Latin American governments are backing large-scale CO2 reduction activities as a sustainable development strategy, scoring several high-profile wins last week, while the voluntary market (VCM) for CO2 removals (CDR) reeled from the announcement of mega CDR buyer Microsoft halting purchases.

The UK ETS Authority has reduced the total number of free UKA permit handouts for industrial emissions in both 2025 and 2026 by just over 2% since previous figures were published, trimming allocations for this year by around 500,000 tonnes, though keeping the year-on-year cut at 5%.

News of Microsoft possibly pausing carbon dioxide removal (CDR) buying sent shockwaves through the nascent market late last week.

The cost of complying with climate regulations for European shipping could exceed that of fuel and reach $200-600 per tonne of CO2 by 2035-40, according to an industry body.

An open letter signed by almost 30 companies led by Greek shipowner Angelicoussis calls on member states of the International Maritime Organisation (IMO) to pursue alternatives to a global carbon pricing framework for shipping, a trade journal reported.

A6 partnership - The Article 6 Implementation Partnership (A6IP) and the United Nations Industrial Development Organisation (UNIDO) announced at a meeting last week in Geneva a Joint Declaration laying out their intention strengthen cooperation on capacity-building, policy support, and technical assistance to help countries develop the institutional arrangements required to implement Article 6 of the Paris Agreement. The collaboration aims to accelerate the development of trusted carbon markets and mobilise additional finance for low‑carbon industrial transformation, the partners said. Additionally, Naoki Torii, industrial development officer at UNIDO, introduced the organisation's new initiative, the Carbon Market for Development Partnership (CM4D), which seeks to leverage private sector support by mobilising upfront climate finance and accelerating participation in high-integrity international carbon markets.

Making moves - Singapore’s sustainability minister, Grace Fu, will lead a business mission to South American countries from Apr. 13-22 to boost cooperation on carbon credits, the ministry said on Monday. The trip aims to advance Article 6 carbon credit partnerships and build a pipeline of projects, alongside efforts to deepen trade and investment ties, the minsiter said. Fu will meet counterparts, host business sessions, and visit project sites, accompanied by officials and industry delegates. The mission signals Singapore is moving from deals to building pipelines under Article 6 with Peru, Paraguay, and Chile - countries at relatively advanced stages of bilateral cooperation.

The volume of carbon credits for the aviation offsetting scheme CORSIA may have doubled in the past year – but the market's true supply will remain constrained without the spread of insurance, according to analysis published on Monday.

Late plea - Greek shipowner Angelicoussis Group, plus several Greek tanker and gas companies have urged the International Maritime Organisation (IMO) to abandon its carbon price mechanism under the Net Zero Framework (NZF) in favour of alternatives, notably LNG, that wouldn't reduce emissions, Lloyds List reported. Shipping registers Rina and Bureau Veritas have also reportedly joined the anti-tax camp, but the Union of Greek Shipowners were not among the signatories. The next meeting of the IMO's Marine Environment Protection Committee (MEPC 84), from Apr. 27-May 1, is expected to focus on finalising the NZF ahead of potential adoption in November.

An Australian clean cookstove project developer has successfully secured final approval to label credits from its series of projects in Madagascar as CORSIA-eligible (Phase 1), with plans to raise overall market supply by some 2.7 million units.