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TOP STORY
India approves 10 sectors for offset mechanism under carbon market regulations
The Indian government has approved a list of sectors to participate in the domestic voluntary market under the country’s Carbon Credit Trading Scheme (CCTS), based on the recommendations of the market’s steering committee.
INTERNATIONAL
Up to $41 bln in World Bank climate finance is unaccounted for, Oxfam reveals
Up to $41 billion in World Bank climate finance, almost 40% of the total funds the institution has disbursed over the past seven years, is unaccounted for, according to a new report by Oxfam published on Thursday.
Biomethane only set to grow, but policy and better prices needed -consultancy
Biomethane could seriously help decarbonise energy and the world’s gas supply, given it is considered a low-carbon source on a net lifecycle basis, but policy, incentives, and pricing need to improve, an energy consultancy said this week.
BRIEFING: How to achieve zero-emission buildings – an explanatory guide
Only deep, sector-wide emissions cuts in the buildings sector can keep global warming within safe limits, a webinar hosted by the Science Based Targets initiative (SBTi) heard on Thursday.
Study links climate change to sharp rise in global forest fire emissions
Carbon emissions from forest fires have risen by 60% over the past two decades, driven largely by climate change and the heightened sensitivity of temperate and boreal forest fire regimes, according to a new study.
VOLUNTARY
BRIEFING: ‘Please regulate’ – Financiers cry out for greater standardisation in carbon removals market
Bankers want regulators to set standards for the emerging carbon removals market, saying this is the only way to create the trust necessary to generate liquidity and unleash investments in the nascent industry.
Carbon registry updates its high integrity standard and aligns with CORSIA and ICROA
A carbon registry has updated its high integrity carbon standard and aligned its programme with CORSIA and International Carbon Reduction and Offset Alliance (ICROA), it announced on Friday.
Carbon accounting needs a more unified approach to reach net zero, say researchers
Net-zero efforts are currently undermined by the large array of carbon accounting systems available, a research paper has suggested.
More accurate emissions accounting key to ensuring integrity of mangrove-based blue carbon credits -researchers
Improvements need to be made in the precise quantification of different organic carbon (OC) sources in mangrove sediments to ensure proper allocation of blue carbon credits, a new study argues.
ASIA PACIFIC
Malaysia to introduce carbon tax come 2026, heavy-emitting industries to be hit most
The Malaysian government will introduce a carbon tax on the iron, steel, and energy industries by 2026, Prime Minister Anwar Ibrahim announced in his budget speech Friday.
CN Markets: CEA prices reaches record high as compliance deadline draws nearer
Prices in China’s national emissions market hit a record high over the past week, as the market continued to gain momentum amid growing compliance demand.
China’s thermal power growth outpaces total output in September
China saw annual growth in thermal power production outpace total power output in September, while hydro posted a double-digit annual decline, according to government data released Friday.
Panasonic offers breath of fresh air for J-Credit scheme
Japanese tech firm Panasonic will launch a programme-based project on Monday that will generate J-Credits for Japan’s domestic carbon offset scheme by applying energy-efficient air conditioning in private households.
AMERICAS
ANALYSIS: Washington’s cap-and-trade observers discuss electricity imports, offsets for linkage considerations
Washington state’s considerations for changes to the Climate Commitment Act (CCA) to facilitate linkage with WCI partners California and Quebec must resolve ambiguity surrounding electricity imports and address varying offset protocols, comments to the draft amendments showed.
CFTC: Financials reduce net length across the board, producers build RGGI and WCA holdings
Financial players cut their holdings across the board of North American carbon in the most recent report from the US Commodity Futures Trading Commission (CFTC), while emitters also reduced their exposure to California Carbon Allowances (CCAs) but built net length in RGGI allowances (RGAs) and Washington Carbon Allowances (WCAs).
US DOE invests over $58 mln in CDR technology commercialisation
The US Department of Energy (DOE) announced $58.5 million in funding on Friday to develop commercially viable CO2 removal (CDR) technologies.
