally raising the ambition of its 2030 goals.
Uniper may build 2 GW new gas capacity in Germany, coal power generation drops
Uniper has said it plans to build 2 GW of new gas capacity in Germany as it saw its coal-fired generation covered under European compliance carbon schemes halve in Q1 2025, compared to one year prior.
Technological capture of biogenic CO2 is key to EU’s 2040 climate goal, says trade body
The EU must recognise technological removals in its emissions trading scheme and prioritise biogenic CO2 in infrastructure in order to achieve its 2040 emissions reduction goal, according to an industry body.
Finnish firms launch new commercial CO2 concrete solution
A carbon utilisation firm has partnered with a technology provider to launch a commercial CO2-curing solution for precast concrete production, the two companies announced Tuesday.
VOLUNTARY
Verra launches coal phaseout carbon crediting methodology
Voluntary carbon standard Verra has unveiled a new methodology that will credit the early retirement of coal plants that are replaced with clean energy sources.
Microsoft expands agreement with Swedish carbon removal developer to 5 mln credits
Microsoft has boosted its agreement to purchase carbon removals from a Swedish energy provider and carbon removal developer, raising the volume of procured credits by over 50% to around 5 million, compared to the initial deal signed last year.
Sylvera expands pre-issuance service to carbon project developers
Sylvera will now offer project developers access to pre-issuance assessments for carbon credits in a bid to raise supply-side integrity in the market, the carbon ratings agency and data provider revealed exclusively to Carbon Pulse.
Voluntary carbon credit platform raises $4.5 mln in seed funding
A carbon credit provider raised $4.5 million in funding from several venture capital investors and also launched its backstop measure to mitigate risk, the company announced Tuesday.
Canadian clean tech developer lands C$20 mln in Series A funding round
A Canadian clean tech startup has secured C$20 million ($14.5 mln) in its first major round of funding.
Global nickel market crisis created obstacle for CDR deployment in mining -developer
Struggling nickel prices in recent years have posed challenges for carbon removal (CDR) project developers trying to break into the mining sector as global mining companies divest their interests in the metal, a CDR technology developer said Tuesday.
Global consultancy reaffirms climate targets, expands carbon offset strategy
A global IT and consulting firm has reinforced its environmental commitments in an updated ESG policy, pledging deeper emissions cuts and expanded investment in “high-quality” carbon offsets as it targets net zero by 2040.
Protecting forests as long-term assets can revitalise voluntary carbon market, says consultancy
Maximising the value of forests as assets able to generate numerous revenue streams, from carbon credits to timber, can revitalise the voluntary market, provided developers ensure projects deliver real climate impact, according to a study published Tuesday.
Global food companies progress on emissions disclosure, but fail to quantify climate targets -report
An analysis of 50 multinational food companies with over $1 billion in North American revenues found that a majority of them have disclosed Scope 3 emissions but have failed to quantify emissions reductions targets.
AMERICAS
US EPA on path to repeal power plant emissions rules
The US EPA confirmed Tuesday plans were in motion to repeal its emissions standards for new and existing power plants, as well as state plans to limit CO2 from coal-fired electricity generation.
California’s climate measures one of several factors affecting retail gas prices, says EIA
A combination of factors, including but not limited to the state’s climate mandates, has kept California’s gasoline prices higher than the national average, said the US Energy Information Administration (EIA).
US federal agency approves coal plants’ extensions in Maryland
A US energy regular approved the extension of Maryland coal plants that were scheduled to retire at the end of the month, potentially increasing the long-term emissions profile for the RGGI state.
New Hampshire Republicans advance bill targeting revenue from carbon credit forest projects
A New Hampshire Senate committee took up a bill Tuesday that seeks to tax forest land enrolled in carbon offset projects.
Maine lawmakers propose climate superfund act, environmental commissioner urges delay
A Maine environmental commissioner recommended delaying proposed climate superfund legislation introduced in both chambers at a hearing Monday.
Texas House passes bill proposing ban of carbon tax, clean fuel standard
A Texas bill aiming to ban the state from enacting a carbon tax and a clean fuel standard passed the Texas House Monday with the support of a handful of Democratic lawmakers.
Canadian province to “fight” against federal government climate policies, says Alberta’s Premier
Alberta is looking to “fight” against federal climate policies that “attack” the province’s economy, said Premier Danielle Smith in a statement released Monday.
Brazilian federal prosecutors demand nullification of REDD+ contract, $1.7 mln in damages
Brazil’s office of federal public prosecutors (MPF) has filed a civil action against a REDD+ developer and a municipality in the state of Amazonas.
Brazilian municipality awards nearly $4/t to firms that offset emissions
A Brazilian metropolis has authorised just under R$722,800 ($126,400) in tax credits for businesses that have offset a collective 34,800 tonnes CO2, it announced last week.
