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TOP STORY
Gold Standard doubles down on engineered carbon removals, consults on activity requirements, reversal risk tool
Voluntary carbon certifier Gold Standard has launched new calls for feedback on engineered carbon removal activity requirements as well as a tool for reversal risk calculations for geological storage.
ASIA PACIFIC
Climate Change Authority’s sectoral pathway report calls for greater coordination to achieve Australia’s transition
Australia’s Climate Change Authority (CCA) has published a sectoral pathway report on how the country can reach net zero emissions by 2050, recommending its Safeguard Mechanism and carbon crediting schemes be expanded to help better coordinate the transition.
Australia’s Climate Change Authority to hold off advising 2035 target until after US election
The Chair of Australia’s Climate Change Authority (CCA) has told local media it will not provide its official advice regarding the country’s 2035 Nationally Determined Contribution (NDC) until after the US election, media reported Thursday.
AU Market: Forward ACCU prices yet to price in fundamental Safeguard demand drivers, analysis says
The mismatch between forward prices displayed in Australia’s carbon market and projected price increases is a result of fundamental demand drivers failing to be factored into the market, according to analysis published Thursday.
South Korea and Japan to launch global working group on carbon-free energy
South Korea and Japan have decided to extend their collaboration and launch a global working group on the development of carbon-free energy.
Japan provides $93 bln to support global oil and gas projects over past decade, study says
Japanese public financial institutions provided a staggering $93 billion in support for overseas oil and gas projects over the last decade, four times larger than that provided for clean energy projects, a report has found.
Japanese carbon project developer strengthens management team to help scale
A Japanese carbon project developer has strengthened its management team as it seeks to scale to meet credit demand in the country.
EMEA
EU’s Ribera calls for doubling investment in electricity grids
The Spanish ecological transition minister, who is widely tipped for the European Commission’s climate portfolio, has highlighted the importance of ramping up investments in electricity grids to support the green transition.
France appoints European Green Deal champion as new prime minister
Michel Barnier, a former EU commissioner and early champion of the European Green Deal, has been appointed French prime minister.
EU needs to tighten up oversight of carbon offsets to make them credible -report
Carbon offsets could help the EU achieve its climate targets, but only if it insists on more rigorous rules around accounting, as well as around broader corporate net zero target-setting, according to a report published Thursday by a former European Commission senior official.
Poland outlines climate- and energy-related priorities of upcoming EU presidency
Krzysztof Bolesta, Poland’s state secretary for climate and environment, has highlighted his three main priorities for the upcoming six-month Polish EU Presidency beginning on Jan. 1 next year.
Ethiopia moves to develop national carbon market strategy
Ethiopia’s planning and development ministry, working with a UN capacity-building programme, is looking to craft a comprehensive framework for international carbon markets engagement, including participation in Article 6 carbon trading under the Paris Agreement.
Euro Markets: Early resilience crumbles as sellers return and push EUAs to six-week low
European carbon allowance prices found support during the morning session, but crumbled on Thursday afternoon amid a resumption in motivated selling, helping to curb gains in power and gas and taking the benchmark EUA contract to a new six-week low late in the session.
AMERICAS
WCI Markets: Traders take profits in CCAs, WCAs ease post auction
California Carbon Allowance (CCA) prices gave back early week gains as options churn continues to drive short-term activity, while Washington Carbon Allowances (WCA) slipped after last week’s third quarter auction.
US ethanol producer secures $205 mln financing in exchange for clean fuel tax credits
A North Dakota-based ethanol producer has secured $205 million through a unique tax equity financing scheme that hinges on transferring its clean energy tax credits to the lender, the company announced Thursday.
Major US DAC project receives draft CO2 storage permits
The US Environmental Protection Agency (EPA) published three draft CO2 storage permits associated with a large-scale direct air capture (DAC) facility in Texas on Wednesday, the first such authorisations issued in the state.
Global asset manager acquires US-based emissions reduction tech firm in data centre investment play
A major global alternative asset manager has acquired a company specialising in emissions reduction technology, in an investment play targeting the sharp rise in power demand from data centres.
