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TOP STORY
REDD+ stakeholders tout robustness of carbon offset projects, as academics double down on integrity concerns
Several carbon offset project developers and proponents have come out to demonstrate the positive impact of REDD+ initiatives in recent days, as researchers on Thursday reiterated their past findings that avoided deforestation baseline assessments are flawed and the resulting credits are largely hot air.
EMEA
Green groups challenge EU to ramp up its 2030 emissions target to 65%
Green groups have challenged the European Commission to revise upwards its 2030 emissions target to at least 65% compared to 1990 levels instead of the current 55%, submitting a request to the EU executive to review its legal text on annual emissions allocations for sectors outside the current EU ETS this week.
South Africa strikes deal with China to upgrade its electricity network, putting coal exit in doubt
South Africa signed a series of deals with China to upgrade its energy sector at the BRICS summit this week, including one contract that could help to extend the life of South Africa’s coal plants.
Ireland works towards adopting a similar woodland code to the UK, says corporate looking to invest
Ireland is working towards adopting a similar code to the UK’s Woodland Carbon Code (WCC) to incentivise reforestation and afforestation projects, according to an Irish property developer looking to offset its residual emissions by financing tree planting on its home turf.
Kenya’s parliament backs bill for carbon credit profit-sharing with local communities -media
The Kenyan National Assembly has reportedly passed legislation to ensure local communities get a larger share of the profits from carbon credit projects, following similar moves made by other African nations.
Euro Markets: EUAs follow gas lower as deal struck to avoid LNG supply shock
European carbon markets continued to track crashing gas prices on Thursday as reports emerged that industrial strike action at a key LNG export plant in Australia has now been averted.
Swiss business foundation invests in five CDR and CCS projects in the country
A Swiss business foundation is investing 50 million Swiss francs ($56.7 mln) until 2030 into five projects of carbon dioxide removal or carbon capture in the country that aim to collectively cut 232,800 tonnes of CO2.
ASIA PACIFIC
INTERVIEW: Environmental plantings project developer raises A$3 mln for next stage of growth
An Australian carbon project developer specialising in environmental plantings is in the process of A$3 million to fund the next stage of growth, as it targets 30,000 hectares of plantings by 2030.
Indonesia issues carbon exchange regulations to promote cap and trade scheme, allows foreign projects
Indonesia has released regulations for its carbon exchange ahead of next month’s emissions trading launch.
Reaching net zero will reap Australia A$435-bln economic dividend, Deloitte report says
Australia is expected to yield a A$435 billion ($282 bln) economic dividend if it can reach net zero emissions as well as replace existing fossil fuel-based exports with commodities and products vital for the energy transition, a new report says.
Australian carbon project developer reaches agreement with Traditional Owners
An Australia carbon project developer has signed a development agreement with a Traditional Owner organisation to develop eight projects, generating millions of Australian Carbon Credit Units (ACCUs) in South Australia, it announced Thursday.
China’s Guangdong to extend the scope of its regional ETS by 2030
China’s Guangdong province has released a comprehensive work plan to expand the scope of its carbon market by the end of this decade, as the economic hub aims to realise its climate goals and retain industry competitiveness.
India can become a global export hub of wind energy, trade association says
India can go from being a local wind power player to a global export hub with the right policy support, the Global Wind Power Energy Council (GWEC) said in a report released Thursday.
State government passes resolution to reject India’s controversial new forest act
A state government in India has issued an official resolution as a protest against the forest act recently passed by the federal parliament, amid concerns it could drive deforestation and biodiversity loss.
AMERICAS
WCI Markets: CCAs lift on historic auction settlement, WCAs slide into Q3 sale
California Carbon Allowance (CCA) prices climbed significantly following the Wednesday publication of an all-time high clear at the Q3 auction, while Washington Carbon Allowances (WCAs) slid going into their second auction in less than a month.
Experts caution against linked sectors in New York cap-and-invest regulation for transportation, building fuels
Experts advocated compatibility and alignment across multiple approaches in designing New York’s economy-wide cap-and-invest regulation related to transportation and building fuels, but cautioned against linking between sectors in a webinar on Thursday.
VOLUNTARY
“Surge” in nature carbon projects is tackling uncertainties, development agency says
An increase in the number of nature-based carbon sequestration projects is helping to reduce uncertainties around potential risks in these activities, according to a European development agency.
UPDATE – Large carbon project developer faces cash squeeze, pivots towards consultancy and project implementation
(Updates Wednesday’s article to adds details on former staff and contractors, current staff offers, and new business direction)
BIODIVERSITY (FREE TO READ)
INTERVIEW: Biodiversity too big for governments to act alone, UNDP director says
The private sector has a key role to play in developing National Biodiversity Strategies and Action Plans (NBSAPs) and achieving the $200-billion funding target for nature, according to Pradeep Kurukulasuriya, director and executive coordinator of environmental finance at UNDP.
Money tight as world launches global biodiversity fund
The Global Environmental Facility confirmed a global fund to exponentially scale action on biodiversity across 186 countries, but only two provided funds.
