Announcing Carbon Forward Middle East – more details below.
Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Subscribe here
TOP STORY
EXCLUSIVE: More carbon standards fully approved to supply CORSIA credits for current phase
UN aviation body ICAO has awarded full approval to four more voluntary carbon standards for Phase 1 of CORSIA (2024-26), Carbon Pulse has learned, meaning their credits will become eligible for use by airlines during the current stage of the international offsetting scheme.
EMEA
UK to impose CBAM from 2027 to protect heavy industries
The UK will introduce a Carbon Border Adjustment Mechanism (CBAM) in 2027 for the six sectors it deemed to be most at risk of carbon leakage, down from eight initially proposed, the government said on Wednesday.
UK puts billions towards carbon capture, nuclear, clean energy, and prepares for CBAM
The UK government will put billions of pounds into carbon capture, utilisation, and storage (CCUS), nuclear power, hydrogen, renewables, zero-emission vehicles, and sustainable agriculture over the next fiscal year, and plans to introduce a carbon border tax on imports from 2027, Chancellor Rachel Reeves announced on Wednesday.
FEATURE: CBAM fourth quarterly report spooking EU importers, low compliance expected
Many companies importing goods covered by the EU’s carbon tax will fail to report their actual emissions data in time for the European Commission Thursday deadline – as they struggle to navigate difficult reporting requirements, inconsistencies, and flaws in the policy, according to consultancies and businesses.
New surety bonds product aims to protect and boost investments in low-carbon projects
A French issuer of trade credits has introduced a product that issues surety bonds and guarantees for low-carbon technologies and renewable energy projects, and holds the premiums as investments in certified green bonds, it announced on Wednesday.
Liberia steps up plans to sell forestry credits under Paris Agreement
The densely forested west African country of Liberia is looking to harvest Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2 of the Paris Agreement after signing a letter of engagement with the Coalition of Rainforest Nations (CfRN), it was announced Wednesday.
Euro Markets: EUAs give up two days of gains on technical, energy selling after COT shows funds cut shorts
EU carbon allowance prices fell back on Wednesday amid a wider retreat in energy markets, as weekly positioning data showed speculative players had cut their net short position in carbon significantly, easing the upward pressure on prices, while investment funds continued to add length in natural gas.
Finnair delays climate neutrality goal five years, until 2050
Finland’s flagship carrier announced on Wednesday it had pushed its climate neutrality goal from 2045 to 2050, saying this was due partly due to the company’s decision to exclude carbon offsets from its climate solutions portfolio.
AMERICAS
Brazilian prosecutor’s office asks to escalate state-level carbon market cases to feds
Brazil’s Federal Public Prosecutor’s office (MPF) on Tuesday called upon state courts to decline three carbon project cases in favour of federal jurisdiction, in the name of addressing carbon markets questions of national consequence.
Paying Brazil $25/t could unlock Amazon’s true carbon capture potential, study shows
Establishing a carbon price of $25 per tonne of captured CO2 could transform Brazil’s Amazon rainforest into one of the world’s largest natural sinks, countering emissions at a far lower cost than current carbon capture technologies, according to a study published by a major international financial institution.
INTERVIEW: Former timber operator says carbon revenues rival those of logging in Peru
Revenues from the voluntary carbon market are just as good as those from logging in the Peruvian Amazon, according to a company that has transitioned from timber operations to selling carbon credits.
US CDR company raises $5.3 mln seed round
A US CO2 removals (CDR) startup announced on Wednesday its oversubscribed round of $5.3 million in seed funding, which will scale the firm’s efforts to remove CO2 from wastewater systems.
ARB unveils partnership to ramp up SAF availability in California
California has reached an agreement with an airlines trade organisation to scale the state’s sustainable aviation fuel (SAF) supply to 200 million gallons (757 million litres) by 2035, regulator ARB said Tuesday.
Wisconsin utility signs contract with Italian CO2 battery developer
A CO2 battery technology company has signed a supply contract with a long-duration energy storage project being developed by a Wisconsin utility with US Department of Energy funding.
ASIA PACIFIC
Australian oversight body selects four methods to progress, others delayed again
The Emissions Reduction Assurance Committee (ERAC) has selected four proposed carbon credit methods to progress to the next stage of development, however other closely-watched ones have been pushed back to the first half of next year, the Australian climate minister told a conference Wednesday.
INTERVIEW: Australia’s ERAC chair praises ACCU method proposals while noting uncertainty on timelines
Australia’s first full-time chair of the Emissions Reduction Assurance Committee (ERAC), which deals with carbon farming credits, has praised the quality of carbon method proposals submitted through the expression of interest (EOI) process, but could not say how long it would take for those selected to be developed.