INTERNATIONAL
Carbon ratings agency starts to assess risks around ITMO trading
A carbon credit ratings agency is venturing into the assessment of ITMOs and risks that a country may fail to meet its Paris Agreement goals.
S&P sees global carbon markets picking up ‘in all scenarios’
While carbon markets are helping to stem global warming, even a “very strong” energy transformation scenario would only limit global temperature rise to 2.4C, analysts said at a webinar this week.
INTERVIEW: Carbon intensity of renewable fuels increasingly factored into contracts
The carbon intensity of renewable fuels is being increasingly factored into contracts, with an expectation that the final price may be adjusted depending on the carbon intensity of the actual energy source delivered, according to a commodity software company.
Three out of four people believe causing environmental damage should be a crime -survey
Nearly three out of four people in G20 countries believe causing environmental damage should be a criminal offence, according to a survey released on Friday.
Achieving net zero can only happen “at the speed of trust”, says report
Establishing the infrastructure needed for a net zero world, such as carbon capture and storage (CCS), can only take place if trust is established among key stakeholders, according to a report authored by an engineering consultancy and academic researchers.
VOLUNTARY
Fintech startup ties up with Dubai marketplace to sell asset class carbon credits
A startup focused on exchange-traded carbon investments has tied up with a Dubai-headquartered e-marketplace firm to offer voluntary credits to its clients.
Carbon removals are expensive but essential, finds report
Corporate financing of carbon removals will be crucial to keeping aligned with Paris Agreement commitments but they are not being deployed at the speed and scale necessary, a working paper from a UK university has argued.
World Bank arm invests $60 mln to decarbonise Indonesia’s second largest steel producer
The World Bank’s International Finance Corporation (IFC) has provided a loan of $60 million to the second largest steel producer in Indonesia in order to help the firm transition to low-carbon production and drive sector-wide decarbonisation.
Mozambique govt awards licence to UAE developer for massive blue carbon project
Mozambique’s Ministry of Land and Environment has given approval to a Dubai-based firm to restore mangroves along the degraded coastline in the Zambezia province of the African nation and generate carbon credits, the developer announced Thursday.
French carbon removal startup closes funding round
A French carbon removal credit manager has completed another funding round for an undisclosed amount, as it looks to further grow its credit purchase commitments beyond 10 million.
Methane offset developer partners with climate tech firm to enhance digital MRV
A US-based company focused on plugging abandoned oil and gas wells has partnered with a climate tech network to bolster the digital MRV and standardisation of environmental data used for carbon credit issuances.
AVIATION
IBAC introduces carbon offset marketplace for aviation companies
The International Business Aviation Council (IBAC) has introduced a new platform for aviation companies to purchase offsets through a renewed partnership with a voluntary carbon exchange.
Malaysia targets net zero emissions from aviation by 2050
The Malaysian government has released a decarbonisation blueprint for its aviation sector, targeting net zero emissions by 2050, it announced Thursday.
BAVARDAGE
Germany-based forest management firm branches out with new CEO from South Pole
A German-based forest management and investment firm has tapped a senior South Pole executive as its new chief executive.
BIODIVERSITY (FREE TO READ)
INTERVIEW: Bioeconomy can help biodiversity credit developers in the Amazon survive lack of demand
Implementing a ‘bioeconomy’ approach on biodiversity credit project areas in the Amazon could help developers stay afloat at a time when demand for units has yet to pick up, the founder of a Brazil-based nature tech company has told Carbon Pulse.
Brazilian startup releases pre-print biodiversity credit methodology for endangered species
A Brazilian startup released on Wednesday the first version of its biodiversity credit methodology for endangered species, predominantly focused on plants, after implementing a two-month trial on a small private land area.
Investors ask chemical company to avoid wetland mining
Some 20 investors managing $695 billion in assets collectively have asked a chemical company to avoid mining a wetland in the US for titanium, in a letter on Tuesday.
Global investors urge companies to disclose nature-related impacts
Global investors representing $1.4 trillion in assets under management have called on companies they invest in to urgently disclose their nature-related impacts and address related dependencies.
