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TOP STORY
UN proposes update to key tool used for calculating cookstove carbon credit issuance
The Clean Development Mechanism (CDM) Methodologies Panel has proposed draft revisions to a key tool used in calculating the proportion of biomass harvested unsustainability for cookstoves, which could have a huge influence on credit issuance in the voluntary carbon market.
VOLUNTARY
VCM MONTHLY DATA: Carbon credit retirements underwhelm in April, CDR market breaks monthly record
Retirement activity in the voluntary carbon market (VCM) crept up month-on-month in April across the four major registries, but remained well below levels that would suggest a market-wide recovery is underway.
Gold Standard publishes new recycling carbon crediting methodology
Gold Standard has unveiled a consolidated methodology crediting the recovery and recycling of materials from solid wastes.
Danish investor offers $500 mln to expand US natural gas producer’s CCUS projects
A Danish infrastructure investment firm will commit $500 million to expand a US natural gas producer’s carbon capture, utilisation, and storage (CCUS) operations across the nation, according to a Thursday announcement.
New dynamic baseline AI tool can provide results in under 10 days
A digital forest monitoring company released a tech tool for afforestation, reforestation, and revegetation (ARR) carbon project developers to build a dynamic baseline ready for validation.
AMERICAS
White House, EPA limit agency use of social cost of carbon in policymaking
In consultation with the US EPA, the White House issued agency-wide guidance for policy officers to limit considerations of the social cost of carbon (SCC) metric only as required under statute.
BRIEFING: With endangerment finding under review, EPA considers pathways for repeal
As the US EPA undergoes its formal review of a key rule underpinning several regulations limiting GHGs, legal experts laid out pathways the agency could take to eliminate the rule – each with its own set of obstacles and consequences.
15 states sue over President Trump’s “national energy emergency”
A coalition of 15 states filed a lawsuit to challenge President Donald Trump’s executive order (EO) declaring a “national energy emergency” on the day of his Inauguration, alleging that the action was unlawful.
BRIEFING: Washington cap-and-trade advisory groups discuss EITE provisions with linkage in mind
Washington’s Department of Ecology’s (ECY) advisory groups this week nudged the agency to consider linkage as it prepares its recommendations surrounding no-cost allocations for Emissions Intensive, Trade Exposed Industries (EITEs).
New agreement advances industrial decarbonisation plans in Louisiana
A recently signed agreement seeks to link long-term carbon storage with low-carbon fuel production as part of a broader push to scale decarbonisation infrastructure in the Gulf Coast region.
Rhode Island, oil majors debate discovery in climate change liability lawsuit
Rhode Island and a group of oil firms led by Chevron debated in court this week the need for discovery of evidence, as the companies looks to fight a suit brought by the state seeking damages for the effects of climate change.
CFTC: Investors resort to V25 CCA, LCFS, RGGI spreads awaiting programme updates
Speculators cautiously raised California Carbon Allowance (CCA), Low Carbon Fuel Standard (LCFS), and RGGI allowance (RGA) spread holdings over the week absent firm regulatory guidance, data published Friday by the US Commodity Futures Trading Commission (CFTC) showed.
Canadian farm workers oppose consumer costs from Quebec’s carbon pricing scheme
A Canadian farm workers labour union launched a campaign against Quebec’s carbon trading system, asking to prevent additional costs from being passed on to consumers.
Brazil’s $125 bln forest fund design “unbalanced” to developing country needs -report
An environmental advocacy group urged policymakers to prioritise forest protection over returns to fund sponsors in the development of Brazil’s $125 billion forest fund, in a policy paper published Friday.
ASIA PACIFIC
CN Markets: CEAs plunge to 16-mth low, trading volumes stable after permit pre-allocation
Prices in China’s national emissions market continued to decline over the past two weeks, falling to their lowest level in 16 months, but liquidity remained healthy after the annual pre-allocation of permits to ETS participants.
Australian voluntary cancellations rise in April as businesses await clarity on Climate Active
Data from Australia’s Clean Energy Regulator (CER) showed a small uptick in Kyoto-era carbon credits being cancelled in Australia’s national accounts last month, as businesses hope the new government sticks with its voluntary Climate Active scheme.