Caribbean bloc highlights trade, forest programmes in green policy framework text
The 15-member Caribbean Community (CARICOM) bloc of countries last week launched a sustainability framework highlighting forest carbon and international trade restrictions as key policy considerations for an aligned front.
ASIA PACIFIC
Carbon credit issuance represents only 1% of NbS mitigation potential in Southeast Asia, report says
Carbon credit issuance from nature-based projects make up just 1% of the mitigation potential across ecosystems in Southeast Asia’s six major economies, largely due to lack of policy incentives, according to a report published Tuesday.
Koala pilot project sees first ACCU issuance, as it begins what could be a tough search for buyers
A carbon project restoring habitat for koalas has received its first Australian Carbon Credit Units (ACCUs), but its steep start-up costs mean it will likely be forced to search for buyers beyond the Safeguard Mechanism to recoup costs, according to its developers.
Australian bank ramps up sustainable lending
In the first half of the 2025 financial year, sustainable finance lending at one of Australia’s top four bank grew 16%. while its operational emissions fell.
Chinese tech company partners with GenZero to offtake 1 mln high-integrity carbon credits
A Chinese tech major has signed a Memorandum of Understanding (MoU) to offtake at least 1 million verified, high-quality carbon credits within GenZero’s investment portfolio, over a period of 15 years, according to a statement on Tuesday.
INTERNATIONAL
Copenhagen summit to up pressure on countries to strengthen Paris pledges
Countries will once again come under pressure to strengthen and widen the scope of the national pledges to the Paris Agreement, as around 30 ministers and leaders gather for the Copenhagen Climate Ministerial on Wednesday and Thursday.
Singapore, Rwanda sign Article 6 implementation agreement
Singapore on Tuesday inked an implementation agreement with Rwanda under Article 6 of the Paris Agreement, adding the East African nation to a string of potential suppliers of carbon credits to its domestic market.
Pakistan, Azerbaijan eye bilateral partnership on carbon trading
Pakistan and Azerbaijan are exploring cooperation in environmental conservation, climate resilience, and carbon trading, Pakistan’s Ministry of Climate Change has said in a statement.
AVIATION
Most airlines have ‘head in the clouds’ about CORSIA, say experts
CORSIA take-off is still stymied by uncertainty about supply, as well as a long haul until the compliance deadline, experts told a webinar on Tuesday.
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.
New Zealand targets enhanced biodiversity financing, disclosures
The New Zealand government has launched a public consultation on proposals to implement its 2030 biodiversity strategy, including ways to increase investment in nature and support the development of a framework for nature-based financial disclosures and reporting.
INTERVIEW: Nature Positive Initiative launches global metrics pilot
The influential Nature Positive Initiative (NPI) on Wednesday launched a pilot of its draft metrics for businesses and financial institutions in a bid to enable the measuring of progress towards nature positive.
Mirova engages in biodiversity campaign with up to 20 companies
France-based asset manager Mirova has launched an engagement campaign on biodiversity disclosures targeting up to 20 European companies in an initiative it hopes to scale up over time.
Seagrass loss could cost more than $200 bln over 25 years, study says
Seagrass loss worldwide could lead to the release of nearly 1.2 billion tonnes of CO2 over the next 25 years, with estimated costs of more than $200 bln, according to a paper released on Tuesday.
Project launches in Germany to advance biodiversity conservation in farms
A Munich-based nature tech firm has launched a two-year initiative aimed at advancing biodiversity monitoring in agricultural areas in Germany, in a bid to reward farmers who implement nature conservation and restoration activities on their lands.
Biodiversity Pulse: Tuesday May 6, 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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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.
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
Where to start? – Climate Action Center of Excellence (CACE) has launched ‘A6 Assist‘ — a multilingual, real-time support service to guide government officials in developing countries to set up and manage an Article 6 framework. The framework is free to use and designed to access fast, simple answers in English, French, Spanish, or Arabic, and to navigate Article 6 implementation step-by-step, stated the announcement on LinkedIn.
The 51st state – Luxembourg is officially joining the Global Green Growth Institute, becoming its 51st member state. This follows seven years of collaboration, the intergovernmental organisation said in a press release, including a project in Vanuatu to introduce solar-powered water pumps and develop a national climate funding mechanism. The GGGI and Luxembourg in 2023 formed the SIDS Climate Action Program, to support climate mitigation and adaptation across the Pacific and Caribbean, as well as launched the Global Trust Fund on Sustainable Finance Instruments, which leverages capital markets and builds capacity for sustainable finance. In its first two years, the GTF has mobilised $2.1 bln in climate finance for projects in 18 countries, including climate smart agriculture in Uzbekistan and renewable energy in Namibia.