Global initiative launched to arrest nature crime
The governments of the US, Norway, and Gabon have joined the UN, Interpol, and a range of civil society organisations in setting up a global alliance to fight nature-related crime.
Report stresses need for policy consistency as governments set out to meet 30×30 target
Implementing aligned policies across ministries and avoiding vested interests will be a key factor for governments as they hammer out strategies to meet the Global Biodiversity Framework (GBF)’s 30×30 target, according to a report led by WWF US released this week.
Biodiversity megatrend is shaping the world, says asset manager Robeco
Biodiversity is a “megatrend” that will reshape human behaviour, company trajectories, and industry value chains, according to asset manager Robeco.
Biodiversity Pulse Weekly: Thursday August 24, 2023
A 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).
COMMENT
Without removals, no net-zero economy
Instead of a Carbon Central Bank approach, a functioning, future-oriented carbon market can address the challenges of liquidity constraints and residual emissions as the EU ETS cap approaches zero, writes Marcus Ferdinand of Veyt.
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CONFERENCES
Argus North American Biofuels, LCFS & Carbon Markets Summit – Sep. 11-13, Monterey, CA: Join 600+ key government representatives and industry stakeholders from across the entire biofuels value chain and carbon markets sector for three days of networking and knowledge exchange. Hear from leading policy makers from California, Oregon, Washington, Canada’s ECCC, Alberta, and British Columbia and industry experts from LanzaJet, BMW of North America, Morgan Stanley, Chevron, Southwest, Mercuria, Radicle, Phillips 66 and more. Take advantage of this opportunity to gather the latest policy and market insights and reconnect with industry peers. Learn more here.
North America Climate Summit – Sep. 19-21, New York City: The International Emissions Trading Association (IETA) looks forward to welcoming delegates to our flagship North America Climate Summit (NACS) 2023, an official accredited event of New York Climate Week 2023 and the UN General Assembly 2023. The Summit is the ideal forum to take stock of the world’s evolving net zero landscape and clean growth opportunities, and a zoom into North America. Hear from policymakers, business leaders and innovators who are leading the pack in building, scaling and collaborating on carbon pricing and markets for net zero. Register here
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BITE-SIZED UPDATES FROM AROUND THE WORLD
Carbon Pulse has teamed up with CME Group to provide its clients with regular updates on the global carbon markets. Check out these briefs for the latest insights on pressing trends and events impacting markets, published every other week. Registration required
INTERNATIONAL
Cut subsidies – The G20 group has invested a record $1.4 trillion into coal, oil, and gas in 2022, even though world leaders agreed to phase out “inefficient” fossil fuel subsidies at the COP26 climate summit in Glasgow, a report released by International Institute for Sustainable Development (IISD) think-tank says. The IISD also called on G20 leaders to end fossil fuel subsidies in rich countries by 2025 and in the rest by 2030. The report comes ahead of a meeting of G20 countries in Delhi next month that could set the tone for the next big climate conference, which takes place in the UAE in November, reports the Guardian.
Costly corporate carbon – The societal damages done by corporate carbon emissions are so large that, if the costs were truly accounted for, they would consume about 44% of companies’ profits on average, according to a study published Thursday in Science. The study introduces the concept of ‘corporate carbon damage’ as measure of the total costs to society associated with corporate emissions, which it finds has a high mean that is highly skewed towards the top (with a significantly lower median). Additionally, the severity of corporate carbon damage also varies greatly across firms within an industry, across industries, and across countries. The study also notes that its findings are largely derived from voluntary reporting that entails no penalties for misreporting and involves estimated emissions. Finally, it suggests that mandatory disclosure rules would reveal the true extent of these corporate carbon damages through facilitating reliable measurement and credible data, discouraging emissions by pricing in existing and future environmental policies, and incentivising firms to reign in environmental externalities.
Damage control – The US will be arguing to limit the use of Loss and Damage fund to a small number of disasters in a few countries at COP28. Two US officials told Reuters that the fund should focus on providing support to countries most affected by climate change, and prioritise areas that have not been covered by development banks or emergency relief funds. The US and EU are also in favour of rising economies like China contributing to the fund, despite its low per person income and small historic contribution to climate change. However, G77+China –the coalition of developing countries in the United Nations – have stated that they are all particularly vulnerable and should be eligible to receive the fund. (Climate Home News)
Tour of Africa – Indonesia state-owned energy company Pertamina signed an MoU with Mozambique company Buzi Hydrocarbons, it announced, after signing a similar deal in Tanzania. The agreement will see the two companies assess the potential of the oil and gas sector, including data sharing, as well as potential cooperation in the upstream, midstream, downstream and gas power generation sectors. Buzi has a 75% participating interest in the Buzi field in Mozambique.
Stabilising prices – Net additional renewable energy capacity under PPA (power purchase agreement) contracts will reach 106 GW in 2027, a global CAGR of 24%, according to a new report from global technology intelligence firm ABI Research. Corporates sign PPAs as a way of locking in power prices over the long term and guaranteeing sustainable energy supply. Uptake of PPAs is also likely to be more commonly advertised as companies seek to showcase their contributions to reaching net zero targets.
