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TOP STORY
IMO talks to cut shipping emissions end with little progress
Talks at the International Maritime Organisation (IMO) this week concluded with some promising signs for the introduction of a carbon levy but still no significant advances.
AMERICAS
SCOTUS rejects states’ efforts to halt US methane rules
The US Supreme Court (SCOTUS) has denied stay applications filed by Republican-backed states against the Environmental Protection Agency (EPA)’s rules to limit methane output from the oil and gas sector.
Oregon lays out proposed CFP rules in alignment with California’s LCFS
Oregon released draft rules to update their Clean Fuels Program (OCFP) after market close Friday, following in the footsteps of California’s near midnight Eastern publication earlier in the week of their Low Carbon Fuel Standard (LCFS) rulemaking changes.
Washington offers largest current year volumes for 2024 at Q4 sale amidst binary risk
Washington state’s Department of Ecology (ECY) will offer the most number of current year permits of all the auctions held in 2024 at its final sale in December, along with future vintage allowances despite the looming risk of programme repeal in November, according to a notice published by the agency on Friday.
CFTC: Positive sentiment shift across North American carbon markets
Traders increased net length across their holdings of California Carbon Allowances (CCAs), RGGI Allowances (RGAs), and Washington Carbon Allowances (WCAs), according to this week’s data released Friday from the US Commodity Futures Trading Commission (CFTC).
US airline sustainability head calls for policy alignment to boost SAF
The sustainable aviation fuels (SAF) industry is unlikely to scale without cohesive policy measures across jurisdictions, the sustainability lead at a major US airline said Thursday.
EMEA
EU nations greenlight tariffs on Chinese EVs to protect home industry
A proposal to impose tariffs on China-made electric vehicles has received clearance from the EU’s 27 member states, in efforts to support the competitiveness of the bloc’s auto industry.
EU ETS has not led to a drop in European port movement -draft report
The inclusion of the maritime sector in the EU ETS has not led to a reduction in port calls or container movements at EU ports, nor in trans-shipment activity, according to a preliminary report by the European Commission.
Euro Markets: EUAs test key support early and late, shrugging off brief rally as bears remain in charge
European carbon prices recorded their sixth five-day decline in the last seven weeks, with bears still firmly in charge as they ended the period just shy of a key support level and selling pressure pushing the market to new six-month lows, while UK Allowances resumed their decline.
Dubai summit highlights plans for UAE carbon registry
An Emirati resolution to establish a national registry of carbon credits aligned with Article 6 of the Paris Agreement earned special mention at the World Green Economy Summit held in Dubai this week.
ASIA PACIFIC
Japanese companies team up to cut emissions from LNG value chain
Dozens of companies in Japan have endorsed a government-backed initiative that aims to reduce methane emissions in the liquefied natural gas (LNG) value chain, according to local media reports.
VOLUNTARY
Companies increasingly shift to internal carbon pricing to drive decarbonisation strategies
Businesses are increasingly turning to internal carbon pricing (ICP) to drive their decarbonisation efforts, a webinar heard on Thursday.
Integrating gender into carbon credit projects key to market credibility and outcomes -report
Project developers should embed gender considerations into the design, implementation, and monitoring of carbon credit projects to boost market integrity and improve project outcomes, according to recent research.
INTERNATIONAL
INTERVIEW: Demand for Article 6 units won’t suddenly boom in case of agreement
Demand for carbon credits aligned with Article 6 of the Paris Agreement is not going to suddenly spike if an agreement on rules to operationalise UN international carbon markets is found at COP29 at the end of the year, a senior EU negotiator told Carbon Pulse.
BIODIVERSITY (FREE TO READ)
Nature-positive insurance practices gain traction, but faster integration needed, report says
The concept of nature-positive insurance is building momentum in Australia as a way to address insurability challenges, but work must be done more quickly to integrate these practices more broadly, a report published Friday urged.
Civil society organisations worldwide urge not to be ‘fooled’ by biodiversity credits
Over 270 civil society organisations and academics from around the world have penned a statement against the use of biodiversity credits and offsets, warning that market-based mechanisms pose significant risks to ecosystems and communities.
Western Australian govt announces first nature tech accelerator cohort
The government of Western Australia announced Friday the first cohort of six early-stage nature tech startups that will receive seed capital and expert support to scale their businesses under a newly launched accelerator programme.
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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!
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
EMEA
Turn one’s back on ETS – Italy’s largest lobby group Confindustria is pushing for an EU policy U-turn on the CO2 emission trading system, Euractiv reports. Experts warned that recent and hefty investments risk becoming almost worthless because stringent rules for carbon pricing will swallow all the profits. During a press conference held for the first official visit of President Emanuele Orsini, special advisor Antonio Gozzi said “one of the requests to the European Union could be to go back to the original ETS, not open to investment funds and banks”.
