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TOP STORIES
US party platforms outline potential Harris, Trump presidencies’ environment, energy plans
With the release of the official Democratic platform on Sunday, both major US political parties have now made public they priorities regarding climate, energy, and the environment if they emerge victorious in the November presidential election, although both documents largely aligned with established party policy preferences.
NZ cuts NZU auction volumes by about 50% from 2025, spot market price surges
The New Zealand government will dramatically cut the volume of NZUs available at auction from next year, and will maintain the auction price floor, in line with the Climate Change Commission’s recommendations, it announced Tuesday.
EMEA
Germany shrinks funding for climate in its draft budget
Germany’s coalition government has agreed a diminished draft budget for its national climate and energy transition fund for 2025, and attracted criticism for optimistic assumptions about emissions trading revenue.
DRC partnership launches carbon credit investment bank, forest certification strategy
A group of investors have announced a partnership focused on the certification and management of rainforest in the Democratic Republic of Congo, in collaboration with the government, with plans to launch a carbon credit investment bank, they said Monday.
Qatari organisation launches Article 6 carbon auction platform
A Qatar-based organisation has launched a new platform to host the auctioning of Internationally Transferred Mitigation Outcomes (ITMOs), it said Monday.
Euro Markets: EUAs settle at 11-week high amid rising demand from coal generation
European carbon allowances advanced to settle at their highest in 11 weeks on Monday as demand from coal-fired generation was said to be picking up amid a shift in relative margins from gas to the fuel for some delivery periods, while energy prices also firmed as gas traders continued to fret over storage levels that are now below 2023 levels.
AMERICAS
RGGI Market: Few sellers, weather keep RGGI prices bid
Lack of liquidity and near-term weather were some of the main drivers of RGGI Allowances (RGA) in the secondary market this week that traders deliberated as prices held north of $27.
US Policy Roundup: California carbon bills struggle to cross the finish line
Numerous bills, including those that address CO2 removals (CDR) and the voluntary carbon market (VCM), have stalled in California’s legislature and do not appear likely to become law before the legislative session ends in August.
US DOE announces $127 mln to test industrial carbon capture, conversion
The US Department of Energy (DOE) announced Monday up to $127.5 million in federal funding to support the development of CO2 capture, removal, and conversion test centres for cement manufacturing facilities and power plants.
Bolivian ombudsman’s office joins fray after high court legalises carbon trading
The Bolivian human rights agency has issued a statement in support of the vice presidency’s contest to a court decision that effectively legalised carbon trading in the country after a years-long prohibition.
LATAM Roundup: Government interventions increasingly shape national, regional markets
Carbon Pulse rounds up developments in Latin American and Caribbean carbon markets for the fortnight ending Aug. 18, which saw state actors make increasingly hands-on interventions in the domestic and regional voluntary carbon market (VCM).
Ecuadorian committee votes to legalise carbon markets
Ecuador’s subcommittee in charge of advising on environmental reforms for the national legislature voted Saturday to explicitly permit carbon trading, bringing the country one crucial step closer to endorsement after over 15 years of repudiation.
ASIA PACIFIC
Australia on course to miss emissions targets, say analysts
All unabated coal- and gas-power must be removed and coupled with a large increase in renewables, alongside a spend in the trillions of dollars, for Australia to meet its obligations under the Paris Agreement, a report released Monday found.
Japan’s MOL, others look to use animal manure to fuel factories, vessels
A group of six organisations, including Japanese shipping firm Mitsui OSK Lines (MOL), have come together to launch a feasibility study on the production and use of biomethane from animal manure in order to fuel the country’s factories and vessels, a statement released Monday said.
INTERNATIONAL
SpaceX partners with non-profit in launch of methane-detecting satellite
US spacecraft company SpaceX launched a methane-detecting satellite on Friday that aims to track methane “super emitters” in partnership with a greenhouse gas-monitoring non-profit.
VOLUNTARY
VCM Report: Smattering of low-priced trades keeps voluntary carbon market ticking over
A handful of trades kept the voluntary carbon market ticking over last week, with the slim pickings mostly confined to low-volume deals, as brokers grow more inclined to promote two-way markets to attract corporate interest.
Direct air capture project launches in France touting better energy efficiency
A direct air capture and storage (DACS) project has launched in France, boasting high energy efficiency and representing the first onshore CO2 removal project of its kind in the EU, the developers claim.
INTERVIEW: Shanghai Electric launches electrolyser that improves green hydrogen economics
Shanghai Electric’s latest alkaline electrolyser will help to improve the economics of green hydrogen by being more energy efficient, boasting a higher production rate, an executive told Carbon Pulse.
