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TOP STORY
Germany records biggest ever EU ETS emissions drop
EU ETS-covered emissions in Germany fell around 18% in 2023 compared to the previous year, the largest decline ever since the EU ETS was established in 2005, according to data published by the German Emissions Trading Authority (DEHSt) on Tuesday.
EMEA
Germany ‘lagging far behind’ on ETS2 implementation, gas industry warns
The amended Climate Protection Act that was signed into law in Germany on Monday puts pressure on the government to define guidelines for the introduction of the EU’s Emissions Trading Scheme for road transport and heating fuels (ETS2), according to the country’s gas industry association.
EU faces big funding gaps for climate priorities over next five years, report warns
The EU faces large funding gaps in delivering the priorities of its strategic agenda over the next five years, with climate change alone requiring much bigger investments and capital markets only able to fund about a third of it, according to research published on Tuesday.
Carbon pricing reforms, momentum on CCUS among priorities to kickstart UK clean industry -coalition
Reforms to UK carbon pricing and maintaining momentum behind carbon capture and storage (CCS) clusters are two of the 10 priorities identified by industry, academia, and civil society organisations to grow the UK’s clean industry.
European exchange posts significant rise in EUA futures trade
EEX’s European carbon trading volumes surged in the first six months of 2024, compared to the previous year, driven by “significant growth in order book activity” on secondary market EUA futures activity as a result of a new scheme introduced in 2023.
EU’s renewable hydrogen goals ‘unlikely to be met’, auditors say
The European Union is unlikely to meet its 2030 goal for domestic production and import of renewable hydrogen, according to the European Court of Auditors (ECA), who are calling for “a reality check” on targets they describe as “overly ambitious”.
Euro Markets: EUAs catch lift from strong gas markets but remain stuck in recent range
European carbon prices posted moderate gains on Tuesday as bulls and bears played tug-of-war for control of the market’s direction as firmer gas supported EUAs in the face of continued selling pressure, leaving the benchmark still trading in the same range it has occupied for the last month.
AMERICAS
BRIEFING: Everything you need to know about Trump VP pick JD Vance
Donald Trump on Monday announced Ohio Senior JD Vance (R) as his vice-presidential candidate, cementing the former president’s image as the preferred candidate for the pro-fossil fuels, anti-renewable energy, and climate science-denying US voter base. Here’s a summary of Vance’s record on climate and energy matters.
WCI Market: CCAs pummelled 10% lower as market repositions post-implementation delay to ETS changes
California Carbon Allowances (CCAs) have traded lower for six straight sessions after the release of ARB’s cap-and-trade informal rulemaking workshop slidedeck showing a delay in implementation of proposed changes pushed to 2026 that surprised market participants.
PacifiCorp loses cap-and-trade lawsuit as federal judge rules in favour of Washington state
Investor-owned utility PacifiCorp lost its lawsuit against the Washington Department of Ecology (ECY) after a US federal district judge dismissed the gas-fired power producer’s claims of discrimination under the state’s cap-and-trade programme, according to court documents filed Monday.
Puerto Rico files $1 billion lawsuit against oil majors for effects of climate change
Puerto Rico filed a lawsuit Monday against multiple international oil majors seeking $1 billion in damages for the effects of greenhouse gas emissions from their products, joining a litany of similar lawsuits seeking to hold fossil fuel firms financially accountable for the impacts of climate change.
US EPA awards $160 mln to advance emissions disclosures related to construction materials
The US Environmental Protection Agency (EPA) on Tuesday announced nearly $160 million in grants for 38 projects that support efforts to report and reduce climate pollution resulting from the production of construction materials.
Think tank releases guidelines for Canadian policymakers facing “trilemma” to achieve low-emissions supply chains
A Canadian non-partisan think tank on Tuesday identified trade-offs and policy options for lawmakers in their quest to decarbonise low-emission energy technology supply chains, while supporting national security and compliance with global trade rules.