UK fund could quadruple its habitat banks over next two years
Executives at the Evergreen Fund have said they could almost quadruple the land in English habitat banks generating biodiversity net gain (BNG) over the next couple of years up to around 400 hectares, if demand increases, Carbon Pulse has learned.
Biodiversity Pulse: Thursday September 5, 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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EVENTS
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!
IETA’s North American Climate Summit – September 24-26, NYC: NACS 2024 is the premier gathering of carbon market practitioners, experts, and governments from across North America and beyond. Attending NACS 2024 presents a unique opportunity to learn from experts, enhance your carbon market expertise, and expand your network of leaders to collaboratively move the needle on delivering climate action and transition finance at scale. Gain insights on the evolving carbon pricing landscape, latest market trends, most relevant regulatory developments and “what to watch” through COP29 Baku and beyond. Organized by IETA, in collaboration with the International Carbon Action Partnership (ICAP), NACS 2024 is an in-person event with recorded plenary and breakout sessions. The program features high-level plenaries, inspirational keynotes, topic deep-dives, cross-cutting breakouts, interactive side events, exclusive roundtables and unmatched networking opportunities to foster meaningful connections. Secure your spot
Eurelectric’s Power Barometer 2024 – October 3, Brussels: Over the past five years, the power sector has faced unprecedented challenges among the COVID-19 pandemic, the energy crisis, and mounting competition from China and the US. With new policymakers taking office, political attention is now on energy independence, industrialisation, competitiveness, and the ongoing climate battle. Eurelectric Power Barometer 2024 data report will take stock of these developments with DG ENER Director General Ditte Juul Jorgensen, MEP Niels Fuglsang, and SSE Managing Director Sam Peacock. Make sure to join them at our free launch event! Register here
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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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Epidemic of underinvestment – Around 3 million premature deaths occur in the African continent every year due to GHG emissions generated by cooking with traditional fuels, according to the UN climate chief, who said that Africa will need around $4 bln annually to fix this. The Executive Secretary of UNFCCC Simon Stiell, while addressing the African Ministerial Conference on the Environment (AMCEN) in Abidjan, Côte d’Ivoire on Thursday, said that most African nations are losing up to 5% of GDP as a result of climate impacts. Of the more than $400 bln spent on clean energy last year, only $2.6 bln went to African nations, he said. African nations’ vast potential to drive forward climate solutions is being “thwarted by an epidemic of underinvestment”. He added that the upcoming climate conference COP29 in Baku must signal that the climate crisis is core business for every government, with finance solutions to match. “In Baku, we must finally get international carbon markets under Article 6 working. We must make the Loss and Damage Fund operational,” he said in his speech. He added that the UN has taken steps to boost the proportion of ‘Observer organisations’ at COP from the Global South “to help guide our process to the highest-ambition outcomes the whole world needs”. Meanwhile, Climate Action Network (CAN), a network of environmental non-profits, said in reaction to Stiell’s speech that the new climate finance goal must not only be meaningful by scale, but also match ambitious quality criteria, and must ensure climate finance is not burdening the Global South and empowering the rich even more.
EMEA
Defining green finance – Ronesans Enerji, a joint venture between Turkish contracting company Ronesans Holding and TotalEnergies to invest in renewable energy in Turkiye, has on Thursday announced the publication of its Green Finance Framework, outlining a set of guidelines designed to direct financial investments towards projects that promote environmental sustainability. Ronesans Enerji aims to achieve about 7-10% of the green energy investments laid out in Turkiye’s National Energy Plan and will use the Green Finance Framework to more easily access green financing instruments that support renewable energy, the statement said. The framework covers a range of renewable energy sources and focuses on specific environmental goals such as reducing GHG emissions and increasing resource efficiency. ING acted as a sustainability advisor in the preparation and publication of the framework.
Standing up for CCS – The industry group CCS Europe put out a statement disputing research by NGO Oil Change International finding that governments have wasted $30 bln on supporting carbon capture and hydrogen projects. The report uses a “Trump-like distortion of the truth” to claim that the IPCC says carbon capture is one of the most expensive and least effective options for cutting emissions, CCS Europe said on Thursday. It also pointed to Norway’s Sleipner and Snohvit projects as proof that carbon capture projects are not consistently failing – noting that they are capturing and storing around 1.5 mln tonnes of CO2 per year after 30 years in use. The market is also on track to address issues around capture rates, CCS Europe said, in response to Oil Change saying they rarely achieve 80%.