US reforestation project kicks off in Pennsylvania with aim to generate 380k credits
A reforestation group announced Thursday that it is beginning a land reclamation project in Northwest Pennsylvania this month, kicking off a larger 2,800-acre reforestation project across the Appalachian region, to be financed by the expected sale of nearly 400,000 carbon credits.
EMEA
Key EU lawmaker lays out vision for Clean Industrial Deal, points to possible compromise
Leveraging future EU ETS revenues, de-risking low-carbon investments, and advancing CBAM should all be part of an EU Clean Industrial Deal, the former chair of the European Parliament’s environment committee told an industry event this week, pointing at potential compromise in the EU.
Austrian climate plan falling short on social aspects, Brussels says
Austria’s National Energy and Climate Plan (NECP) still has room for improvement, particularly when it comes to provisions aimed at alleviating the social impact of carbon pricing policies on households, according to recommendations published on Friday by the European Commission.
BRIEFING: CCUS development in the UK requires transition finance and de-risking -experts
Developing a carbon capture, utilisation and storage (CCUS) industry in the UK that can sustain itself without government support and attract CO2 imports from Europe will require de-risking the value chain and transition finance, experts said on Friday.
Environmental law charity targets asset manager over “sustainable” funds allegedly financing fossil fuels
An environmental law charity has filed a complaint to the French financial regulator over allegations that an asset manager’s so-called “sustainable” funds are in fact funding fossil fuels.
Euro Markets: Steady selling forces EUAs down 3.6% on the week as gas falls 1.7% amid tightening correlation
EU Allowance prices extended their weakness for a fourth session, with the benchmark contract losing 3.6% on the week as it tracked weakening natural gas prices amid easing geopolitical tensions, while bearish positioned traders continued to pressure the carbon market.
BIODIVERSITY (FREE TO READ)
ANALYSIS: Nature Repair Market needs govt investment, greater transparency, submissions say
Australia’s Nature Repair Market (NRM) rules need greater transparency and additionality assurances to increase investor confidence, while the government must lead investment in order help support its fundamentals, stakeholders have urged.
Biodiversity credits to be a major distraction at COP16, non-profits warn
A global non-profit has warned that the voluntary biodiversity market could be a big distraction for governments during the upcoming COP16 UN biodiversity summit, as global leaders need to prioritise public commitments to plug the financial gap on nature.
African biodiversity credit market needs fair prices and regulations to scale, report says
The biodiversity credit space in Africa could evolve from a small-scale market to a ‘nature economy superpower’ if clear regulations and fair prices are implemented, as progress in monitoring and transparency are proving the continent’s potential, a Swiss-headquartered non-profit said.
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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
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Putin on the pressure – The international community should shun the COP29 climate summit in Azerbaijan if Russian President Vladimir Putin attends, a top Ukrainian diplomat told Politico. “We need to exert this pressure and our partners need to make it clear to Azerbaijan that, if Putin is there, they aren’t coming,” said Ukraine’s EU ambassador, Vsevolod Chentsov, in an interview. Chentsov’s call comes after the Kremlin said Tuesday that Putin was considering attending the annual UN-backed climate gathering, which begins Nov. 11 in Baku, Azerbaijan’s capital. “A decision has not yet been made,” Kremlin spokesperson Dmitry Peskov told Russian state-run news outlet RIA Novosti.
EMEA
CBAM and Ukraine – The iron and steel industry in Ukraine will be severely affected by the EU’s Carbon Border Adjustment Mechanism (CBAM), according to new research by Kyiv-based think tank GMK Center. 93% of Ukrainian exports subject to CBAM regulations come from this sector, and significant losses are expected in pig iron and long steel products, according to the analysis. Currently, 89% of Ukrainian steel is produced via the BF-BOF or BF-OHF methods, resulting in a high carbon intensity of 2.3 tonnes of CO2 per tonne of steel. As a consequence, Ukraine may lose its competitiveness against EU products made through the electric arc furnace (EAF) route, which has a much lower carbon intensity of 0.3-0.4 tonnes of CO2 per tonne. Sales of pig iron could also cease, as CBAM payments for deliveries are expected to rise to $160 per tonne by 2030. This could result in the pig iron segment being largely replaced by imported hot briquetted iron (HBI), which is being actively developed in the MENA region, the report said.
