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TOP STORY
Parties poised to find early agreement on Article 6 in Baku, say EU sources
Long-awaited agreement on Article 6 of the Paris Agreement, which governs UN carbon crediting and international mitigation outcome trade, could be finalised by end of the first week at COP29, according to EU sources.
ASIA PACIFIC
APAC needs $89 trillion in energy sector investment to achieve net zero, report says
The Asia Pacific region will need energy sector investments of around $89 trillion from now to 2050 to achieve net zero by mid century, according to a report released Wednesday.
Australia Market Roundup: Complaint launched against Qantas “fly neutral” claims, ACCU issuance increases
An environmental legal group has submitted a greenwashing complaint to Australia’s consumer watchdog over airline Qantas’ “fly carbon neutral” product and its broader sustainability claims.
New Zealand will have to plant out and cut emissions “hugely” to achieve its climate targets, panel hears
New Zealand is likely to be severely short on NZUs after 2030 unless emissions start to rapidly decline, a forestry expert told a panel discussion Wednesday.
Solomons to design carbon trade policy, plans stakeholder consultation soon
The Pacific nation of the Solomon Islands has launched a carbon trading policy project with help from the Global Green Growth Institute (GGGI) and the New Zealand and Irish governments.
SK Market: Korean October CO2 auction oversubscribed, clears above 10,000 won
South Korea’s latest monthly CO2 permit auction was again oversubscribed, with analysts expecting allowance prices to remain stable around the 10,000 won ($7.35) level in the near term.
INTERNATIONAL
Electricity demand set to rise, but renewable installation must keep pace, flagship IEA report warns
Low-emissions technology, both new renewables and recently resurgent nuclear, will generate half the world’s power demand by 2030, yet without investment in electricity grids in particular, global warming is headed for 2.4C above pre-industrial temperatures by the end of the century, according to the International Energy Agency’s (IEA’s) World Energy Outlook (WEO) on Wednesday.
GGGI launches facility to catalyse $500 mln for ITMO purchases by 2030
The Global Green Growth Institute (GGGI) has launched a facility to support scaling of international carbon trading under Article 6 of the Paris Agreement and catalyse up to $500 million solely for the transactions of Internationally Transferred Mitigation Outcomes (ITMOs) by 2030, it announced Wednesday.
German wildfire monitoring solution secures €25 mln to improve AI tools and expand globally
A Munich-headquartered wildfire monitoring company has raised €25 million in a Series B funding round, the company announced on Tuesday.
AMERICAS
SCOTUS denies emergency stay of power plant emissions standards
The US Supreme Court issued a decision on Wednesday denying the applications of Republican states, power companies, and industry groups to stay federal laws restricting CO2 emissions from power plants.
US conservation groups sue to stop TVA natural gas plant replacing retiring coal
A group of conservation organisations have filed a suit against the Tennessee Valley Authority (TVA), asking a federal court to halt efforts by the nation’s largest public utility to replace a retiring coal installation with a natural gas-fired power plant.
California watchdog expedites annual report in anticipation of cap-and-trade programme reauthorisation talks
California’s carbon market watchdog targets an early-2025 publication of its 2024 annual report in tandem with expected conversations in the state legislature regarding extension of the WCI cap-and-trade programme, committee members discussed Wednesday.
INTERVIEW: Canadian firm plans to expand EV aggregator tool to US jurisdictions
A Canadian advisory firm intends to roll out its tech solution that monetises EV credits earned through the country’s nascent Clean Fuels Regulations (CFR) to US jurisdictions with existing and planned electrification programmes.
EMEA
EU looks to incentivise lower methane gas globally by pooling buyer demand
The European Commission’s plan to create a ‘You Collect, We Buy’ platform for the joint purchasing of gas and hydrogen should drive up demand for lower emissions fuel around the EU – and support the bloc’s efforts to tackle methane, according to a Brussels official.
