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TOP STORY
Big economies lag behind COP28 commitment in renewable energy rollout -report
Many of the big economies need to accelerate wind and solar rollout to meet their COP28 commitments and avoid derailing the Paris Agreement goal to limit global warming to 1.5 C, according to analysis released this week.
CLIMATE WEEK NYC
BRIEFING: LATAM governments diverge on key negotiating topics as COP29 looms
Latin American and Caribbean governments differed on UN climate conference flashpoints on Sunday in New York, less than two months from COP29 in Baku this November.
Colombia to launch ETS in ‘enrolment’ phase in 2025 -minister
Colombia’s ETS is set to launch in 2025, building upon recent momentum in the country’s years-long process, a top official told Carbon Pulse on the sidelines of New York Climate Week on Sunday.
Global group of parliamentarians call on US to stop LNG exports
A group of global legislators has urged the US government to immediately halt the export of liquefied natural gas (LNG), in a letter released during the first day of the Climate Week NYC.
US development finance body hesitates with carbon projects -official
The US government does not advise its investment partners to finance sustainable development projects abroad whose lifeline is carbon finance, especially if they are small in scale, according to a senior official speaking at Climate Week NYC.
US green banks unite to accelerate clean energy investments
Almost 40 US banks, which collectively facilitated over $10 billion in new clean energy investments last year, on Monday announced the formation of the US Green Bank 50 partnership (GB 50), aiming to enhance collaboration and share resources amongst them.
Norway stands firm on blue hydrogen days after Equinor scraps plans -minister
Norway continues to support blue hydrogen solutions, a top Norwegian official stated Sunday at Climate Week NYC.
Turkish exchange set to offer certified carbon credits in coming weeks
Turkiye’s energy exchange EPIAS has teamed up with an international carbon standard to enable the first exchange-based trading of certified credits on its platform, they announced after signing an agreement in New York on Monday.
Singapore and US allies attempt to shore up support for nascent transition credit market
In an effort to bolster scale beyond pilot projects, US and Singaporean architects of transition crediting mechanisms vouched for the nascent market’s ability to meet eventual compliance demand during Climate Week NYC on Monday.
Investors still wary of financing “science projects” in the voluntary carbon market
Institutional investors are wary of financing “science projects” and losing their shirts in a nascent voluntary carbon market (VCM) that has already undergone several transformations, and where the make-or-break risks are still high, experts said during Climate Week NYC on Monday.
Verra’s shift from paper to digital will speed up certifications, says executive
Verra is digitalising its most used methodologies from a largely paper-based system, in an effort to speed up the certification process for project developers while strengthening integrity, the voluntary carbon standard’s chief technology officer said at Climate Week NYC on Monday.
AMERICAS
RGGI’s proposed updates to cost containment volumes sink credit prices
RGGI states issued a notice on Monday with potential plans to almost double Cost Containment Reserve (CCR) permits with a second CCR tier in a new cap trajectory scenario, requesting public feedback to inform final decisions of its Third Program Review.
RGGI Market: RGAs give back week’s gains after proposed programme updates
RGGI allowance (RGA) prices plummeted 12.4% Monday upon the release of a long-awaited programme review update from market administrator RGGI Inc., which provided modelling of an additional regional cap trajectory scenario and detailed potential expanding of the Cost Containment Reserve (CCR).
US election results could be “deeply damaging” to IRA programmes -study
Federal and state policymakers, and climate-focused lending institutions must take advantage of the Inflation Reduction Act (IRA) programmes ahead of a potentially hostile administration, according to a report published earlier this month.
US CO2 conversion firm raises $645 mln for SAF plants
A US-based CO2 utilisation firm has raised $645 million to finance the development of its sustainable aviation fuel (SAF) plants.
Washington Clean Fuel Standard cumulative credit surplus surpasses 1 mln in Q1 2024
The net credit surplus in Washington’s Clean Fuel Standard (WCFS) surpassed the 1-million mark for the first time in Q1 2024, with growth in renewable diesel (RD) credits surging nearly 60% higher than the last quarter, state data showed.