AMERICAS
Amazon rising – Carbon emissions in the Amazon forest soared during 2019-20 relative to the decade prior, according to Brazilian space research centre INPE. The study, published in Nature, found the forest’s carbon emissions amounted to 0.44 bln tonnes in 2019 and 0.52 bln tonnes in 2020, relative to an annual average of 0.24 bln tonnes from 2010-18, results derived from CO2 samples collected by hundreds of research flights over the region over the course of the decade. The publication also found that the number of fines imposed by enforcement agencies for illegal deforestation in the Amazon fell by half in 2020 compared to the levels recorded between 2010 and 2018. (Reuters)
Cali cash – As part of a partnership with the state, the University of California announced Thursday more than $80 mln in grants to help spur the implementation of solutions that will address California’s climate goals. The California Climate Action Seed Grants and Matching Grants will go to a total of 38 projects. Amongst other activities, these projects will mitigate wildfire risks, combat soil degradation and erosion, address water management in the state, and create land stewardship partnerships led by Indigenous communities. The aims of the selected projects include improving the health of farmworkers, increasing resilience of state water and power systems, and identifying innovative nature-based solutions for biodiversity degradation, sea level rise, and wildfire risk.
Portland’s climate overhaul – The Portland Clean Energy Fund has launched its draft five-year, $750 mln climate investment plan for the city to reduce GHGs and prepare vulnerable residents for the effects of climate change. The fund, managed by the Portland Bureau of Planning and Sustainability, is generated from a 1% tax on large retailers’ sales since its passage in 2018. It anticipates to raise $750 mln through 2028. The blueprint arrives following a major overhaul voted upon by Portland City Council last Oct. to improve transparency and accountability of fund distribution, with the draft plans going to Council vote next month. (Oregon Public Broadcasting)
ASIA PACIFIC
Renewables goldrush – If Southeast Asia were to bolster its renewable energy manufacturing capacity it could earn $90 bln to $100 bln in revenue by the end of this decade and add six million new energy jobs by 2050. The Asian Development Bank suggests in a new report it calls Renewable Energy Manufacturing: Opportunities for Southeast Asia that the region could lose up to 30% of its GDP in the same period thanks to climate change. It sees the way ahead via improving manufacturing capacity in solar PV cells, batteries and ‘electric two wheeler’ industries. This follows a commitment by the Association of Southeast Asian Nations to carbon neutrality and an ‘interoperable’ carbon-made market this weekend by the nations’ economic ministers.
Controversial disposal – Japan on Thursday began releasing treated radioactive wastewater from the devastated Fukushima nuclear power plant into the Pacific Ocean, a plan heavily criticised by China and civil groups in the region, according to CNN and Reuters. Around 200 or 210 cubic meters of treated wastewater will be discharged during the first day, and Japan will continuously release 456 cubic meters of treated wastewater over a 24-hour period and a total of 7,800 cubic meters over a 17-day period, according to state-owned utility TEPCO. The move has prompted China, which described the disposal as a “selfish and irresponsible act,” to announce an immediate ban on all seafood from Japan to prevent the risk of radioactive contamination of food safety caused by the discharge.
EMEA
Winter is coming – Germany’s energy industry representatives don’t expect threatening bottlenecks in energy supply during the coming winter, newspaper Die Zeit reports. The next winter is similarly challenging as the last one, said board member Tim Meyerjurgens at TSO Tennet. He added that, unlike last year, Germany is much better prepared, pointing out that gas storage facilities are well filled at 93% as of Aug. 20 and additional capacities have been built. (Clean Energy Wire)
AND FINALLY…
Hoaxes for POTUS – Former US President Donald Trump might not have been at Wednesday’s Republican presidential debate, but his energy policy and rejection of climate science took centre stage. Trump’s push for energy dominance cast a long shadow over the eight candidates onstage in Wisconsin, and all promised to essentially follow in his footsteps if they can overcome his massive polling advantage to win the nomination next year. Wednesday’s debate was hosted by Fox News, which frequently promotes climate disinformation to its large cable audience. Fox hosts have routinely rejected climate science and frequently host on their programmes climate deniers who falsely claim that recent heat waves, drought, and extreme storms have no connection to human-caused climate change. “The climate change agenda is a hoax,” said technology entrepreneur Vivek Ramaswamy, putting him in line with past comments by former vice president and current candidate Mike Pence and Trump. The Fox audience booed loudly after his comments. The debate came during a summer of deadly heat and wildfires fuelled by climate change. On Wednesday, the temperature spiked to at least 100 F (37C) in Milwaukee, Wisconsin, where the debate was held – a rare benchmark for the northern city. At least two of the eight GOP candidates – former South Carolina Gov. Nikki Haley and Sen. Tim Scott – acknowledge climate science. But they say that the solution to mitigating GHG emissions is to produce more US natural gas. (E&E News)
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