UK banks invested £1 bln in ‘forest risk’ companies, undermining national pledge -report
UK banks have invested more than £1 billion in companies tied to deforestation risks worldwide since COP26, defying the country’s 2021 Glasgow climate commitments, according to analysis released on Wednesday.
Stockholm-based clean energy tech firm raises €63 mln to drive heating decarbonisation in Europe
A Swedish clean energy tech firm has raised €63 million to accelerate residential heating electrification and drive decarbonisation across Europe, the company announced on Wednesday.
EU clarifies next emissions monitoring regulation for offshore ships
The European Commission has clarified its rules for extending its monitoring, reporting, and verification system to greenhouse gas emissions from offshore vessels, slightly broadening the list of ships considered to be offshore.
More than half of EU’s big emitting installations no longer participate in ETS, study finds
Around 35% of installations have exited the EU ETS since its inception, while a further 16% have stopped operating, according to a new analysis.
Euro Markets: Carbon extends losses along with gas amid milder temperatures as funds add length
European carbon prices continued to track the TTF market on Wednesday, falling away as warmer temperatures dampened demand for gas and power, while weekly positioning data showed investment funds boosted length and marginally trimmed bearish bets last week.
VOLUNTARY
EXCLUSIVE: Carbon removals from large US initiative to be marketed to European companies under new deal
Carbon removals (CDRs) from bioethanol plants in the US Midwest are to be made available to European companies seeking to achieve net zero emissions under a new deal between the project developer and an environmental markets risk management company, they told Carbon Pulse.
Argentine exchange to launch voluntary carbon trading platform
An Argentine marketplace part-owned by the Buenos Aires Stock Exchange is debuting a business scope for carbon credit trading.
INTERVIEW: Carbon removal venture buys credits from Indian ERW partner at $200/t
A carbon removal buyers club has signed a deal with an enhanced rock weathering (ERW) company, adding credits from Asia to its portfolio for the first time at an average price of $200 per tonne.
Promising new carbon capture solvent to undergo testing at world’s largest facility
An advanced carbon capture solvent that absorbs up to 95% of CO2 emissions from industrial processes is set to undergo engineering-scale testing in Norway this October.
Experts forecast ‘convergence’ between VCM and government regulation
The voluntary carbon market (VCM) will continue attracting adjacent government regulations related to credit transparency and trading behaviour without fully regulating the market, offset experts said during a Wednesday webinar.
Cleantech startup raises $5 mln for DAC in Kenya
A cleantech startup has raised $5 million to build a direct air capture (DAC) facility in the Great Rift Valley of Kenya, which is expected to launch in December.
Kenya-based carbon removal firm reveals biochar solution from sugarcane waste
A Kenya-headquartered carbon removal company has launched a new biochar solution that aims to sequester carbon, improve food security, and create jobs for women, it announced this week.
River restoration could boost carbon storage, but offsets shouldn’t flow for now -researchers
River restoration can increase storage of CO2 but it is not yet a viable option for generation carbon credits due to significant uncertainties around measuring and maintaining carbon levels in dynamic river ecosystems, a new study has warned.
Wood density an overlooked factor in calculating forest carbon stocks -study
Temperature and soil moisture play a critical role in shaping the wood density of trees, which in turn acts as key factor in determining forest carbon stocks, a new study has found.
Specialist insurance firm, carbon project experts team up to reduce VCM investor risk
A specialist insurance firm has partnered with a carbon project ratings agency and data platform to offer a suite of insurance products aimed at mitigating the risks inherent in the voluntary carbon market.
BIODIVERSITY (FREE TO READ)
Biodiversity unit methodology launches to ensure Indigenous participation in the market
A Brazilian Indigenous association has released a methodology to issue biodiversity units in partnership with a carbon project developer and a US-based non-profit, planning to soon launch the first pilot across almost 190,000 hectares of forest in the Amazon, the parties announced on Wednesday.
COP16 must address “tidal wave” of ocean acidification, scientists say
Marine scientists have urged governments at the upcoming biodiversity COP16 to ramp up funding for research for ocean acidification (OA) to avoid disaster, in a report published on Wednesday.