Korean steelmaking giant urged to release blast furnace closure plans, help meet 1.5C target
South Korean steelmaking major POSCO should announce a plan to close down three blast furnaces by 2030 to help limit global warming to 1.5C above pre-industrial levels, a report has urged.
Australian junior discovers rare element used in fusion energy
A tiny exploration company betting on finding native hydrogen deep in the South Australia desert has found an even more valuable co-located gas rarely found on Earth that is essential to nuclear fusion.
INTERNATIONAL
BRIEFING: Strong climate finance outcome is possible at COP29, experts say
A strong outcome for a new global climate finance goal is possible at COP29 in Baku, with negotiators coalescing around the scale of finance required, though the nitty gritty of where that capital should come from and which countries should contribute is still up in the air, experts said on Wednesday.
BRIEFING: Transition carbon credits considered promising solution, but challenges remain
Experts outlined during a Wednesday webinar the potential for so-called “transition” carbon credits to facilitate the energy transition, but noted that challenges remain in the ongoing development of the nascent asset class.
European Greens lay out Article 6 demands for COP29 climate summit
European Greens are calling on countries to clinch an ambitious agreement on Article 6 of the Paris Agreement governing international carbon markets and the trade of emission reductions, saying rich countries must fulfil their climate obligations first rather than seek credits from emission reductions projects abroad.
Voluntary carbon registries can foster healthy competition once Article 6.2 registry starts up -UN expert
Independent carbon credit registries will continue to play a role, and foster healthy competition, even after a centralised UN registry is created under Article 6.2 of the Paris Agreement, according to a member of the UN group mandated to determine the international carbon market rules.
Ombudsman says International Finance Corporation’s emissions rules are too weak
The World Bank Group’s International Finance Corporation (IFC) is failing to enforce its own greenhouse gas emission requirements with clients, which already fall short of what is needed to meet the Paris Agreement’s 1.5C temperature goal, the finance institution’s ombudsman warned.
Manufacturing, supply chains crucial to net zero, IEA report says
Achieving the goals of the Paris Agreement, and meeting the commitment made at COP28 last year to triple renewable energy capacity by 2030, needs commitments from governments, money from the private sector, but more than anything manufacturing and supply chains to develop further, the International Energy Agency (IEA) said in a report on Wednesday.
VOLUNTARY
FII24: We want our exchange to challenge CBL dominance of the carbon spot market, says Saudi VCM CEO
Saudi Arabia has global ambitions for its soon-to-launch carbon credit exchange, and is aiming for the platform to compete with the CBL exchange that currently dominates voluntary carbon market trades, the CEO of the country’s state-backed VCM company told Carbon Pulse on Wednesday.
Nature-based solutions standard launches new digital portal for carbon project certification
A London-headquartered standard has launched an online portal to improve the efficiency of the certification process for nature-based carbon offset projects, the organisation announced this week.
Carbon market data firm, research institute launch interactive CDR tool
A London-based research institute and a carbon market data provider have unveiled an interactive tool to provide transparency to monitoring, reporting, and verifying (MRV) protocols for carbon removal (CDR), the two organisations announced on Wednesday.
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.
Global South alliance signals biodiversity financing “not working for us”
A group of ministers from 20 countries in the Global South have published a statement seeking urgent action to boost biodiversity financing for developing countries, while flagging issues with the global fund intended to support them.
First batch of companies announce science-based nature targets
The Science Based Targets Network (SBTN) on Wednesday announced a first batch of companies that have set targets under its framework, with three major corporations taking on commitments related to freshwater and land.
Group launches bioeconomy coalition to scale sustainable markets, finance in the Amazon
A group of over 20 organisations on Wednesday launched a coalition to promote bioeconomy across the Amazon region, looking at the biodiversity credit market as a possible means to scale financing.
Guterres urges governments to ramp up efforts on nature financing, national plans
Governments at the ongoing COP16 biodiversity summit must ramp up their efforts to break the deadlock on the toughest issues under discussion, as talks still hang in the balance with only two days to go, the UN secretary-general told a press conference on Wednesday.
Emergency session finds early cash for coral reefs, urges immediate action
A special emergency session on coral reefs at the UN biodiversity talks in Colombia on Wednesday urgently called for increased funding for reef protection, with a handful of governments and philanthropies putting up an initial $150 million for a global fund.
—————————————————
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
European Industrial Carbon Management Summit – Dec. 5, Brussels: The Zero Emissions Platform flagship event will bring together industry leaders, policymakers, civil society and scientific experts to discuss the future of industrial carbon management across Europe. Get ready for insightful keynotes, case studies from pioneering projects, and panel discussions on the deployment of industrial carbon management technologies. The Summit is the perfect space to connect with peers working at the forefront of industrial decarbonisation. Registrations are now open – do not miss your chance to be part of the conversation.