Carbon ratings agency partners with UAE bank to ‘bring transparency’ to carbon markets
A carbon ratings agency has partnered with a bank to “bring transparency to carbon markets in the UAE”, the two companies said on Monday.
US timberland company to issue 100,000 carbon credits in 2024
A Seattle-headquartered forestry firm will issue 100,000 improved forest management (IFM) carbon credits in 2024, according to the company’s Q2 results.
Insurance broker announces new product for CO2 transport and storage sector
A global insurance broker and risk advisor has announced the launch of a new insurance solution for the transport and storage of CO2.
Voluntary carbon biochar registry receives ICROA endorsement
A carbon standard’s biochar registry has received a conditional endorsement from the International Carbon Reduction and Offset Alliance (ICROA), the industry trade group announced on Monday.
BIODIVERSITY (FREE TO READ)
Entertainment company buys first biodiversity credits under UK govt-linked voluntary scheme
An interactive entertainment company has purchased the first batch of biodiversity credits generated through a nature restoration project in the UK at approximately £50 per unit, Carbon Pulse has learned.
Colombia signs deal with Indigenous Peoples to strengthen ties on nature conservation
The Colombian ministry of environment has announced an agreement with the Indigenous Peoples of the Amazon to value their contribution and strengthen their participation in conserving and restoring the rainforest in the lead-up to the COP16 UN biodiversity talks.
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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 want to make sure you don’t miss out on our 10% discount offer, which is available throughout August. 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!
Chile Carbon Forum – October 8-10, Santiago: The forum will bring together experts, business leaders, and government officials to discuss challenges and opportunities within the carbon market. It will cover topics such as carbon taxes, offsetting mechanisms, climate finance, carbon market regulations, international cooperation, nature-based solutions, and innovative emission reduction strategies. The agenda includes panel discussions, workshops, and keynote speeches that emphasize the importance of these topics in promoting a low-carbon economy and combating climate change. This forum is crucial for understanding and advancing collaborative approaches to sustainability. For more information, visit Chile Carbon Forum.
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Job listings this week
- *Freelancer (m/f/d) Carbon Project Development, Volkswagen ClimatePartner GmbH – Mexico
- Consultant – Carbon Pricing and Climate Policy, Carbon Limits – Oslo
- Consultant (Carbon Certification), Global Evergreening Alliance – Melbourne
- Senior Project Manager Forest Carbon and Ecological Restoration, The Nature Conservancy – Beijing
- Responsible Investment Analyst, Church of England Pensions Board – London/flexible
*Premium listings
See all listings or post a job
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Climate action – Governments’ ability to effectively implement climate policies is the most important factor in the feasibility of limiting global warming to 1.5C, according to a new study published in Nature Climate Change. Advances in solar, wind, and electric vehicles now mean that the technological feasibility of climate neutrality is no longer the most crucial issue, but rather the chances of limiting global warming to be in line with the Paris Agreement rest most with government ambition to ramp up climate policy. The authors found that the most ambitious climate mitigation trajectories give the world a 50% chance of limiting peak global warming to below 1.6C above pre-industrial temperatures, but adding on so-called ‘feasibility constraints’ – particularly those involving the effectiveness of governments – reduces this likelihood to 5-45%.
No free lunch – Cryptocurrency mining and data centres now account for 2% of global electricity use and almost 1% of global emissions and growing, but can be curbed with taxes, the IMF said on Thursday. According to IMF estimates, a direct tax of $0.047 per kilowatt hour would drive the crypto mining industry to curb its emissions in line with global goals. If considering air pollution’s impact on local health as well, that tax rate would rise to $0.089, translating into an 85 percent increase in average electricity price for miners. For data centers, a targeted tax on their electricity use would need to be set at $0.032 per kilowatt hour, or $0.052 including air pollution costs. The UN agency said that today, the situation is the opposite, as many data centres and crypto miners enjoy “generous tax exemptions and incentives on income, consumption, and property”.
EMEA
Swedish solar – Sveaskog, Sweden’s largest forest owner owned by the Swedish state, has partnered with Swedish solar developer Alight to develop, build, and co-own solar parks on Sveaskog’s land, aiming to develop 2 GW of solar over five years. Sveaskog will co-invest between 30% and 49% in the solar parks and contribute with sustainable management initiatives during the development process, it said in a press release on Monday. Development of the first two projects has already begun, consisting of a project of about 150 hectares in central Sweden and another of 70 ha in southern Sweden. Sveaskog owns 14% of Sweden’s forests, or approximately 3.4 million hectares, of which 3 mln hectares are productive forest land. If just 0.2% of its land were converted to solar parks, it could generate around 5 GW of renewable energy, more than doubling the country’s current installed solar capacity.
