Announcing Carbon Forward Middle East – more details below.
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TOP STORY
FEATURE: Clean cooking sector on tenterhooks after alleged fraud slips past VCM quality checks
Inconsistencies in the verification of clean cookstove initiatives developed by C-Quest Capital, which saw its former executives charged with fraud earlier this month by US federal prosecutors, have sent shockwaves across the voluntary carbon market (VCM) ahead of crucial integrity decisions concerning this project type.
VOLUNTARY
INTERVIEW: South Pole ushers in new era with pivot to carbon removals, Article 6
Carbon project developer and consultancy South Pole has emerged following a significant period of transition and is preparing for a new phase, with a focus on carbon removals and Article 6 markets, its CEO told Carbon Pulse.
Verra urges ICVCM to extend high-integrity label to renewables projects in developing countries
Carbon registry Verra is “trying its best” to convince the Integrity Council for the Voluntary Carbon Market (ICVCM) to accept renewables projects in least developed countries for its highly-sought core carbon principle (CCP) label, a company representative said on Tuesday.
Investors keeping away from carbon credits while funding climate technologies, conference hears
Investors including multilateral organisations are keeping their distance from carbon credits due to the volatile nature of the market while funding technologies to accelerate climate action, a conference heard Tuesday.
Launch of lightweight probe for CO2 measurement of flue gas, DAC
A Finnish company has launched a hand-sized instrument for accurate in-situ measurement of the CO2 in flue gas and direct air capture (DAC), which it says will avoid greenwashing from carbon capture and help with process optimisation.
EMEA
BRIEFING: EU will push for more climate finance contributors and better transparency at COP29
The EU will go to Baku next month stressing the need to widen the base of contributors to a bigger global climate finance goal – including big emerging, and polluting, economies and greater private sector investment, according to agreements reached by ministers and parliamentarians ahead of the COP29 summit.
BRIEFING: EU presents draft methodologies to measure CO2 removals from biochar, DACCS, BECCS
The European Commission on Monday presented draft methodologies to measure the CO2 removals obtained from three different techniques, paving the way for the EU to formally adopt them as part of its new carbon removals certification scheme as early as next year.
EUAs could trade below €55 for next two years without impacting market demand –analyst
EUAs could trade at between €50-€55 for the next two years without leading to any significant increase in emissions, and the same price level through to 2030 would not trigger a tightening of the market, according to a bank analyst.
Euro Markets: EUAs post modest gain after cross-market price spike halts downward momentum
European carbon allowance prices clawed back early losses to end Tuesday modestly firmer, after a momentary spike in natural gas and power prices on reports of a North Sea natural gas outage halted the market’s downward momentum and paved the way for a gradual recovery after several days of steady selling pressure.
UK-based firm raises €23.7 mln to scale point-source carbon capture technology
A UK-headquartered carbon capture company has raised €23.7 million in a Series A2 funding round, the firm announced on Tuesday.
UK to create long-term blueprint for clean energy transition out to 2050
The UK will announce a blueprint for how it will manage the clean energy transition in the country out to 2050 before the end of the year.
Financial GHG emissions accounting protocol steps up efforts in MENA region
An industry-led greenhouse gas emissions accounting protocol for financial institutions, used by public sector and civil society decarbonisation standards, is expanding into the Middle East and North Africa, it announced on Wednesday.
Off-grid solar provider selected for World Bank-backed project in Kenya
A San Francisco-headquartered off-grid solar provider has been chosen to participate in a World Bank-funded government programme in Kenya that aims to boost the adoption of off-grid solar home system and clean cookstoves in rural counties, the company announced on Tuesday.
AMERICAS
California’s LCFS to likely push retail fuel prices higher over the years, intensify environmental concerns -research
California regulator ARB has yet to acknowledge the likelihood that the Low Carbon Fuel Standard (LCFS) would raise retail gas prices in the upcoming years or consider the environmental implications of its support for biofuels, an analysis released this month said.
California EJAC demands ‘no’ vote on LCFS changes
California’s Environmental Justice Advisory Committee (EJAC) has urged state regulator ARB to vote no on the proposed Low Carbon Fuel Standard (LCFS) revisions, citing concerns that the agency has completely disregarded their recommendations.