Gas-based ‘green’ steel uncompetitive in South Australia, think-tank urges hydrogen pivot
South Australia’s plan to revive and decarbonise its Whyalla steelworks, one of only two major steel production facilities in the country, risks missing the mark if it leans too heavily on gas rather than green hydrogen, a briefing note published this week has warned.
EMEA
Swiss court approves Nord Stream 2 debt restructuring deal
Nord Stream 2, owned by Russian gas company Gazprom, has reached a debt restructuring agreement with its creditors, a court in Switzerland said on Friday.
Uganda to set up national climate fund, undertake slew of measures to finance climate initiatives -official
The government of Uganda will soon set up a national climate fund along with numerous other measures to finance climate action in the country, an official from the country’s ministry of finance announced at the East Africa Carbon Markets Forum on Thursday.
Large share of EU ETS-financed fund revenues may go to unsustainable projects -NGO
Just over a fifth of the EU ETS-financed Modernisation Fund may end up being spent on unsustainable projects, according to an NGO report published this week.
Carbon developer secures Europe’s first permit for onshore geological CO2 storage
A carbon technology developer has gained the first approval in Europe to store CO2 onshore in geological formations, it announced this week.
Signs of life for Saudi national carbon market as four VVBs approved
The Kingdom of Saudi Arabia has accredited four validation and verification bodies (VVBs) to operate within its long-delayed regulated carbon market, and is seeing interest from domestic developers, though the details of the fledgling scheme remain hazy.
Euro Markets: EUAs post modest weekly gain, stay near key support despite aggressive selling
European carbon prices drifted lower on Friday, finding support at an important technical level despite sustained selling pressure as the market prepared for the weekend, the upcoming US-China trade talks, and a market conference next week, while a sustained rally in natural gas came to an end.
INTERNATIONAL
Global initiative launches tool to unlock finance for NDCs
An international partnership has launched a new tool designed to help countries unlock and channel climate finance, including via Article 6 carbon markets, for their Nationally Determined Contributions (NDCs) under the Paris Agreement.
AVIATION/SHIPPING
Technology developer launches carbon capture for shipping at $54/t cost
A technology group has launched a new commercial carbon capture solution for the maritime industry at an estimated cost of €50-70 per tonne of CO2 ($54-$76) including capital and operating costs.
BIODIVERSITY (FREE TO READ)
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INTERVIEW: Germany-funded project aims to lay groundwork for nature markets in EU forests
A project backed by the German government is edging closer to developing a forest biodiversity monitoring framework tailored to the EU’s Nature Restoration Regulation (NRR), aiming to support ongoing efforts to establish a bloc-wide nature market.
Knowledge gaps hamper protection of boreal forests, UN says
Boreal forests remain largely overlooked compared to tropical biomes despite their importance for biodiversity and climate mitigation, with major knowledge gaps hindering protection efforts, the UN warned in a study released this week.
WWF report reveals impact of energy transition mineral extraction on Key Biodiversity Areas
At least 7% of existing energy transition minerals (ETM) extraction sites around the world sit within Key Biodiversity Areas (KBAs), affecting an area twice the size of Belgium, according to a WWF report released this week.
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EVENTS
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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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
In the firing line – BP’s recent share price decline has made the UK energy giant a potential takeover target, as competitors consider acquiring the company at a significant discount, potentially ending its 116-year run as an independent entity, the FT reports. Industry sources and advisers say that major players such as Shell, Chevron, ExxonMobil, TotalEnergies, and Abu Dhabi’s Adnoc have each conducted internal assessments. Oil trading firm Vitol is also reportedly exploring interest in parts of BP’s operations. A break-up valuation indicates BP’s assets could be worth over £120 bln – excluding debt and other liabilities – more than double its current market capitalisation of £57 bln, following a steep drop in share price over the past year.
