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TOP STORY

EU ETS verified emissions drop by more than expected in 2023, preliminary data shows

Verified emissions under the EU ETS dropped by at least 15% in 2023, according to the European Commission and four analysis firms’ calculations, with a huge fall in power generator CO2 output driving the the larger-than-expected decline.

EMEA

FEATURE: Low-carbon cement makers fatalistic over free EU ETS allocation rules

While industry frontrunners are developing ways of reducing the emissions-heavy clinker content of cement, critics say the EU’s free ETS allocation rules were designed for established production methods that effectively delay climate action.

Stakeholders urge EU to adopt robust low-carbon hydrogen rules

Industry, environmental NGOs, and think tanks have urged the European Commission not to rush when defining the rules of low-carbon hydrogen in an upcoming delegated act.

Greek ministers hint climate action will succumb to economic needs

Greece is expected to submit a not-so-ambitious climate plan, giving in to fears that its economy will not be able to sustain a fast decarbonisation, according to officials.

Euro Markets: EUAs drop for a third day after flat morning session as market continues wait for 2023 emissions data

European carbon prices fell for a third day on Wednesday, the bulk of the decline coming in the afternoon, as participants continued to wait for the publication of verified emissions data for 2023, while a delay to the weekly Commitment of Traders data dampened volatility.

Joint initiative gives more than 30,000 Nigerian smallholder farmers access to carbon finance

An agtech partnership with an emissions trading marketplace launched on Wednesday aims to provide more than 30,000 smallholder farmers in Nigeria with access to carbon finance.

AMERICAS

Stakeholders grumble about limited voluntary carbon market access, other design flaws in BC’s latest draft forest offset protocol

Stakeholders have criticised the latest draft of British Columbia’s second forest carbon offset protocol (FCOP 2.0) over the prospects of limited interaction with the voluntary carbon market (VCM) and for other perceived design flaws, according to a report.

LCFS Market: Prices tumble about 5% with reopening of large California renewable diesel refinery

California’s low carbon fuel standard (LCFS) prices fell around 5% this week with the reopening of a renewable diesel (RD) refinery flooding an already oversupplied market.

US DOE releases first blueprint for decarbonising national building sector

The US Department of Energy (DOE) has unveiled its first federal strategy for decarbonising the buildings sector, intended to reduce related greenhouse gas (GHG) emissions 65% by 2035 and 90% by 2050.

US steel producer inks first North American deal to capture CO2 at its plant

A US steel producer on Wednesday announced a 20-year agreement with a carbon capture technology firm to establish a CCUS facility at one of North America’s largest integrated steel mills.

ASIA PACIFIC

Advisor tells Indonesia to drop corresponding adjustments for voluntary carbon credits

Indonesia should not focus on applying corresponding adjustments to carbon credits sold abroad in order to better make use of the voluntary market to meet its Paris Agreement commitments, according to a think tank advising the Southeast Asian nation.

Laos may release draft carbon trading regulations by June -media

The Lao government is working on a decree to regulate the sale of forestry carbon credits to international buyers, with an initial draft likely to be ready around summer, local media reported Wednesday.

Australia’s Clean Energy Regulator expects ACCU issuance to reach 20 mln in 2024

The Clean Energy Regulator issued 17.2 million Australian Carbon Credit Units (ACCUs) in 2023, and expects this figure to rise to a record 20 mln in 2024, it said in its latest quarterly report, published Wednesday.

Australia puts out shadow carbon price guidance for electricity market starting at A$66/t

Australia’s energy regulator has released draft guidance on its ‘value of emissions reduction’ (VER), which will act as a shadow carbon price to help guide regulatory policy decisions related to the National Electricity Market (NEM).

China releases draft emissions guidelines for cement as ETS expansion nears, steel may come later

China has accelerated the work of adding cement to its national emissions trading scheme with the release of CO2 accounting guidelines, while it may take longer to include steelmakers amid data quality concerns.

VOLUNTARY

Local communities in Brazil sue voluntary carbon standard Verra for $24 mln in lost profits after project suspension

Three Brazilian community groups, stakeholders in a suspended REDD project certified by Verra, are attempting to sue the voluntary carbon standard for $8 million each ($40 mln Brazilian reais) in lost profits.