INTERVIEW: Brazil’s interlocking carbon markets work to reconcile
Brazil must synergise its forthcoming ETS with the preceding RenovaBio carbon pricing scheme linked to biofuels production, according to a Brazilian economist, as regulatory uncertainty, financial speculation, and the unknown socioeconomic consequences of applying the schemes simultaneously provide shaky ground for successful implementation.
Dominican Republic signals Article 6.4 readiness, gears up for Paris carbon trading
The Caribbean nation, one of Latin America’s more engaged nations on Paris carbon markets, submitted its Article 6.4 ‘host country participation requirements’ document to the UN on Sunday, having already signed early-stage bilateral carbon trading agreements with Singapore in 2023 and Sweden in 2022.
Ecuador to resume carbon market debates, community benefits at stake -association president
Ecuador has long abstained from the voluntary carbon market (VCM), but now, pending legislative buy-in, it could boost benefits to communities over traditional results-based REDD payments, the country’s carbon association president said Tuesday.
ASIA PACIFIC
NZ Market: Healthy NZU volumes traded, but several hurdles still to clear, participants say
New Zealand’s carbon market has seen robust volumes of NZUs change hands in recent weeks, however the market is still in a wait-and-see mindset ahead of key government decisions and announcements.
India’s top agricultural state partners with non-profit, developer to generate agroforestry carbon credits
India’s largest farming state has partnered with a local non-profit and a Singapore-based developer for agroforestry projects across the state in order to boost farmers’ incomes through carbon credit revenue.
China releases low-carbon transformation plan for coal-fired power plants
Chinese regulators have released a three-year action plan for the low-carbon transformation of coal-fired power plants, with a focus on the development of co-firing methods as well as carbon capture, utilisation, and storage (CCUS).
Australia eyes 2025 start for Guarantee of Origin scheme
Australia is seeking to put legislation in place in time for a late 2025 start for its Guarantee of Origin (GO) scheme, the government said Tuesday.
South Indian state to implement ARR projects to protect state’s mangroves
A coastal state in the southern part of India is planning to implement afforestation, reforestation, and revegetation (ARR) projects to restore and protect mangrove forests in the state, local media reported Tuesday.
UK commodity house confirms launch of New Zealand carbon trading platform
A UK trading house has officially announced its presence in New Zealand, with plans to launch carbon trading platform in the country.
INTERNATIONAL
British government leading public-private initiative to bring carbon trading to COP29 host Azerbaijan
The UK government is leading a public-private initiative to launch a carbon market in Azerbaijan, where this year’s annual UN climate summit will be held.
VOLUNTARY
Carbon removal sector booms in 2024 with more sales in H1 than across entirety of 2023
This year has seen interest in durable carbon removal (CDR) credits soar, with more private sales recorded between January and June than there were across the entirety of 2023, according to a new report.
Wildlife Works, Everland publish new baseline allocation model for nested REDD carbon projects
Voluntary carbon project developers Wildlife Works and their brokerage arm Everland have presented a risk-based approach to setting deforestation baselines for ‘nested’ REDD schemes, which they say gives governments the option to allocate areas under higher risk of deforestation to meet jurisdictional climate goals.
DAC developer gets “Mammoth” confidence boost from one of its investors
The developer of the world’s largest Direct Air Capture (DAC) plant to date has signed a multi-year contract to remove CO2 from the atmosphere for one of its investors, it announced Tuesday.
Study reveals key role of mixed forests in carbon storage, biodiversity
Forest succession plays a crucial role in carbon sequestration and biodiversity, a new study has found, emphasising the particular importance of mixed tree species in these processes.
UN warns of increased corruption risks in carbon offsets market
The lack of regulations within the carbon offset market could potentially lead to increased corruption and consequently undermine climate efforts in the coming years, the United Nations Environment Programme (UNEP) warned this week.
Kenyan-based biochar developer aims for expansion after fresh investment
A Kenyan-based biochar developer has raised $1.3 million to scale operations as it eyes its goal of increasing CO2 removal capacity to 100,000 tonnes a year over the next 18 months.