Renewables start to pay off – Network tariffs in wind and solar power-rich regions in Germany may go down by over >€200 per household per year from 2025, compared to 2024, said the German Federal Network Agency (Bundesnetzagentur) on Friday. It announced the figures as part of the effects of the distribution of renewable energy network costs. On 28 August, the Bundesnetzagentur ruled that the additional costs incurred in distribution networks with a particularly high level of renewable generation should be shared out among all electricity consumers.
French discontent – France’s Minister for Ecological Transition Agnès Pannier-Runacher, who has been a member of various governments since 2018, is threatening to resign due to lack of “a budget that matches the situation” of the climate emergency. Investing in climate adaptation is an “absolute necessity” she said. However, “today, in budgetary matters, on adaptation to climate change and on the fight against greenhouse gas emissions, the numbers don’t add up,” she added, referring to the draft government budget for 2025.
ASIA PACIFIC
Growing bigger – Last year, Bayer, GenZero, and Shell launched the Sustainable Rice Carbon Programme with a target of cutting emissions by more than 100,000 tCO2e annually through more sustainable rice farming across some 25,000 ha of agricultural land in India. That goal has been achieved, and on Friday the partners – which have now changed their name to The Good Rice Alliance (TRCA) and gotten Mitsubishi Corp. on board – said it will seek to add another 8,500 ha of land to the programme. Focus will remain on the biggest rice-producing states in India. (ANN)
JCM updates – The joint committee for the Joint Crediting Mechanism (JCM) between the Philippines and Japan has issued a call for public input on a proposed methodology that can reduce methane emissions from rice paddy fields through water management, according to a notice. The committee will be accepting public comments from Oct. 21 to Nov. 4, the notice showed. Meanwhile, two Sri Lanka-based solar power projects with a combined capacity of generating just under 20,000 carbon credits per year have been selected to receive government funding under the JCM, Japan’s environment ministry announced Friday.
New agreement – Australian digital mapping company Aerometrex has signed a LiDAR contract worth around A$850,000 ($550,00) with agritech company Agronomeye, it told the ASX. The company said the data will form the foundation layer for the creation of landscape models and will be combined with other data sources to support human-induced regeneration projects. The agreement follows an initial contract that was signed between the two companies last year, and is expected to be completed by Jan. 2025.
Blue carbon study – Japan’s Tokio Marine Asset Management plans to launch a study group to promote biodiversity and blue carbon through collaboration with several companies including Idemitsu Kosan and Mitsui OSK Lines, it announced Friday. The companies will exchange opinions on several topics, such as the services that contribute to the expansion of the blue carbon market and mechanisms that can increase the added value of such sinks.
AMERICAS
So close – Minneapolis Mayor Jacob Frey vetoed a new fee on carbon emissions that was passed by city council, reasoning that creating the fee was against the city attorney’s advice, the Minnesota Star Tribune reported last week. The fee was championed by council member Robin Wonsley, which would have charged the city’s 36 biggest emitters $452 per tonne of CO2. Wonsley said that the legal issue was discussed at a council meeting, passing the measure 9-4, and said she had worked with city staff for over a year to develop the fee structure. If council members don’t change their votes, they could override the mayor’s veto, but Mayor Frey said he would not direct staff to collect the fee if such a decision took place.