E-commerce platform invests millions in Brazilian voluntary carbon reforestation project

A Canadian e-commerce platform is investing $3.37 million in a reforestation activity in Brazil designed to support biodiversity and generate voluntary credits, in what represents a rare forest carbon investment for the company, according to an announcement Wednesday.

US carbon removal firm delivers first batch of CO2 removal credits from Indian project

A US-based carbon removal company has delivered its first CO2 removal credits from a project in India, the company announced on social media platform LinkedIn.

New partnership aims to scale voluntary carbon trade via live market data linkup

A data management company has teamed up with an online trading platform provide to deliver live voluntary carbon market information to customers, the two announced on Wednesday.

Canadian agricultural carbon credit project first to get approval from US-based registry

A regenerative agriculture project from a Saskatchewan-based carbon credit origination and streaming company was the first to receive approval by a nascent New York-headquartered registry, according to a statement released on Wednesday.

AVIATION

Lawmakers urge govt to hold UK aviation to account over emissions

The UK government has said it will not rule out measures designed to reduce demand for flights if its current strategy for curbing aviation emissions falls short, in a response to a report by lawmakers scrutinising the country’s decarbonisation plans for the sector.

BIODIVERSITY (FREE TO READ)

UN appoints German diplomat Astrid Schomaker as new biodiversity chief

The UN has appointed German environmental diplomat Astrid Schomaker as the next executive secretary of the Convention on Biological Diversity (CBD), ahead of the crucial COP16 biodiversity summit due to be held in Colombia later this year.

INTERVIEW: UK non-profit spearheads urban biodiversity credit project in Rio

Two non-profit organisations and a Brazilian financial institution have joined forces with Rio de Janeiro municipality to develop an urban biodiversity credit programme and standard, while planning five other projects around the world, Carbon Pulse has learned.

Full tradability not crucial for functioning environmental markets, Mirova says

The quality of each biodiversity or carbon project is more important than every initiative being tradable for the market to work, similar to trading bottles of wine, French asset manager Mirova has said.

Biodiversity credit developer, skin care firm team up for nature conserving body wash

An Australian biodiversity credit company has partnered with a local skin care product producer to launch a body wash and moisturiser set that will protect one square metre of a biologically rich area of coastal South Australia per unit sold, in what they hope will prove a use case for demand in the fledgling nature crediting market.

French biodiversity footprint provider raises $10 mln

Biodiversity footprint provider Iceberg Data Lab has raised $10 million at the first close of its Series A funding round, bringing the total raised to over $15 mln.

Consumption reduction widely overlooked as a strategy for protecting biodiversity, study says

The scientific community has overlooked the potential impact of reducing consumption and resource use on biodiversity preservation policies in recent years, a paper has said.

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CONFERENCES

European Climate Summit – April 16-18, Florence: To kick off its annual regional climate summit series this year, IETA looks forward to welcoming delegates to its flagship ECS2024 event, taking place in Italy. ECS comes at a key inflection point for the region’s carbon market. How will the European carbon market evolve in its next phase, which starts in 2031? Around the world, carbon markets are emerging at the fastest ever pace, with new emissions trading systems being developed from Brazil to Vietnam. More markets may mean more opportunities for international cooperation and linking, and some of these could come to Europe. The health of the voluntary carbon market is also a hot topic this year, as the market works to overcome challenges. Environmental integrity and robust quality assurance are at the top of everyone’s mind, and IETA’s ECS2024 will address these issues as well. To register, simply click HERE to join as a delegate. In-person event.

Next steps for the UK Emissions Trading Scheme – April 22, Online: Hosted by Westminster Energy, Environment & Transport Forum, stakeholders and policymakers will explore priorities for implementation and maximising the carbon market’s contribution toward the UK’s net zero strategy. Discussion will consider policy priorities, challenges for industries, and plans to expand the scheme to include domestic shipping and energy from waste. Sessions will also explore the auction reserve price, the forthcoming CBAM, and strategies to enhance the UK ETS’s efficacy while mitigating negative impacts. Book your place