EMEA
Greensand lift-off – Construction has begun on Greensand’s CO2 transit terminal at Port Esbjerg in Denmark, it announced in a release Tuesday. Touted as ‘the first gateway for carbon storage in the EU’, the terminal will have six large holding tanks, each able to store about 1,000 tonnes of liquefied CO₂ to be shipped for permanent storage in the Greensand reservoir. It will also include the necessary infrastructure for offloading and shipping CO₂. Construction is expected to complete this autumn, at which point Ineos Energy will take over operations on behalf of the Greensand consortium. Greensand has secured liquefied CO2 from several Danish biogas plants, which will ultimately be stored in sub-surface reservoirs by way of the Greensand terminal. Offshore injection is expected end of this year or early next.
Peatlands for oil – The Democratic Republic of Congo (DRC) has greenlit the opening of 52 new oil blocks in the Cuvette Centrale peatlands – the world’s largest terrestrial carbon sink and a critical ecosystem for biodiversity. The move has sparked outrage from environmental and human rights campaigners for its lack of transparency and risk it poses to the country’s forests, with fears that key conservation areas may fall within the new concessions. Concerns are also growing about crossover between the new blocks and recently created Green Corridor, set up by the DRC government as proof of its role in the climate change fight. Yet expansion of oil exploration into the peatlands risks derailing the country’s credibility on climate and conservation on the global stage. (Rainforest Foundation UK)
Expanded cover – France’s Label Bas Carbone is expanding its forest cover with a newly approved method titled ‘continuous stock forest management’. This method applies to forestry projects lasting 20 years and located in metropolitan France, with the aim of sustainably maintaining forest carbon sinks made up of harvestable woodland. It only applies to mixed coppice-high forests, regularised or irregular high forests with a majority of broadleaf trees, irregular high forests with a majority of conifers, and mixed high forests.
Registry update – The operator of the Russian registry of carbon units has developed and approved the procedure for making changes to information on climate projects and participants in the circulation of carbon units. More details here.
ASIA PACIFIC
Decarbonising shipping – HD Hyundai, one of the largest South Korean conglomerates engaged in shipbuilding and heavy equipment, has signed a MoU with Maersk to develop decarbonisation solutions for vessels, they announced Tuesday. Their collaboration will include optimising engine efficiency, increasing container ship cargo capacity, and retrofitting dual-fuel propulsion systems. They will also collaborate on joint research to examine the feasibility of the solid oxide fuel cell (SOFC) system.
Insurance partners – The ADB has signed a new agreement with 10 insurance companies to mobilise $2.75 bln of private capital, allowing the development bank to increase its lending capacity via the use of credit insurance, it said on Tuesday. This follows its 2022 three-year $1 bln agreement with Tokio Marine, AXA, Chubb, Liberty Speciality Markets, and Allianz Trade. The five have signed the new agreement, alongside Swiss Re, Coface, Everest, AXIS Capital, and The Hartford, which will see the ADB transfer its credit risk to the insurers’ balance sheets, freeing up the bank’s capital to support sustainable growth in the Asia-Pacific region. In 2024, the ADB committed a record $11.1 bln in climate finance, including $1 bln in loans to Indonesia and the Philippines.
AMERICAS
Stay fossil friendly – The US DOE won’t set a compliance date for new federal buildings to reduce their fossil fuel energy consumption, which would also apply to federal buildings under major renovation. The Clean Energy for New Federal Buildings and Major Renovations for Federal Buildings (CER) rules under the Code of Federal Regulations (CFR) were set to come into effect May 1, 2025, but the department said it would be pausing implementation while it reviews recent guidance from the Trump administration around new energy policies related to energy security and reliability.
Workaround – A federal judge has found that EPA’s decision to terminate nearly 800 grants awarded during the Biden administration does not violate an earlier ruling, which directed the EPA to release funds that were “unlawfully” suspended in January. Judge Mary McElroy, for the US District Court for the District of Rhode Island, ordered several federal agencies on Apr. 16 to unfreeze $20 bln in climate funds. In a subsequent status report on Apr. 23, EPA said it would cancel almost 800 grants following an individualised review process. McElroy ruled on Tuesday that the termination did not violate her prior order to unfreeze funding. (E&E News, Washington Post)
Mandate misfire – BJ Birtwell, CEO of the traveling electric vehicle showcase Electrify Expo, has publicly opposed California’s regulation requiring all new vehicle sales to be electric by 2035, arguing that such mandates may alienate potential EV buyers, particularly conservative consumers. Despite Birtwell’s long-standing support for electric vehicles, he believes policy mandates could hinder broader adoption. His comments come as the US House of Representatives recently voted to overturn the EPA waiver that allows California to enforce the rule. The measure now moves to the Senate, where its future remains uncertain. (E&E News)
Everything must go – The US DOE appears to be weighing market value of its clean energy loans. A report by E&E News said the DOE is working with the Bank of America to assess if it might be worth selling its loan portfolio, which could signal a shift in the federal government after DOE loans expanded by billions of dollars under former President Joe Biden.
