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TOP STORY
BRIEFING: Who are the small industrial emitters covered by the EU’s ETS2?
Small industrial emitters falling under the “other” sectors covered by the EU’s Emissions Trading System for road transport and heating fuels, ETS2, are typically German installations burning fossil gas in plants of less than 20 megawatts, analysts say.
VOLUNTARY
FEATURE: Peru’s REDD+ overhaul in doubt as Verra-linked reforms face backlash
Peru is promoting initiatives to crack down on over-crediting and protect the reputation of Amazonian carbon credits, but industry pushback to reforms linked to Verra, and falling issuances, raise questions about how feasible the voluntary carbon market (VCM) overhaul is in practice.
After setback, Verra still mulling how to achieve Phase 1 CORSIA eligibility
Verra has yet to decide the best way to achieve full eligibility under Phase 1 of CORSIA, the standards body revealed Wednesday, a month after it was denied full approval under the UN’s aviation emissions offsetting scheme.
BRIEFING: New demand, de-risking to scale voluntary carbon market, says industry
New voluntary carbon market (VCM) demand drivers and increasingly mature de-risking measures are poised to scale the VCM but need more traction, according to a panel of industry experts speaking Wednesday.
Removals buyers club signs CDR offtake agreement with concrete CO2 mineralisation tech developer
A carbon dioxide removal (CDR) venture has made an advanced purchase of CDRs from mineralised CO2 in demolished concrete from multiple projects across Europe, it announced Tuesday.
Soil carbon prices in India need to rise 60% to incentivise conservation agriculture -study
Soil carbon prices in India will need to increase by 60% to encourage wider adoption of conservation agriculture for carbon credit generation in India under Verra’s VM0042 methodology, a study published this week in the journal Nature suggests.
INTERVIEW: Durable carbon removals present new challenges, risk profile for insurance
Carbon insurers, previously focused on nature-based solutions (NBS) credits, are entering the arena of durable CO2 removals (CDR) and adapting existing insurance strategies to suit a new risk profile, according to a specialist speaking to Carbon Pulse.
DAC and carbon storage companies team up for removals project in Kenya
A direct air capture developer is teaming up with a carbon storage technology company to create a value chain for extracting CO2 from the atmosphere and permanently storing it underground, helping to streamline the sale of carbon credits, it announced on Wednesday.
Backed by $5 mln USDA grant, agtech startup seeks to earn carbon credits through hydroponic farming
An Atlanta-based agtech startup is seeking to generate voluntary carbon credits through indoor hydroponic vertical farming, with funding from a $5 million US Department of Agriculture (USDA) grant.
EMEA
EU lawmakers make final appeal before elections to save the Green Deal
Members of the European Parliament made one last rallying cry to salvage the Green Deal this week, as the bloc’s flagship climate neutrality programme faces an uncertain future with the prospect of a larger far-right presence following upcoming EU elections.
BRIEFING: Sweeping corporate due diligence law, requiring climate transition plans, passes EU Parliament
The European Parliament approved sweeping new rules on Wednesday that will oblige companies to mitigate their negative impacts on human rights and the environment and adopt energy transition plans.
EU passes law making carbon tracking obligatory for goods sold in Europe
The European Parliament gave its final green light on Tuesday to new eco-design rules that will make it mandatory for companies to track and report about the carbon content of products placed on the EU market, alongside a range of other environmental footprint indicators.
EUA prices set to begin sustained rally as market faces up to annual deficits after 2024 -analyst
European carbon allowance prices are expected to embark on a sustained rally in the near future as the current 100 million-tonne annual surplus in supply dwindles to become an annual deficit of as much as 300 Mt after the end of the REPowerEU programme, according to a veteran analyst.
Euro Markets: EUAs claw back early losses in energy-fuelled rally as COT shows larger cut in fund shorts
European carbon prices fluctuated in a €2.70 range on Wednesday after relatively rangebound trading on Tuesday as prices moved in sync with swings in energy markets, while the publication of weekly Commitment of Traders data that showed the biggest reduction in investment funds’ bearish bets in a month failed to generate a significant response from the market.
