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TOP STORY
ANALYSIS: Voluntary carbon stakeholders react to SBTi pivot on offset use for corporate targets
A major announcement from the Science Based Targets initiative (SBTi) that now opens the door for offset use as part of validated corporate net zero targets has made waves in the voluntary carbon sector, with proponents of the decision lauding its demand implications for the market, and critics arguing that the move undermines the organisation’s role in the broader fight against climate change.
EMEA
EU to propose 2040 climate plan, ETS revisions in 2026, official says
The European Commission is planning to launch a public consultation on the EU’s 2040 climate target “in early 2025” with a view to putting a formal legislative proposal on the table the following year, a senior official has said.
EU carbon pricing revenue allocation criticised by ENGO
Concerns have been raised over how the EU allocates revenue from its carbon pricing mechanisms, specifically the Carbon Border Adjustment Mechanism (CBAM) and the EU Emission Trading System (ETS).
Lawmakers finalise first EU-wide regulation to tackle methane emissions from fossil fuels
The European Parliament on Wednesday approved the first EU-wide law aimed a cutting potent methane emissions from the energy sector, including fossil fuel imports.
FEATURE: Italy’s close ties to fossil fuel producer Eni jeopardise the country’s status as a climate leader
The Italian government’s close relationship with partly state-owned fossil fuel producer Eni complicates Italy’s plan to become carbon neutral by 2050 and threatens its reputation as a credible climate leader.
The EU’s carbon removal framework passes penultimate legislative hurdle
The European Parliament voted in favour of EU co-legislators’ deal on the world’s first framework to define carbon removals on Wednesday, bringing the legislation close to the finish line.
EU lawmakers agree to delay sector-specific sustainability reporting rules until 2026
The European Parliament agreed Wednesday to postpone by two years a deadline for adopting sector-specific European Sustainability Reporting Standards (ESRS), giving companies more time to adapt to the first set of rules.
Parliament rubber-stamps EU law on truck CO2 emissions
The European Parliament on Wednesday gave the thumbs up to an EU law aimed at cutting CO2 emissions from new heavy-duty vehicles by 90% as of 2040, while throwing its weight behind a harmonised system to measure emissions across different transport modes.
EU food ETS needed to reach global decarbonisation goals -report
A European Emissions Trading Scheme (ETS) that pioneers carbon pricing for food and agriculture is essential to reach global decarbonisation goals, argues a report published on Wednesday (April 10).
A European Green Deal 2.0 is necessary and beneficial, argues report
A European Green Deal 2.0 is not only necessary but beneficial to addressing economic challenges persisting across the EU, according to a report published on Thursday.
Euro Markets: EUAs give up week’s gains despite strong auction as COT shows funds rebuilding shorts
European carbon prices fell back after a strong opening as traders absorbed data showing that speculative investors had continued building bearish bets last week, shrugging off the biggest premium in a daily auction for two weeks, while energy markets snapped a four-day winning streak.
German state aid for clean industrial production cleared by Brussels
Brussels has given Berlin the green light to provide €2.2 billion of support for decarbonising industrial production processes, saying it fits under the EU’s framework for allowing state aid in times of temporary crisis and transition, the European Commission announced on Wednesday.
AMERICAS
California LCFS stakeholders call for increased stringency, biofuels remain controversial
Stakeholders voiced support for an increased step-down in the 2025 carbon intensity (CI) reduction benchmark, and expressed an array of enthusiasm, concern, and confusion regarding the role of biofuels in California’s transportation system, at an informal workshop on Wednesday to discuss proposed amendments to the Low Carbon Fuel Standard (LCFS).
ARB distributes all DEBs-tagged offsets in highest issuance of 2024
California regulator ARB issued the highest number of compliance-grade offsets thus far this year and all with direct environmental benefits (DEBs) to the state, raising year-to-date totals above 2023 levels for the first time, data published Wednesday showed.
California carbon offset greenwashing bill passes Senate committee
A California Senate bill that imposes stricter oversight on environmental claims using carbon offsets passed committee on Tuesday, despite industry opposition.
US Department of Energy to invest $18.8 mln in algae-based biofuels
The US Department of Energy (DOE) on Wednesday announced an $18.8 million funding initiative to advance R&D for converting algae and wet waste feedstocks into biofuels and bioproducts.
CO2 removals necessary to achieve US climate goals, but more federal support needed -report
The US may be a leader on CO2 removal technology (CDR), but greater federal support in driving demand, R&D, and demonstration and deployment is needed to fulfil national emissions reduction goals, a report published Wednesday found.