UN biodiversity chief urges countries to speed up efforts as CBD talks kick off
The executive secretary of the Convention on Biological Diversity (CBD) has urged countries to accelerate efforts towards the Global Biodiversity Framework (GBF) targets, as implementation talks begin in Colombia shortly before COP16.
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EVENTS
Supercritical Webinar – Defining Biochar Quality Nov. 5, 0900 EST (1400 GMT) – Essential insights for an impact-driven carbon removal strategy. Join Supercritical and panelists from Puro.earth, Isometric, and Exomad Green for this expert-led webinar. In the rapidly evolving landscape of carbon removal, biochar stands out as a method with immense potential. But not all biochar is created equal, and the lack of standardisation makes understanding quality critical for companies committed to having real climate impact. In this webinar, you’ll learn from industry leaders about the characteristics that set superior biochar apart, the tools and methodologies for quality assessment, and emerging trends shaping the future of biochar. Register
Calyx Webinar – How to buy high-quality carbon credits – Nov. 6, 1100 EST (1600 GMT): Buying quality carbon credits in today’s carbon market can feel like an obstacle course full of hurdles and roadblocks, but despite challenges, many sustainability leaders have done this successfully. We gathered experienced carbon market participants from across industries to share their processes, advice and secrets to success. If you’re purchasing carbon credits in the next six months, this is a discussion you won’t want to miss. Register here. If you register but cannot attend live, you will receive an on-demand recording after the webinar.
cCarbon’s Canada Clean Fuels and Carbon Markets Summit 2024 – Nov. 7, Toronto: Canada’s clean fuels and carbon markets face significant uncertainty as policy, regulatory, and market dynamics evolve. To provide clarity, cCarbon is hosting modeling-driven Canada Clean Fuels and Carbon Markets Summit in Toronto for businesses and investors navigating this landscape. The event will begin with a plenary session focused on policy, followed by two specialized tracks exploring clean fuels and carbon markets in depth. With over 40 experts sharing insights and nearly 200 business leaders and regulators in attendance, this summit offers an exceptional networking and learning opportunity for anyone interested in Canadian energy and environmental markets! Find out more
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Premium job listings
- AFOLU Project Development Specialist (f/m/d), KAYA Climate Solutions GmbH – Berlin/Luanda
- Carbon NBS Specialist/Manager, NatureCo – Australia/Asia Pacific/Worldwide
- Business Development, Carbon Markets (Market Intelligence), RepuTex Energy – Melbourne
See all listings or post a job
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Rise in flaring – Flaring emissions from global upstream oil and gas production increased by 7% from 2022 to 2023, according to Rystad Energy research released Wednesday. Upstream activities emit about 1 GT annually of CO2 in total, with flaring contributing around 30% of those emissions in 2023 assuming 98% flaring efficiency on average. Non-routine flaring is often essential for safety or operational purposes, but reducing routine flaring is seen as a low-hanging fruit to reduce the industry’s emissions intensity. The fact it is rising highlights the challenges facing oil and gas production, especially in key hubs like Russia, Iran, and Iraq. The Middle East, Africa, and Russia collectively made up about 70% of total flaring volumes in 2023, according to Rystad analysis that uses satellite data. The Middle East, in particular, saw a sharp increase in its flaring levels, reaching approximately 45 Bcm — a 7% rise from last year, while at a country-level, Russia continues to dominate. The global upstream oil and gas industry has flared about 140 Bcm of gas annually in the last decade, resulting in significant resource waste and contributing hugely to GHG emissions in upstream oil and gas.