Carbon Forward Turkiye – May 9-10, Izmir: With the launch of the pilot ETS in Q4 and a burgeoning voluntary carbon market in the country, this event will give attendees an understanding of the significant impact these schemes, as well as the EU’s CBAM, will have on your business. Full conference agenda coming soon. Secure your spot

Argus Asia Carbon Conference – May 13-15, Kuala Lumpur: Join over 200 industry leaders and senior government officials at the Argus Asia Carbon Conference in Kuala Lumpur on 13-15 May 2024. Connect with key players and explore new opportunities in the region as we discuss innovations in carbon technology, advances in voluntary and compliance markets, the impact of CBAM, financing, nature-based project developments, and more. With ministerial addresses and keynote sessions from Petronas and SaraCarbon, this is your opportunity to gain valuable insights on pan-Asia’s evolving carbon markets. Register

Argus Europe Carbon Conference – May 21-23, Nice: Plan your carbon strategy through market-driven decarbonisation solutions at the at the Argus Europe Carbon Conference on 21-23 May in Nice, France, as we examine the EU ETS and other global compliance structures, voluntary carbon markets and their intersection with carbon abatement industries. This year’s agenda covers the integration of the maritime sector into the EU ETS, the impact of Europe’s exported carbon price through CBAM, developments in carbon removal technologies, voluntary certification methods, and developments around diverse, high-quality credits from Verra and many other leading standards. Register your place to explore new opportunities within Europe and globally.

Carbon Forward North America – June 11-12, Toronto: Join us in the Great White North to hear about the evolving carbon pricing and climate policy landscape in North America. Whether you are an emitter, investor, developer, or a new participant in any of the continent’s carbon markets – compliance or voluntary – Carbon Forward North America offers you the opportunity to gain knowledge on both present and future policy developments and market opportunities. Explore the chance to meet the right people or source the right solutions to help you enhance your business prospects or minimise your risk. Come meet the region’s world-leading carbon market experts, compliance players, government officials, investors, project developers, analysts, brokers, and other stakeholders. Agenda to be released soon. To express an interest in speaking or sponsoring, please email michelle@carbon-forward.com

Carbon Forward Expo – October 8-10, London and Online: Save the date! More info coming soon…

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BITE-SIZED UPDATES FROM AROUND THE WORLD

INTERNATIONAL

Finance negotiations – Expert talks over the New Collective Quantified Goal for climate finance, taking place on April 23-26, need to cover a number of technical issues such how and where the money will flow, who will pay it, and how it will be tracked, according to recent submissions from the UK and US to the UNFCCC. The UK said discussions should seek to gain consensus on the goal’s overall scope, including the role of public funds. It also wants to cover the goal’s timeframe and what transparency measures are required. The US said the meeting needs to provide clear options for issues including how to determine the contributor base and the recipients, and potential metrics to demonstrate progress. The new finance goal, with will replace the goal of $100 bln per year by 2020, is set to be the biggest sticking point at November’s COP29 summit in Baku.

EMEA

Shipping strike – A two-hour strike in Spanish ports coordinated by the State Coordination of Sea Workers took place on Wednesday, protesting against the impacts of the EU ETS for maritime transport on port competitiveness and by extension, on employment. Simultaneously, a Coordinating delegation, made up of more than 30 representatives from the five zones of Spain, will participate in the Brussels demonstration to demand a real hearing in the Ports Sectoral Social Dialogue Committee European. They are calling for a say in the decisions that affect the sector and to warn about measures that could lead to the destruction of the port system, such as the recent implementation of the trading and emissions rights regime, the EU ETS. Shipping has been included under the EU ETS as of Jan. 2024, with the scheme applying to all large ships of 5,000 GT and above.

Clinging on – To what extent Germany should continue subsidising energy-intensive industries in order to secure strategic sovereignty is an ongoing topic of debate, as the low-carbon transition continues. Germany has comparatively high energy prices, leaving energy-intensive industries in the country facing key questions about their future. For example, Germany’s ammonia production could be threatened by production of green hydrogen using renewable energy in countries with favourable climate conditions. The country is committed to preserving its status as a strong industrial powerhouse, with government measures to secure strategic materials, reduce imports, and maintain expertise, however, the level of subsidies received by energy-intensive industries is a heavily debated topic. Manufacturing industries will benefit from a power price package worth billions of euros over coming years to shield them from high power prices, yet some economists argue that such subsidies are unworkable and that energy-intensive industry in Germany should instead be phased out. (Clean Energy Wire)