Italy warned against falling short on climate targets at G7 ministerial
Climate experts are calling on Italy to support stronger commitments for renewables as G7 nations prepare to meet over the weekend to discuss climate action for the first time under the country’s leadership.
ASIA PACIFIC
ANALYSIS: Japan’s inclusion of CDR credits not expected to stir enthusiasm in domestic carbon market
Japan has opened the door to the use of international credits from carbon dioxide removal (CDR) projects in its domestic carbon market, though market response might be tepid due to the entry threshold and the limited scope of eligible projects.
Thai bank teams up with consultancy to decarbonise energy, agriculture sectors, promote carbon trading
A Thai state-owned bank has signed a Memorandum of Understanding (MoU) with a Bangkok-based climate consultancy to support domestic businesses and farmers in meeting their decarbonisation goals through trading of carbon credits and renewable energy certificates (RECs), it said in a statement.
Korean steelmaker to launch combined blue carbon, marine biodiversity conservation project
One of the world’s largest steelmakers has teamed up with government agencies to increase carbon sequestration and protect marine ecosystems in South Korea, using steel by-products to help cultivate seaweeds.
Australia’s largest resources export state fails again to buck emissions trend
Carbon emissions rose in Australia’s main gas-exporting state in 2022, government data showed Wednesday, making it tougher for the country to meet its obligations under the Paris Agreement.
Australia’s Woodside sees climate plans rejected by AGM
Australia’s Woodside Energy saw its climate action plan rejected by shareholders at its annual general meeting in Perth on Wednesday with nearly 60% of investors voting against it, while the chairman suffered one of the largest shareholder revolts recorded for an ASX50 company in recent years.
AMERICAS
US rating agency partners with offset platform to launch “highly-rated” carbon credit portfolio
A carbon offset buyer platform will offer a portfolio of credits vetted by a ratings agency to be “highly-rated” as part of a newly formed partnership announced Wednesday.
US DOE invests $23 mln in CCS for enhanced oil recovery
The US Department of Energy (DOE) on Wednesday announced funding worth over $23 million for two projects that will assess the feasibility of carbon capture and storage (CSS) for enhanced oil recovery (EOR).
ARB issues smallest volume of offsets in nearly two years
California regulator ARB issued the smallest number of compliance-grade offsets in almost two years, but maintained its year-to-date totals above 2023 levels, data published Wednesday showed.
Canadian insurance subsidiary piles C$6 mln into nature-based removals, conservation
A Candian subsidiary of a UK insurance multinational has provided C$6 million ($4.4 mln) to a non-profit towards the development of nature-based carbon projects and conservation efforts, it announced Wednesday.
INTERNATIONAL
Green industrial production set to migrate to renewables-rich countries -study
The production of energy-intensive green steel, chemicals, and hydrogen is likely to migrate from countries with limited renewables resources to those with abundant supply over the next two decades — but that does not have to result in a deindustrialisation for those that lose the operations, according to a study published on Wednesday.
BIODIVERSITY (FREE TO READ)
Ecosystem ‘tipping points’ poised to severely harm global economy, study warns
Policymakers should recognise and properly assess the economic risks posed by ecosystem ‘tipping points’ (ETPs) in order to preserve global financial stability, according to researchers.
EU Parliament accepts farm policy U-turn undoing nature protection
The European Parliament gave its green light on Wednesday to review the EU’s agriculture rules, in a dramatic political U-turn that will weaken requirements for climate action and nature protection.
EU Parliament votes for ratification of high seas treaty
The EU Parliament has voted in favour of the EU ratification of the UN’s Biodiversity Beyond National Jurisdictions (BBNJ) treaty during a plenary on Wednesday, paving the way for member states to move their national processes along swiftly.
UK nature degradation could cost economy £70 bln in next five years -report
Long-term nature-related risks could cost the UK economy up to £70 billion – or 3% of GDP – by the late 2020s due to a slowdown in growth, the Green Finance Institute (GFI) found in a “first of its kind” research published Thursday.
Bhutan govt, NGO coalition pledge to mobilise $1 bln for tiger preservation
Bhutan’s government and a group of conservation NGOs have committed to catalyse $1 billion to protect tigers and their habitats over the next decade.