Mapping ocean removals – The ocean-based climate solutions research non-profit [C]Worthy has published its ocean alkalinity enhancement (OAE) Efficiency Map that simulates how OAE can lead to carbon removal in various locations and across seasons. OAE is the process of adding alkaline materials to the ocean surface, which causes a chemical reaction in the water that increases the ocean’s ability to absorb and store atmospheric CO2. But the impact of this process greatly depends on ocean circulation and time of year. The OAE Efficiency Map models these dynamics to estimate how much carbon could be removed from the atmosphere if OEA was deployed at a given time in a given place. In collaboration with the climate non-profit CarbonPlan, the OEA Efficiency Map has been turned into an interactive online tool released Tuesday.
EMEA
More time to prepare – The European Council has agreed its position on the amendment of the EU deforestation regulation, postponing its date of application by 12 months, meaning that if agreed by the European Parliament, the regulation will be binding from Dec. 30, 2025 for large operators and traders and June 30., 2026 for micro- and small enterprises. The Council agreed to the Commission’s proposal to postpone the application date of the regulation by one year, due to the lack of the key elements of the regulation, such as guidance documents to help companies and countries better apply the rules. The deforestation regulation in force since June 29, 2023, aims to minimise the EU’s contribution to deforestation and forest degradation worldwide, by only allowing placing on the EU market, or exporting from the EU, deforestation-free products. The Council will now inform the European Parliament of its position, with the aim to have the regulation formally adopted by both co-legislators and published in the Official Journal of the EU so that it can enter into force by the end of the year.
Disappearing land sinks – Forests and peatland were key to Finland’s ambition to be carbon neutral by 2035 but now the land has started emitting more GHG than it stores, the Guardian writes. The country’s ambitious goal to be net zero 15 years earlier than many of its EU counterparts was assumed not to be a problem in a country nearly 70% covered by forests and peatland, but by 2018, Finland’s land carbon sink had vanished. Finland’s net emissions are now at about the same level as the early 1990s and the collapse of its land carbon sink has huge implications for reaching carbon neutrality. The reasons behind the vanishing sink are complex but include burning peatland for energy, commercial logging, and rising temperatures. France, Germany, the Czech Republic, Sweden, and Estonia are also among those to have seen significant declines in their land sinks. Finland’s rightwing government elected last year has put much less emphasis on meeting climate targets but researchers warn that rising temperatures will likely worsen its land sink.
Greener fertiliser – Yara has announced plans to transform its site Yara Tertre in Belgium by closing the ammonia unit and shifting production towards the site’s most competitive products, premium nitrate fertilisers and industrial nitrogen chemicals. The changes come as the facility battles with high and volatile energy prices and maintenance costs, in addition to more stringent environmental regulations. The aim is to transition to low-emission ammonia in the future, thereby allowing the site to deliver premium low-carbon nitrate fertilizers, reducing the climate footprint of agriculture and food. If the intention to transform the site is confirmed, it would result in reduced production volumes and potential dismissal of 115 employees, though doing so would safeguard the site long term.
Dodgy sourcing – Drax found it was “highly likely” to have burnt wood sourced from old forests in Canada deemed to have environmental significance, according to internal emails, the FT reported. Drax supplies 5% of UK electricity from its Yorkshire biomass power plant and received government subsidies of just under £1 bln last year, an estimated 13% of its power generation revenues. It is now seeking further taxpayer funding for when the current deal runs out. Drax has also agreed to pay a penalty of £25 mln into a voluntary scheme for failing to record adequate data about the wood it imported to burn from Apr. 2021 to Mar. 2022. One internal email said “that material from forests of native species that have not been previously harvested may come to Drax Power Station as processing residues”, but ultimately, Drax reported its wood from Canada in 2021 to 2022 as “naturally regenerated forest”. The true sustainability of the biomass industry is an ongoing topic of contention, with many scientists and politicians having raised concerns about the industry’s impacts on old or natural forests.
Biochar in Shropshire – The local council of Shropshire, in the English Midlands, is keeping its tender for a £1.1 mln biochar pyrolysis project open for one more week, closing on Oct. 25 rather than this Friday, according to an update on its tender site. The local government started the tender last month, looking to award a contract for the design, procurement, construction, commissioning, and operation and maintenance of a pyrolysis plant to convert organic material into biochar in Ludlow. The council said it needs servicing and support with the plant over two years, with the option to extend. The project is most likely suited to SMEs, it said.
