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TOP STORIES
Hoekstra re-appointed EU climate chief in surprise move
The incumbent EU climate commissioner, Wopke Hoekstra, was re-appointed to the portfolio on Tuesday as European Commission President Ursula von der Leyen unveiled her new team that will lead EU policymaking in Brussels for the next five years.
Five takeaways for climate policy in the new European Commission
Commission President Ursula von der Leyen’s choice of portfolios for the EU’s new executive team in Brussels makes one thing abundantly clear: climate policy will be everybody’s business in the next five years.
AMERICAS
ARB confirms second 15-day package for proposed LCFS rules
California regulator ARB will release a second 15-day notice regarding proposed changes to the state’s Low Carbon Fuel Standard (LCFS), an agency official confirmed at a conference Tuesday.
ARB to decide on shortlist of options to California ETS budget cuts in weeks
California regulator reiterated their commitment to release a 45-day package for the cap-and-trade rulemaking “in weeks” at a conference on Tuesday.
Additional efforts needed to counter weak credit prices across US clean fuel programmes -panel
US states that have implemented clean fuel standards (CFS) must follow California’s footsteps and increase ambition to address the ongoing credit oversupply across these markets, panellists at a conference said Monday.
Clean fuel credit price volatility not on the radar for Oregon, Washington regulators
Volatility in clean fuel credit prices this year is a reflection of client demand for credits and not a factor considered in ongoing rulemaking, the regulators of the US clean fuels programmes in Oregon and Washington told a conference on Tuesday.
US IRA tax credits need refined carbon intensity scoring methodology -panel
The US Internal Revenue Service (IRS) should refine carbon scoring systems related to the various clean energy tax credits within the Inflation Reduction Act (IRA) as the agency continues hammering out guidelines for its implementation, a panellist said during a Tuesday conference.
Ecuadorian legislature votes to legalise carbon markets
Ecuador’s National Assembly voted 117-20 on Tuesday to legalise carbon markets, some 16 years after constitutional reforms had widely been interpreted as a total ban, sending the legislation to the president for final approval.
Latin American alternative asset manager to launch first reforestation fund, with $100-mln Brazil investment goal
One of Latin America’s largest alternative asset managers is launching its first reforestation fund with the aim of raising $100 million to restore degraded land in Brazil through native forest planting and sustainable agriculture.
Canadian biofuels company to invest $1.4 bln in CCS-equipped US production facility
A Canadian company will invest almost $1.4 billion into a US Gulf Coast renewable biofuels production facility, which will include capacity for carbon capture and sequestration (CCS) and ability to generate voluntary carbon offsets, it announced Tuesday.
US-based steel producer walks back comments wavering on low-carbon production project, $500 mln grant
The CEO of an Ohio-based steel producer said his company is considering whether to advance a low-carbon steel project that involves a $500 million grant from the US Department of Energy (DOE), although the firm has since reiterated its commitment to the project.
Pennsylvania Senate votes to repeal RGGI regulation
Pennsylvania’s Republican-majority Senate voted along party lines Tuesday to repeal the state’s RGGI regulation, and the proposal will now be sent to the Democrat-controlled House of Representatives.
VOLUNTARY
EXCLUSIVE: Kenya teams up with global analytics firm to build REDD+ carbon registry
Kenya has partnered with an international energy analytics firm to establish a REDD+ carbon registry.
Cookstove and REDD+ voluntary carbon methodology decisions expected early November, says ICVCM
Decisions over the cookstove and REDD+ methodologies that will be eligible for the high-integrity Core Carbon Principles (CCPs) label will be made at the start of November, the Integrity Council for the Voluntary Carbon Market (ICVCM) confirmed on Tuesday.
Large corporates making ‘quiet’ climate progress, finds report
The world’s largest companies are making gradual progress on emissions reductions and setting more significant climate targets, with more firms looking to use voluntary carbon credits to meet these goals, according to a report released Tuesday.