Quebec pension fund launches investment platform with recently acquired US timberland firm
Quebec’s pension fund on Monday unveiled a new investment platform alongside a US-based landscape investment manager after acquiring a minority stake in the firm.
LATAM Roundup: Ecuador, Bolivia open to carbon markets as business grows in Brazil
Ecuador voted overwhelmingly to legalise carbon markets, Bolivia’s president prepared to accept – and centralise – carbon trading, and Brazil welcomed a slew of high-profile investments in the week ending Sep. 22.
INTERNATIONAL
Sri Lanka publishes ‘positive’ list of Article 6-aligned projects
The Sri Lankan government has published a list of project activities across six sectors that will be eligible to generate credits under Article 6 of the Paris Agreement.
UN loss and damage fund cements executive pick, World Bank arrangements
The UN Fund for Responding to Loss and Damage (FRLD) crystallised its institutional arrangements at the third meeting of the board held in Baku last week.
Temporary ‘off-ramps’ could assist countries on decarbonisation journey -academics
Temporary mitigation “off-ramps” could help countries manage the significant challenges associated with the rapid decarbonisation experts say is needed to meet global net zero emissions targets.
VOLUNTARY
VCM Report: Liquidity ticking higher, but voluntary carbon prices remain in the doldrums
Optimism continued to creep back into the voluntary carbon sector last week, although most avoidance prices remained depressed as the market polarised between the cheap and the good quality.
INTERVIEW: Carbon credits are financial instruments and will be regulated as such in Egypt
The Egyptian voluntary carbon market (VCM) is a capital market and will be regulated as such to ensure its financial credibility, Egypt’s top finance regulator told Carbon Pulse in an interview.
Frontier inks fresh deal worth millions for river-based carbon removal
Carbon removal buyers club Frontier has agreed a deal worth over $25 million for credits linked to river de-acidification from a Canadian firm.
BRIEFING: Global net zero commitments increase, yet 40% of major players still lack targets
Net zero commitments across countries, cities, regions, and companies have seen progress, but 40% of non-state entities, including major companies like Tesla, Nintendo, and Berkshire Hathaway, still lack emission reduction or net zero targets, according to new research.
Food sector faces slow progress on climate action despite improved emissions disclosure -report
Despite growing regulatory pressures and improved emissions disclosure in the food sector, companies are struggling to make significant reductions in greenhouse gas emissions, particularly those from their supply chains, according to a new report.
Elevated ozone levels threaten tropical forests’ role in climate mitigation, researchers warn
Rising ground-level ozone levels are significantly reducing the productivity of tropical forests, undermining their ability to act as a crucial carbon sink, researchers warn.
California-based VC firm closes $10-mln fund to support climate-tech startups
A California-based venture capital firm focusing on climate technology has announced the closure of a $10-million decarbonisation fund that supports startups.
Carbon project developer to deploy MRV solution across 12 ARR projects in the Americas and the Pacific
A project developer for Indigenous-led conservation projects will partner with an atmospheric-based digital monitoring, reporting, and verification (aMRV) solution provider to map 1 million acres across 12 Afforestation, Reforestation, and Restoration (ARR) projects.
Researchers put forward blueprint for equitable benefit-sharing from carbon projects
Research published Monday outlined how carbon projects can ensure transparent compensation for Indigenous Peoples (IPs) and local communities (LCs) in a bid to move past recent criticism of the voluntary sector.
Tech giant buys 15k CDR credits from UK ERW firm
A global tech giant has bought 15,000 CO2 removal credits (CDR) in a second purchase agreement from a London-headquartered enhanced rock weathering (ERW) firm, per an announcement on Tuesday.
In the dust: Don’t overlook environmental, health risks from enhanced rock weathering, scientists warn
While enhanced rock weathering (ERW) may be a promising tool in the fight against climate change, careful management is essential to avoid unintended consequences for ecosystems and human health.