Aiding farmers – The Nigerian Communications Satellite (NIGCOMSAT) has launched a carbon credit programme which would allow rural farmers to earn carbon credits for adopting sustainable farming practices and reducing GHG emissions. The organisation said that the carbon credits generated from the programme could also be sold in the global carbon market, local media outlet Punch reported. Meanwhile, a startup called CarbonEx under NIGCOMSAT’s accelerator programme, is building a platform to enable carbon credit trading.
Swiss’ cool data centers – A Swiss company, Apheros, has secured $1.85 million to cool down data centers, using high performance cooling systems. They have developed high-performance metal foams to maximise heat dissipation, optimise fluid flow and reduce energy consumption. By 2030 an estimated 6% of global energy consumption will be used specifically for cooling data centers. The pre-seed funding round was led by venture capital firm Founderful.
ASIA PACIFIC
Green hydrogen boost – The Indonesian government is hoping to see private sector investment in developing green hydrogen reach $25.2 bln by 2060 as part of efforts to prevent an energy crisis in the industrial sector and support CO2 reduction. The initiative aims to cut CO2 emissions by 912 mln tonnes by 2030. A particular state-owned enterprise leading the charge in green hydrogen investment is PT Pertamina, which has already allocated $11 bln toward its green energy development targets. To further accelerate the sector, the government is preparing regulations such as provisions for tax holidays, tax allowances, and carbon trading frameworks for developers to make use of.
Domestic buyers only – NTPC Green Energy Limited (NGEL), subsidiary of India’s largest power company NTPC, has issued a tender for the sale of 100,000 verified emissions reductions (VERs) generated from the renewable energy projects registered under Verra. NGEL has invited online bids for a two-stage tendering process followed by forward auction for the sale of carbon credits from wind and solar projects. Sale of carbon credits will be open to all domestic companies at a price discovered during competitive bidding. The project has a total capacity of 560 MW of solar PV and 50 MW of wind located in different Indian states and the electricity generated by the project will be exported to the Indian electricity grid.
Double in three years – Mangrove forests in India’s Tamil Nadu have doubled over the past three years, and have now spread across 90 square kilometers against the 45 square kilometers recorded in 2021, the Times of India reported. This increase in mangrove cover was discovered through a mapping initiative funded by the TN Biodiversity Conservation and Greening Project Climate Change Response (TBGPCCR). The state forest department has been actively planting saplings under the Green Tamil Nadu Mission across all 13 coastal districts in order to enhance the state’s mangrove cover.
Lawfare lost – Australia’s largest oil and gas company Woodside Energy has seen a brief respite in the attacks launched at it after it came to an agreement with the Australian Conservation Foundation (ACF) to dismiss its challenge to a primary environmental approval related to its Scarborough gas project, which will add 5 million tonnes a year of new LNG capacity to Australia’s exports. Woodside said Monday the Federal Court sought an injunction to stop offshore work at the project, which would have piped gas from a series of subsea fields to shore. The ACF’s case rested on the premise that the project, which Woodside has been at pains to explain has gas with a super-low CO2 content of just 0.1%, would contribute to climate change that would adversely affect the Great Barrier Reef. Litigation, or ‘lawfare’, has been pursued against Woodside and peer Santos as a way to halt upcoming gas developments, though even wins in court have failed upon appeal. “Litigation against energy projects like Scarborough is an ineffective way to pursue solutions to global climate and energy challenges. Such approaches create needless uncertainty for businesses, communities and the people who depend on the energy these projects produce,” Woodside CEO Meg O’Neill said. The ACF was represented by law firm the Environmental Defenders Office.
Biochar partnership – Singapore-based project developer Midori Climate Partner has signed a Memorandum of Understanding (MoU) with consultancy Mitsusho Sdn Bhd to jointly develop credit-generating biochar projects in Malaysia, the two companies announced Monday. They are particularly interested in coconut shells, fruit seeds, wood chips, and pulp sludge in the Southeast Asian country, according to a statement. The alliance plans to provide comprehensive project structuring support to biomass suppliers, including food processing factories, forest management companies, and farmers’ cooperatives.
AMERICAS
SEC support – A group of federal US Democratic lawmakers submitted a brief last week urging the Eighth Circuit Court of Appeals to uphold the US Securities and Exchanges Commission (SEC) climate disclosure rules. The Democrats argued in the brief that the SEC rules will provide vital information to investors, and that the regulations fall within the commission’s rightful authority. In April, the SEC voluntarily stayed the rules following a series of lawsuits from both industry and climate groups. Furthermore, a group of 34 GOP lawmakers in June submitted a brief in the same court calling for the rules to be tossed out. Additionally, last week, nonprofits Better Markets and Consumer Federation of America filed another brief supporting the SEC rules, as did the Environmental Defense Fund, Americans for Financial Reform Education Fund, Natural Resources Defense Council, and the Sierra Club, as well as California Attorney General Rob Bonta and the Constitutional Accountability Center. Finally, a group of “carbon offset experts” from Clean Air Task Force, the University of California-Berkeley Center for Environmental Public Policy, and other organisations have also filed support for the SEC rules.
