Announcing Carbon Forward Middle East – more details below.
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TOP STORY
BRIEFING: Fate of Australia’s carbon market Safeguard Mechanism uncertain as elections near
Australia’s conservative Coalition party’s failure to clarify its position on the Safeguard Mechanism and the lengthy development process of new Australian Carbon Credit Unit (ACCU) methods has created an air of uncertainty in the market, experts told Carbon Pulse this week.
FUTURE INVESTMENT INITIATIVE 2024
Carbon registries urged to integrate AI into methodologies
Mainstream registries on the voluntary carbon market (VCM) should move more quickly on integrating AI into methodologies and monitoring systems in order to speed up their processes and ensure greater efficacy of their approaches, the CEO of a technology provider in the space has said.
AMERICAS
Incomplete data, low-quality credits mire first disclosures under California’s voluntary carbon offset law -report
Just over two dozen companies have published their voluntary carbon offset purchases in compliance with a recent California law, but many disclosures were incomplete and included low-quality credits, a research group said Thursday.
Oregon signs state forest agreement with voluntary carbon credit project developer
Oregon’s Department of State Lands (DSL) signed a development agreement Thursday for an 83,000-acre (33,600 ha) state forest to generate carbon credits for sale in the voluntary carbon market (VCM).
US policymakers should act now for chance at $135 bln global CDR market opportunity -report
CO2 removals (CDR) can doubly support states to meet climate targets and tap into an emergent market estimated to reach up to $135 billion by 2040, with opportunity for policymakers to facilitate scale-up, said a US think tank in a report Wednesday.
WCI Market: WCA prices gain momentum ahead of key repeal decision, CCAs rise into month-end
Washington Carbon Allowance (WCA) futures prices rose past $50 on Thursday ahead of the looming Nov. 5 vote to decide the fate of the state’s ETS, while California Carbon Allowance (CCA) activity took a backseat lacking fundamental drivers.
US DAC developer establishes sorbent manufacturing plant in Missouri
A US-based direct air capture (DAC) developer announced Thursday that it will begin manufacturing a novel sorbent material that will be able to passively remove CO2 from the atmosphere.
INTERNATIONAL
World Bank, IDB introduce guidelines for sustainable finance instruments in the Amazon
The Inter-American Development Bank (IDB) and the World Bank this week announced new guidelines for Amazonia Bonds, a capital markets instrument aimed at financing projects that benefit biodiversity, local communities, and zero-deforestation initiatives across the Amazon.
Shell trims investment in renewables and energy solutions to 8% of spending budget
Shell’s dash for gas reaped dividends in the third quarter, but a green activist shareholder group warned backtracking on renewable investments was jeopardising the future of the company.
1.6C warming achievable with faster clean-tech adoption, report says
Limiting global warming to 1.6C will be a monumental task but achievable, as renewable capacity installations are smashing records and the costs of clean technologies are falling rapidly, according to an energy consulting firm.
Alliance of asset owners trims annual emissions and sets near-term targets
An alliance of large asset owners committed to reaching net zero has so far cut emissions by an average 6% per year since launching, with most members setting decarbonisation targets for 2025 in line with the Paris Agreement goals, according to the group’s latest progress report.
BRIEFING: Experts from vulnerable countries call for higher quality, wider range of climate financing
A consortium of think tanks focused on developing countries vulnerable to climate disasters called for enhanced quality and an expanded scope of funding sources in global climate finance ahead of COP29 in a webinar Thursday.
COP29 at risk due to pro-fossil fuel agenda and corruption, global NGO says
Hopes of tangible progress at the approaching UN climate summit COP29 in Baku, Azerbaijan, are at risk of being quashed by pro-fossil fuel interests and signs of government corruption, according to a report by Transparency International (TI) released Thursday.
Transition Plan Taskforce sees momentum in reporting and disclosure on climate, as it bids goodbye
More companies than ever are disclosing their plans for transitioning to net zero emissions and aligning their strategies accordingly, with financial institutions increasingly using these plans to drive investment towards sustainable solutions, the Transition Plan Taskforce (TPT) found in its final report as it closed shop on Thursday.
TotalEnergies sees direct emissions rise in third quarter
TotalEnergies emitted more direct greenhouse gasses in the third quarter because of increasing gas-fired power plant use in the US and Europe, the energy company revealed Thursday.
EMEA
EU power sector urges reforms to ETS, calls for more stability and investment in post-2030 transition
Europe’s power sector is calling on the EU strengthen its carbon market post-2030 to support to bloc’s climate ambitions, with a focus on improvements to market stability, allowance price predictability, and targeted investment, according to a position paper released on Thursday.
EU market regulator pushes for clearer carbon allowance accounting in financial statements
The EU’s market regulator has called for listed companies to improve transparency and consistency in the accounting of carbon allowances, urging firms to follow best practices and disclose more information about their financial exposure to emissions-reduction commitments.