Adaptation failure – At least €8 bln in 2014-20 and €26 bln in 2021-27 were earmarked for climate adaptation, but there is a risk that the EU’s adaptation policy might not keep pace with climate change, according to a report published today by the European Court of Auditors. The majority of projects examined by the judges increased adaptive capacity, but around 40% had little or no impact. As regards funding, adaptation is cross-cutting, and EU funding comes from several EU sources such as agriculture, cohesion, and research. This makes tracking the funding a challenge. Reporting on adaptation requires improvement: according to the auditors, it does not currently allow for evaluation of progress on climate adaptation in the member states, as it is largely descriptive and lacks quantifiable data.
ASIA PACIFIC
Aim high – Taiwan will raise its carbon emissions reduction target for 2030, as the island strives to enhance its position in global supply chains, said Environment Minister Peng Chi-ming, according to Nikkei. The minister, referring to Taiwan’s exclusion from COP29 as the world’s loss, said the government is ready to step up its climate efforts. Plans include setting a carbon fee rate of $40 to $60 per tonne of emissions by 2030.
Low-carbon beef – MeTech, a startup specialising in livestock methane gas research, has introduced ‘methane capsules’, a livestock methane gas measurement system, for the first time in South Korea at a farm in Jeollanam-do, according to Maeil Business Newspaper. The capsules can measure methane and CO2 generated inside generated inside the stomach of cattle. The company, which aims to reduce methane emissions from cattle farming, also started a low-carbon Korean beef certification project.
Options on the table – Taiwan is considering setting up renewable power plants in neighbouring countries, such as the Philippines, and transporting the electricity back home via ships or submarine cables to meet the green power needs of domestic manufacturers, according to Taipei Times. As local governments and residents frequently differ in opinion about constructing new power plants, and it takes time to communicate and bridge the differences, the economic ministry has to find a way to meet Taiwan’s industrial development and carbon reduction goals, Economic Minister Jyh-Huei Kuo told an event this week.
CCS study – Japanese shipping major Mitsui (MOL) has been selected to study the use of ships to transport liquefied CO2 as part of a carbon capture and storage (CCS) development project off western Kyushu in Japan. MOL will conduct the subsequent phases of the feasibility study this year, including the study of vessels to be used for CO2 transport and the identification of major risks and issues in liquefied CO2 transport, with the aim of starting the practical implementation of a domestic CCS value chain by 2030. The other organisations participating in the research include West Japan Carbon dioxide Storage Survey, ENEOS Corporation, Electric Power Development, and JX Nippon Oil and Gas Exploration Corporation.
Battery boost – The Australian government is considering a pre-election plan to boost the affordability of battery storage for low and middle-income earners, the ABC reports. This could include a higher education, loan-style scheme to reduce upfront costs, it said, citing sources from the government that did not wish to be identified. Expectations are also growing that the Coalition is developing its own comparable household electrification incentive scheme. However, the Coalition has also announced it wants to expand the use of fossil gas by making it eligible under the Capacity Investment Scheme.
AMERICAS
ARB push-back – Republican legislators in California wrote ARB Chair Liane Randolph on Wednesday asking the Board to postpone its vote on changes to its Low-Carbon Fuel Standard (LCFS) programme. California State Senator Rosilicie Ochoa Bogh and State Assemblymember Greg Wallis want ARB to disclose the costs and benefits of the proposed changes before their vote, which will be discussed at the Nov. 7-8 meeting, days after the US election. ARB retracted an earlier estimate that showed a 47-cent per gallon (12.4-cents per litre) increase in gas prices based on LCFS changes. “The state’s refusal to disclose the real cost of these changes is irresponsible,” Wallis said in a statement. The Republican representatives point to a 65- to 85-cent per gal increase projected by a report from Stanford University Danny Cullenward, who is also the vice-chair for California’s Independent Emissions Market Advisory Committee.