BIODIVERSITY (FREE TO READ)
Over 130 businesses call for stronger nature policy before COP16
Some 132 businesses and financial institutions with combined annual revenues of $1.1 trillion have called for the governments of the world to strengthen their nature policies in the build-up to biodiversity conference COP16.
Investors have simpler ways of making money than biodiversity, research suggests
Some investors find making money through biodiversity too complicated compared to more traditional means, a pre-print paper has suggested.
Industry experts launch working group for ‘nature positive’ in built environment
A group of experts has banded together to develop a framework for defining “nature positive” in the built environment industry, aiming to avoid risks of unintentional greenwashing.
Amazon deforestation slashed by 83% in areas protected by Indigenous Peoples, study says
Deforestation rates on Indigenous-managed lands in Brazil’s Amazon region are up to 83% lower compared to unprotected areas, a paper has found.
307 local authorities processing biodiversity net gain applications in UK, lawyer says
Some 307 out of 327 local planning authorities are processing applications from developers linked to England’s biodiversity net gain (BNG) scheme, in a sign the market is beginning to function, a lawyer has said.
Biodiversity Pulse: Tuesday July 16, 2024
A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).
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MARKETPLACE LAUNCH
Supercritical launches a world-first in carbon removal: a multi-pathway marketplace with live pricing and availability data for 80% of the biochar market. This launch brings radical transparency to a traditionally opaque market. Underpinned by a rigorous 118-point vetting process, the marketplace ensures quality across biochar and other removal pathways. Real-time data empowers buyers to make informed decisions and transact effectively. Trusted by 1/3 of all corporate buyers, including The Economist Group and Virgin Atlantic, Supercritical is redefining carbon removal procurement. For companies committed to climate action, Supercritical offers a single place to navigate the carbon removal market. FIND OUT MORE
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CONFERENCES
Carbon Forward Expo – October 8-10, London and Online: Our flagship conference returns to the stunning De Vere Grand Connaught Rooms in Covent Garden. As the agenda comes together for our ninth annual event, we wanted to make sure you don’t miss out on our 20% discount offer, which ends Friday, July 19. We’re also offering free passes for offset buyers. Get in touch to find out if you’re eligible and how to apply. Register now!
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Premium job listings
- Environmental Markets Correspondent, Carbon Pulse – US/Canada (Remote)
- Head of Carbon Project Development (m/f/d) – Volkswagen ClimatePartner GmbH – Munich
- Director Carbon Procurement, KliK Foundation – Zurich
See all listings or post a job
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Climate security – NATO is paying more attention to the security risks of climate change, such as melting sea ice in the Arctic and Russia’s move to boost its military presence there and rising migration flows into Europe and North America from climate change-fueled events, a new report shows. The analysis shows that NATO allies are already experiencing climate change effects in the form of extreme weather, leading to military deployments to help civilian authorities, and the alliance’s military forces having to contend with more extreme weather and climate conditions. It also highlights the uptick in disinformation about climate issues by adversaries like Russia, which often have an interest in slowing down the energy transition, while disaster-related disinformation is another emerging trend, which seeks to impair NATO members’ ability to respond effectively. Further, climate tipping points, such as flooded cities, could fuel a rapid escalation of instability and displacement in regions already subject to climate stress, notes the report. Extreme heat can impair military operations, by rendering crews operationally ineffective, making helicopters unsuited to take-off, and imposing weight limits on cargo planes, the assessment notes.
EMEA
New EU power market rules – The EU’s reformed electricity market rules entered into force on July 16, aiming to provide more affordable prices to consumers and industry through the promotion of long-term contracts. Under the revised rules, Contracts for Difference (CfDs) will become mandatory as soon as governments step in to support the construction of new clean power generation capacity. Analysts caution, however, that the reform did not go far enough because it was put together hastily in reaction to the severe price spikes caused by Russia’s war in Ukraine. According to some, a more in-depth reform will be needed soon to adapt the market for a power system that is expected to rely on renewables for 69% of electricity production in 2030, up from 41% today. Read our story here.