CreditNature method receives independent accreditation
CreditNature has achieved a “world first” by receiving accreditation from an independent accounting framework for its ecosystem restoration methodology, in a move that could help scale nature markets, it said Wednesday.
INTERVIEW: Plastic credits for waste recovery can help plug financing, regulatory gaps
Plastic credits should be used wherever there’s a financing gap to make plastic collection happen and as a bridge to extended producer responsibility regulation, while they should be sufficiently expensive to dissuade plastic makers from producing the waste in the first place, according to a developer of track and trace software for waste recovery.
BRIEFING: Over half of APAC’s economy directly dependent on nature, highly vulnerable to nature-related risks
Countries in the Asia Pacific region are highly vulnerable to nature-related risks, including loss of biodiversity, an increase in pollution, and the non-availability of freshwater, and the failure to address these losses could lead material financial risk for companies and institutional investors, panellists told a webinar Wednesday.
Australian state to develop guide to reduce biodiversity impacts from renewable energy projects
The Australian state of Victoria is committing A$3.8 million ($2.5 mln) to develop tools and guidelines for renewable energy project developers to avoid harming local biodiversity, it announced Wednesday.
US administration targets protecting three mln ha of wetlands by 2030
President Joe Biden’s administration has launched a programme to restore and protect 3 million hectares of wetlands and 160,000 kilometres of rivers in the US by 2030, with over 100 NGOs, Tribes, and local governments joining the initiative as early members.
COMMENT
ECOSYSTEM MARKETPLACE – Companies and Carbon Credits: From Anecdote to Evidence
The SBTi’s recent announcement about offset use against Scope 3 emissions was a significant milestone for the VCM, but it is already rekindling the debate between market proponents and critics. What does the evidence regarding carbon credits say, and why does this matter for nature?
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CONFERENCES
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 and Online: 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. We are allocating a limited number of free passes to attendees representing medium- and large-sized companies that buy and retire voluntary carbon credits. If your firm is an end-user of carbon offsets and is not a major energy producer or supplier, contact us to apply for a free pass (1 per company). Otherwise, 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
EMEA
Dwindling fossil fuels – The share of UK electricity generated from burning coal and gas fell to a record low of 2.4% on Apr. 15, lasting for one hour, according to analysis by Carbon Brief. In 2024, there have been a record 75 half-hour periods when fossil fuels met less than 5% of demand. This compares to five such periods during the whole of 2022 – and just 16 last year. The goal set by National Grid Electricity System Operator (NGESO) to run the country’s power network without fossil fuels for short periods by 2025, is therefore getting closer. The first-ever period of at least 30 minutes of “zero carbon operation” is most likely to come in Autumn 2025, according to NGESO. The two key challenges of getting there are firstly, having enough low-carbon electricity supplies to be able to cover demand during a given half-hour period, and secondly, having the technical capability to keep the grid stable without fossil fuels. Fossil fuels now regularly meet less than 10% of daily electricity demand in Britain, with the daily average fossil fuel share falling to a record low of 6.4% on Apr. 5, 2024. Until 2022, the daily average had never been below 10%.
1 bln trees for France? – President Emmanuel Macron has pledged to plant 1 bln trees in France over 10 years, but environmentalists question whether this programme will achieve its stated biodiversity and climate objectives, Euractiv reports. The French ministry for agriculture said 67.5 mln trees had already been planted thanks to public funding but some fear that Macron’s initiative is too focused on the commercial benefits of forestry and promotes ‘clear cutting’ of forests to replace existing trees with new ones. French NGO Canopee, told Euractiv that 10,000 hectares of healthy well-established forests (including 6,500 hectares in protected Natura 2000 areas) were razed to benefit from this aid and replanted for industrial purposes. The Ministry of Agriculture responded that where trees had been felled, this was “to stem the spread of parasites and replant species adapted to climate change”. (Euractiv)
No greenwashing here – Italy’s Council of State has overturned a €5 mln fine against oil firm Eni, previously imposed by the Competition and Market Authority (AGCM) for alleged greenwashing in its advertising of Diesel+ fuel. The Council rejected AGCM’s claims that Eni’s marketing practices were unfair, finding that using “green” descriptors is legitimate for products like diesel that are relatively less polluting due to their biofuel content. Eni defended its claims by highlighting the environmental benefits of the 15% HVO (hydrogenated vegetable oil) biofuel component in Diesel+, asserting it was less polluting than traditional fuels. The decision reaffirms the permissible use of green claims for products that still impact the environment but offer a comparative reduction in emissions.