EU greenhouse gas emissions drop in 2023, next targets seen needing to maintain momentum
Emissions in the EU fell significantly in 2023, but clear and predictable policies are essential to maintaining momentum, according to two separate reports released on Tuesday.
Ghana biochar producer receives finance to launch carbon removal project
A Ghana-based producer of biochar from coconut husks has received investment from a development finance institution to expand its business and to launch a carbon removal project in West Africa.
Euro Markets: EUAs weaken steadily on gas pressure, before late TTF plunge drops carbon €1 after window
European carbon prices ended the month of October 1.5% lower from a month earlier, dragged lower on Thursday by falling natural gas and breaking below a key technical support mid-morning, before a late plunge in gas prices dragged EUAs down by €1 to a six-day low.
ASIA PACIFIC
PNG closer to carbon market, confirms COP29 boycott
Papua New Guinea is closer to a carbon market but is waiting on a few key steps, a senior official said this week, as news comes the nation has confirmed it will boycott this year’s COP29 summit in Baku, Azerbaijan.
Macao opens international carbon exchange
Macao this week unveiled a voluntary carbon exchange backed by a leading Chinese private equity firm, which aims to help China link up with international markets.
Beijing to auction off 1 mln carbon permits under local ETS as compliance deadline draws near
The Beijing municipal government will auction one million carbon allowances under its pilot emissions trading scheme in November, with a price floor for the sale to be set later.
Australia Market Roundup: State of the Climate report warns of increasing ocean temperatures, nearly 800,000 ACCUs issued
The State of the Climate report shows Australia’s average temperatures have already risen 1.5 C for the first time since records began, as the latest Clean Energy Regulator issuance saw an increase in Australian Carbon Credit Units (ACCUs).
VOLUNTARY
BRIEFING: Carbon credits risky, yet key to net-zero goals -webinar
Businesses still see carbon credits as a high-risk investment, citing limited policy guidance and a market rife with controversy, speakers told a webinar this week, but corporate offsetting is key to reaching net-zero goals and could soon become mandatory.
COP16 (FREE TO READ)
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Brazilian organisation clinches deal to sell first biodiversity credits
A Brazilian organisation is set to market its first biodiversity credits generated through three separate projects across the country, with a philanthropic institution already committed to buying them.
Armenia to host 2026 UN biodiversity talks
Delegates at COP16 in Colombia on Thursday voted for Armenia as host of the next biodiversity summit in two years’ time, narrowly beating neighbour and climate COP29 host Azerbaijan.
Talks in Cali fail to address critical minerals exploitation, NGOs say
Not enough has been done so far at COP16 to address exploitation of minerals for the green energy transition, especially in Indigenous Peoples’ lands, a group of NGOs said Thursday.
Countries launch ‘champions group’ for mainstreaming biodiversity
A group of 17 countries led by Colombia and Mexico have announced they are establishing a special group at COP16 to drive progress on mainstreaming biodiversity, following what they said are attempts to undermine the policy.
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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
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.
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SURVEY
CDR.fyi has launched the first-ever durable Carbon Dioxide Removal (CDR) Pricing Survey to gather insights on pricing perceptions within the CDR industry. The survey, open from Oct. 28 to Nov. 22, targets both purchasers and suppliers of durable CDR with separate versions for each. It covers 15 CDR methods, including biochar carbon removal, DAC, and mineralisation, and is aimed at gauging optimal pricing and acceptable price ranges for various methods. The survey aims to determine the prices purchasers are willing to pay, the pricing suppliers need to expand operations, and demand signals across methods for 2025 and 2030. Responses will remain confidential, with data reported in aggregate and accessed only by non-conflicted team members. Results will be published post-survey, with a full report available to survey respondents and CDR.fyi premium users. The initiative seeks to provide essential pricing benchmarks to support carbon removal market growth.
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Premium job listings
- Chief Commercial Officer, CarbonPool – Zurich
- 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
EMEA
EU gas storages full – The EU’s gas storages are 95% full ahead of the winter heating season, exceeding the minimum 90% level set out in the EU gas storage regulation, the European Commission announced on Thursday. The 90% target was agreed during the 2022 energy crisis caused by Russia’s invasion of Ukraine and needs to be attained by Nov. 1 each year to ensure security of supply and market stability for the winter months. There is currently around 100bcm of gas in storage in the EU, which represents around one-third of the EU’s annual gas consumption, according to figures provided by Gas Infrastructure Europe (GIE), a trade body.