ASIA PACIFIC
Global investor to vote against Woodside Energy’s climate plan, chair re-election over carbon credit use
A global investor intends to vote against Woodside Energy’s climate strategy at its upcoming annual general meeting, in part over its reliance on carbon credits to meet the company’s Scope 1 and 2 emission reduction targets, it announced Wednesday.
Malaysian govt to incorporate state’s carbon trading bill into federal law
The Malaysian federal government has agreed to integrate the state of Sarawak’s carbon trading bill as part of the federal law which will be presented before Parliament for approval, according to local media reports.
Industry, scientists must work together to advance soil carbon, expert says
Soil carbon industry practitioners and soil carbon scientists need to be more open to learn from each other in order to build knowledge and consensus in the sector, an expert who has worked in both camps told a webinar Wednesday.
Study slams Taiwan’s biggest emitters for climate inaction
Taiwan’s biggest emitters are moving far too slowly on reducing their carbon emissions and shifting to renewable energy, risking imposing environmental costs to the tune of $20 billion on the economy while driving up electricity prices, according to a report released Wednesday.
INTERNATIONAL
A climate finance quantum leap is essential and achievable, UN’s climate boss says
The world’s major economies and multilateral development banks must lead the way in redirecting trillions of public and private funds towards climate action in the countries that most need it, the head of the UN’s climate unit said on Wednesday.
Global carbon emissions trading revenues rise 17% to record $74 bln in 2023 -report
A total of more than $74 billion was raised from 36 carbon emissions trading systems last year, up from $63 bln the year before, with strong momentum building for new mechanisms in emerging economies, according to research published Wednesday.
Carbon markets could support CCS development, but more is needed -report
Carbon markets could support carbon capture and storage (CCS) work but hurdles remain, such as return on investment, buyer appetite, and incentivising the entire chain including transport, according to a report released this week.
VOLUNTARY
EXCLUSIVE: Cookstove project developers poke holes in study alleging rife over-crediting
A consortium of offset developers is hitting back at a recent analysis alleging pervasive over-crediting by cookstove projects within the voluntary carbon market (VCM), pointing to what it calls doubts about the study’s reliability, in an open letter seen exclusively by Carbon Pulse.
Carbon accounting firm launches product to help metals and energy firms disclosure supply chain emissions
A carbon accounting platform has unveiled a solution aimed at helping corporates in the metals and energy sectors disclose supply chain emissions for both compliance and voluntary purposes, including for the EU’s Carbon Border Adjustment Mechanism (CBAM).
Carbon credits increasingly associated with biodiversity requirements -study
Two-thirds of the carbon credits generated by restoration projects and issued to date are associated with biodiversity-positive methodologies, though carbon standards following the UN Clean Development Mechanism (CDM) have failed to advance their nature requirements, a study has shown.
Standards body issues first carbon credits under new methodology for US-based algae bloom project
A carbon credit standards body has issued the first batch of credits for a nature-based solutions (NbS) project based in Utah in the US, it announced on Tuesday.
Two Brazilian states plan impending issuance of first carbon credits, expecting hundreds of millions more
Two Brazilian states expect the issuance of their first batch of carbon credits in the next week and within the next few months, and also anticipate volumes in the hundreds of millions more in the future, as both continue their efforts to develop the carbon market in their jurisdictions.
SHIPPING
Singapore faces biggest share of Asia’s €1 bln EU ETS shipping burden -research
The inclusion of shipping in the EU ETS is likely to impose €1 billion in costs for the Asian shipping industry, with Singapore bound to take on around a third of that, according to research published Wednesday.
BIODIVERSITY (FREE TO READ)
Think tank advises Indigenous Peoples to reject alliance biodiversity credit proposals
Indigenous Peoples should “explicitly reject” proposals for the biodiversity credit market as they will promote offsetting, a think tank has said.
INTERVIEW: Plastics treaty must reduce production to tackle pollution crisis
Upcoming negotiations at the fourth Intergovernmental Negotiating Committee (INC-4) meeting in Canada on a ‘global plastics treaty’ must set targets to reduce plastics production, a policy officer at Ocean Conservancy told Carbon Pulse, though the private sector favours recycling.
Priority biodiversity-related investments for climate adaptation revealed in UN-backed guide
Commercially viable biodiversity-related investments in developing economies for climate adaptation have been identified in a guide by Standard Chartered, KPMG, and the UN Office for Disaster Risk Reduction (UNDRR).