Russians in the North Sea – The UK government is under growing criticism after a company backed by two Russian oligarchs was allowed to become a part-owner of the country’s largest North Sea oil producer, Aberdeen-based Harbour Energy, the Guardian reported. LetterOne, an investment company part-owned by oligarchs Mikhail Fridman and Petr Aven, has been cleared to acquire nearly 15% of Harbour – a move that critics say will give it access to critical national assets. LetterOne received shares in Harbour after Harbour completed a deal to buy Germany’s Wintershall for £8.5 bln, which was part-owned by LetterOne. LetterOne is not sanctioned, but Fridman’s and Aven’s stakes were frozen when the UK and EU imposed sanctions on Russia after the invasion of Ukraine.
Looser target – The UK is planning to loosen its 2030 offshore wind power target from the 55 gigawatts set by the Labour Party as the nation will probably need less offshore wind capacity than expected by then, say people familiar, reported by Bloomberg. The target was slightly bigger than the previously set goal of 50 GW by the previous Conservative government. Electricity demand is now expected to be more modest by 2030 even if demand does increase sharply by 2050, and without proper preparation of the UK grid, it could be flooded with power, leading to wind farms being switched off at times. Later this year, the government will flesh out how it intends to achieve its 100% clean power goal by 2030 and the change in the offshore target may come as a result of that work, said one of the people. Britain currently has about 15 GW of offshore wind, the most of any country apart from China. The technology recently won big in the UK’s sixth auction round under the Contracts for Difference (CfD) support scheme.
ASIA PACIFIC
Biochar for steel – India’s state-owned Steel Authority of India Limited (SAIL) has started using biochar in its steelmaking process at its plant in the state of Odisha, with an aim to reduce its carbon emissions. The steelmaker conducted biochar trials at its Rourkela Steel Plant last week. The country’s steel industry relies heavily on traditional blast furnace (BF) technology, which uses coal as a reducing agent to produce iron, releasing significant amounts of CO2e emissions in the process.
EKI Academy – Indian carbon developer EKI Energy Services has launched an educational vertical called EKI Academy with an aim to empower individuals and organisations with comprehensive training in environmental services. The courses will include education on GHG footprint accounting, carbon offset project development, and sustainability practices. The Academy will also provide training on projects on Nature-based Solutions (NbS), extended producer responsibilities (EPR) and plastic credits, and the operationalisation of Article 6 of the Paris Agreement, the firm said in a statement.
Eyes on the market – Vietnamese conglomerate Bamboo Capital Group has announced its plans to establish BCG Eco – a company specialising in afforestation, forest care, and forestry tree nursery – with an aim to continue implementing sustainable development goals and to gain from the voluntary carbon market. Like its parent company, BCG Eco will be headquartered in Ho Chi Minh City. BCG Eco also aims to become an independent consulting unit, providing comprehensive solutions for businesses that want to participate in the carbon market, promote ESG initiatives, and expand business activities related to sustainable development.
Skill Shortages – Australia’s emissions reduction targets and plans to become an renewable energy superpower could be at risk due to severe workforce delays, the New Daily reported. Analysis by think tank Per Capita’s Centre for New Industry said a shortage of essential trade workers has hit a crisis point just as large investments in renewable energy and electricity infrastructure was taking off. The report called for an overhaul of vocational training and a taxpayer-funded wage supplement to support qualified trade workers to undertake training to become teachers so they could pass on their skills to new workers. It also recommended the government invest in group training organisations specifically focussed on electricity infrastructure skills.