Europe can go it alone – Europe could cover its electricity and green hydrogen needs in 2050 with domestic production – if the expansion rates of wind power and solar PV increase by a factor of four to five compared to current levels, said researchers from Forschungszentrum Julich this week reported Clean Energy Wire. Northern and Southern European countries would supply the centre; Germany would import 35% of its electricity and 80% of its hydrogen by mid-century. Nuclear power would remain uncompetitive with solar and wind power, the research found, even taking into account the storage and increased grid costs of variable renewables. Separately, a report by Norwegian consultancy DNV on behalf of the Climate Neutrality Foundation, suggested that Germany should consider importing direct reduced iron as a source of green hydrogen for back-up power plants.
CCU in Norway – LanzaTech has announced plans for a commercial carbon capture and utilisation (CCU) facility at Heroya Industrial Park in Porsgrunn, Norway, scheduled to begin ethanol production in 2028. Eramet will supply furnace gas from its Porsgrunn manganese smelter as feedstock but will not finance the project. The companies also plan to explore the integration of CCS technology in a second phase to further reduce emissions. The plant, with a production capacity of 24,000 tonnes of ethanol per year, will be LanzaTech’s first fully managed project, designed with Fluor Corporation and Sweco Group’s engineering expertise. Brookfield Asset Management is positioned to fund the project, with a final investment decision expected in six months. LanzaTech’s process biologically transforms carbon-rich gases into sustainable raw materials for various industries, including sustainable aviation fuel. Eramet said this collaboration marks a significant step towards its decarbonisation goals, which include a 40% reduction in emissions by 2035.
ASIA PACIFIC
Bottling up – The Victorian state government passed the Offshore Petroleum and Greenhouse Gas Storage Amendment Bill 2024 this week, meaning natural gas can now be stored offshore in underground reservoirs. The government said the additional gas storage would ensure supplies can be made available, as forecasts expect supply shortages in the coming years. The government noted GB Energy’s Golden Beach Energy Storage Project could store some 12.5 petajoules of additional gas storage, increasing the state’s storage capacity by around 50%. The government noted gas supplied around 2-5% of Victoria’s total electricity generation on average, and would support the state reaching its 95% renewable energy by 2035 target.
Bio-methanol project – Shipping giant Maersk has entered into a long-term bio-methanol offtake agreement with China’s LONGi Green Energy Technology, as it aims to lower GHG emissions from its growing fleet of dual-fuel methanol container vessels, the company announced Thursday. Maersk said its combined methanol offtake agreements now meet more than 50% of the dual-fuel methanol fleet demand in 2027.
We made it – South Korea cut GHG emissions by 6.5% more than its target in 2023, according to the Korea Times, which cited data from the Presidential Commission on Carbon Neutrality and Green Growth. Total emissions amounted to 624 mln tonnes, with almost all fields reporting reductions exceeding the target, including an extra 10.2% in energy transitions, an extra 6.% in industries, and an extra 7.1% in buildings. The commission attributed the performance to increased nuclear power development, improvements to industrial structures, and favourable global economic conditions.
Scarborough sell down – The 15.1% selldown of Woodside Energy’s stake in the Scarborough gas field to Japan’s Jera completed Thursday. Scarborough is to be sent to the Pluto LNG plant in Western Australia’s Karratha and will add 5 mln tonnes of new LNG to global supply by 2026. The $1.4 bln deal was first announced in February and takes Woodside’s stake down to 74.9%, with LNG Japan holding the remaining 10%. Woodside CEO Meg O’Neill said completion of today’s sale was proof that demand for LNG in Japan was going nowhere. “This latest sale of equity in Scarborough again underlines the long-term value Japanese customers like JERA are placing on gas and the significance of LNG in Japan and the region’s energy security.”
Pilot sets course for Korea – Australian microcap Pilot Energy, which has elaborate plans for hydrogen development and carbon capture and storage offshore Western Australia, said this week it had been approved as a clean ammonia supplier by the Korean Energy Economics Institute (KEEI) under the Korean Clean Hydrogen certification scheme. The company has plans to supply a consortium of Korean companies with 1 mln tonnes per annum of clean ammonia from its Mid West Clean Energy Project for co-firing in existing coal-fired power plants and industrial consumption to reduce Korean domestic CO2 emissions. Earlier this year the company was approved for an offshore CCS permit by the national regulator.
AMERICAS
Wood for good – Microsoft has announced that it will use what it considers super-strong, ultra-lightweight timber to construct its first wooden data centres in Northern Virginia, the tech giant announced today. Microsoft engineers have developed a hybrid approach using cross-laminated timber, fire-resistant prefabricated wood materials that will enable a reduction of steel and concrete use, the release said. The project is estimated to reduce the embodied carbon footprint of the two new data centres by 35% compared to conventional steel structures and 65% compared to typical precast concrete. Steel manufacturing accounts for 7% of carbon emissions globally, while cement production represents 8%, according to the World Economic Forum.