CIX appoints new CEO as part of ‘natural evolution’
Singapore’s Climate Impact X (CIX) has appointed a permanent CEO after its chief operating officer had held the interim position for several months to replace Mikkel Larsen, while one of its existing board members will step up to chair the company.
Japanese oil and gas firm invests in US-based DAC technology developer
A Japanese oil and gas firm has invested in a North Carolina-based company to support its direct air capture (DAC) technology and help it move from pilot to commercial development.
Insurance firm launches new voluntary carbon product with bank
A London-headquartered insurance firm has launched a new product, first rolled out with a bank, that will cover commercial loans to voluntary carbon projects, it announced Tuesday.
Kenya-based startup sells Africa’s first ERW carbon credits -media
A Nairobi-headquartered company has sold Africa’s first enhanced rock weathering (ERW) carbon credits, according to Bloomberg.
DAC developer, non-profit partner to unlock philanthropic funding for burgeoning carbon removals industry
A major direct air capture (DAC) technology developer has partnered with a non-profit dedicated to supporting the carbon removals industry to harness philanthropic capital, creating a new avenue for individuals and organisations to contribute to removal efforts while receiving tax benefits.
EMEA
FEATURE: CBAM costs threaten to further decimate Ukrainian exports
Ukraine’s war-torn economy stands to bear some of the greatest strain from the full arrival of the EU’s Carbon Border Adjustment Mechanism (CBAM), imposing a new carbon fee on goods that account for one-fifth of Kyiv’s exports to the bloc – and billions in revenue.
EU climate policy hasn’t caused carbon leakage, but risks remain -Bundesbank
EU climate policy, particularly the Emissions Trading System (ETS), has not yet triggered significant relocations of energy-intensive production abroad by German firms, according to a new report by the country’s monetary authority.
Polish state aid plan approved under EU rules for supporting net zero sectors
The European Commission has approved a €1.2 billion Polish state aid scheme, under the bloc’s recently relaxed subsidy rules, to support investments in sectors producing the equipment needed to transition to net zero emissions, it announced on Tuesday.
Milan-based startup launches industrial ocean carbon removal site
A Milan-headquartered company has launched its first industrial ocean CO2 removal (CDR) plant in Augusta, Italy.
Euro Markets: EUAs end 3-day losing streak after early 5-month low amid strong natural gas rally
European carbon prices set a new five-month low before bouncing sharply on Tuesday and unwinding the last two days of losses, tracking an equally strong gas market as compliance buying interest appeared to provide a floor for prices.
Two veteran carbon traders leave international commodities house
Two veteran carbon traders have departed from a Europe-based commodities trading house this summer, Carbon Pulse has learned.
ASIA PACIFIC
Australia’s Clean Energy Regulator to launch new registry in November
The Clean Energy Regulator’s (CER) carbon, renewable energy, and nature unit registry that is currently in development is set to be finalised in November, according to its acting chair.
Australia Market Roundup: Participants urge govt to show leadership on method development, regulator issues 1.4 mln ACCUs
Australian carbon market participants have urged the government to provide clear signals on which method developments it will prioritise to meet its climate goals, warning that the current lack of certainty is hampering investment.
Unpublished Chubb review submission slams Australia’s carbon industry, calls for CAC exit decision to be referred to NACC
A blistering unpublished submission to the Chubb review on Australia’s carbon market that was run by local media Wednesday has decried what it said was a “self-congratulatory, inward looking, anti-competitive” industry.
Australian steelmaker hits 2030 emissions target early
Australia’s largest steelmaker has hit its mid-term climate goals early, reducing emissions intensity by 12% since 2018, far ahead of its 2030 target date.
Rio Tinto brings in local carbon business for tree planting trial for renewable diesel
Mining giant Rio Tinto is partnering with an Australian carbon abatement business on a renewable diesel pilot project using a particular kind of seed oil for fuel switching to help decarbonise its operations.
Partnership seeks to scale up biochar credit generation in India
India-based carbon removal developer Circonomy has teamed up with a horticulture solutions provider to ramp up biochar carbon credits in the country.