Rail resilience – UK government-owned company Network Rail plans to invest about £2.8 bln over the next five years to protect the country’s railways from the impacts of climate change and extreme weather. The funding will go towards measures such as improving the resilience of embankments, recruiting many more drainage engineers, training hundreds of extra staff to better interpret weather forecasts, and installing CCTV at sites with a high flooding risk. This spending is part of Network Rail’s £45.4 bln investment plan for the five years from April 1. The majority of Network Rail’s income will come from grants from the UK and Scottish Governments at £29.8 bln. (the Independent)

Taxpayers foot Shell’s bill – UK taxpayers are set to pay hundreds of millions of pounds to cover the cost of dismantling some of Shell’s dirtiest oil rigs in the North Sea, after it was ordered to strip thousands of tonnes of waste from three decommissioned oil platforms, the Telegraph reported. Shell has spent the last decade lobbying for an exemption from removing toxic sludge from the platforms in the Brent oil and gas field, claiming it would risk workers’ lives and harm taxpayers. The Ospar Convention, which protects the marine environment in the northeastern Atlantic, ruled last month that the waste would have to be removed. The Treasury therefore has to refund the oil major for the clean up project, in addition to the £600 mln in rebates Shell has claimed since 2018.

Cycling gets EU boost – The three EU institutions – the European Commission, the Parliament, and the Council of EU member states – inked a joint declaration on Wednesday in support of cycling. The declaration “recognises cycling as one of the most sustainable, accessible and inclusive, low-cost and healthy forms of transport and recreation and its key importance for European society and the economy”. It includes a call on EU member states and local authorities to develop cycling policies, such as “significantly increasing” cycling infrastructure across Europe and developing standards for vulnerable road users. The declaration also commits to support “high-quality jobs and the development of a world-class European cycling industry” as well as improving data collection on cycling to ensure effective monitoring of progress on implementation.

Hazy on details – European Socialists’ election manifesto is hazy on Green Deal details, with a lack of clarity on how they plan to inject the bloc’s climate strategy with more social policies, Politico reports. At the Socialists’ pre-election congress in Rome, many high-level speakers, from Spain’s Pedro Sánchez to Denmark’s Mette Frederiksen, barely mentioned climate policy. While those who did like former EU Green Deal chief Frans Timmermans, made the case for more climate ambition by noting that allowing global warming to spiral will only worsen inequality. Treading the tightrope between social equality and tackling climate change is difficult, with much of the anti-green backlash across Europe fueled by concerns that the energy transition will threaten jobs and make life more expensive.

ASIA PACIFIC

Extended – Australia’s Victorian state government has extended the deadline of applicants wanting to participate in its On-Farm Emissions Action pilot to Apr. 14, it announced Wednesday. The programme is an opportunity to learn about and assess on-farm emissions profiles and develop an action plan to measure and provide grants of up to A$5 mln ($3.25 mln) to reduce their emissions. The pilot programme was launched in 2022, designed to run over three years and support up to 250 Victorian farmers.

SAF development – Japan’s Mitsubishi UFJ Financial Group has teamed up with local partners to promote the production of sustainable aviation fuel (SAF) using used cooking oil from its 239 employee cafeterias, it said in a statement. Around 22,000 litres of waste cooking oil collected from the bank’s headquarters and branches will be sent to Saffaire Sky Energy, which aims to start production at Japan’s first large-scale manufacturing plant for domestically produced SAF from the second half of 2024 to the beginning of 2025, according to the statement.