Power stats – In the first quarter of 2025, Italy’s Enel Group, which has considerable capacity covered by the EU ETS, saw a reduction in renewable energy production, which fell by 1.04 TWh. This was driven mainly by a 1.77TWh drop in hydroelectric output, although there were smaller increases in wind (+0.24 TWh), solar (+0.6 TWh), and other renewable sources (-0.11 TWh). The energy company’s thermal generation decreased by 1.51 TWh, with lower contributions from combined cycle plants (-1.11 TWh), coal (-0.27 TWh), and oil & gas-fired assets (-0.13 TWh). These declines were partially offset by an increase of 0.54 TWh in nuclear power production.
Fresh face – Susanne Peindl has been appointed Managing Director of First Climate Markets. Alongside this leadership change, the company has restructured its legal form and will now operate as First Climate Markets GmbH, transitioning from its previous AG status, it said Friday. In her new role, Peindl will oversee the operational direction and strategic development of First Climate Markets GmbH. She will serve on the executive leadership team together with First Climate CEO Olaf Bachert.
Let’s go LISCO! – The UNDP and the Libyan Iron and Steel Company (LISCO) have signed an MoU to enhance their collaboration in boosting energy efficiency and reducing industrial greenhouse gas emissions in Libya. As the country’s largest industrial consumer, LISCO accounts for around 4–5% of Libya’s total gas and electricity use. This new partnership is designed to curb emissions by enhancing energy efficiency, adopting renewable energy sources, and implementing other low-carbon technologies. Through technical assistance and capacity-building initiatives, UNDP will support LISCO in transitioning toward a more competitive, energy-efficient, and low-carbon operation. This collaboration also aligns with Libya’s national climate goals and the EU CBAM.
ASIA PACIFIC
Pulling the plug – The Rockefeller Foundation plans to support early coal plant closures in developing countries, as carbon certifier Verra approved the methodology underpinning the credits. The Coal to Clean Credit Initiative (CCCI) aims to support 60 such transitions by 2030, potentially unlocking $110 billion in climate-aligned investment. The Foundation also granted $600,000 to the ICVCM to advance governance standards for transition credits. Additionally, a pilot project in the Philippines is under works to retire a 246 MW coal plant by 2030, the foundation said.
Largest in the world – South Korea’s trade ministry (MOTIE) has teamed up with the domestic shipping ministry to build what it claimed to be the world’s largest liquefied hydrogen carrier, it announced Friday. A new consortium comprising MOTIE and major shipbuilders like HD Hyundai and Hanwha Ocean launched the same day in Busan. Such ships, which can transport hydrogen in liquid form, have yet to be commercialised anywhere, according to MOTIE. It will provide KRW 55.5 bln ($39.6 mln) this year to fund the project.
Carbon cruise – Singapore-based dry bulk carrier owner Berge Bulk has installed a carbon capture system aboard one of its vessels to meet its target of offsetting 100% emissions from next year onwards. The system captures up to 15 tonnes of CO2 per day, the company said, using a reusable solution that absorbs the planet-warming gas along with sulphur oxides. The liquid can then be taken off the ship to have its absorbed CO2 removed, so it can be reused to capture more. The company plans to launch a zero emissions vessel by 2030, and decarbonise its fleet by 2050.
AMERICAS
Cutting back – The US DOE issued three policy memorandums on Thursday to limit “indirect costs” of its funding for state and local governments, non-profits, and for-profit companies, projecting to save more than $935 mln per year. The memos regard limits on reimbursements of indirect costs from DOE’s financial assistance awards for funding applications. The DOE said the changes are in-step with common practices from other grant providers. Indirect costs from the funding initiatives include facilities and administration costs, such as “fringe benefits such as insurance and paid time off”, from financial assistance agreement awards.
Data discontinued – The US National Oceanic and Atmospheric Administration (NOAA) announced it will retire its Billion Dollar Weather and Climate Disasters service, which tracked the country’s weather and climate events causing at least $1 bln in damages. No updates will be made beyond calendar year 2024. NOAA stated that historical reports and underlying data from 1980 to 2024 will remain archived and publicly accessible through its official website.