Overdue – The Massachusetts Department of Environmental Protection (MassDEP) will file emergency regulations to delay implementation of its zero emission vehicle regulations for heavy-duty trucks until model year 2026, the agency announced Friday. Massachusetts, by state law, is required to adopt certain California vehicle emissions standards. Because California has not yet received the required waiver from the US Environmental Protection Agency (EPA) to enforce the heavy-duty truck regulation, both states cannot enforce the rules. California regulator ARB presently faces a lawsuit as a result of the regulations, wherein the plaintiffs argue that the rules are unconstitutional, given that they came into effect on Oct. 1, 2023 – before the regulator filed for a waiver with the EPA to enforce the rule.
Garbage emissions – The Colorado Air Quality Control Commission (AQCC) approved updates to the state’s GHG reporting requirements on Wednesday, with more than 30 municipal solid waste landfills now required to report their emissions by Mar. 31, 2025. In a similar measure, the Colorado Department of Public Health and Environment is separately working on proposing a rule to the AQCC in early 2025 that will reduce methane pollution from municipal solid waste landfills. The rules passed Wednesday would support the new methane reduction requirements in development, as per a series of technical working group meetings that kicked off in August.
Chi-town – Southwest Airlines announced Thursday a sustainable aviation fuel (SAF) supply agreement with Valero Marketing and Supply Company, a subsidiary of Valero Energy Corporation, to bring SAF to Chicago Midway International Airport. The two-year agreement details that Southwest will purchase a minimum of 3.6 mln gal (13.6 mln litres) of neat SAF (about 12 mln gal blended) for use in operations as early as Q4 2024. It also provides the option to purchase up to 25 mln gal of neat SAF (about 84 mln gal blended) over the agreement’s term. On a blended basis, this would represent up to 35% of Southwest’s jet fuel out of Chicago Midway International Airport, based on the carrier’s usage in the last year. Diamond Green Diesel will supply the neat SAF, to be blended with Valero’s conventional jet fuel and delivered via existing fuel delivery infrastructure. This agreement was made possible by the Illinois Sustainable Aviation Fuel Purchase Credit and support from Southwest Corporate Customers in the airline’s Scope 3 SAF Program, the firm said.
On your marks – The US Department of Energy (DOE) anticipates to solicit applications to conduct front-end engineering and design (FEED) studies that support and accelerate planning for CO2 transport to CO2 conversion or storage, the DOE’s National Energy Technology Laboratory announced Friday. The solicitation, if released, could be issued in the first or second quarter of 2025, as funded by the Bipartisan Infrastructure Law. If released, applications would be similar in form and function to those submitted under DE-FOA-0002730, which was announced in May 2024.
VOLUNTARY
Across the pond – Amsterdam-based CO2 removal (CDR) company Skytree announced the opening of its North American HQ in Toronto and a new office in Nashville, Tennessee. The company has expanded its team in the Netherlands from 20 to 90 employees in recent years, and has announced a partnership with Canadian CDR firm Deep Sky. It expects to employ at least 80 people for its North American HQ in the next three years.
Building and buying – Voluntary carbon market consultancy Will Solutions and cleantech firm VadiMAP have partnered to integrate decarbonisation plans for companies and cities, the companies announced Friday. The duo will support companies and cities to achieve real estate portfolio decarbonisation objectives, converting emissions reductions into carbon credits and offsetting emissions with Quebec carbon credit projects.
AND FINALLY…
The anxious generation – A new study published in The Lancet Planetary Health reveals that human-caused climate change is negatively affecting the mental health of young people across the US. The research, which surveyed about 16,000 individuals aged 16 to 25, found that 85% are moderately worried, with 58% very or extremely worried about climate change. Additionally, 38% reported that these concerns are affecting their daily lives. The study highlights the emotional toll of extreme weather events worsened by climate change, leading to feelings such as despair, anxiety, and depression. While the survey sample was non-probabilistic, it still provides insight into general trends. The research also found that many young people, regardless of political affiliation, believe climate change will influence life decisions, such as whether to have children or where to live. The study’s authors noted that younger generations are seeking more discussions on climate change and want their concerns to be acknowledged rather than dismissed. (Axios)
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