—————————————————
Premium job listings
- Chief Commercial Officer, CarbonPool – Zurich
- Business Development, Carbon Markets (Market Intelligence), RepuTex Energy – Melbourne
See all listings or post a job
—————————————————
BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
PNG: Persona non going – Papua New Guinea will not take part in the UN’s COP29 climate summit in Baku. The country’s foreign minister Justin Tkatchenko made the announcement on Tuesday, saying the decision was made in protest against “empty promises and inaction” from industrialised countries while small island nations like PNG suffer the devastating consequences of climate change. “The pledges made by major polluters amount to nothing more than empty talk,” Tkatchenko added, saying rich countries “impose impossible barriers for us to access the crucial funds we need to protect our people.” He said PNG will no longer wait for aid while its people suffer. “If we must cut down our forests to sustain ourselves and develop our economy, so be it.” (ABC News Australia)
Central banks to the rescue – Financial instability caused by climate change has increased by about one-third since the Paris Agreement was signed in 2015, according to a new policy paper from Bruegel, an economic think tank based in Brussels. In the EU, emissions have fallen but banks have not fully internalised the costs of transitioning to net zero and continue to finance the expansion of the fossil fuel industry. To address this, central banks are increasingly using tools such as reviewing banks’ risk-management processes. But while helpful, these tools have so far failed to address the risk of climate-related imbalances building up in the financial system. So what can central banks do about it? Bruegel proposes that central banks adopt a macro approach that minimises financial instability during the transition. According to Bruegel, a requirement for the financial sector to reduce financed emissions by four percentage points annually from 2025 to 2050 would deliver net zero with the least amount of financial instability.
EMEA
Coal’s collapse – Germany’s coal consumption continued to decline in 2024, reducing CO2 emissions according to AG Energiebilanzen (AGEB). Hard coal use in electricity generation dropped by 39% in the year’s first nine months, driven by decreased electricity generation, higher renewable energy output, and increased electricity imports. Lignite consumption also fell by 14.5%, saving 20 Mt of CO₂, a 4.5% reduction compared to the previous year. AGEB forecasts a 3.3% annual decrease in energy-related CO2 emissions, with total energy use projected to reach its lowest since 1990, partly due to a stagnant economy affecting industrial production. Renewable energy’s rise has also reduced energy waste in power production. While coal still contributes significantly to Germany’s CO2-intensive electricity sector, its share has halved since 1990, with renewables now generating over half of Germany’s electricity. Germany aims to phase out coal by 2038, but some experts believe rising EUA prices may hasten the transition. Nonetheless, the country remains reliant on fossil fuels, particularly oil for transport and gas for heating and industry. (Clean Energy Wire)
Declare yourself – The European Commission has published a draft implementing act detailing the procedures and conditions for authorising CBAM declarants, in other words the companies that can import goods covered by CBAM. It will determine how the application procedure works, the rules for the competent authority on identifying authorised CBAM declarants and the format of application and procedures for submitting it via the CBAM registry. The draft will now be open for feedback from Oct. 30 to Nov. 27.
Drilling ceased – The controversial oil drilling site at Horse Hill in Britain’s Surrey has suspended production months after its planning permission was quashed in a landmark legal case, the BBC reported. In June Supreme Court judges ruled that the full climate impact of the project should have been considered before being given the green light by Surrey County Council (SCC). However, the council previously said it had followed planning law, while the developer, UK Oil and Gas Plc (UKOG), added that the judgement did not mean work there should stop. But now extraction has ceased to the relief of campaigners who had waged a long-running legal battle against the site. Discussions are ongoing between the council and developer in relation to full suspension of the site and the required planning re-determination.
Carbon pricing in Uganda? – What would be the social impact of carbon pricing policies if they were introduced in a low-income country like Uganda? This is the question that researchers explored in a study presented by the Berlin-based Mercator Research Institute on Global Commons and Climate Change (MCC) that was published in the journal Environment and Development Economics. Their conclusion is at first counter-intuitive: contrary to developing countries, carbon pricing in Uganda would chiefly affect the wealthiest households, which are a minority. Indeed, only one in three households has access to kerosene, the fossil fuel most commonly used in Uganda for cooking, and only one in six has access to electricity. However, all populations groups would feel the indirect effects, through an expected rise in food prices. “From an economic point of view, carbon pricing is indeed the most efficient form of climate protection for the Global South,” said Jan Steckel, co-author of the study. “But from a development policy perspective, it is only an option if the revenues are somehow paid back to the population,” he said.
ASIA PACIFIC
More money – South Korea’s industry ministry will offer an additional 80 billion won ($57.8 mln) in low-interest loans to help local businesses achieve carbon neutrality, according to the Korea Times. The latest support follows two previous rounds held earlier this year, during which the government provided a combined 251.3 billion won in loans.