Valero violation – The US fuel producer Valero is facing an $82 mln fine from two California regulators – the California ARB and the Bay Area Air Quality Management District. The regulators levied the fine in connection to air pollution violations at Valero’s refinery in Benicia, a small city in the San Francisco Bay Area. The $82 mln fine is the largest penalty ever assessed in the history of the Bay Area Air Quality Management District, ARB said in a Thursday announcement. Most of the fine or $64 mln, will be spent on air pollution reduction projects in the local community. The remaining funds will be spent on other clean air projects benefiting other “overburdened communities throughout the Bay Area,” the announcement said.
Climate Corps comes to PA – The Biden administration announced Thursday the expenditure of $15.3 mln to support Climate Corps projects in Philadelphia and Pittsburgh, Pennsylvania. The money will be spent to fund urban forestry, to transform wood waste into higher value lumber products, and to expand career training opportunities. The Climate Corps programme was initially launched in Sep. 2023 to create jobs for young Americans fighting the impacts of climate change. The programme’s inaugural class enrolled over 15,000 Climate Corps members from across the nation.
Roger that – The Canadian communications and entertainment company Rogers announced today that its net-zero GHG emissions targets have been approved by the Science Based Targets initiative (SBTi). The announcement makes Rogers Canada’s first national telecom carrier with SBTi-approved targets. The company’s emissions reduction plan aims to increase energy efficiencies across its operations, transition its fleet to electric and hybrid vehicles, expand its renewable energy strategy, and use suppliers with their own science-based targets. Rogers says it plans to reach net zero for its Scope 1, 2, and 3 emissions by 2050.
VOLUNTARY
Decarbonising mining – A new report by electrification and automation firm ABB highlights the mining industry’s progress toward sustainability, revealing optimism about achieving decarbonisation targets with current technologies. Surveying 412 mining leaders from 18 countries, the report shows that 70% believe significant decarbonisation is possible with existing technology. Confidence is high for reaching sustainability milestones, with 67% confident in hitting 2030 targets and 48% by 2050. Key findings include that 77% view electrification, automation, and digitalisation as central to sustainability goals. Investment plans are robust, with 81% intending to transform or evolve their operations toward sustainability. Skills gaps remain an obstacle for 44% of respondents, although 70% are prioritising employee reskilling for decarbonisation. Electrification is vital to decarbonisation for 91% of leaders, while 46% cite operational disruption as a transformation challenge, underscoring the need for updated approaches in technology and risk management. The report, part of ABB’s Real Progress campaign, underscores mining’s dual challenge of supplying materials for green technologies while minimising environmental impact. (AZoMining)
INVESTMENT
Battery bloom – Stockholm-based energy tech startup Flower, which develops software for battery storage trading and optimisation, has closed its Series A funding round with a further €20 mln, bringing this latest round to €45 mln and total investment in the company to €100 mln. The round was led by Northzone with additional investors including Giant Ventures and Sony Innovation Fund. Flower will deploy the latest capital towards expanding Europe-wide and furthering development of its battery energy storage systems and AI technology, which is intended to help improve the flexibility and stability of electricity grids. Active currently in Sweden and Denmark, Flower will become operational also throughout Germany, Austria, Switzerland, France, the Netherlands, and Belgium in 2025 and 2026, the company said in a release Thursday.
SCIENCE & TECH
Valencia tragedy – Scientists already calculated that the devastating floods that killed 140 people between Monday and Tuesday were fuelled by ocean warming in the Tropical Atlantic linked to climate change. Rain totals throughout the event were reportedly as high as 20 inches, or 500 millimetres, equal to the normal total in a year for some locations. The low-pressure system driving these historic floods tapped into an atmospheric river carrying excess moisture from the unusually warm Tropical Atlantic. According to the Climate Shift Index: Ocean, these elevated sea surface temperatures were made at least 50 to 300 times more likely by human-caused climate change – meaning that what was used to happen rarely may now happen on a regular basis. A rapid analysis by World Weather Attribution found that the heavy rainfall was about 12% heavier and twice as likely compared to the 1.3C cooler pre-industrial climate.
AND FINALLY…
X loves hockey – OEG Sports & Entertainment (OEGSE) and Karbon-X have launched a partnership that will display the Karbon-X logo on the Edmonton Oilers’ away jerseys through the 2026-27 NHL season. The pair said the collaboration reflects OEGSE’s ties with Alberta’s energy sector and its commitment to sustainability. Karbon-X, which helps businesses and individuals reduce carbon emissions through strategic initiatives, said it sees the partnership as a chance to further support the Alberta community and promote carbon-conscious efforts globally. Additionally, OEGSE will work with Karbon-X to assess its operations for potential carbon reduction opportunities. The tie-up follows the appointment earlier this year of NHL legend Brett Hull to Karbon-X’s board of directors.
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