EMEA
New French minister pledges to continue fight for energy sovereignty
Antoine Armand, the new French economy and finance minister, pledged to continue fighting for the country’s energy sovereignty, saying “the major challenge of our century is the climate emergency”, as EU acquaintance Agnes Pannier-Runacher makes a comeback as the country’s climate and energy minister.
Euro Markets: EUAs continue recovery on gas gains as market anticipates options expiry
European carbon prices strengthened on Monday as they built on Friday’s recovery, taking cues once again from a stronger TTF gas market, though analysts continued to point to technical indicators that could see prices break to the downside and highlighted possible volatility ahead of Wednesday’s options expiry.
ASIA PACIFIC
Chubb review in the spotlight as lead scientist calls CER’s interference “entirely inappropriate”
The lead scientist in the government’s independent review of Australia’s carbon market has described Clean Energy Regulator (CER) executives contacting scientists submitting feedback as “interference” and “entirely inappropriate”.
Safeguard Mechanism baselines likely to tighten in upcoming review, bank predicts
The legislated review for Australia’s Safeguard Mechanism will likely see the scheme’s baselines tighten to meet more ambitious emissions reduction targets, which would ultimately be bullish for carbon credit prices, according to a bank’s analysis.
Taiwan sports good blue carbon potential, but more local datasets required, study says
Marine-based carbon sinks have a great potential to contribute to Taiwan’s climate targets, though more action is needed to establish carbon removal datasets, a study has found.
Waste giant says emissions cuts on track for 1.5C-aligned climate target
One of Australia’s largest waste and landfill gas producers is on track to meet climate targets that it says fully align with a Paris 1.5C scenario.
Pertamina moves to expand role in emerging CCS market
Indonesian state-owned oil company Pertamina on Monday announced two of its subsidiaries have signed a Memorandum of Understanding (MoU) that over time will see the company enter the market for transport of liquid CO2 (LCO2).
ADB grants $500 mln loan to Indonesia for energy transition
The Asian Development Bank has approved a $500 million policy-based loan to help Indonesia accelerate its energy transition and achieve its net zero targets.
AVIATION
UK airline becomes largest carbon removals buyer in aviation via landmark deal
A flagship UK airline has become the biggest purchaser of carbon removal (CDR) credits in the UK, and the world’s largest CDR buyer in aviation, through a deal announced Monday.
BIODIVERSITY (FREE TO READ)
Swiss voters reject plan to boost biodiversity conservation
Voters in Switzerland rejected on Sunday a proposal to enhance nature protection in the country, with opponents claiming the reform would be too costly and jeopardise business development.
Nature SDGs urgently need addressing, report says
International efforts to meet the UN’s nature-focused Sustainable Development Goals (SDGs) on life below water and on land are falling far short of their 2030 targets, according to a report released on Monday.
Denmark challenges EU Commission on export of banned pesticides
The Danish government has stepped forward to ask the European Commission to alter a law that allows EU companies to export pesticides banned in the bloc.
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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
Climate Impact Partners Webinar – October 2: New research shows major companies continue action on climate. Research from Climate Impact Partners shows that Net Zero targets are up, and that more companies plan to use carbon credits to meet their carbon goals. See how you compare by signing up to a webinar and download the full report into the climate commitments of Fortune Global 500 companies.
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
Unanimous cry – A global carbon price is logical and would both reduce trade frictions and alleviate concerns around arbitrage, said Ngozi Okonjo-Iweala, the head of the World Trade Organisation, speaking to the FT. Reaching an agreement on price and regulatory regime won’t be easy or fast, but carbon prices swiftly need to grow wider and higher, wrote the editorial board. Politicians can build support for carbon pricing by using revenues from carbon taxes to cushion their impact, reduce debt, or raise public investment. And as more countries adopt their own carbon pricing, trade distortions and threats to competitiveness will ease, encouraging further action. Nations will want to adopt bespoke carbon measures, but over time they can be clubbed together, with the support of multilateral institutions, they write.