HSBC eyes green infrastructure – The UK bank has set up a new climate-focused infrastructure unit, tasked with securing deals in low-carbon infrastructure finance and project finance, Reuters reported. HSBC Infrastructure Finance, headed by former UK government minister Danny Alexander, marks a return to project finance advisory work for the bank. It comes as HSBC and other banks increasingly look to align their operations with their corporate commitments for net-zero emissions by 2050. The new unit will oversee HSBC’s Pentagreen Capital joint venture, a sustainable infrastructure debt unit it created with Singapore’s investment firm Temasek.
Data discrepancies – Brussels is using incorrect data for its new EU deforestation law slated to enter into force later this year, according to claims by Australia and Brazil, who are among countries calling for the EU to delay the new regime. Several countries contend that the bloc could unilaterally bar imports of palm oil, leather, coffee, and a host of other goods from areas that should be exempt when the law comes into force on Dec. 31, due to discrepancies between different forest maps. The new law will ban goods from entering the EU market if they are deemed to pose a risk to global deforestation or forest degradation. However, Australia says that Brussels has yet to publish guidance on how to comply with the rules and several member states have yet to nominate a national authority to police imports. Two European commissioners have backed a pause until there is more comprehensive guidance for countries on how to comply, though Environment commissioner Virginijus Sinkevicius has said there are no plans to delay the law. (FT)
Tax conundrum – Green taxes on household electricity bills in the UK are holding back families from buying electric cars or making the heat pump switch, according to EDF Energy and Octopus Energy, two of the country’s largest energy suppliers. They suggest eco levies should be shifted from domestic electricity to household gas bills to encourage the take-up of cleaner technologies. UK electricity is currently four times more expensive per unit than gas for households, partly due to levies added to bills to support renewable energy and vulnerable households. The surcharges account for about 17%, or £142, of a typical household’s annual electricity bill. The previous Conservative government drew up plans to move the levies onto gas bills but hadn’t yet done so before the general election on July 4. However, moving the surcharges onto gas bills may prove controversial given that most UK households still use gas boilers, particularly in the wake of the energy crisis triggered by gas price rises. (FT)
Informal energy gathering – The EU’s 27 energy ministers met for an informal energy council 15-16 July in Budapest, though all sessions were closed door. They discussed the role of geothermal energy in the European energy mix, as well as implementation of the 2030 energy policy framework and the role of the national energy and climate plans (NECP). The ministers discussed the need for a specific heat pump strategy to accelerate their uptake in NECPs. Hungary’s energy minister stressed the need for the EU to develop a New Competitiveness Deal, that would go hand in hand with the energy transition.
Less meat, more veg – Retailers Ahold Delhaize and Lidl are first in line among European supermarket chains to align their protein offerings with human and planetary health goals, according to Madre Brava, a global environmental advocacy organisation, which assessed 15 of Europe’s largest supermarket chains for their climate and protein transition ambitions. Europe’s largest supermarket, Lidl, is committing to rebalance its animal and plant protein sales across all its 31 countries where it operates globally, while by end of 2024, Ahold Delhaize group said all its food retail brands across Europe will set targets to sell more plant proteins and fewer animal-sourced foods. Since meat and dairy are the largest source of emissions in a supermarket’s operations, targets to rebalance protein sales moves are critical to achieving net-zero climate goals. French retailer Carrefour told Madre Brava that shifting from animal to vegetal proteins will be key to meeting its Scope 3 emissions targets. A huge 93% of a supermarket’s total emissions come from their ‘Scope 3’ emissions with meat and dairy alone making up 51% of that.
Promising match – Kenya and Switzerland are approaching an Article 6 agreement, according to Kenyan news outlet KBC on Tuesday. “We are negotiating a carbon credit agreement mutually benefiting our two nations,” President Ruto reportedly said upon a bilateral meeting. Kenya is widely considered one of the heavy-hitters globally in the voluntary carbon market, while Switzerland, often operating through its delegated industry partner the Klik Foundation, has Article 6.2 arrangements in various stages of development with 16 countries. The foundation’s 2023 annual report indicated that the average carbon price in these deals is around CHF 35 ($39) for near-term credits currently under contract.