Dangerous Scottish times – Scotland would have needed a nine-fold increase in decarbonisation to reach a recently cancelled target to cut emissions by 75% by 2030, Chris Stark, the outgoing head of the independent Committee on Climate Change, told Scottish lawmakers, according to the BBC. The Scottish government dropped the 2030 target after the nation missed eight of its annual targets, making it unachievable. It says the goal for net zero emissions by 2045 remains intact. Stark gave the government credit for taking the “difficult step” of admitting that the 75% cut was out of reach, but stressed that policy is needed to steer and incentivise the private sector towards decarbonisation. The next year will test the government’s seriousness on the net zero target, depending on how it fills a policy gap that could otherwise be filled by “nefarious voices”, Stark said.
Career ladder – Spain’s Energy and Environment Minister Teresa Ribera will lead the list of Spanish socialists to the EU Parliament, with elections (June 6-9) approaching. We saw her fighting for climate at COP28 while leading negotiations under the EU Spanish presidency, which might put her in the race for a top climate job at the next EU Commission as she is likely to become Pedro Sanchez’s candidate for a commissioner’s post.
Bury a ‘friend’ – In a historic move, the EU Parliament voted today to approve a recommendation of withdrawing from the highly-controversial Energy Charter Treaty (ECT), established in 1994 to govern trade and investment in the energy sector. Read our last update and fact file, while we look at the remaining signatories to find out what’s next for them.
ASIA PACIFIC
Delayed meeting – Taiwan’s environment ministry has decided to postpone the next carbon levy committee meeting to early May, as the government is still working on the relevant sub-laws about the carbon pricing framework, state-owned Central News Agency reported. At the upcoming meeting, the committee is set to discuss the three sub-laws and the existing practices in neighbouring countries such as Japan, South Korea, and Singapore. In order to begin imposing a carbon levy on major emitters next year, the ministry was previously set to finalise the details of the pricing scheme by the end of March. However, no announcement has been made so far as a newly established review committee has yet to decide on the exact rates.
Stop the investments – The Toxic Bonds Network, a global coalition of climate organisations, on Wednesday sent letters to the CEOs of Bank of America, Citigroup, Standard Chartered, and Mizuho, urging the banks to stop facilitating new bond issuance for South Korea’s state-run power utility KEPCO. The Korean power supplier – which has incurred a total loss of $36.5 billion over the last three years and generates 40% of its electricity from coal – depends on bonds as a significant source of revenue to maintain its coal business. “Despite issuing green bonds under the guise of climate action, KEPCO and its generation subsidiaries still only generate 2% of its electricity from renewables,” Evgeniya Lee, an associate at non-profit Solutions for Our Climate, said in a release.
You’ve got my back – South Korea’s National Institute of Environmental Research, part of the environment ministry, has signed a multilateral recognition agreement (MLA) in the field of GHG reduction and emission verification with the International Accreditation Forum (IAF), it announced this week. With the signing of the agreement, the scope of international mutual recognition will be expanded to include verification of GHG reductions (ISO 14064-2) and emissions under ICAO’s CORSIA offsetting programme, a government release showed.
New platform – Seoul-based CO2Network has launched United Net Zero Nation (UNZN), a large-scale crowdfunding platform that allows individuals to directly invest in global eco-friendly companies and carbon credit projects, according to a company statement. The new platform, featuring security token offerings (STOs), will encourage investments differentiated from the traditional financial system, the company said.
H2 highway – Australian green hydrogen company Hiringa Energy has launched the region’s first zero-emission green hydrogen refuelling network in New Zealand, the company announced. The hydrogen is made on site using an electrolyser powered by renewable energy, according to the company, with three stations now online across the country’s North Island, and 40 more in development across New Zealand and Australia. Partners on the project include K1W1, Mitsui & Co NZ, and Green Impact Partners.