AMERICAS

Meanwhile in Mexico – The advancement of Mexico’s ETS is expected to face delays until at least the end of 2024 due to a combination of factors including a lack of clear political will, regulatory uncertainties, and limitations in the execution capacity of Mexico’s Ministry of Environment and Natural Resources, as reported by S&P Global Commodity Insights. Originally, after a test phase, the operational phase of the ETS was scheduled for 2023, but delays in publishing operational rules have postponed its implementation. The pilot period began in late 2023, currently operating without cash transactions and allocating carbon allowances without monetary value. Market participants expect operational prices to range between $3-4/tonne, considering higher prices are said to be unfeasible for companies. Amidst these uncertainties, Mexican states like Queretaro, Guanajuato, and Tamaulipas are developing their own carbon pricing mechanisms to align with the national ETS eventually. Challenges include disparities in pricing across states, reflecting varied environmental priorities and creating complexities for businesses operating in multiple jurisdictions. Furthermore, concerns about the voluntary carbon market’s volatility and the need for better regulation led regulator SEMARNAT to propose draft rules for VCM projects, though the absence of a mandatory approach and the slow review of standards could pose additional risks. Currently, Mexico hosts 50 active projects under Verra and two under the Gold Standard, focusing on various sectors including energy and waste management. Despite regulatory and operational challenges, optimism remains that the upcoming national election could prioritise and reinvigorate the Mexican ETS, with both leading presidential candidates expressing interest in climate change and sustainability.

Carbon storage concerns – Members of the US House Bipartisan Climate Solutions Caucus sent a letter to EPA Administrator Michael Regan questioning the permitting and deployment that have plagued CO2 storage projects. The representatives asked the agency to produce a comprehensive report on the challenges it faces in process permits and state primacy applications, so that Congress can help address them. Signatories said they view CO2 storage as a technology that will play a vital role in decarbonising the US economy.

Nuclear gaps – A recent report by the US Government Accountability Office (GAO) found that the federal Nuclear Regulatory Commission (NRC) needs to more fully consider climate change’s possible impacts on nuclear power plants, as many of the country’s 94 operating commercial reactors were designed for a climate that no longer exists. GAO found that NRC primarily uses historical data in its licensing and oversight processes, rather than projections data. The GAO recommended that the NRC assess whether its existing processes adequately address climate risks and develop and implement a plan to address any gaps.

Grid overload – US power grid executives expressed concerns regarding the growing risks of blackouts amid the country’s shift to low-carbon sources, E&E reported Wednesday. The absence of policies to manage the transition from coal- and natural gas-fueled power plants to renewable energy and advanced technology could place the US on the brink of widespread blackouts. Transitioning away from fossil fuels will require more high-voltage electric transmission, and require substantial planning. But poor planning and coordination have slowed the development of clean energy projects, just as other sources of electricity generation, particularly coal, are being retired. As well, the upcoming election in November further adds to their worries, as existing climate policies could be in jeopardy in case Republicans replace the existing government.

Blocked road – Judge Benjamin Beaton of the US District Court for the Western District of Kentucky on Monday invalidated a federal rule that would require state and local transportation officials to set declining emissions targets for federally funded road projects, E&E reported Wednesday. Beaton’s decision follows a similar move by another judge in Texas, who last week also struck down the rule reasoning it was unauthorised.

Pipeline dates pinned – The North Dakota Public Service Commission (PSC) has denied requests to delay scheduled hearings on the proposed Summit CO2 pipeline, reported Prairie Public Newsroom. Lawyers for interveners from Burleigh County asked for a postponement due to scheduling conflicts, but the PSC Chairman Randy Christmann said the hearings should not be dragged out. Hearings are scheduled for Apr. 22 and June 4.

PA climate funding – State applications for up to $500 mln of the EPA’s Climate Pollution Reduction Grants were due Monday, of which Pennsylvania submitted a $450 mln application for its Reducing Industrial Sector Emissions in Pennsylvania (RISE PA) programme to subsidise new industrial equipment, electrification, and energy efficiency upgrades, reported E&E News.  The goal of RISE PA is to reduce the total industrial sector emissions by 5%, which equates to 4.5 MtCO2e, the state Department of Environmental Protection wrote in its Dec. 2023 request for information. RISE PA would support projects that re-equip industrial or manufacturing low carbon heat systems, CCUS, systems, energy efficiency mechanisms, and other industrial technologies designed to reduced GHG emissions.

RNG in Quebec – Biodigest America on Wednesday announced that it has signed a letter of interest to develop and finance a Renewable Natural Gas (RNG) project in the Saint-Nazaire d’Acton region in Quebec. The project will produce 105,000 MMBtu of RNG. The project will also encompass the production of biochar, the company said in a press release.