MATS attack – A group of 23 Republican attorney generals and at least one coal industry group filed an emergency application to the US Supreme Court’s docket asking the court to stay the US EPA’s Mercury and Air Toxic Standards (MATS) that were strengthened in April. The challengers say the MATS jeopardise the nation’s electric grids and represent an unlawful exercise of the EPA’s power. Earlier this month, a federal appellate judge denied the group’s stay request. (E&E News)
EPA oversight – The House Energy and Commerce Committee has asked the EPA for additional details on how award agreements from the federal Greenhouse Gas Reduction Fund (GGRF) address a number of issues and risks, in a letter filed Thursday. Of concern are conflict of interest policies, whether organisations with foreign ties could receive funding, and performance audits. The Committee has requested the EPA to provide complete and unredacted copies of award agreements under the GGRF no later than Aug. 29.
Housing money – Governor Kathy Hochul (D) announced Monday $16.5 mln in funding to decarbonise affordable housing in New York City. The funding is made available through the Resilient and Equitable Decarbonization Initiative for Existing Buildings (REDi: EB) programme, an represents an expansion of a collaborative partnership between New York State and New York City to provide affordable housing building owners and developers easier access to funding for electrification and energy efficiency retrofit upgrades to New York City Department of Housing Preservation and Development (HPD) regulated buildings. The funding will be available on a first come, first served basis to cover the incremental costs to strategically electrify space heating and domestic hot water production and improve the building envelope via enhanced insulation, windows, and ventilation systems. HPD and other technical consultants will work with project teams to determine a scope that works best for each project. The maximum award is $1 mln per building or up to $2 mln for multi-building projects. Incentive funds will be paid to the project by HPD during the construction phase. Applications will be accepted until the end of 2025, or until funds have been exhausted.
VOLUNTARY
Carbon removals partnership – Puro.earth has joined the Negative Emissions Platform, a crediting platform for engineered carbon removal, according to a LinkedIn announcement. The Puro Standard sets quality requirements for carbon removals and tracks the lifecycle of CO2 removal certificates, from issuance to retirement in the public Puro Registry. The two organisations aim to work together to drive forward innovative carbon removals and to scale impactful projects.
Orizon deal – Brazilian waste management company Orizon has entered a contract for the sale of 1.1 mln carbon credits to an undisclosed European buyer, reported Finance News. The credits come from the Ecoparque Joao Pessoa Landfill Gas Project (GS12045) and Ecoparque Candeias Landfill Gas Project (GS12047). Some 930,000 of the credits will be made transferred immediately, while the remainder will be delivered after the conclusion of an audit already in process, according to the outlet. Carbon Pulse’s request for comment on further information on the sale has not received a response as of press time.
INVESTMENT
Continuing climate investment exodus – Subsidiaries of asset manager Franklin Templeton and insurance services company Sun Life Financial became the latest to exit climate action investor group Climate Action 100+, reported ESGDive. Other entities to have left the group include Franklin Templeton’s subsidiary ClearBridge Investments and Sun Life Financial subsidiaries SLC Fixed Income and Crescent Capital, with all three financial firms withdrawing from the group on Aug. 13, a few days after Goldman Sachs’ asset management arm announced it was also leaving. The outflows come after several high-profile financial services institutions – including JP Morgan Asset Management and State Street Global Advisors – left the climate coalition earlier this year amid heightened scrutiny surrounding ESG and climate initiatives. Last month, the Republican-led House Judiciary Committee sent letters to over 130 US-based companies, retirement systems, and government pension funds that are members of CA100+, inquiring about their involvement in the group. CA100+ focuses on engaging companies to improve their climate change governance, slash emissions and strengthen climate-related financial disclosures to “create long-term shareholder value,” according to its website, while the group, which now comprises over 700 investors, initially launched as a five-year initiative in 2017 but announced plans to extend its remit to 2030 last year.
AND FINALLY…
Tomato, tomato – Call it a “climate emergency” or “global boiling” – research shows that whatever you call climate change doesn’t matter much, because people are worried about it irrespective of what it’s called, reported Grist on Monday. In fact, researchers from the University of Southern California found that about 70% of US residents said they were concerned about “climate change” and “global warming,” compared to 65% for the “crisis” and “emergency” framing, and 48% for the “justice” framing. The study surveyed more than 5,000 people, and are in line with recent studies that appear to have similar findings. Researchers said that rather than looking for words to make people feel worried, many are better off with concrete examples of meaningful action to take.
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