AMERICAS
New rule – The EPA is set to release a new carbon rule for US power plants on Thursday that adjusts the timeline for implementing carbon capture technologies. According to E&E News, under the final rule coal plants will have until 2032 to capture 90% of their emissions, an extension from the previously proposed 2030 deadline. Conversely, gas-fired plants are required to install carbon capture systems by 2032, three years earlier than initially suggested in 2035. The rule also revises the operational threshold for future gas plants to be subject to the strictest standards, lowering it from facilities that operate 50% of the time to those operating 40% of the time. Additionally, the EPA has abandoned using green hydrogen as a benchmark for new gas plants, which now must capture or offset 90% of their emissions. The rule also sets a new deadline for retiring plants that cannot be retrofitted with carbon capture technology, moving it to Jan. 2039 from 2040.
Train pain – House Transportation and Infrastructure Chair Sam Graves and other committee Republicans are asking the US EPA to deny a request from California’s air pollution regulator to implement a rule that would make certain trains adhere to stricter emissions standards. Graves and his Republican colleagues — including Rep. Troy Nehls (R-Texas), chair of the panel that oversees railroads — hammered the proposal in a letter for being unworkable and called it a “misguided, dangerous, and illegal petition”. The letter argued that the rule would harm railroad employment, infrastructure investment and industry’s ability to serve the supply chain needs of the shipping industry. The requirement also would create inefficiencies, they argued, such as forcing railroads to switch locomotives at the state’s border or install electrification infrastructure in other states. (E&E News)
Clean vehicle cash – The US EPA announced Wednesday the launch of the nearly $1 bln Clean Heavy-Duty Vehicles Grant Program to fund the replacement of certain polluting heavy-duty vehicles with zero-emission vehicles. More specifically, the programme will support the adoption and deployment of eligible Class 6 and 7 zero-emission vehicles, while also funding zero-emission vehicle fueling infrastructure and workforce development and training. Across the US, over 3 mln Class 6 and Class 7 vehicles are currently in use, spanning a wide variety of vehicle types and vocations, including school buses, refuse haulers, and utility and delivery trucks, according to an EPA press release.
Nature-based Golden State – California will transform over 52.1 mln acres (21.1 mln ha) – more than half of its total land – to absorb carbon emissions, Governor Gavin Newsom’s (D) office announced Monday. The state has unveiled 81 targets for nature-based solutions to help achieve California’s net zero by 2045 target. Some 33.5 mln acres will be managed to manage wildfire risk, mostly through beneficial fire, while around 11.9 mln acres of forest will be managed for biodiversity protection, carbon storage, and water supply protection. Other efforts include boosting drought resilience, protecting fragile ecosystems, and restoration of native grasslands.
Raining RNG – France-based oil firm TotalEnergy and RNG producer Vanguard Renewables on Wednesday announced a joint venture to develop 10 RNG projects over the next 12 months, with the total annual RNG capacity of 0.8 TWh. Three of the projects in the agreement are currently being constructed in Wisconsin and Virginia, the firms said in a press release. In addition to developing the 10 projects, TotalEnergy and Vanguard will consider investing together in a potential pipeline of some 60 projects across the country for a total capacity of 5 TWh per year, they added.
LA legislature – A suite of Louisiana carbon capture and storage bills await the next senate committee before they may head to the Senate floor for a final vote in advance of a decision by Governor Jeff Landry (R). As of Monday, the following bills have been referred to the Senate Committee on Natural Resources: HB 492, which defines eminent domain authority related to CCS, or the power to take private property for public use; HB 966, which creates authority for unitisation of CCS reservoirs; HB 937, provides that landowners cannot be liable for actions related to CCS projects on their property; and HB 934, which directs revenue from CCS projects on state-owned land to the local government.
Live free or die – New Hampshire’s Senate Energy and Natural Resources Committee decided Wednesday that HB 1709 was inexpedient to legislate in a 4-0 vote, effectively killing the bill for this year’s legislative session. HB 1709, sponsored by House Representative Eamon Kelley (D), would have established a forest commission composed of lawmakers, agency staff, academia, public, and a conservation NGO to study the effects of forest carbon programmes in-state. However, HB 1697 continues on its legislative journey, as the same committee decided the bill ought to pass on a 4-0 vote, with a senate floor date for May 2.