Making moves in the West – The Wyoming Energy Authority announced on Friday the decision of its review committee for state funding to three projects from the Energy Matching Funds. The agency is recommending a carbon capture project targeting nearly 100% of the emissions from coal-burning plants from clean tech developer 8 Rivers for $1.5 mln, energy company’s HF Sinclair fuel production project for $4.7 mln, and a front-end carbon capture engineering study from investor-owned utility PacifiCorp for nearly $6.3 mln. The Energy Matching Funds were appropriated by the state’s legislature in 2022 to leverage energy projects interested in being sited in Wyoming. Additionally, the projects have the potential of advancing carbon capture technology, which natural gas and coal power plants will need to use in the near future, based on the federal power plant emissions standards passed earlier this year. Public comment on the projects is open until Oct. 21, after which they will be reviewed by Governor Mark Gordon.
Canadian offsets – Environment and Climate Change Canada updated its improved forest management on private land offset protocol Tuesday, outlining several changes. This includes a revision to the requirement for timing of initiation of the initial forest carbon inventory, updating the approach to quantify sampling uncertainty, and other clarifications to determine the project-specific baseline scenario.
VOLUNTARY
Project updated – Toronto-based carbon project financier Base Carbon announced on Wednesday that its India reforestation project planted 6.5 mln trees, as planned, which are expected to generate 1.6 mln carbon credits over 20-years. Project validation is expected in early 2025 from carbon registry Verra. In addition, Base Carbon anticipates receiving a second issuance of over 1 mln credits under Article 6 for its successful Rwanda cookstoves project, completed last month. Its Vietnam project to distribute clean cookstoves and water purifiers is continuing, and Base Carbon expects to receive 1.8 mln credits as early as late Q4. The company noted Verra’s update to cookstove project methodology, which doesn’t apply to its existing projects but will enhance “market perception of the credibility and integrity of such projects”.
What’ll it cost? – Verra released an updated comprehensive fee schedule Wednesday for all standard programmes. Previously, separate fee schedules existed for different Verra programmes, and the new comprehensive schedule includes fees for services that Verra provides but that were not covered in the previous fee structures, the standard said. The new schedule is also designed to better align the timing of payments with when services are provided and account for inflationary adjustments. Finally, going forward, Verra noted it will base levies on the quantity of emission reductions and removals (ERRs) claimed in a project’s monitoring report, and not on the number of VCUs Verra ultimately approves for issuance. Verra said this is intended to incentivise projects to submit accurate and thoroughly documented verification requests. Payment for VCU issuance levies is still due when a project requests VCU issuance, the standard noted. VCU issuance costs 23 cents per unit. Changes are scheduled to be implemented at various dates ranging from Wednesday to Feb. 1, 2025, with the exception of the issuance levy. For projects that requested verification approval prior to the date of publication, the updated fee amount for VCUs from that verification period takes effect 30 days after Verra approves the verification request. For projects in least developed countries, the updated fee amount takes effect July 1, 2025. Verra will host a webinar on Nov. 26 to discuss the new fee structure, and the registration link can be found here.
AND FINALLY…
New trees on the block – Forest managers at a reforestation site in the US state of Washington are experimenting with assisted migration, Grist reported Wednesday – planting trees from warmer, drier regions to boost forest resilience. The approach could introduce species into ecosystems they had not occupied before, but in most cases, the introduced species already exist in the forest, but are brought in from other regions. The Mountains to Sound Greenway Trust, a Seattle-based nonprofit that conserves and restores land in the Mountains to Sound Greenway National Heritage Area, pursued an assisted migration effort in Stossel Creek, planting 4,000 seedlings that travelled from California to their new home. Over 90% of the California Douglas firs planted survived through 2023, while those sourced in-state fared at just 73% survival, although non-profit Northwest Natural Resource Group has said it’s still too early to draw major conclusions from the experiment.
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