AMERICAS
New funding – Boston-based climate tech startup Mantel Capture has received an early-stage funding of $30 mln from European oil majors Shell and Eni, to use molten salts to capture CO2 emissions at refineries and factories, the startup told Reuters in an interview. Mantel aims to pull 95% of the carbon out of smokestack emissions using molten salts, a process that it says is unusually cost-effective because it takes advantage of the extremely hot environments inside industrial furnaces and boilers, requiring much less additional energy than rival capture methods, Reuters added. The $30 mln raised in the Series A round will allow Mantel to build a demonstration project at a paper mill that can capture 1,800 tonnes of emissions a year. The technology, however, is yet to be tested at scale.
Scope 3 fighters – Tech giant Microsoft this week introduced a new supplier decarbonisation team to address emissions from their cloud and AI operations. The team includes Tim Hopper, a Microsoft veteran currently serving as the firm’s cloud supply chain sustainability manager; Ray Waweru, former lead for sustainable procurement at Google and responsible sourcing manager at WeWork; and Sofia Khan, who previously held the position of net zero lead at Meta and sustainability manager at Quantis, a subsidiary of Boston Consulting Group. The launch follows growing environmental concerns following a surge in data centre use amid the rise of AI. A Morgan Stanley report released earlier this week estimated that data centres will produce 2.5 bln tCO2e per year by 2030. So-called ‘hyperscalers’, which include Google, Microsoft, Meta, and Amazon, are rapidly increasing their use of energy-intensive data centres as they expand AI and cloud computing, while also committing to ambitious climate goals – which were largely set before the recent AI build-out, said the report.
Tribes and territories – The Biden administration is extending its climate and clean energy ambitions to Tribal nations and a US territory. On Thursday, the US Environmental Protection Agency (EPA) announced that it was sending $300 mln in grants to 33 Tribal recipients and Saipan, the capital of the Northern Mariana Islands, a US territory. Funded by the Inflation Reduction Act, the grants will go to projects that are expected to collectively reduce CO2e emissions by 7 mln tonnes by 2050, the EPA said. Each project was identified by tribal and territorial communities, and range from transitioning away from coal power generation to modernising public lighting systems.
Cheap gas for votes – A Washington state activist group is trying to persuade voters to repeal the state’s cap-and-invest program using some unusual techniques. E&E News reported Thursday that a political committee, known as Let’s Go Washington, has paid seven gas stations since late July to briefly reduce gas prices by $1. The group is aiming to highlight a connection between gas prices and the state carbon market, which was launched last year. The move comes months ahead of a November ballot initiative I-2117, in which voters will choose whether to scrap the carbon market. However, supporters of the programme claim that the tactic amounts to bribery and have filed a complaint asking the state to intervene. Earlier in February, in an attempt to lower gas prices and dampen negative opinion against the cap-and-trade scheme, Washington legislators introduced a $200 rebate on utility bills for low- and middle-income households. Furthermore, the group “No on 2117” kicked off their campaign in April with $11 mln in funding to oppose I-2117.
Delayed – A lawsuit filed by the US Chamber of Commerce and other business groups against the state of California has had its first hearing delayed to Oct. 15, instead of its initial date next Monday, according to docket filings. The lawsuit looks to overturn the state’s climate disclosure laws – SB 253 and SB 261 – enacted last year. California filed a motion asserting its authority to compel climate-related disclosures from large companies operating in the state through SB 253 and SB 261, arguing that the US Chamber, California Chamber of Commerce, American Farm Bureau Federation, and other groups involved in the federal lawsuit haven’t yet suffered and that the federal Clean Air Act doesn’t pre-emptively bar the state from implementing its laws. In a 34-page filing, the state responded to the business groups’ assertion that California is seeking to “regulate greenhouse-gas emissions outside of [California’s] own borders” — not from actual regulation of the emissions themselves, since the laws only require disclosure, but from “pressure”. “On Plaintiffs’ theory, any ‘pressure’ companies feel would come from third parties — investors, customers, and the like — not from the State itself,” California’s attorneys wrote. “And courts routinely distinguish between pressure created by state laws and actual regulation by the State, and recognise only the latter as an actionable injury.”