Going nuclear – Fourteen of the world’s biggest banks and financial institutions are pledging to increase their support for nuclear energy, a move that governments and the industry hope will unlock finance for a new wave of nuclear power plants, the FT also reports. At an event on Monday in New York with White House climate policy adviser John Podesta, institutions including Bank of America, Barclays, BNP Paribas, Citi, Morgan Stanley, and Goldman Sachs will say they support a goal first set out at the COP28 climate negotiations last year to triple the world’s nuclear energy capacity by 2050. They will not spell out exactly what they would do, but nuclear experts said the public show of support was a long-awaited recognition that the sector had a critical role to play in the transition to low-carbon energy.
Bad mood – Two new reports from Moody’s Ratings have found that global climate investment to date falls short of the trillions needed to achieve net zero emissions by 2050 and adapt to the physical effects of climate change – and that while closing this investment gap will drive up government debt, the costs of inaction would be larger. Early investment and sharing the costs of those investments with the private sector can ease credit risks for governments. If governments fill climate investment gaps fully on their own balance sheets – global government spending would need to increase by about 1.8% of GDP annually until 2030 – fiscal strength could weaken materially, as government debt is driven up commensurately, the authors found. The impact on fiscal strength can also be lessened if the investment burden is shared with the private sector. Filling the climate investment gap in line with the current public-private financing mix reduced additional government spending by approximately half, to about 0.9% of GDP annually up to 2030, they added. Early and globally coordinated clean investment could almost halve income losses related to climate change under a net zero scenario. According to the research, the investment gap for mitigation is largest in Africa and the Middle East, while for adaptation, it’s widest in Sub-Saharan Africa and South Asia. Emerging Asia is best-placed from a credit perspective to benefit from early and coordinated transition efforts.
New boss – As the Fossil Fuel Non Proliferation Treaty Initiative embarks on a new phase of the campaign and the development of the global treaty, the group announced the appointment of Kumi Naidoo, an international environmental and human rights leader, as its new president, it said in a Monday release. Naidoo is the former Executive Director of Greenpeace International and Secretary General of Amnesty International, he has been at the forefront of pivotal movements shaping environmental policy and social justice. The Fossil Fuel Treaty initiative aims to negotiate a binding global agreement to phase out fossil fuel production fast and fairly, aligned with scientific and economic consensus.
Slow progress – The oil and gas industry has pursued energy transition avenues to decarbonise its operations. However, heightened energy security fears amid the Ukraine war have brought back the focus on fossil fuels, which has led companies to scale down their energy transition pursuit, a new report from GlobalData has found. This will likely continue in 2024, but the switch towards low-carbon energy is expected to proceed, albeit at a slower pace. The researchers’ report, Energy Transition in Oil and Gas, highlights the energy transition-related developments in the oil and gas industry. Companies are switching towards renewable power and other low-carbon options in their energy transition efforts. Most leading industry companies have adopted 2050 as the long-term goal for net-zero carbon emissions. A lot of promises made by them hinge on the successful implementation of their respective interim targets for 2030, the authors argue.
Climate curriculum – Non-profit Dubai Cares launched a report Monday during the 79th United Nations General Assembly advocating for combining education and climate action. Emphasis that climate action and educational transformation cannot be addressed separately, the report highlights the potential of the climate-education nexus to drive systemic change. The report presents five “win-win” solutions: across early childhood development, planet-friendly school meals, teaching as a green profession, youth green skills development, and strategic private sector engagement, also identifying key recommendations across policy, financing, and research to create an enabling environment that scales these solutions. The report can be downloaded here.
EMEA
Baku on track – Ahmad Ahmadov, who leads a department at Azerbaijan’s State Tax Service, reconfirmed the nation’s plan to implement a carbon tax. The tax would be part of broader green economy measures and draws on international examples, Ahmadov said during the VIII Eurasian Forum of Accountants and Auditors in Baku. Businesses in the climate sector and foreign investors in renewable energy will benefit from tax breaks aimed at boosting interest and driving investment in green projects, he said. The country is due to host COP28 in November.