All in for SAF – Airlines and farm groups have come together to support sustainable aviation fuel (SAF) in a letter sent to leaders of the House and Senate Agriculture committees, E&E News reported Wednesday. The letter advocated for Congress to ensure that SAF is eligible for USDA bioenergy programmes, receives favourable GHG emissions modelling, and urged inclusion of the Farm to Fly Act (HR 6271 and S 3637) in the next multi-year omnibus Farm Bill.
VOLUNTARY
General ambition – General Mills has released a comprehensive Climate Transition Plan aimed at reducing their value chain emissions by 30% by 2030 and achieving net-zero by 2050. The plan identifies several “climate levers” like agriculture, transportation, and new technologies, which together form the strategy to tackle emissions. Key components include a focus on regenerative agriculture, with a target to engage 1 mln acres by 2030, transitioning to 100% renewable electricity by the same year, and enhancing recyclability of packaging. The company has already reduced total value chain emissions by 7% and Scope 1 and 2 emissions by 51% since 2020. Additionally, General Mills said it is committed to developing a strong carbon offset market, though its immediate focus remains on direct emissions reductions rather than relying on credits. This plan aligns with the latest science-based targets and includes proactive engagements with suppliers to manage Scope 3 emissions effectively.
More Amazon funding – Concordia, a public-private sector convener, has announced a partnership with CrossBoundary Group’s Fund for Nature (FFN) to expand financing for nature-based carbon projects in the Amazon rainforest. This collaboration, unveiled this week during a session featuring former Colombian President Ivan Duque and other key figures, is part of the Concordia Amazonas Initiative. The initiative, launched in 2022, aims to implement sustainable, market-led solutions in the Amazon and will hold its 2024 summit in Guyana. The FFN provides up-front finance for projects in emerging markets, addressing the global underinvestment in nature-based solutions. This partnership focuses on expanding access to capital for high-integrity carbon projects in the Amazon, enhancing biodiversity protection and supporting local communities.
Competition time – Carbonfuture, a company specialising in what they consider to be high-integrity, durable carbon removals, has announced a partnership with XPRIZE to enhance the integrity of the CO2 removal (CDR) industry through stringent MRV. This collaboration supports the $100 Million XPRIZE Carbon Removal competition, funded by the Musk Foundation, which is a four-year global contest to foster innovative CDR solutions. The competition challenges 20 finalist teams to remove and sequester 1,000 tCO2 within 12 months, with the potential to scale to a billion tonnes. Carbonfuture’s digital MRV system will be used to gather performance data from the finalists, which will be verified using XPRIZE’s rigorous standards to ensure transparency and build trust in the efficacy of emerging CDR technologies.
SCIENCE & TECH
Rock you like a hurricane – A single hurricane could wipe out as much as 10% of New England total aboveground carbon storage, according to a new study published today in Global Change Biology. However, emissions from hurricanes are not instantaneous, but instead it can take almost 20 years for downed carbon to become a net emission and a century for 90% of the downed carbon to be emitted, the study said. New England is one of the most heavily forested parts of the US, with forests covering over three-quarters of the region’s land area, according to the study.
AND FINALLY…
Last of the southern wine – Wine production will be forced to move from the traditional terrain of southern Europe to the northernmost reaches of Britain, in places like Northumberland and Scotland, as climate change makes mid-latitude regions like southern France, northern Spain, and southern California, unsuitable for wine production, scientists predict. The study from Inrae, a public research institute for agriculture, food and the environment; Bordeaux Sciences Agro, the French National Centre for Scientific Research; and the universities of Bordeaux and Burgundy, found that increased heatwaves and erratic rainfall could wipe out entire vineyards from Greece to California by 2100, while the north of the UK is designated as a ”new wine region”. The researchers looked at two scenarios – one where warming stays within 2C and another where global temperature rise by 2-4C. Either way, they find that British wines will benefit at the expense of their Mediterranean counterparts. (Telegraph)
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