California county officials unanimously approve state’s first large-scale CCS facility
A California carbon capture and storage (CCS) project was approved by local officials on Monday amid public opposition, enabling underground storage of up to 49 million tonnes of CO2 in depleted oil fields.
Environmental groups urge EPA to halt CO2 injection permits following Illinois leak
A group of 175 environmental groups from across the nation is urging the US Environmental Protection Agency (EPA) to cease issuing permits for new CO2 injection wells and stop the process nationwide following a leak discovered at an Illinois site.
California chemical technology firm raises $3 mln for 100% synthetic SAF production
A fuel technology company based in California announced seed funding of $3 million on Tuesday for a patented process that enables 100% synthetic sustainable aviation fuel (SAF) production.
US onboard shipping CCS developer closes $9.5 mln additional funding
A California-headquartered developer of modular onboard carbon capture and storage (CCS) for the shipping sector has raised $9.5 million in new funding, according to a Tuesday press release.
Panama freezes forestry permits due to high rates of deforestation
Panama’s Ministry of Environment has temporarily suspended all community forest use permits in two regions in response to a high rate of deforestation, it said over the weekend.
ASIA PACIFIC
Southeast Asian power demand, emissions set to rapidly rise, IEA says
Southeast Asia is one of the world’s most power hungry regions, with sectoral demand and emissions set to rise faster than in the past without significant decarbonisation and clean energy expansion, a new report from the International Energy Agency (IEA) said Tuesday.
Coal mine emissions reporting change will squeeze ACCU market, report says
Changes to the Safeguard Mechanism reporting methods in Australia will hit the nation’s coal mines and their new methane emissions calculations, which is likely to eventually drive up the price of Australian Carbon Credit Units (ACCUs), according to analysis published Tuesday.
South Korean shipbuilder teams up with industry body to decarbonise shipping
One of the largest shipbuilders in South Korea has teamed up with a clean shipping industry body to work on solutions that can decarbonise the sector, particularly ammonia and onboard carbon capture systems.
APAC carbon credit supplier calling for premium to ACCUs in upcoming offer round
An Asia Pacific carbon credit supplier is offering credits for bidding at a significant near-50% premium over generic Australian Carbon Credit Units (ACCUs).
INTERNATIONAL
Share of fossil fuel power falling to 50% across BRICS group, driven by Chinese solar -report
The share of coal-, oil-, and gas-fired power capacity in the BRICS countries could fall below half by the end of this year, as the development of wind, utility-scale solar, and other non-fossil fuel sources dominate the electricity pipeline across the emerging economies, according to research published on Tuesday.
BRIEFING: IMF falls short on climate finance and needs reforms, world leaders say
Leaders of countries most vulnerable to the impacts of climate change called on the International Monetary Fund (IMF) to reform its programmes to better support climate resilience and sustainable development during a panel Tuesday.
COP29 finance goal “difficult to wrestle to the mat”, former US envoy says
The Obama administration’s special envoy for climate said Tuesday that pinning down a number to succeed the existing $100 billion climate finance goal during the upcoming COP29 summit will be “very difficult to wrestle to the mat”.
Article 6 markets unlikely to scale until end of decade, says expert
Large volumes of sovereign carbon credits traded between countries under Article 6.2 of the Paris Agreement are unlikely to be seen until the end of the decade, a panel heard Tuesday.
COP16 (FREE TO READ)
All our nature and biodiversity articles remain free to read (no subscription required). However, as of Oct. 24 we will require that all readers have a Carbon Pulse login to access this content in full. To get a login, sign up for a free trial of our news. If you’ve already had a trial, then you already have a login.
Mining threats to ecosystems are growing, report says
Oil, gas, and mining industries pose growing threats to critical ecosystems in the Amazon Basin, Congo Basin, and Southeast Asia, a report has found.
Collective announces nature tech taxonomy
A system for navigating nature-related technologies will be announced on Tuesday by two collaborating initiatives at biodiversity conference COP16, Carbon Pulse has learned.