Largest deal – Korean automotive giant Hyundai Motor has signed a power purchase agreement (PPA) with SK E&S and other partners, marking the country’s largest PPA ever, it announced Wednesday. Under the agreement, Hyundai Motor will receive 610 GWh of renewable energy annually for the next 20 years from the companies for its domestic facilities, according to the Korea Times.
Regional efforts – NTT West, which provides regional telecommunications services in Japan, has entered into a business partnership with Kansai Mirai Bank and Co-Design Institute to promote sustainable forest management in the Kansai region, they announced Wednesday. The companies said they aim to achieve regional decarbonisation by creating carbon credits through the use of forest resources.
Updated strategy – Taiwan’s Financial Supervisory Commission (FSC) has released an updated strategy to promote green and transition finance, which aims to direct private funds towards the research and development of low-carbon technologies, the regulator said in a statement released this week. The EU, Japan, Singapore and some other countries have launched frameworks or related guidelines to support transition finance, and the latest strategy has incorporated international practices, FSC said.
No knockout – BHP saw a minor protest vote against its Climate Transition Action Plan (CTAP) at its annual general meeting. Nearly 8% of shareholders voted against the world’s largest miner’s plans after a sustained activist investor campaign over its coal assets, among other things. Its CTAP looks at its metallurgical coal assets — it has no thermal coal in its portfolio — and its Scope 3 emissions, which are those from use of its assets. Scope 3 makes up 97% of emissions, and it has made some minor commitments to lessening them via investing in cleaner ways to make steel. A large shareholder Norge Bank said prior to the AGM that the CTAP does not fully meet NBIM’s Climate Change Expectations on transition plans, and expects companies to implement time-bound and quantified transition plans designed to deliver on their interim emission reduction targets.
Battery surge – The Australian Energy Market Operator (AEMO) has reported a large increase in the capacity of new wind, solar, and storage projects seeking a grid connection, with the total now surpassing 45 GW for the first time, Renew Economy reported. AEMO’s reported figures showed the capacity of projects going through the connection process has jumped by more than one third. Batteries saw the biggest jump, which has seen its planned capacity double year-on-year to 14.7 GW. The National Electricity Grid has now seen brief periods where the grid has run on 100% renewables, with the operator saying it was preparing for this to occur more regularly.
AMERICAS
Reducing emissions well by well – In an effort to reduce power consumption in oil and gas fields, a technology company SSi Artificial Lift has introduced a new pump that can replace conventional methods of extracting oil. The company introduced its hydraulic long-stroke rod pump system as a replacement for electric submersible pumps and beam pumps, which are both energy-intensive. The technology has been tested at oil and gas wells across the Americas, according to the BOE report. At a test well in the Permian Basin, the technology reduced production emissions by 57%. And in a Latin American oil field, a test well recorded an 80% emissions reduction.
VOLUNTARY
Carbon impact of concrete – A new binational standard to quantify the carbon impact of concrete, known as CarbonStar, has been launched by the Smart Surfaces Coalition, CSA Group (formerly the Canadian Standards Association), the World Cement Association, and the American Public Health Association, it was announced Wednesday. Construction professionals can use the standard and an associated calculator to facilitate procurement of environmentally preferable concrete using a standardized approach to carbon accounting, which is intended to create efficiencies in the building process. The two also can be used in conjunction with and in support of existing marketplace products, including environmental product declarations (EPDs), to provide a consistent and rigorous quantification of the carbon impacts of various forms of concrete and concrete mixes. The CarbonStar Rating represents the net embodied carbon in a unit of concrete, presented as either a negative (net sequestered), zero (net neutral), or positive (net emitted) value.
AND FINALLY…
Fatal floods – Spain’s recent floods, the deadliest in decades, have underscored Europe’s vulnerability to extreme climate events, Politico reports, with President Ursula von der Leyen of the European Commission highlighting this as a stark warning of the urgent need for climate preparedness. In Valencia, intense rainfall delivered nearly a year’s worth of precipitation in a single day, exposing failures in local warning systems. The regional government, responsible for emergency alerts, issued notifications hours after Spain’s meteorological agency declared an extreme danger alert, by which point the floods had already begun. Over 90 fatalities have been confirmed, and many people remain missing. Valencia’s response delay drew heavy criticism from the national government, with calls for accountability from regional leaders, particularly after Valencia’s emergency unit was cut as part of budget reductions last year. The floods overwhelmed emergency services and led to communication breakdowns, leaving residents to face the storm unaided. Reports also surfaced of workers forced to commute despite hazardous conditions, with some stranded as floodwaters rose. Experts noted that rapid urban expansion on high-risk lands worsened the impact, while climate scientists pointed to record-high Mediterranean temperatures as a likely driver of the storm’s severity.
Got a tip? How about some feedback? Email us at news@carbon-pulse.com