Net-zero Poland – The EU Commission approved a €1.2 bln Polish State aid scheme to support investments in electricity storage facilities. The scheme will be financed partly by the Modernisation Fund, and partly by the Recovery and Resilience Facility. The goal is reducing the reliance of the Polish electricity system on fossil fuels and at facilitating the smooth integration of variable renewable energy sources in the national electricity system. The aid will support only newly installed storage facilities with a capacity of at least 4 MWh.
Get a plan, Scotland – The Scottish government should adopt a framework that will allow scrutiny of targets before introducing new legislation that scraps the 2030 mandatory target of cutting the country’s emissions 75%, the Scottish government’s Net Zero, Energy and Transport Committee said. Although supporting the general principles of the Climate Change (Emission Reduction Targets) bill which ditches the end of decade statutory commitment, the Holyrood committee said a revised schedule should be created for achieving a 75% reduction in emissions by 2030 and 90% by 2040, set against the 1990 baseline. “This Bill was announced in April, but it took until 5 September for it to be introduced meaning that as a committee, we found ourselves considering at pace legislation that, whilst succinct, is also technical and complex. This was wholly unsatisfactory and should have been avoided,” said Committee Convener, Edward Mountain. “Consequently, we are now posing fundamental questions to the Scottish Government which must be answered before this Bill progresses to the next stage.” The committee recommends the government introduces a new climate plan, setting out credible, deliverable and costed proposals to meet the carbon reduction budget target. A draft of the plan should also brought forward at the same time as regulations setting out carbon budget targets.
Ammonia imports – Yara International has announced the opening of an ammonia import terminal in Germany, supporting the development of Europe’s hydrogen economy. The new terminal will allow Yara to import up to 3 mln tonnes of low-emission ammonia annually to Europe, enabling the production of 530,000 tonnes of hydrogen. Fertiliser producer Yara stated that the ammonia will be able to be delivered directly from the terminal for utilisation, after which it could be transformed into low-emission hydrogen. Germany estimates up to 70% of its future ammonia needs will have to be imported by 2030. The EU aims to consume 20 million tonnes of low-carbon hydrogen per year by 2030.
ASIA PACIFIC
Adaptation – Papua New Guinea signed an MoU with NGO representatives of the Australian Humanitarian Partnership (AHP) to formalise cooperation on climate adaptation and resilience work, PNG’s Climate Change Development Authority announced. The agreement will boost engagements to work on priorities outlined in PNG’s National Adaptation Plan. The Australian government works through AHP to deliver humanitarian assistance and build capacity in disaster risk reduction, recovery, and resilience.
Maritime merger – Japanese shipping firm MOL will merge three group subsidiaries responsible for maritime technology and engineering, effective April 1, 2025, it announced Friday. The new company will offer seamless services ranging from maritime and new shipbuilding consulting, maritime human resources training, and crew support to operational support and maintenance. Particularly, the unit will focus on the use of digital technology to support MOL’s growing businesses, including wind power generation.
Revamping Ecomark – India’s Ministry of Environment, Forest, and Climate Change has updated its draft Ecomark Scheme, initially notified in Oct. 2023, to encourage demand for environment-friendly products, promote lower energy consumption, resource efficiency, and the circular economy. The scheme seeks to ensure accurate labelling and prevent misleading information about products. According to the government’s latest notification, the Ecomark label will build consumer awareness of environmental issues and encourage sustainable consumption. The scheme will be implemented by the Central Pollution Control Board (CPCB) in partnership with the Bureau of Indian Standards (BIS).
Carbon credit banks – Industrialists in the Indian state of Gujarat have called on the government to form carbon credit banks in the state as well as the country, the Times of India reported. A carbon credit bank would function as a repository for carbon credits aiding businesses particularly small- and medium-sized enterprises, in trading and managing their credits efficiently. It would also assist smaller companies in overcoming the complexities by providing technical and financial support, the industry body said.
One year wiser – Indonesia’s thinly-traded carbon exchange turned a year old at the end of last month. All up, volume traded was 613,740 tonnes of CO2e across three projects, with 460,000t retired. The exchange debuted over a year ago by the president of Indonesia Joko ‘Jokowi’ Widodo and saw a busy first trading day but a subsequent slump. Optimistic carbon market watchers believe once the nation opens to international trade the carbon exchange will take off. August’s trade saw only 176 tonnes of CO2e traded compared to the prior month’s 4,801CO2e.