INTERNATIONAL
Azerbaijan to create fossil fuel-financed climate fund at COP29
Azerbaijan is putting climate finance at the centre of its agenda for the COP29 summit in Baku, with a series of initiatives and outcomes aimed at drumming up more public and private money including from fossil fuel-producing countries and companies, it announced on Tuesday.
Corporate emissions-measuring stagnating, target-setting backsliding, shows survey
The number of corporates measuring their emissions is stagnating globally, while those setting comprehensive emissions targets is backsliding, shows a survey published on Wednesday.
Grid limitations stall global renewables growth -report
Renewable energy can fully meet global energy demands, but urgent upgrades to grid infrastructure and integrated planning will be essential, according to a report on Tuesday.
US tech firm partners with UN on new AI models for clean energy access
A US tech company has partnered with the United Nations Development Programme (UNDP) to develop two new interactive tools to forecast future access to electricity across jurisdictions and to model clean energy equity.
BIODIVERSITY (FREE TO READ)
Financiers with $29 trillion urge nature positive, climate action
A global investor statement was released Tuesday, with signatures of 534 financial institutions managing more than $29 trillion in assets calling for a whole-government approach to reaching nature positive and net zero emissions.
Non-profit urges COP16 to put world on track to meeting biodiversity targets
The priority of UN biodiversity conference COP16 should be delivering on the international pledges from Montreal while tracking progress, a World Resources Institute (WRI) executive said on Tuesday.
Regen reports sale of $129k of biodiversity credits on its platform
US-based environmental credit platform Regen Network Development has reported the sale of over 92,000 biodiversity credits worth a total of $129,000, listed on its marketplace and generated by three separate developers.
Human impacts trigger similar responses in fish in different rivers, study says
Fish populations in two large rivers in the US and China respond similarly to human-led changes in environmental conditions, a paper has said.
Biodiversity Pulse: Tuesday September 17, 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).
COMMENT
Embracing nature in corporate strategy
One year on from the launch of the TNFD framework, the data and technology to measure, report and act on nature exists already and is improving by the day. The message from stakeholders is clear: embedding nature into decision making is becoming an expectation not an option. The time to act is now, writes Natcap’s Sebastian Leape.
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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
Lazy effort – UN talks on how to make the global green transition fair provoked frustration among developing countries as rich nations did not attend in person and refused to discuss thorny issues, Climate Home reports. About 30 developing countries sent civil servants to a five-star hotel in Ghana for official UN discussions on “response measures” that are meant to tackle how to maximise the benefits and minimise the negative impacts of a green transition, they wrote in a summary piece of the negotiations. All nations agreed at last year’s COP28 climate conference to hold the latest round of talks – but there were no officials present from wealthy governments, and while the US, the EU, and the UK did log on virtually, they kept their cameras largely off during the two-day meeting. Their rare contributions were received badly by developing countries, according to the article.
Hurry up! – More than 500 financial institutions and representatives, collectively worth more than $29 trillion in assets under management, have written to national governments urging them to update and introduce policies to unlock investment into climate action, nature restoration, and the Just Transition, Edie reports.
Three-point plan – We Mean Business Coalition has launched a call to action from business for ambitious and investible NDCs. Businesses are now calling on governments – led by the G20 countries – to act across three pillars: putting forward ambitious 1.5C-aligned NDCs containing economy-wide and sector-specific targets, as well as clear commitments to translate targets into concrete policies; translating NDCs into clear and consistent policy frameworks that unlock the full potential of the private sector; and undertaking transparent and inclusive dialogue with businesses, creating an integral role for business and other affected stakeholders at all stages of the NDC cycle.
Adding and subtracting – With the new global climate finance goal set to become the prime battleground at November’s COP29 summit, the World Resources Institute (WRI) on Tuesday released its new climate finance calculator, which generates scenarios based on a country’s historical emissions and their income level. Looking at different scenarios highlights the nuances needed to consider the level of responsibility for different countries, the WRI said. Negotiations over the New Collective Quantified Goal (NCQG) have raised questions, including which countries should contribute money. The answer depends on factors including legal interpretations of the Paris Agreement. The NCQG is due to take effect in 2025, replacing the $100 bln per year that developed countries pledged to mobilise from 2020.