INTERVIEW – Integrated nature, climate finance must look beyond carbon storage
Market-based financing for nature and climate must take a whole-ecosystem approach, looking past carbon sequestration potential to effectively address the two crises, an NGO policy expert has told Carbon Pulse on the sidelines of COP16.
Bloomberg, tech non-profit expand nature conservation tracker to cover land
The Bloomberg Ocean Initiative, together with conservation technology NGO SkyTruth, on Tuesday announced an expansion of SkyTruth’s 30×30 Progress Tracker at COP16.
BIODIVERSITY (FREE TO READ)
Mexican state announces “comprehensive” nature credits strategy
The Mexican state of Colima has committed to supporting a nature crediting programme spearheaded by a French restoration company.
Biodiversity credits could be core part of corporate nature strategies, WEF says
Companies could procure biodiversity credits, or other instruments, as part of their nature strategies, the World Economic Forum (WEF) said in a report published Monday.
Biodiversity Pulse: Tuesday October 22, 2024
A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).
All our nature and biodiversity articles remain free to read (no subscription required). However, as of Oct. 24 we will require that all readers have a Carbon Pulse login to access this content in full. To get a login, sign up for a free trial of our news. If you’ve already had a trial, then you already have a login.
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EVENTS
*NEW* Carbon Forward Middle East – Jan. 16-17, Abu Dhabi – Announcing Carbon Forward Middle East in Abu Dhabi, a great new event to explore carbon markets in the MENA region. We’ll be releasing more details about this conference soon. For now, put Jan. 16-17 in your calendar and email info@carbon-forward.com to express interest in attending, speaking, or sponsoring.
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
- Carbon NBS Specialist/Manager, NatureCo – Australia/Asia Pacific/Worldwide
- Business Development, Carbon Markets (Market Intelligence), RepuTex Energy – Melbourne
- AFOLU Project Development Specialist (f/m/d), KAYA Climate Solutions GmbH – Berlin/Luanda
See all listings or post a job
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Business flight offsets – The International Business Aviation Council (IBAC) has purchased carbon credits to offset the team’s business travel in the coming months, through the Aviation Carbon Exchange programme it developed in partnership with Carbon Trade eXchange (CTX), it announced on Tuesday. IBAC and CTX introduced the aviation programme last month. The programme offers a transparent and user-friendly platform for business aviation companies to purchase carbon credits to offset their emissions, IBAC said. CTX provides a registry of high-quality offsets on the platform, starting at 100 tonnes. The offsets are certified by Gold Standard, the UNFCCC Clean Development Mechanism, and Verra.
EMEA
Readying for CBAM – The Energy Community Secretariat has released a new edition of its CBAM-Readiness Tracker, which confirms that Contracting Parties’ delays in market coupling are reducing the likelihood of securing a time-limited exemption from CBAM for electricity exports by Dec. 31, 2025. This increases the risk of financial adjustments starting Jan. 1, 2026 by charging a carbon price – similar to the EU ETS – to all electricity imports from Contracting Parties to the EU. CBAM regulation states that a carbon border adjustment mechanism (CBAM) cannot be enforced on electricity markets in third countries that are integrated with the EU’s internal energy market via market coupling. Meaning there is a time-limited exemption available for electricity imports from the Contracting Parties once they complete market coupling and meet certain additional criteria.
Adaptation – The EU Commission is taking further steps to support member states affected by unprecedented climate-related disasters, proposing amendments to three regulations to ensure that funds can be quickly mobilised for recovery. The proposals taken together could allow Poland, Romania, Austria, Czechia, Hungary, Portugal, and Slovakia to reprogramme around €18 bln to help affected communities.
Greener EU airspace – The European Parliament has approved a more efficient and greener EU airspace through the reform of Single European Sky rules on Tuesday. The plans will have binding air navigation targets to deliver more efficient and greener flights and air navigation charges to encourage fuel-efficient routes. An independent advisory Performance Review Board will be set up to help the Commission and EU member states in taking decisions on implementing these plans. While the Commission will also adopt EU performance targets on capacity, cost efficiency, climate, and environmental factors for air navigation services, to be reviewed at least every three years.
