Microsoft’s thirst for bioenergy with carbon capture and storage (BECCS) credits dominated the carbon removal (CDR) sector in the second quarter, according to a data platform.

Gold Standard’s new process of approving private insurance policies for carbon project developers looking to sell credits in the UN aviation offsetting scheme could help to boost supply in a crunched market – particularly if other standard setters follow suit and big insurers join in, officials involved in the arrangement told Carbon Pulse. 

The Indian government is working on plans to ensure its aviation sector has access to eligible carbon credits for the compliance start of the UN aviation offsetting scheme CORSIA, an official told a webinar Thursday.

A Canadian carbon project financier on Thursday said it finalised settlement agreements over two troubled carbon offset projects in Indonesia and Mexico, but is continuing to pursue a lawsuit against former executives and consultants over alleged misconduct and mismanagement.

In a joint declaration on Thursday, Brussels and Beijing pledged to submit new climate plans for 2035, and reaffirmed their commitment to cooperation on carbon markets, but critics said the statement lacked specifics when it comes to phasing out fossil fuels and climate finance to developing nations.

The development of a carbon-differentiated market for commodities is primarily held back by a lack of standardisation in the monitoring, reporting, and verification (MRV) of product-level emissions, even though regulations like the EU's carbon border levy will directly tie emissions to financial value, said analysts on a webinar Thursday.

The government of China's Fujian province is seeking comments on a draft allowance allocation plan for the regional emissions trading system.

Australian bank Macquarie was hit with a shareholder strike against its remuneration report on Thursday at its annual general meeting, amid a push for it to disclose the extent of its new coal, oil, and gas funding.

Last year saw a record for global total coal demand, with a rise of 1.5% to nearly 8.8 billion tonnes globally driven by power demand, but this will slow in 2025 and reverse by next year, the International Energy Agency (IEA) said in its mid-year coal update.

H2 exit - Oil major BP will withdraw from the Australian Renewable Energy Hub (AREH) in WA’s Pilbara, exiting both ownership and operatorship just two years after acquiring a 40.5% stake, Boiling Cold reported. The decision follows a broader reset in BP’s strategy to prioritise oil and gas growth over renewables. The move, which may leave dozens of staff redundant, caps off a rough week for Australia’s hydrogen sector, with miner Fortescue also scaling back projects.

Southeast Asia’s efforts to mitigate climate change are under growing strain as Western donors cut back on aid, tightening already limited budgets for energy transition in a region dominated by coal, an analysis released this week has found.

Resilience funding - The New Zealand government has awarded F$4.3 mln ($1.9 mln) in funding to Fiji through the Pacific Agriculture and Sustainable Land Management Partnership, FBC News reported Thursday. The partnership will focus on landscape planning using environmental and socio-economic data, and cost effective soil monitoring for improved productivity. The support is part of a $18.5 mln regional initiative running from 2025-29 across six Pacific nations.

Indian exports - Indian conglomerate Godrej Enterprises has secured an order to manufacture and supply its largest equipment to date to a carbon capture, utilisation, and storage (CCUS) facility in Europe, the Economic Times reported. The equipment, which is designed for CO2 separation and capture, surpasses all the previous equipment exports by the company both in terms of scale and complexity, the company said. Godrej is increasingly diversifying its global footprint amid rising global demands for clean energy technologies, it added.

India risks losing billions of dollars in trade revenue and millions of jobs to lower-carbon competitors unless it accelerates the transition to clean energy as global climate policies tighten, according to a report released Thursday.

On the agenda - China's environment ministry is planning to include blue carbon in the country's next five-year plan (2026-30) to protect marine resources, China Environmental News reported. The government plans to build a solid "blue carbon pool", support new research, build a relevant standard system, and deepen international cooperation, a ministry official told a forum this week. The ministry will also continue to support Hainan province in implementing pilots and exploring new paths for blue carbon development. Hainan's mangroves store an average of 274 tonnes of carbon per hectare, the highest rate in China, according to China Daily.

Australian miner Fortescue on Thursday said it is still well-placed to meet its "real zero" emissions target by 2030 even after mothballing two of its green hydrogen projects.

An Australian energy company, an agricultural outfit, and the New South Wales state government have announced financial close on a green hydrogen project they say will lower emissions in the fertiliser sector.

The proponent of an Indigenous Australian Carbon Credit Unit (ACCU) method expects to present a draft to the government by the end of the year, despite still waiting for formal guidelines.

An Australian mineral processor technology company has been awarded A$44.9 million ($29.6 mln) in government funding to build a demonstration plant using its novel Zero Emissions Steel Technology (ZESTY).