AMERICAS
CFTC – The US Commodity Futures Trading Commission (CFTC) will host an open meeting on Friday, Sep. 20 at 1000 Eastern (1400 GMT) to discuss final guidance regarding its listing of voluntary carbon credit guidelines. The regulator released its draft guidance at COP28 in Dec. 2023, but was met with significant stakeholder feedback and initially anticipated final guidelines for release in June or July.
Summit saga – The Iowa chapter of green group Sierra Club is the latest to file a lawsuit appealing the approval of the Summit Carbon Solutions CO2 pipeline, which received a conditional construction permit from the Iowa Utilities Board (IUB) in August. Sierra Club was joined by about 100 landowners and nine counties in filing their appeal in Iowa District Court in Polk County on Friday, the deadline for appeals. The petitioners said the approval was unconstitutional, and challenged whether the three-member IUB correctly weighed issues of eminent domain, pipeline safety, and if the project serves the public interest. The measure arrived just days after nearly 40 Iowa Republicans announced their legal challenge to the permit. (Des Moines Register)
Watch out – Seven legal organisations – including Earthjustice and the Center for Justice & Democracy – have urged Democratic lawmakers to oppose proposed legislation that aims to expedite clean energy permits, taking issue with a measure that would expedite litigation, E&E News reported Tuesday. Section 101 of S. 4753, also known as the Energy Permitting Reform Act of 2024, mandates expedited judicial review regarding litigation related to federal permitting approvals or authorisations of fossil fuel and timber industry projects. The groups took issue with this clause, and stated that it would not only cause “significant environmental harm” but also enact “dangerous new precedents within the judicial system”, the groups said. They added that reducing the statute of limitations to five months from six years denies vulnerable communities from having their voices heard in the courts.
Watch out x2 – Chairs of the House Financial Institutions and Monetary Policy Subcommittee are going after federal banking agencies for their efforts to address climate risk, E&E News reported Tuesday. Rep. Patrick McHenry (R) and Rep. Andy Barr (R) asked the Governmental Accountability Office to investigate US agencies’ involvement with the Network for Greening the Financial System, a global group of more than 100 central banks and financial supervisors. The Federal Reserve joined in 2020, followed by the Office of the Comptroller of the Currency in 2021 and the Federal Deposit Insurance Corp in 2022.
VOLUNTARY
Maya ground – Climate tech firm Maya has published an open-source database with geospatial analysis reports on over 500 nature-based carbon projects, its CEO announced on LinkedIn. The report generation was automated through the startup’s geospatial software, with texts AI-generated. The data is based on information published by ratings agency Renoster.
Making its mark – Carbonmark and EcoRegistry have formally integrated their platforms so buyers can now access projects listed on the latter’s offering, they said in a release. This had already been flagged in previous Carbon Pulse reporting of Carbonmark’s recently-announced partnership with XTCC. The firms hope that the team-up announced Tuesday will improve market dynamics and help to create a stronger trading environment. Carbonmark’s digital technology and EcoRegistry’s platform enable direct, immediate transactions crucial for scaling carbon markets, they said. US-based EcoRegistry has also developed a platform that leverages technology to support the issuance of environmental assets and track units once issued, preventing double counting.
Partners – Weyerhaeuser Company and The Nature Conservancy (TNC) have announced a multiyear partnership to enhance understanding of how forests and forest products can help mitigate climate change. This collaboration aims to leverage Weyerhaeuser’s vast timberlands and TNC’s conservation expertise to scale up the role of forests in absorbing carbon. TNC’s research shows that natural climate solutions, such as better management of forests, could reduce or absorb up to 11 bln tonnes of GHGs annually by 2030, with over 1 bln tonnes potentially coming from improved forest management. The partnership will focus on forest research, greenhouse gas accounting, and advancing climate-smart forestry practices. Both organisations said they hope to create a transparent carbon market, encourage private investment in rural communities, and explore the potential of diverse forests for carbon storage, setting an example for sustainable collaborations between businesses and environmental groups.