Biodiversity impact measuring tools have “glaring gaps” -study
The most commonly used tools to measure corporate impacts on biodiversity require urgent updates as they do not align well with the Kunming-Montreal Global Biodiversity Framework (GBF), according to a study released this week.
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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.
Eurelectric “Lights ON” Power Summit – May 22-23, Lagonissi, Greece: This is our biggest event gathering every year around 500 energy experts across Europe. This year, we’ll welcome more than 60 speakers to discuss:
- Getting Europe’s power infrastructure ready for net-zero
- Delivering on the EU 2040 climate targets
- Powering Europe’s industrial competitiveness with affordable energy
- Ensuring security of supply in more hostile energy geopolitics
- Implementing the electricity market reform
- Speeding up digitalisation
- Integrating renewables with biodiversity
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
Time to cough up – Western diplomats are gearing up for challenging discussions with China over its reluctance to contribute financially to global efforts aimed at assisting poorer countries in tackling climate change, Politico reports. Despite China’s economic growth and its significant contribution to global pollution, it remains exempt from funding obligations under the UNFCCC – a stance it has not shown willingness to change. This issue is expected to dominate the upcoming global climate negotiations, with calls for an expanded donor base to include wealthier and capable nations like China. European climate envoys, representing countries such as Germany, France, and others, plan to visit Beijing to seek clarity on China’s financial contributions to developing countries and to encourage participation in multilateral climate funds. The dialogue comes amidst criticisms of wealthy nations for not fulfilling their own climate finance commitments, with the US notably falling short due to domestic political challenges. The discussions also aim to address broader goals, including setting new emissions reduction targets to meet global temperature rise limits. However, expectations for significant progress on these fronts remain low amid geopolitical tensions and global shifts towards de-globalisation.
Less of the black stuff – Following the collapse of the Francis Scott Key Bridge, which led to the closure of the Port of Baltimore, the US Energy Information Administration (EIA) has significantly lowered its coal export forecasts. The EIA cut its April coal export forecast by 33% and by 20% for May, also revising its overall 2024 coal export outlook from a 1% increase to a 6% decrease. The Port of Baltimore, the second-largest US coal export hub, plays a crucial role in the country’s coal exports, with India, Japan, and the Netherlands being the top recipients last year. Approximately 28.1 mln short tons of coal, nearly 30% of US exports, passed through this port in 2023. Officials estimate a nine-to-10-week period for the port’s full reopening, with interim measures expected to restore partial functionality sooner. The EIA anticipates a recovery in US coal exports by late summer or early fall, contingent on the port’s reopening timeline and the ability of exporters to reroute through other ports. (The Hill)
Greener events – Curbing the emissions associated with large-scale events such as UN climate conferences is the focal point of a framework by the British Standards Institution (BSI) for which an updated version was recently released. The original framework released in 2012, ahead of the London Olympics and Paralympics, has received an update, including standards for emerging challenges such as tackling climate change, supply chain, and human rights within the events industry. The new version also addresses hybrid and virtual events and is designed to be more user friendly for SMEs, which account for most of the event supply chain. Further, the standard has been developed in line with global sustainability frameworks, goals, and reporting standards such as the United Nations Sustainability Development Goals (UNSDGs), Race to Zero, and the Paris Agreement on Climate Change. There has been much discussion about reducing the carbon footprint of COPs, with the Glasgow COP in 2021 breaking an emissions record with a carbon footprint of 102,500 tonnes of CO2, nearly 60% of which are estimated to have come from international flights. (edie.net)
EMEA
Risk and reward ahead – The introduction of the EU’s Carbon Border Adjustment Mechanism (CBAM) in 2026 is set to create significant disruptions and administrative challenges for European corporations but will also open up opportunities for emissions trading, according to traders. Speaking at the Financial Times Global Commodities Summit in Lausanne, Switzerland, Michael Curran, head of environmental products at Vitol, highlighted that the mechanism, while potentially chaotic, presents a trading opportunity due to the volatility and uncertainty it bring with it. CBAM aims to prevent carbon leakage in the EU by requiring industrial companies to purchase certificates that account for their carbon emissions, effectively acting as a tariff on imports from countries with less stringent climate policies. The mechanism, which started with reporting obligations for certain industrial imports last October, has already faced issues, such as data management challenges and server outages, complicating the initial reporting phase. Furthermore, the CBAM is expected to impact electricity imports into the EU, with concerns that it could reduce power flows over the new Viking Link between Britain and Denmark due to the additional costs of adjusting for carbon. (Montel)
Clean industry – The European Commission on Wednesday took stock of a series of “clean transition dialogues” it has held with key industrial sectors for the green transition. Five prioriries were identifed: 1) Simplifying the regulatory process; 2) Providing abundant and affordable energy; 3) Modernising the EU’s energy infrastructure, including power and transport grids; 4) Unlocking finance in areas like green hydrogen and by building the Capital Markets Union; and 5) Building a stronger single market for clean technology in Europe. Further details in the Commission’s Communication and related press release.