Air time – Saudi budget airline Flynas has signed a cooperation agreement for carbon offsetting with the state-backed Regional Voluntary Carbon Market Company (RVCMC), owned by the Public Investment Fund (PIF) and the Tadawul Group. The agreement will see Flynas participate in the RVCMC’s carbon credit trading platform, to be launched at COP29 next month. Flynas is also moving toward launching its own voluntary carbon offset programme to engage passengers on its domestic and international flights, according to an official statement by the company. (Asharq Al-Awsat)
ASIA PACIFIC
2030 target – All banks in Hong Kong will need to reach net zero by 2030 and ensure that their lending to companies and projects reach the same target by mid-century, said the Hong Kong Monetary Authority (HKMA), according to South China Morning Post. HKMA will also ensure that the Exchange Fund’s investment portfolio will be net zero compliant by 2050, and more measures will be introduced to promote the issuing of green bonds in the city.
Partnership – Assurance provider DNV has entered into a Memorandum of Understanding (MoU) with MIRDC, a non-profit focused on the development and upgrading of metals and related industries in Taiwan, to promote renewable energy solutions, it announced Tuesday. Under the three-year agreement, DNV and MIRDC will work together on a range of initiatives, including floating solar and wind technologies, energy storage, and hydrogen solutions.
Electrons to Singapore – One of Australia’s most ambitious renewable energy projects hit another milestone after Singapore’s Energy Market Authority (EMA) gave SunCable conditional approval to import electricity. SunCable is planning a gigantic, multi-gigawatt solar farm in the Northern Territory and export of 1.75 gigawatts of that power via subsea cable to Singapore. Australia exports plenty of LNG and coal to Asia but does not transmit electricity. Southeast nations do send electrons cross-border already; Laos is a net exporter of electricity from its hydropower projects. “This approval follows a comprehensive assessment by the EMA which has found the Australia-Asia Power Link to be technically and commercially viable,” a SunCable LinkedIn post said.
AMERICAS
Another carbon election – Liberal leader Susan Holt is New Brunswick’s first woman premier following provincial elections on Monday, Global News reported. The Liberals now have a majority government with 31 ridings, ousting the incumbent Progressive Conservative leader Blaine Higgs from both his own riding and a third term as premier. Higgs was one of three premiers who testified before the House of Commons in March as part of a last-ditch effort among right-leaning lawmakers to suspend the federal C$15/tonne carbon price increase to C$80/tonne. Holt’s campaign notably contained no specific plan for how to address the federal carbon tax in the province, CBC reported in October, although she said she would work to persuade the federal government to let her adopt an alternative to the federal consumer-facing price. The province’s industrial output-based pricing system (OBPS), however, has been accepted by the federal government. Notably, reports in June said that in 2021 and 2022, the 15 covered entities totalled nearly 350,000 tCO2 in excess emissions, yielding $12.6 mln into the province’s OBPS Industry Fund.
DAC dollars – A $14.7 mln grant for DAC projects from the California Energy Commission (CEC) was published in the state’s grant portal Monday after being announced earlier this month. The grant intends to support the technical, economic, and environmental viability of DAC projects, which can include testing, piloting, and demonstrating advanced technologies, coupled with active community engagement, benefits planning, and community education. Projects must fall within the following project groups: Direct Air Capture Research and Development (Group 1) and Direct Air Capture Field Demonstration and Community Engagement (Group 2). Match funding is required in the amount of at least 20% of the requested CEC funds for Group 2. The solicitation is open to both private and public entities, and the application deadline is Dec. 13. Winners are expected to be announced the week of Jan. 6, 2025. The expected number of awards and expected funding per award is to be determined, according to the notice.
For health’s sake – Residents in Northwest Indiana are calling on Japan-based Nippon Steel – the prospective buyer of US Steel’s Gary Works steel mill – to install a new type of furnace that burns with lower or even zero emissions, instead of extending the life of the aging coal-fired plant, Energy News Network reported Tuesday. Emissions from the Gary Works plant are linked to up to 114 premature deaths, 48 emergency room visits, and almost 32,000 asthma attacks each year, recent reports show. Lower emissions alternatives include green and blue hydrogen – but the former is in limited supply, while the latter is met with scepticism among locals due to the reliance on carbon capture and sequestration. Nippon Steel currently seeks approval for the $15 bln acquisition of US Steel, but the Japanese company is broadly struggling to meet its own climate commitments, with emissions having increased by 1 MtCO2e in latest reports, with little work done to decarbonise its processes.