Climate-focused governors – A bipartisan coalition of US governors appointed California Governor Gavin Newsom (D) and Wisconsin Governor Tony Evers (D) to co-chair the effort. The US Climate Alliance, launched during President Donald Trump’s first term in response to the decision to withdraw the US from the Paris Agreement, concluded its weeklong spring meeting in Washington DC by electing new leadership.
Looming layoffs – US environmental group Sierra Club is laying off staff in the latest round of downsizing as the environmental group has struggled with budget shortfalls and internal issues in recent years. Management notified the organisation’s union this week that it intends to undertake staff cuts and offer voluntary severance incentives. (E&E News)
Requirement retraction – Deputy Domingos Neto (PSD-CE) of Brazil’s Chamber of Deputies has introduced a bill (PL 2055/2025) to repeal a provision of the country’s carbon market law that requires insurance companies, private pension managers, and other related entities to invest up to 0.5% of their technical reserves into carbon credits. According to the proposal, the provision violates the Brazilian constitution, and the repeal would come into effect upon passage. The provision has also faced challenges in court.
VOLUNTARY
Cutting deep – The significant cuts to the US Agency for International Development, resulting in the cancellation of 80% of its programmes, have dealt a major setback to clean cookstove initiatives in Africa, Bloomberg reports. Funding is drying up, and the impact is real, said one CEO of a clean cooking project developer in Zambia. These programmes can determine whether a company succeeds or fails, they were reported as saying. For small African businesses that produce and distribute clean cooking fuels and technologies, USAID grants often served as a critical launching point, helping them scale operations and attract funding from other development partners and private investors. In their absence, many entrepreneurs are now struggling to stay afloat, according to the article.
INVESTMENT
Wind up – Norwegian-based Aker Carbon Capture (ACC) is set to be liquidated. The company is selling its 20% ownership interest in SLB Capturi to its parent company Aker, an engineering firm, for NOK 635 mln ($61.3 mln). SLB Capturi was formed as a joint venture in June last year between tech giant SLB and Aker Carbon Capture. After the sale of the 20% stake in SLB Capturi, the board of directors will propose to ACC’s shareholders that the company be liquidated, with any remaining cash distributed to shareholders as liquidation dividends. Aker Carbon Capture was set up as a separate entity in 2020.
SCIENCE & TECH
Plastic truths – A study released Thursday by the Center for Climate Integrity claims that the advanced recycling process — one of the industry’s proposed solutions to plastic pollution — is a “fraud.” The term refers to a group of technologies designed to break down plastic waste at the molecular level and transform it into raw materials for reuse. However, the organisation describes these initiatives as false promises. “While plastics producers run ads touting advanced recycling as an innovative solution, industry insiders have made clear, again and again, that these technologies will not address plastic pollution at any meaningful scale,” said Davis Allen, senior investigative researcher at the Center for Climate Integrity and author of the report.
Plastic, again – Over 80% of plastic waste in an eco-sensitive Himalayan region is linked to single-use food and beverage packaging, a report from The Himalayan Cleanup (THC) has revealed. THC gathered 2024 data on the top corporate polluters in the mountainous region, finding that 70% of the collected plastics are non-recyclable and with no market value. The organisation stressed that current policies are failing to address the unique challenges posed by plastic pollution on mountain ecosystems. “Mountains have several limitations for collection, transport, and linkages thus even recyclables such as PET bottles end up littering the mountains,” the report said.
AND FINALLY…
Pontiff for the planet – Ana Toni, CEO of COP30, said the summit’s presidency hopes to welcome Pope Leo XIV to Belem in November, following the newly elected pontiff’s past remarks supporting environmental action. Formerly Cardinal Robert Prevost, Pope Leo XIV—elected Thursday as the first pope from the US —has previously stated the need to move “from words to action” on climate change, echoing COP30’s official motto. The new pope seems to have similar views on the environment as his predecessor, Pope Francis, and has previously spoken about the need for urgent climate action and voiced his support for switching to solar panels and EVs. Pope Francis often spoke about the climate crisis, and urged fossil fuel executives to transition to clean energy, as well as declaring a global climate emergency and launching a project to power the Vatican with solar panels.
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