Dodgy wood supplies – Furniture makers in IKEA’s supply chain are sourcing wood from some of Europe’s last remaining old-growth forests, including in Natura 2000 protected areas, according to a new Greenpeace investigation. The study reveals that seven manufacturers producing IKEA’s all-time favourite products, are linked to the destruction of high-conservation value forests, with at least 30 different products from such suppliers found in IKEA stories across 13 European countries. The NGO is calling on the retailer to improve its wood sourcing practices to ensure that it no longer sources from Europe’s biologically diverse forests.
Eco-friendly cow burps – Retail chain Marks and Spencer is spending £1 mln to work with farmers in its milk supply chain to reduce methane emissions from cows through the use of a methane-reducing feed additive. The move is expected to slash up to 11,000 tonnes of GHG emissions annually, curbing the carbon footprint of M&S fresh milk by 8.4%. The retailer aims to achieve net zero carbon operations by 2035 and a net zero emission value chain by 2040, and is, it claims, the first retailer to introduce this particular type of new feed. Farming accounted for 11% of total UK GHG emissions in 2020. In addition, M&S has also set aside a further £1 mln to support clean tech innovations that could transform food and fashion value chains. Innovations to be supported include green hydrogen for food processing plants, support for regenerative agriculture and water stewardship, and fibre-to-fibre recycling in partnership with Oxfam. (edie.net)
Bad climate report card for Scotland – The Scottish government is not doing enough to engage the public on climate change and Scotland’s climate change targets, according to a report, which gathered the collective view of 23 members of the public selected at random to form a “Climate Change People’s Panel”. The panel concluded that the government has not communicated effectively with the public on climate change and that there is an inconsistency in communication, education, evaluation and the allocation of funding.
Adding to the piggy bank – Switzerland will continue to bolster the Green Climate Fund (GCF), with a contribution of 135 mln francs (€138 mln) over the next four years, with the funds dedicated to supporting developing countries tackle the impacts of climate change and supporting the reduction of CO2. The GCF is the largest global fund working to counter the effects of climate change, and has to date, invested in over 250 projects in 130 countries. These projects are expected to benefit more than a billion people and sustainably reduce global CO2 emissions by around 3 bln tonnes. Support for the GCF by Switzerland is part of the country’s contribution to global climate finance, and its pledge under the Paris Agreement.
ASIA PACIFIC
Slash sign-up – Foresta New Zealand has signed a 10-year supply agreement with forestry service provider PF Olsen to supply 150,000 tonnes per year of logs, stumps, and slash from Forest Stewardship Council forests. The logs will supply Foresta’s flagship facility that will produce torrefied wood pellets that when burned produce 90% less emissions than coal, as well as fossil-fuel free chemicals. PF Olsen is New Zealand’s largest independent forestry service provider and is responsible for planting around 30% of all new forestry in New Zealand, and manages over 160,000 ha of forestry resources in New Zealand. It also manages the largest harvesting portfolio in New Zealand and Australia, with a combined forestry harvest of over 4 mln t/year.
We need more – Japan will need new nuclear power plants to meet its 2050 net zero goal, according to Japan Times, which cited remarks by Toshiharu Sasaki, vice chairman of industry group FEPC. At least some reactors scheduled to retire by the mid-century will have to be replaced with newer units, Sasaki said. The Kishida government has been promoting the restart of idled reactors, though has not set policies to encourage the construction of new facilities. Japan’s existing target is for nuclear to account for as much as 22% of the power mix by 2030, up from the current level of less than 10%.
Chevron bows out – Chevron has finally walked away from its share of a Myanmar gas field that supplies the domestic market and next door Thailand more than three years after a military coup that killed thousands threw the country into chaos. It has handed over its non-operated share of the field to the other partners after earlier failing to sell it. Chevon maintained its stake in the Yandan field for years after other western operators left the nation post-coup, and after being unable to sell it to Canada’s MTI Energy has handed it over to Thailand’s PTTEP and Myanmar Oil & Gas Enterprise (MOGE). Chevron left on April 1 but the news has only become public now. “The withdrawal gives effect to our intention to exit Myanmar in a controlled and orderly manner, following the February 2021 coup and ongoing humanitarian crisis,” a statement provided to Carbon Pulse said.