Big money – The Irish government estimated its carbon taxes on fuels and natural gas will bring in close to an additional €10 bln from 2024 to 2030, the country’s Department of Finance wrote in a report published last Friday. The Department of Finance split its estimates into two groups: projected revenue collection with existing measures in place, and collections with additional measures in place. The estimates are meant to aid in policy development and gauge the impact of the country’s Climate Action Plan 2024. With additional measures in place, Ireland is projected to raise €8.8 bln to the end of the decade. (Bloomberg)
ASIA PACIFIC
In due course – Australian Opposition Leader Peter Dutton provided some details of his party’s proposed plan to pursue nuclear energy in a speech Monday, but did not reveal costings, the Guardian reports. He acknowledged the plan would require ‘significant upfront costs’, but pointed to the costs associated with the government’s transmission infrastructure expansion to support more renewable energy. Dutton said the costs would be independently verified. Think tanks and climate advocacy groups responding to Dutton’s speech said the opposition’s proposal was a distraction that lacked sufficient detail to be deemed a credible alternative energy policy.
Offshore alliance – Major Korean shipbuilder Hanwha Ocean has signed a partnership with the American Bureau of Shipping to jointly develop advanced offshore technologies, according to the Korea Times. The alliance will focus on three key areas — sustainability, digitalisation, and AI — as well as operational technology for enhanced cybersecurity. To drive innovation in green energy solutions, they aim to promote carbon capture technologies, offshore wind integration, and the electrification of offshore systems.
AMERICAS
Time to link – Governments of California, Quebec, and Washington issued a joint statement Monday updating on progress to pursue linkage of the WCI and Washington cap-and-trade markets. Washington is currently engaged in a rulemaking process to align its cap-and-invest programme regulations with California and Quebec and must complete several other steps required by law before finalising and signing a linkage agreement, including an Environmental Justice Assessment, a final evaluation of the linkage criteria in the Climate Commitment Act and public input. Once WCI completes ongoing rulemaking, the joint jurisdictions will take steps toward linking with Washington’s ETS, including making regulatory changes that would allow them to recognise compliance instruments from Washington and meet the requirements of California Senate Bill 1018. The earliest linkage is expected to be finalised is late 2025, the release said.
EPA’s CO2 leak response – After issuing a permit violation notice to an Illinois CO2 injection well, the US Environmental Protection Agency announced Thursday a public comment period in which stakeholders can weigh in on a proposed enforcement order. In August, the EPA notified the food processing and trading company Archer-Daniels-Midland (ADM) that a leaking carbon monitoring well was in violation of the Safe Drinking Water Act. The proposed order would require ADM to take emergency remedial action, including an evaluation of how the leak allowed CO2 to migrate underground.
Powering hydrogen – The US Department of Energy’s (DOE) Fossil Energy and Carbon Management (FECM) on Monday announced up to $15 mln in federal funding to support the availability and affordability of clean hydrogen for electricity generation, industrial decarbonisation, and transportation. The funding will primarily support research and development projects that convert feedstocks — such as coal, biomass, petcoke, household waste, industrial wastes, and waste plastics — into synthesis gas, also known as syngas, to enable the low cost production of clean hydrogen. The funding opportunity announcement solicits applications for research and development for two types of demonstrations: the entrained flow gasification technologies for alternative feedstocks, and fluidised bed gasification technologies for alternative feedstocks. The application deadline is Nov. 22, 2024, at 2359 EST (0400 GMT).
Community summit – The carbon pipeline developer Summit Carbon Solutions (SCS) has been holding a series of public meetings across the Midwest to inform communities of its proposed expansion, local media reports. As originally planned, the 2,000-mile (3,200 km) multi-state Midwest Carbon Express CO2 Pipeline would offtake CO2 from industry and transport it to injection wells. A second phase of the project would add an additional 330 miles of pipeline. Between Aug. 26 and Sept. 20, SCS has visited 23 counties that would be affected by the addition. The project has already faced significant regulatory challenges and local pushback, which has delayed project commencement by about two years.