New hire – Nairobi-based Cynk, Africa’s first platform for the trade of verifiable carbon credits, has announced the hire of environmental markets veteran Robert Koltun to its Board of Directors. As the Founder of RNK Capital, one the largest environmentally focused funds of its time, Koltun shaped investment strategies in carbon and renewable energy credits since the very early stages of environmental markets. The company began life in September last year during the Africa Climate Summit, with the trade of some 2 million biomass credits.
Pick me! – Ecosystem Restoration Standard (ERS) has applied to integrity body the ICVCM to have its issuances deemed eligible for the Core Carbon Principles, it said Tuesday. The two-tick process begins with a thorough review of the programme’s eligibility to the CCPs, it said. The response from the accreditation body is expected in Q4 2024.
Insured – Kita, a carbon insurance specialist, has extended its insurance coverage to Marex Group’s investment in Global Mangrove Trust’s (GMT) mangrove restoration project in North Sumatra. Supported by reinsurance group Chaucer, the project, launched under the OxCarbon Standard by YAGASU and GMT, focuses on restoring coastal mangrove ecosystems, with integrated livelihood and social programmes. Verified by Kumi Analytics using satellite, AI, and on-the-ground monitoring, the project benefits from Kita’s Carbon Purchase Protection Cover, which it says adds a layer of security to its carbon credits through in-depth risk assessment. Marex, which provides essential market services in energy and environmental commodities, has been investing in the project since 2021, using its carbon credits to offset its emissions and offer clients ‘high-quality, risk-assessed’ offsets.
For the people – The Social Carbon Foundation has officially become a UK charity, it announced on LinkedIn. This achievement comes after a rigorous process, involving extensive due diligence on our governance and operations. The Foundation develops and manages international GHG standards and methodologies.
EMEA
Taking no prisoners – The UK government will not let red tape get in the way of its planned the massive clean-energy buildout required to decarbonise the grid by 2030, the country’s energy secretary said Tuesday. The government sees a rapid transition as key to meeting climate commitments and protecting consumers from fossil-fuel price shocks, while driving economic growth. But the development of solar and wind farms and transmission towers is often opposed by local communities. Sometimes, offshore wind farms take 13 years build despite only two years of actual construction, Ed Miliband said. (Bloomberg)
Biochar – Paris-based carbon crediting platform Riverse will issue 38,440 carbon credits to a UK biochar project developed by the Unyte Group, a company focused on sustainable industrial projects. The credits will be available for companies to purchase from 2025 to 2029, the company announced in a social media post. Biochar, produced by converting biomass waste, helps sequester carbon and improve soil health while supporting sustainable agricultural practices. Riverse’s Biomass Carbon Removal and Storage (BiCRS) methodology V2, which underpins the certification process for such projects, is currently under public consultation.
ASIA PACIFIC
Lining them up – Japanese project developer ByWill has signed yet another regional partnership towards its aim of establishing itself in every one of the country’s prefectures. It will develop J-Credit projects in cooperation with Iishi Forest Association and together the two will identify buyers in Shimane prefecture together with San-in Godo Bank, ByWill announced Tuesday.
AND FINALLY…
Class divide – A study led by researchers from Copenhagen Business School, the University of Basel, and the University of Cambridge found that people, regardless of income level, consistently underestimate the carbon footprint of the wealthiest in society while overestimating the carbon footprint of the poorest. The survey, which involved 4,000 participants from Denmark, India, Nigeria, and the US, highlighted widespread misperceptions about the scale and distribution of personal carbon footprints. The wealthier participants (top 10%) were more likely to support certain climate policies, potentially due to higher education levels and the ability to afford the impact of such policies. Despite a general recognition of carbon footprint inequality, participants from wealthier groups tended to justify their larger footprints, while the poorest had more immediate survival concerns. The researchers note that many climate policies disproportionately favour the wealthiest, and greater awareness of personal carbon footprint inequality could help drive more equitable climate solutions. (phys.org)
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