NY summit considers the grid – The New York Future Energy Economy Summit was held Thursday featuring New York Governor Kathy Hochul (D), bankers, agency heads, and researchers involved in designing the state’s energy transition plan. The focus of the day was how New York, and the rest of the US, can decarbonise its grid using a host of mature and emerging technologies. What role should hydrogen play? When will long-duration storage technologies reach maturity? Which drop-in fuels will be the most viable? The overarching puzzle the summit pondered over was finding the most affordable pathway for the energy transition today so as to reach 100% renewables in the future. New York’s Climate Leadership and Community Protection Act (CLCPA) requires that 70% of electric generation in the state by load-serving entities be generated by renewable energies by 2030, and that the statewide electrical demand system reaches zero emissions by 2040.
Urban offsets – Non-profit conservancy Green Cities Accord announced on Wednesday that its first urban tree carbon offset project in partnership with Minnesota’s City of St. Paul has achieved third-party verification. The first 10% of carbon offsets, totalling 2,976 tCO2, has been issued to the organisation by carbon registry City Forest Credits. Green Cities Accord also noted that the Independent Natural Food Retailers Association purchased 152 offset credits to apply towards CO2 emissions generated by its members’ travel to the association’s recent annual conference, held at the Saint Paul RiverCentre. The City of St. Paul’s inaugural urban tree carbon offset project included the planting of 11,288 trees by Saint Paul Parks and Recreation between 2021-23. These trees are projected to sequester some 39,200 tCO2 over the project’s 26-year term.
VOLUNTARY
Finance the forests – To help finance the protection of its forests, Congo’s Minister of Forest Economy and Wildlife Conservation Society (WCS) recently launched Africa’s first HIFOR project in Nouabale-Ndoki National Park. HIFOR, the High Integrity Forest Investment Initiative, was created to address the lack of market-based finance for tropical forests that retain high ecological integrity. The initiative finances the conservation of these forests through the sale of HIFOR units, each of which represents one hectare of well-conserved tropical forest within a large landscape. On Aug. 30, Congo’s Minister of Forest Economy and WCS launched Africa’s first pilot project to generate HIFOR units and prepare for an initial transaction in the Nouabale-Ndoki National Park. The project has been endorsed by the Republic of Congo’s Forest Carbon Task Force. It covers over 0.4 mln hectares of high-integrity tropical forest, with a net total of over 11 mln tonnes of CO2 estimated to have been absorbed over the past decade.
INVESTMENT
Super Reonic – German climate tech startup Reonic has secured €13 mln in Series A funding, led by Northzone, with participation from existing investors Point Nine and Puzzle Ventures, bringing total funding to €16 mln. The investment will support Reonic in addressing the increasing complexities in the renewable energy market, aiding installers, expanding into additional European countries, and growing its workforce. Founded in 2021 in Augsburg, Bavaria by Tristan Menzinger, Lars-Manuel Schneider, and Udo Sill, Reonic develops software to help SME renewable energy installers streamline their operations and scale their businesses. (Tech Funding News)
SHIPPING
Reducing ETS complexity – Shipping companies can access a helping hand with tackling the complexities of the EU ETS thanks to a new partnership between maritime emissions management provider OceanOpt and Veracity by DNV, a maritime emissions cloud. The partnership will deliver better visibility and certainty for shipping companies navigating the EU ETS, thanks to the combination of OceanOpt’s expertise in emissions data management and compliance solutions with DNV’s industry knowledge and data verification capabilities, said a statement on Thursday. The partnership will help with streamlining the allocation and reconciliation of EU Allowances and with generating voyage statements in order to meet regulatory requirements.
AND FINALLY…
A bit delayed – The US Security and Exchange Commission (SEC) has once again postponed its decision regarding New York Stock Exchange (NYSE) Arca’s request to list an exchange-traded fund (ETF) combining spot Bitcoin and carbon credit futures. Tidal Investments, the ETF’s issuer, had originally filed the fund’s registration in Dec. 2023. The agency had previously delayed the decision on the proposed ETF in May, and has further pushed its final say to Nov. 21. The Spot Bitcoin and Carbon Credit Futures ETF aims to “provide exposure to Bitcoin with an environmentally responsible approach by offsetting carbon emissions”. The fund is designed to track the performance of a portfolio comprised of 80% Bitcoin and 20% carbon credit futures. (Coin Telegraph)
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