Cypriot CO2 tax – The government of Cyprus is considering a carbon tax levied to complement an existing fuel excise duty (Fast Forward). This would follow the latest study by the International Monetary Fund (IMF) from May, which stated support for a tax on transportation fuels and those outside the EU ETS. According to the IMF, the tax should start at 5 cents per litre in 2023, rising to 25 cents per litre by 2033 (€20/tCO2), and ultimately reaching around €100/t. For industries outside the ETS, the excise duty would start at 7 cents per litre and increase to 20 cents per liter by 2029 (€27/t), finally reaching €76/t. Trade unions have reportedly pushed back against plans for the tax, fearing its impact on lower- and middle-income taxpayers and businesses.
ASIA PACIFIC
Instrumental – Australia’s Reputex on Tuesday launched a new price assessment for human-induced regeneration (HIR) Australian Carbon Credit Units (ACCUs) on its platform to capture the market value for “project specific” contracting in the OTC spot market, it announced. It said the assessment provides improved transparency and price discovery for buy-side and sell-side participants entering the more opaque bilateral market. This will help counterparties determine the fair value of transactions for projects with specific attributes, while providing a more robust benchmark for the pricing of long-term contracts, according to the firm.
Fresh money – Climate tech startup Archeda has raised an undisclosed amount through a third-party allotment of new shares with DG Incubation, it announced Tuesday. The Tokyo-based company has been working to develop Green Insight, a monitoring solution for forest and other types of natural-based carbon credits using satellite data. With the new funding, Archeda said it plans to accelerate business and product development.
Extended MoU – The renewable energy arm of Indonesia’s state oiler Pertamina signed a non-binding Memorandum of Understanding to build a 500 megawatt solar power plant in Bangladesh. It is partnering with Coal Power Generation Company Bangladesh Limited. The project will be built in Moheshkhali, in the Cox’s Bar district of the nation, which has a planned LNG terminal for 2027. Indonesia and Bangladesh signed a government-to-government agreement seven years ago and Tuesday’s agreement is an update of this. “This strategic cooperation marks a step towards utilising renewable energy solutions and infrastructure development in Bangladesh,” Pertamina said.
And the winners are – World’s second-largest steel producer, ArcelorMittal, has selected three startups as joint winners of its inaugural XCarb India Accelerator Programme, launched in July last year, the steel major announced Tuesday. The startups, including UrjanovaC, AgroMorph Technosolutions, and Susstains Engineering Solutions, will receive a prize money of $50,000 along with mentoring for developing their technologies and business models. While UrjanovaC is developing a carbon capture, utilisation, and storage (CCUS) technology to support the decarbonisation of hard-to-abate sectors, AgroMorph Technosolutions is creating a modular, algae-based CCUS system designed to remove carbon from industrial flue gases and absorb nutrients from wastewater. Meanwhile, Susstains Engineering Solutions is developing a technology that aims to offer biochar to the steel industry as a replacement for coal.
Too weak – Kuala Lumpur-based environmental watchdog Rimbawatch has said that environmental impact assessment (EIA) processes have remained weak across all sectors in Malaysia, making deforestation a constant threat, New Straits Times reported. Due to this reason, projects involving deforestation in the mining, plantations, and other sectors, are being approved, the watchdog added. It said that recommendations to enhance Malaysia’s environmental governance must be sector-agnostic. Rimbawatch’s suggestion comes in as the country’s Public Accounts Committee (PAC) last week recommended that Malaysia’s environment ministry should amend the Mineral Development Act 1994 to enable better enforcement against illegal mining.
AMERICAS
Youth denied – The Ninth US Circuit Court of Appeals ruled on Friday that it will not revisit a youth climate lawsuit against the federal government, bringing a likely close to a nearly decade-old, groundbreaking legal challenge that spanned three presidential administrations, reported E&E News. The court rejected a request to reconsider a May ruling that quashed Juliana v. United States. The lawsuit had asked the courts to order the federal government to develop a plan to phase out fossil fuels and recognise the rights of US citizens to a stable climate. Without elaborating, the Ninth Circuit said that no judges of the court voted to rehear the May decision and denied a motion to toss out the earlier ruling.