VOLUNTARY

Plan of action – Dutch carbon project developer DGB hopes to see issued its first batch of credits in Q3 2024, and is also in the process of securing an ITMO agreement, which it expected to be formalised by the end of the year. DGB intends to secure a letter of authorisation from a host country for at least one project by Q4 2024, the firm said in a roadmap published Wednesday. The developer has a pipeline of around 60 mln credits, aiming to grow this to 75 mln by the year-end, and said it has three activities awaiting validation, expected to be complete before the end of September. The company recently launched a biodiversity pilot project in Australia.

UK island plants trees – The Manx Wildlife Trust, an environmental consultancy, has launched an afforestation project on the Isle of Man in the UK that will sequester more than 3,000 tonnes of CO2 over the next 50 years. The carbon credits at both MWT Creg y Cowin Nature Reserve and The Crossags Fields on the island are being verified by the Soil Association, using the UK Woodland Carbon Code. Three local businesses have already pre-purchased some credits to help fund buying the land and managing the project in the future. The income generated by the carbon credits will be used to pay off a low interest green loan from Lloyds Bank International which was raised to purchase the land.  The carbon project is the first of its kind on the Isle of Man.

CDR update – Standard body Puro.Earth has opened a consultation on its updated Geologically Stored Carbon methodology that was first published in 2021. The methodology covers the capture, transport, injection, and storage of eligible CO2 streams, and provides improved requirements for the robust quantification of CO2 Removal Certificates (CORCs), the Puro carbon unit, within suitable regulatory frameworks. The key updates include issues such as eligible sources of CO2, capture and storage processes, rules on baseline scenarios, quantification of CORCS, and data collection and monitoring. The consultation runs from April 3-24.

Waste not… – The first project to generate voluntary carbon credits from waste recycling has been registered in Russia. The project is expected to lead to an annual reduction of GHG emissions of 400,000 tonnes of CO2. The project, developed by the SRO association of waste users, together with the DeCarbon company, aims to cut GHG emissions through the use of waste lubricating oil regeneration technology, which will be implemented at the Delfin Group enterprise (Pushkino). In future, the association plans to develop methodologies for almost all types of generated waste and large-scale implementation of climate projects in the field of waste processing at the federal level, the release stated.

Cold comfort – Cryogenic ISO tank leasing firm Bofort has agreed to purchase carbon removal credits from Inherit Carbon Solutions, the companies announced Tuesday. No details were provided, including the quantity of units or price paid. Norway-based Inherit specialises in removal technologies that use waste water and food waste. Inherit last month announced a deal with Drax, which will see the British energy firm buy 1,000 tonnes of bioenergy with carbon capture and storage (BECCS) removals credits from for €400 each.

SCIENCE & TECH

Australia’s bleak boiling frog problem – One of Australia’s leading policy think tanks suggests a new form of disaster preparedness is needed in the nation as the population becomes blase about the effects of climate change. The Australian Strategic Policy Institute (ASPI) said that even as disasters are getting worse, the population is becoming more habituated to them and their reference point for normal conditions is based on their experience of weather events between two to eight years ago. “Climate change may be becoming the ‘new normal’ in all the wrong ways,” it said, noting the ‘boiling frog’ effect on perceptions. This comes even as weather events in states like Queensland are becoming worse. Recent government data shows that in the past three years, 60 of the state’s 77 local government areas (LGAs) have suffered three or more major climate-related disasters. In the same period, almost one-third of them have endured five or more disasters, a massive increase from a decade ago, it said. This cannot just be attributed to El Nino, either. “This will require addressing a profoundly separate set of strategic challenges, beginning immediately.” 

AND FINALLY…

Never EV-er – Americans are showing greater resistance to buying electric vehicles, whose prices are out of reach for most car customers, according to a new report. The survey from Boston Consulting Group found that while nearly 40% of US drivers who use only gasoline-powered cars are considering switching to an EV for the first time this year, they could be deterred by the driving ranges and price tags of existing models. “There are people who have very low price needs and very high performance expectations,” said Rob Grosvenor, a partner at Boston Consulting Group and one of the authors of the analysis, in an interview with E&E News. The findings add to research showing that while many Americans are interested in EVs, they may be more hesitant to buy them than a first wave of consumers years ago.

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