In financial dire straits – The Calgary-headquartered project developer Karbon-X Corp reported minimal revenues and operating losses in its Q1 earnings report. The company said that since its inception, it has incurred $5.7 mln in losses and will require ongoing funding to meet its ongoing obligations and anticipated operating losses. Without raising any additional capital, the company may not be able to attain profitable operations and continue to operate. The report comes one month after Karbon-X announced a partnership with the UK energy company Drax to broker transactions in carbon offsets, building on a previous agreement to remove 25,000 tonnes of CO2 from the atmosphere.
Price pile up – The California Public Utilities Commission (CPUC) issued a preliminary decision Friday that authorises double-digit rate hikes for customers of San Diego Gas and Electric (SDG&E) and Southern California Gas (SoCalGas), reported E&E News. The proposal would approve a 10.5% rise for SDG&E for 2024 and a 14.5% hike for the year for SoCalGas, with increases retroactive to the start of the year. Additional hikes of just under 4% per year through 2027 are also authorised. The proposal could still be changed by the five-member commission ahead of a vote scheduled Dec. 5.
VOLUNTARY
Rating carbon – In partnership with digital platform Green Carbon Exchange, BeZero Carbon will be the official ratings provider of carbon credits transacted on the Argentine Carbon Exchange (BACX), the Paraguayan Carbon Exchange (BPCX), and the Ecuadorian Carbon Exchange (BECX), the ratings provider announced Tuesday. The carbon rating is intended to help clients make decisions about the risk of specific carbon credits, which is key to boosting confidence and scaling market investment, the release said. Ratings for nature-based projects will be prioritised as the sector represents most potential for the region. The partnership will also use BeZero Carbon’s methodology to build carbon funds that will be implemented on a country-by-country basis, with the goal of reaching $75 mln in total and achieving the highest global rating.
Verra revision – Verra has released a revised version of Verified Carbon Standard (VCS) Module VMD0055 Estimation of Emission Reductions from Avoiding Unplanned Deforestation. This module describes the procedures and methods used to account for GHG emission reductions from projects aiming to avoid unplanned deforestation. The revision incorporates recommendations and considerations from the public consultation, which ran from Aug. 9 – Sep. 9. The updates also support the alignment of the methodology to the ICVCM’s Core Carbon Principles (CCPs). Further details here.
Soil carbon expansion – Clean-tech agricultural investor HeavyFinance has secured €15 mln from the European Investment Fund (EIF) to deliver new debt financing to 550 farmers in Poland an Lithuania. The transaction is supported by the InvestEU programme, which aims to mobilise over €372 bln in additional investment for EU policy priorities over the period 2021-27. HeavyFinance’s soil scientists and agronomists collect soil samples and conduct advanced laboratory tests to measure the levels of CO2 removed from the atmosphere. Following a third-party audit, standard-setter and certifier Verra issues voluntary carbon credits. HeavyFinance has already enabled more than €60 mln in agricultural loans in six countries to promote sustainable practices, modernise equipment and increase working capital in agriculture.
AI mapping – Forest carbon data platform CTrees announced on Tuesday the launch of REDD+AI that uses advanced satellite imagery and AI to pinpoint forest degradation in tropical forests and attribute it to logging, fire, and road construction. REDD+AI detects change on a monthly to biannual basis in every 5-m area of tropical forests worldwide, the company said in a press release, which gives users open access to detailed maps and statistics on forest degradation. The data is based on images from the PlanetScope satellite constellation, provided by Planet Labs PBC and made available via Norway’s International Climate and Forests Initiative (NICFI). Results from the tool show logging, fire, and road construction degraded an average of more than 6.9 mln ha of tropical forest per year from 2017-23. The product adds to its suite of open data offerings to measure change in global forests. Last month, the company suspended its partnership with a non-profit Institute for Man and Nature Congo based in the Democratic Republic of Congo (DRC) following questions regarding the organisation’s agreements with the government of DRC and concessions for carbon credit development in the country.