Challenges consolidated – Eight challenges to the National Highway Traffic Safety Administration Rule for passenger cars and light-duty trucks will be consolidated at the conservative-leaning Sixth US Circuit Court of Appeals in Cincinnati, E&E News reported Tuesday. Lawsuits from 26 Republican-led states, alongside industry groups including the American Petroleum Institute have challenged the fuel economy rules in more conservative-leaning courts, while environmental groups eyeing more stringent rules filed lawsuits in more liberal-leaning courts. The rules, published June 2024, state that fuel economy will increase 2% per year for model years 2027-31 for passenger cars, while light trucks will increase 2% per year for model years 2029-31. Collectively, the increases will bring average light-duty vehicle fuel economy up to 50.4 miles per gallon by model year 2031, the US Department of Transportation said. The fuel economy standards are intended to complement the EPA’s emissions standards for light-duty vehicles which have seen similar challenges in federal courts.
DOE meeting – The US Department of Energy (DOE) will hold a meeting from Aug. 5-9 to share in the knowledge and insights gained by more than 150 DOE-sponsored projects from the department’s Office of Fossil Energy & Carbon Management (FECM) R&D programmes in carbon capture, CDR, carbon conversion, and carbon transport and storage. A mixture of plenary, multi-topic breakout, and interactive poster sessions will be used to share research results and provide opportunities for discussion and collaboration on the subject research efforts, both domestic and international. The meeting is opening to the public, although there are fees to attend, but all information shared has already been published in the public domain or will be made available after the meeting. Registration can be found here.
Meta asks – Tech giant Meta on Tuesday initiated a public Request for Proposals (RFP) to pursue CO2e reduction projects throughout its supply chain. Sectors and activities applicable to the RFP include trucking, production or offtake of low carbon cement or concrete, copper, and steel, shipping, and more. The firm intends to be “more prescriptive” with its project requirements and expected deliverables, as well as stricter with its considerations for emissions reporting under the proposals. Meta has set a target to achieve net zero emissions across its value chain by 2030.
Louisiana LNG – The US Court of Appeals for the District of Columbia court on Tuesday ordered the Federal Energy Regulatory Commission (FERC) to reassess the impact of GHG emissions from LNG producer Commonwealth LNG’s project in Louisiana, Reuters reported Tuesday. While the court did not overturn FERC’s approval of the project in 2022, it ordered the agency to reconsider the emissions following pushbacks from environmental groups. Five environmental groups, including the Natural Resources Defense Council, had sued FERC over the approval alleging that the agency did not consider climate and air pollution risks of the project. Commonwealth is yet to make a final investment decision (FID) for the project, and is expected to decide in the first half of 2025. If developed, the scheme is expected to ship 9.5 mln tonnes of LNG per year beginning 2028.
SK saga – Saskatchewan has struck a deal with the federal government over the carbon tax payment it has withheld from Ottawa, CBC reported Tuesday. Saskatchewan Justice Minister Bronwyn Eyre said the province offered a letter of credit and added that the province’s bank account is “safe for now” as it awaits the tax court to weigh in on the issue. Federal National Revenue Minister Marie-Claude Bibeau said the deal secures 50% of outstanding payment. Saskatchewan owes C$56 mln to the federal government and has broken federal emissions law in withholding payment, from which the province may be responsible for payment or fines or potential jail time for the responsible minister.
VOLUNTARY
Exchange launch – Abaxx Commodity Futures Exchange and Clearing house went live on June 28, 2024 using Clara Clearing system from Baymarkets, in order to deliver centrally cleared, physically delivered futures contracts and derivatives for commodities key to the energy transition. The initial suite of exchange-traded products are physically-deliverable futures contracts for liquefied natural gas (LNG), carbon, and nickel sulphate. Baymarkets was chosen for its multi-asset, multi-currency Clara clearing system, for the ease and speed of service implementation, seamless integration with existing internal infrastructure, and considerable service flexibility, said Abbaxx. The system features cloud ready, advanced risk management algorithms and standardised APIs for ease of integration and connectivity to global financial markets and participants.