AMERICAS
IEMAC meeting – California’s Independent Emissions Market Advisory Committee announced on Friday its next meeting on Oct. 16 between 1300-1500 Pacific (2000 GMT). The IEMAC is tasked with analysing the economic performance of the state’s cap-and-trade scheme and reporting its findings to the ARB and a Joint Legislative Committee on Climate Change. The committee will be discussing the cap-and-trade programme’s regulatory process, developments of the Low Carbon Fuel Standards programme, and a proposal regarding an emissions containment reserve.
It’s getting harder and harder to breathe – The Colorado Department of Public Health and Environment found inconsistencies with the data, granularity, and reporting frequency of toxic air contaminations across the state’s various programmes tracking air quality, according to an Oct. 1 report. For example, a state agency received reports of 6,100 tonnes of toxic air components being emitted per year from 3,700 sources, while the US Environmental Protection Agency received reports of only 755 t of annual emissions from 181 sources. The Colorado Air Pollution Control Division, which authored the report, recommends increased transparency across reporting, using a data system that has validation checks to yield stronger estimates, and aligning state reporting requirements with federal standards.
Dear Janet Yellen – Six biofuel producers asked the US Department of the Treasury to bridge the gap before the 45Z tax credit, Clean Fuel Production Credit (CFPC), is finalised, asking the agency to pre-empt “disastrous implications” for the industry. In a Sep. 20 letter to Treasury Secretary Janet Yellen, trade group Iowa Renewable Fuels Association asked for immediate safe harbor guidance between the existing rules and the CFPC, which will be offered as of Jan. 1, to ensure that the biodiesel supply chain does not “grind to a halt” until there is a final rule. On Tuesday a Treasury official said the guidance is actively being developed, but the biofuel industry hasn’t been reassured by this, E&E News reported on Thursday.
Offshore CO2 storage – The federal Interior Department is long overdue on a rule for storing CO2 offshore, likely due to a number of compounding reasons, E&E News reported Friday. The Interior’s Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement are tasked with writing the rule, and spokespersons said that developing regulations for an entirely new programme takes time. Experts voiced concern at the cost to taxpayers, continuing license for oil and gas firms to emit CO2, as well as other higher priorities on the climate policy agenda for the Department. Proponents also said the delayed rule inhibits the industry’s growth, but could not name any projects in particular.
Texas strong – Texas utility Centerpoint Energy has signed an agreement with an Australian-based infrastructure modelling platform provider Neara as a way to boost resilience in its grid, the company announced. Neara’s AI-powered capabilities will be deployed across CenterPoint’s 5,000 square-mile (8,000 sq.km) Greater Houston service area, the company said in a statement. Neara’s simulation and analytics platform models the potential impact of severe weather events to help inform plans of action before, during, and after major weather events happen to reduce their impact. It is expected to help CenterPoint reduce customer outages and accelerate restoration efforts across its system.
VOLUNTARY
IETA call for ITMO clarity – Countries must adopt a common approach to identifying the ‘first transfer’ of an ITMO trade to avoid undermining the integrity of the co-operative approach to international carbon trade, according to a position paper by the International Emission Trading Association (IETA). Defining the first transfer as the use or cancellation of the mitigation outcome may render tracking the ITMOs very complex and undermine the integrity of the co-operative approach, IETA warned. Instead IETA calls for COP29 to adopt first transfer as either the authorization of the credit or the issuance of the mitigation outcomes. If the ITMO is going to be used towards a country’s climate target, or NDC, as well as another mitigation purpose, such as the aviation scheme CORSIA, then the first transfer should be recorded the first time the credit was authorised or issued towards a mitigation outcome.
AND FINALLY…
Trippy climate action – Of the many dozens of events Carbon Pulse attended at Climate Week NYC last week, there appears to be one that we missed. On a panel titled Balancing Investing & Impact with Climate & Psychedelic Capital attendees gathered in New York last week to discuss a shared belief that psychedelic experiences could spark “consciousness shifts” that could inspire climate-friendly behaviours, the Guardian reported. The panel included academics, marketers and advocates, showed a film on pairing magic mushrooms with music, and discussed funding of ketamine-assisted therapy. There is a surging interest in the potential for hallucinogens – including psychedelics like LSD, empathogens like MDMA, and dissociates like ketamine – to serve as healing aids for depression, addiction, and other mental health problems. And this could extend to the anger and despondence that, according to former UN climate chief Christiana Figueres, is rising across the climate and biodiversity community. But the psychedelic capital event wasn’t the only one to diverge from the usual Climate Week NYC line-up – others included a performance by a “drag wrestling collective” in a pop-up boxing ring, as well as dancing, meditation, and imbibing cacao, the Guardian reported.
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