ReNewing the way – Indian renewable energy company ReNew has announced that it has added 1,174 MW of solar and 768 MW of wind energy during financial year 2024. ReNew has contributed approximately 10% of India’s overall renewable energy generation, and is among the top ten renewable energy companies globally (ex-China). With a capacity close to 10 GW, the firm will generate 21 bln units of clean electricity which is enough to power 5.9 mln households, and avoid 17 MtCO2e annually, it said. During the past seven years, ReNew helped avoid around 72 MtCO2e, it added. India targets to achieve 500 GW of non-fossil fuel energy capacity and reduce its projected carbon emissions by one billion tonnes by 2030.
Steady as she goes – A study by Australia’s peak scientific body (CSIRO) has found Australians want a “moderately paced” transition to renewable energy and are unwilling to accept higher bills to pay for it, the ABC reports. However most Australians remain supportive of the broader shift to renewables and four out of five would “at least” tolerate living within 10 km of renewable energy infrastructure. Nearly half of the 6,700 survey respondents said the shift to renewables should be done at a moderate pace, while 40% wanted it to be faster and more extensive, and 13% said they preferred a low-change scenario. The CSIRO survey said 64% of respondents disagreed or strongly disagreed to pay more for electricity to support the transition.
AMERICAS
Rulemaking hiatus ends – California regulator ARB announced the next cap-and-trade public workshop for Apr. 23 to discuss potential amendments to the regulation, in a press release Wednesday. At the workshop, agency staff will review allowance budget scenarios and present on topics relevant to the Compliance Offset Program, market rules, industrial allocation, and specific emissions exemptions. This will be ARB’s sixth informal workshop in this cycle of rulemaking, with the last meeting held nearly five months ago. The regulator will accept public comments till May 8 – a truncated timeframe from their usual 45-day public comment period. Staff will post workshop materials on Apr. 22 at 1200 Pacific (2000 GMT). Today’s notice follows Tuesday’s release of the highly anticipated Standardised Regulatory Impact Assessment (SRIA) – an economic analysis evaluating the impact of ARB’s proposed amendments to the programme submitted to the Department of Finance.
Rules off the road – The US Senate voted 53-47 on Wednesday to repeal the Transportation Department’s Federal Highway Administration rule issued in December and stayed by a federal judge last month, rolling back 18 vehicle performance measures to track GHG emissions. Four Democrats and independents joined all Senate Republicans under the Congressional Review Act, which requires only a majority vote, to undo the executive branch rule. The measure is likely to be approved by the US House where the GOP hold a majority. The White House has said that the President would veto the measure if it passed both chambers of Congress, with a two-thirds majority required to override a veto.
VOLUNTARY
Check your work – 44.moles was tasked by Ecosia, a search engine that plants trees, to determine the health and carbon sequestration of a selection of their restoration sites in Tanzania, it said in a press release. Using mobile terrestrial laser scanners (LiDAR) and 44.moles’ software and methodology, the firm has conducted two studies of eight Ecosia restoration sites in Tanzania that are managed by the LEAD Foundation. The startup concluded that three forest sites could be further optimised by increasing the number of species, and that more carbon could be sequestered by the removal of shrubs around growing Acacia trees on some sites.
AI for carbon – Gold Standard is seeking an implementing partner to assess the potential of artificial intelligence (AI) to reduce barriers to access to carbon finance for smallholder rice farmers in Vietnam. This follows a partnership the standard entered into in 2022 with the International Rice Research Institute (IRRI), Vietnam and the Australian Department of Foreign Affairs and Trade (DFAT) through the Business Partnerships Platform (BPP) to implement the project “Scaling carbon markets access for sustainable rice producers”. The primary purpose of which was to develop the Rice Sustainability Hub, to enable greater access to carbon finance for smallholder sustainable rice producers. The desired AI would be implemented at different stages of the project development cycle, specifically project identification and feasibility assessment; and project development and operation.
INVESTMENT
Early-stage bets – Toyota Motor Corp. is allocating $300 mln to its venture capital arm to back early-stage startups focused on climate and so-called frontier technologies like carbon capture, Bloomberg reports. The infusion boosts Toyota Ventures’ total assets under management to over $800 mln, as companies globally pull back on venture activities amid a larger downturn. The fresh funding will be split evenly between the Toyota Ventures’ second climate fund, which backs the likes of hydrogen startup Ecolectro, and its second deep technology fund that focuses on science-heavy startups.
AND FINALLY…
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