The House of Lords voted on Thursday to approve the UK government's plan to extend its Emissions Trading Scheme (ETS) to shipping later this year, with proponents saying it is an important step towards linking the British market with the EU's.

Steady Shell - Shell's emission held stead in 2025 at about 1.1 bln tonnes CO2e, Reuters calculated, based on the oil major's annual report. Most of Shell's emissions are Scope 3, and mainly from the combustion of its fuels. The UK, by comparison, emitted 480 MtCO2e in 2024. Shell's net carbon intensity was also unchanged YoY, around 71 grams of CO2e per megajoule in 2025.

Crude revision - Goldman Sachs has revised its oil price outlook, expecting front month Brent futures to trade at $71 per barrel in the final quarter of the year, and WTI to average $67 per barrel over the same period, Reuters reported on Thursday, citing the bank’s analysts. Goldman’s revision was based on an assumption that oil flows via the Strait of Hormuz would be severely constrained, averaging just 10% of pre-war levels, for a period of 21 days, followed by a month of gradual recovery, predicting a swift end to hostilities. In their previous update, Goldman analysts had assumed a disruption lasting only 10 days. The investment bank’s earlier price outlook saw Brent crude at $66 per barrel in the last quarter of 2026 and WTI at $62 per barrel. At the moment, Brent crude is hovering around $100 per barrel, and WTI is above $90 per barrel. (Reuters)

Ghana and Switzerland have authorised another Ghanaian project under Article 6.2 of the Paris Agreement, a private-sector carbon credit procurer for the Swiss government announced Thursday.

The war in the Middle East is likely to lower demand for credits under the international aviation sector’s CORSIA scheme in the short term, analysts told Carbon Pulse, with one estimating the past two weeks alone have seen around 3 million tonnes of fewer emissions due to lost jet fuel.

Angola eyes REDD+ – The UN Development Programme is seeking a consortium to develop a national REDD+ strategy and action plan for Angola, as the country takes its first steps toward participating in international forest carbon markets. The tender, with a Mar. 19 deadline, calls for a feasibility assessment, strategic framework, and action plan aligned with Verra's VCS and ART TREES standards, as well as Article 6 of the Paris Agreement. Angola's REDD+ readiness is described as still in its early stages, held back by limited institutional capacity and the absence of legal frameworks. The project will also design measurement, reporting, and verification systems and identify priority areas for REDD+ implementation.