Calling all CDR founders – Founders of carbon dioxide removal (CDR) startups are invited to apply to Remove’s Europe accelerator cohort, a two-stage, six-month programme dedicated solely to carbon removal. The accelerator programme provides exposure to experts such as CDR buyers and investors, as well as guidance and coaching on business scale-up, access to up to €20,000 in non-dilutive funding, and important community connections. Interested parties can apply here.
INVESTMENT
Next level – LevelTen Energy, a provider of transaction infrastructure for the clean energy sector, has successfully raised some $65 mln in a Series D funding round. The round, led by B Capital and supported by other notable investors including Google, Microsoft, and the Intercontinental Exchange (ICE), will bolster LevelTen’s platform, which facilitates clean energy transactions across North America and Europe. LevelTen’s platform, the largest of its kind, has enabled over $14.8 bln in power purchase agreements and other clean energy transactions. It includes tools and marketplaces that streamline the procurement and sale of clean energy assets. The funding will also help expand the platform into new geographical markets and support a wider range of clean energy buyers and sellers. Additionally, the new funding will fuel innovative projects such as the Granular Certificate Trading Alliance, which aims to develop a platform for trading energy attribute certificates that can verify carbon-free energy generation by time and location. This initiative is crucial for meeting advanced sustainability targets, including those aiming for round-the-clock carbon-free energy. The funding aims to accelerate the transition to a carbon-free economy by enhancing access to capital, expanding into emerging technologies, and supporting the global reduction of emissions across various industries, including heavy industry and clean hydrogen production.
SCIENCE & TECH
Jaguar’s EV edit – Jaguar will have just one combustion engine car in production by the end of this year in a major shake-up as it moves towards an all-electric future, with three new EV models to be introduced in the coming years, built on the Jaguar Electrified Architecture (JEA) platform. The automaker will look to bolster profit margins by removing five models that are close to zero profitability, replacing them with new vehicles on the newly designed architecture, said CEO Adrian Mardell. In the year-to-date, Jaguar registered more than 10,600 new vehicles, a 56.8% increase compared to the previous year. Altogether, JLR will launch six new electric models over the course of the coming three years, with three of these being Jaguars. The first is expected to be a fully electric version of the Range Rover. Gerry McGovern, chief creative officer at JLR, said that the new vehicles would be “different”. “Imagine something that you’ve never seen before that looks like it’s dropped from the sky – and times [that] by five,” The Telegraph reported.
What a dump – Researchers at the Woods Hole Oceanographic Institution (WHOI) in Massachusetts have proposed a controversial climate-engineering project known as ocean alkalinity enhancement (OAE). The project involves dispersing 20 metric tonnes of lye into the waters off Cape Cod to determine if this can increase the ocean’s capacity to absorb CO2, thereby reducing acidity and helping combat climate change. The procedure aims to simulate the environmental impact of adding a minimal concentration of dissolved caustic soda – comparable to a teaspoon in a bathtub full of water – but has faced significant opposition from local fishermen, environmentalists, and organisations like Friends of the Earth and the Center for Biological Diversity. Despite its potential benefits in absorbing more CO2, critics are concerned about the possible negative effects on marine life and the ecosystem. The WHOI team believes that the impact of their small-scale trial will be minimal and will closely monitor air and water characteristics during the process. The project awaits EPA approval, with a recently closed public comment period highlighting strong community and legal objections to the permit. (Maritime Executive)
AND FINALLY…
MoOU – A Saudi camel milk company wholly owned by the sovereign Public Investment Fund (PIF) has signed an MOU with the Regional Voluntary Carbon Market Company, established by PIF in 2022, according to regional news outlet Asharq Al-Awsat. The two parties have stated that they will collaborate to trade and generate carbon credits, thereby expanding the scope of regional carbon markets engagement.
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