Nature-based project developer goes to Texas – A nature-based carbon removal developer, Chestnut Carbon, announced Monday the purchase of 300 acres (121.4 hectares) of underutilised pastureland in Texas to develop into a forest. “By restoring this parcel to a vibrant forest populated with diverse native hardwood and softwood seedlings, Chestnut is maximising the land’s ecological value in its highest and best use,” the company said in its announcement. The acquisition brings Chestnut’s landholdings to over 30,000 acres across the Southeastern US. This is the company’s first project in the Lone Star State.
Carbon real estate – Miami-based real estate firm Safe and Green Development (SG DEVCO) and compost production and soil rejuvenation technologies firm Resource Group US have announced a joint venture (JV) to restore degraded lands in the US – starting in southwestern Florida, but looking to scale nationally. The JV aims to bring together RGUS’s Soil Rescue compost technology and SG DEVCO’s land development expertise to rehabilitate nutrient-deficient land for agricultural, commercial, and residential uses. The initial phase of the JV will focus on a pilot project at Resource Group US’s Myakka City, Florida site, a former phosphate mining area. The project will validate the effectiveness of RGUS’s compost technology in revitalising depleted soils, and aims to contribute to fighting climate change by sequestering CO2. In addition to high-yield agricultural production, the JV aims to open new revenue streams through carbon sequestration credits.
MISO transmission – The Midcontinent Independent System Operator, which manages the US Midwestern grid, is nearing a decision on a $21 bln proposal for 4,000 miles (6,400 kms) of new powerlines across nine Midwestern states, E&E News reported Monday. The proposal aims to unlock vast amounts of wind power potential in isolated areas of the Dakotas and Minnesota.
Enviros vs hydrogen hub – The Sierra Club and a handful of other environmental groups are suing a California-based port over its approval of the BayoTech BayoGaaS Hydrogen Hub, accusing the project of violating state environmental law, E&E News reported Monday. The project, which would add hydrogen generation, compression, and storage capacity to the state, is slated to begin production next year. Production would use steam methane reforming to crack hydrogen from methane. The environmental groups are asking a state court to block the project citing concerns over its impact on local air quality.
Port production – US-based green metals and chemicals producer Protio plans to make e-fuels in industrial parks at the Port of Tallinn’s Muuga Harbour, according to a press release on Monday. The Estonian Port of Tallinn opens up on the Baltic Sea and is made up of four harbours, two of which will be developing green energy. Protio will produce e-methanol, sustainable aviation fuel, and potentially electric natural gas.
Brazil burning – Wildfires in the Amazon region and the Pantanal wetlands of Brazil caused the highest carbon emissions from fires in 22 years, with smoke columns stretching from Sao Paolo to Ecuador, EFE reported on Monday. The Copernicus Atmosphere Monitoring Service, which tracks carbon emissions from fires, said smoke displacement from Brazil had far-reaching repercussions, extending to the other side of the Atlantic.
VOLUNTARY
Green update – ING has launched its 2024 Climate Progress Update, detailing plans to triple its financing of renewable power to €7.5 bln annually by 2025, in line with the COP28 call to triple renewable energy capacity by 2030, and has also set a goal to mobilise €150 bln annually by 2027 towards financing sustainable business models. The Dutch bank is also broadening its sustainability efforts to encompass nature, plastics, and the circular economy, and has developed ESG.X, a new tool to track climate data for about 2,000 of its largest clients. Further, ING has pledged to halt new general financing to pure-play upstream oil and gas companies involved in new field developments, effective immediately, and starting in 2025, it will also cease new financing for LNG export terminals in line with the IEA’s 2023 Net Zero Roadmap.
Capper and trade – Carbon Tanzania has appointed Sally Capper as its new CEO, to advance its efforts to protect vital forest ecosystems in partnership with local communities and natural resource managers across Tanzania, according to a release Monday. Capper joins Carbon Tanzania from KopeLion. In her role as director strategy & development, she led major work to conserve lions in Tanzania by working with local communities to reduce conflict between people and lions – making the organisation globally recognised as a leading conservation NGO. Her experience in sustainable conservation through empowering indigenous communities with shared decision-making and direct benefit from conservation efforts aligns with Carbon Tanzania’s core mission and will support the organisation’s continued leadership in this approach, the release stated.