Focused on forests – The US Senate Committee of Agriculture, Nutrition, and Forestry held a hearing on Tuesday, regarding the Fix Our Forests Act (S 1462). Sen. John Boozman (R) requested unanimous consent to submit letters of support for the Act into the official record. With no objections raised, the letters were accepted. The bipartisan bill, which passed the House in January, would expedite forest management projects and reduce wildfire risk by streamlining permitting processes and expanding collaboration with state and local partners. Senators have until May 8 to submit written questions for the record.
Vroom vroom – Senators in Congress voted 53-41 to advance a bill that would repeal hazardous air pollutant standards for tire manufacturers on Monday, according to congressional filings. The standards were updated and published in Nov. 2024 under the Biden administration and elected officials are using the Congressional Review Act to repeal the rules, which allows Congress to overturn certain federal agency actions. It now requires signature by President Donald Trump to enact the repeal.
Don’t knock NOx rules – The Oregon Department of Environmental Quality held its second public hearing on its advanced truck rules on Tuesday. Echoing messages delivered during the first hearing, participants made comments about potential delays of the proposed Heavy-Duty Low NOx Omnibus and Advanced Clean Truck regulations. Environmental advocates and health experts urged the DEQ to avoid rollbacks or delays in the implementation of the programmes, and criticised the additional allocation of optional credits to manufacturers under the ACT. Meanwhile, industry voices, including Rep. Shelly Boshart Davis (R) who made a public comment on behalf of Oregon businesses, warned that the rules are too aggressive and will negatively impact the state’s economy. The staff will continue to receive public comments until 1600 PT on May 7.
Spark notes – A new report from Resources for the Future, a US non-profit think tank, outlined how state and local governments can better reduce wildfire exposure in the wildland-urban interface by coordinating land use planning with hazard mitigation. It claimed that although local tools like zoning, comprehensive plans, and hazard mitigation plans are widely used, they often fail to adequately address where and how communities grow in fire-prone areas. The report recommended aligning planning documents such as Community Wildfire Protection Plans with land use goals, enhancing the role of states in guiding local decisions, and using tools like wildfire resilience zoning overlays or transfer of development rights to steer development away from high-risk zones.
Revving up the registry – Chile’s ministry of environment (MMA) on Tuesday published a job posting for a web developer to create a national carbon registry. The registry must accommodate both Article 6 carbon markets under the Paris Agreement, and a newly regulated domestic cap-and-offset scheme called the Emission Standards Offsetting System, according to the posting (Spanish: Sistema de Compensaciones de Normas de Emision). The MMA will accept applications until May 9. Chile has been an active participant in Article 6 deal-making, with nearly a dozen projects already underway within just one bilateral agreement with Switzerland – and others potentially in the works under an Apr. 2025 implementation agreement with Singapore. Chile has also encouraged voluntary market involvement by accepting select carbon credits in lieu of payment of the national CO2 tax.
SHIPPING
CCS on ships – Integrating biofuels with onboard carbon capture and storage (CCS) could achieve up to 121% well-to-wake GHG emissions savings, according to a study by the Global Centre for Maritime Decarbonisation. The captured CO2 can then be used for purposes such as blending into concrete production. The study analysed five ocean-based CCS technologies and six marine fuels, focused on monoethanolamine-based systems, the most mature carbon capture methane. This is where a chemical solvent absorbs CO2 from ship exhaust, which is then compressed or stored and repurposed. This technology reduced emissions 29% for HFO-fuelled ships, but pairing with bio-LNG or biofuels boosted savings to 69-121%. The hybrid strategy also eases compliance with the IMO’s GHG Fuel Intensity targets until 2035, allowing ships to delay transition to costly alternative marine fuels. (shipandbunker.com)
AND FINALLY…
Sustainable slime – Researchers at McGill University recently identified a protein mechanism in velvet worm slime that allows it to transition from liquid to fibre and back, a discovery that could inform the design of recyclable, bio-based materials. The study stated that this protein structure has been conserved across species for nearly 400 mln years and functions similarly to immune system receptors, enabling reversible fibre formation. Using AI-based structure prediction and protein sequencing, the research team outlined how the slime forms strong, reusable fibres without heat or chemicals. The findings could lead to more sustainable alternatives to traditional plastics and synthetic fibres.
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