Net losses mount – Calgary-headquartered project developer Karbon-X faced net losses of almost $804,800 in the quarter ended Aug. 31, according to the company’s US Securities and Exchange Commission (SEC) filing Monday. This represented nearly 130% increase from the same period in 2023. According to the SEC filing, the company has to date generated “minimal revenues” from its business operations and has incurred operating losses since inception of roughly $5.7 mln. Karbon-X said it will require additional funding to meet its ongoing obligations and to fund anticipated operating losses, and is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. “Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern,” the SEC filing read.
Hired out of the woodwork – Investment service firm Agriculture Capital (AC) hired Ben Vitale, former executive for sustainable-focused asset management firm Equilibrium Capital, to serve as partner. AC, which manages $795 mln in assets, wants Vitale to scale up the firm’s institutional grade carbon removals by drawing on his experience with carbon credit sales and environmental commodities, building on AC’s foundation of regenerative practices. Vitale will also work to expand the firm’s farm management platform to take advantage of VCM opportunities, Agri Investor reported on Tuesday.
Wastewater credits – Inherit Carbon Solutions and Norway’s largest wastewater treatment plant Veas, with subsidiary Hoop CO2, are partnering up to realize what they say is the world’s first carbon removal from wastewater. CO2 capture and storage will be carried out on the wastewater from residential homes, and at Veas’ treatment plant in Slemmestad, CO₂ from the wastewater will be captured, and then transported and stored permanently. The project is initially expected to capture and store over 6,000 tonnes of CO2 annually.
SHIPPING
Shipping sails – Smart Green Shipping, a developer of wind-assist technology for shipping, has announced £1 mln in fresh funding from Drax Group, matched by the UK government’s Clean Maritime Demonstration Competition (CMDC) grant. The funding will see Smart Green Shipping’s lightweight, retractable sail installed on one of Drax’s ships upon successful completion of sea trails on a nuclear cargo ship, the Pacific Grebe, said a release Tuesday. The wind-assist technology is expected to reduce emissions by up to 30% per year, helping to curb the GHG footprint of shipping, which contributes to around 3% of all global emissions. The technology could also prove vital to further reducing supply chain emissions from the bulk transport of Drax’s sustainable biomass, used to produce around 8% of Britain’s renewable power. Drax is aiming to install bioenergy with carbon capture and storage (BECCS) at its biomass power station in Yorkshire by 2030, targeting removal of up to 8 mln tonnes of CO2 from the atmosphere each year.
Universal levy – Pacific and Caribbean Island nations are calling upon the International Maritime Organization (IMO) to enact a mandatory universal carbon levy of $150 per tonne on shipping emissions from large commercial vessels of at least 5,000 gross tonnes, stating that such a level would help incentivise the green transition and is also fair and equitable. The proposed levy would apply to ships transporting freight and to passenger ships, but would not apply to domestic fleets. The IMO has until next year to vote on the proposal, but if adopted, the levy could be the first of its kind to put a universal price on carbon. Enacting a carbon levy would help to dampen the impact of price hikes for consumers as a result of shifting to carbon neutral fuels, the group said. (Inside Climate News)
AND FINALLY…
Unleash the power – Geothermal project developer Fervo Energy’s Cape Station looks more or less like an oil derrick. But this $2 bln geothermal project, which broke ground last year, is not drilling for gas. It’s drilling for underground heat that the firm’s CEO Tim Latimer believes holds the key to generating an abundance of carbon-free power. Recent developments in this technology – known as enhanced geothermal system (EGS) – have helped Fervo drill its latest well in a quarter of the time that it took just a couple of years ago. That efficiency has meant an 80% drop in drilling costs, Latimer said. The Cape Station well is one of the 24 Fervo in the process of completing at the site to harness the Earth’s natural heat and generate electricity. Last year, Fervo’s pilot project in Nevada used similar techniques to begin sending electricity to a Google data center. And the company’s early tests at Cape Station in Utah show the new project can produce power at triple the rate of its Nevada pilot. EGS this summer also moved one step closer to Americans’ living rooms as the developer completed two power purchase agreements totalling 320 MW with utility Southern California Edison. (NPR)
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