Cambodia conservation – Project developer Hummingbirds has partnered with nonprofits BirdLife International and NatureLife Cambodia to launch a forest conservation project in the Lomphat Wildlife Sanctuary in Cambodia, marking its first nature-based project in Asia. The initiative aims to conserve over 130,000 hectares through site management with range patrols, improving livelihoods through initiatives like sustainable rice production, and conserving biodiversity. It expects to avoid over 11.6 mln tonnes of carbon emissions over the next 40 years, with the carbon credits issued on Earthshot Labs platform.
On the ground – Gold Standard’s CEO Margaret Kim is visiting two clean cookstove projects in Kenya and Uganda instead of attending New York Climate Week, according to a press release. The EcoSafi project in Nairobi and the Simoshi project in Kampala aim to reduce emissions and improve health by replacing traditional stoves with cleaner technologies. The visit aligns with Gold Standard’s release of “Nine Actions Businesses Should Take on Their Journey to Net Zero,” a set of guidelines urging companies to be ‘brave’ and ‘take responsibility’ for their climate actions.
Renewable energy credits – Sustainability consultancy Sustainiam has onboarded 400 MW of renewable energy assets from Brookfield Asset Management for the registration, issuance and trading of International Renewable Energy Certificates (I-REC) or carbon credits, the founder and CEO said in an announcement on Monday. The total capacity includes 50 projects, most of which are wind projects across different states. The agreement will last five years and will also enable Brookfield to trade credits through its in-house exchange, the CEO said. (Energyworld.com)
Article 6 credits – Ignite Power, a provider of distributed renewable energy in sub-Saharan Africa has partnered with energy company SEFE for a carbon offtake transaction targeting Article 6. The finance enabled from the sale of Article 6 credits is expected to drive Ignite Power’s expansion across Africa with off-grid solar and to support its goal to connect 100 mln people to clean, sustainable energy by 2030. SEFE is experienced in structuring innovative financial mechanisms for climate impact including with the carbon market.
AVIATION
SAF boost – Air France-KLM has increased its agreement to buy sustainable aviation fuel (SAF) from TotalEnergies, with the latter to supply up to 1.5 mln tonnes of the fuel over 10 years to the airline group’s companies. In 2022 and 2023, Air France-KLM was the world’s leading user of SAF, with 17 and 16% of global production respectively. The agreement will go towards its goal to reduce CO2 emissions per passenger kilometre 30% by 2030 on 2019 levels, through the incorporation of at least 10% more SAF on all its flights, which goes beyond regulator expectations, said the release. The SAF supplied will be produced from waste residues and will be used to fuel Air France-KLM flights departing from European countries.
SHIPPING
No longer lost at sea – The International Chamber of Shipping Publications has released an updated resource to help the shipping industry navigate the increasingly complex regulations surrounding maritime decarbonisation. The second edition of ‘Reducing Greenhouse Gas Emissions: A Guide to International Regulatory Compliance’, is designed for ship owners, operators, and managers, and covers the full scope of maritime emissions issues, from current regulations to future trends. Key updates include a new chapter on the EU ETS, clearing up confusion around the scheme’s application to ships trading within and outside the EU, plus a detailed appendix listing around 100 methods for reducing both GHG emissions and underwater radiated noise.
AND FINALLY…
Hot falls – Autumnal temperatures in the US are beginning to feel more akin to summer, according to a new report by Climate Central. Across 234 US cities, temperatures on Sep. 1 – the meteorological start to the season – have risen by 2.5F (1.4C) on average since 1970. And 97 cities now experience at least two more weeks worth of above-normal fall days than in 1970, especially in the Southwest. These warmer autumns bring more demand for cooling, higher energy use, longer wildfire seasons, and major changes for farmers, Axios reports.
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