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TOP STORY
COP29 PREVIEW: Six sticking points in negotiations over next global climate finance goal
Money for climate action – and the rules underpinning its delivery – will dominate this year’s UN climate summit more than any other in the past decade, raising tensions over how much should be mobilised, who is on the hook for providing it, under what terms it is granted, as well as how the funding is tracked and reported.
AMERICAS
Brazil’s Senate postpones vote on updated national ETS legislation
Brazil’s Senate on Tuesday postponed voting on a new compromise version of long-awaited national cap-and-trade legislation until next week.
Brazilian partnership to restore 334,000 hectares of forest, generate carbon credits
An alliance of several Brazilian public institutions on Friday agreed to structure new forest concessions for sustainable logging and forest restoration, offsetting the cost of restoring 334,000 hectares of degraded areas in the Amazon using the proceeds from carbon credits.
Record Q2 deficits shave Oregon’s CFP credit bank, programme surplus nears 1.5 mln
With the highest quarterly net deficits in programme history, Oregon’s Clean Fuels Program (OCFP) credit surplus increased to just under 1.5 million in the second quarter of 2024, according to state data published Tuesday.
US ethanol producer completes diagnosis of CO2 well leak in Illinois
An Illinois agribusiness facing regulatory action has completed diagnosis on the leak from its problematic CO2 monitoring well, maintaining that drinking water sources would not be impacted.
Canadian consultancy, US-based energy tech firm team up to provide CCS, EOR solutions
A Canadian consultancy and a US-based energy technology provider have announced a joint venture focused on providing engineering and geoscience solutions for carbon sequestration and enhanced oil recovery (EOR) projects in the US.
Alberta TIER October spot prices continue to tumble amid weak demand
The Alberta Technology Innovation and Emission Reduction (TIER) programme’s spot prices reached historic lows for the second month in a row, according to a report published Friday.
EMEA
Carbon removals target ‘not a deal-breaker’ for Hoekstra’s EU confirmation hearing, MEPs say
Lawmakers in the European Parliament are focusing their attention on the Commission’s pledge to table a 90% climate target for 2040, leading MEPs told Carbon Pulse ahead of EU climate chief Wopke Hoekstra’s confirmation hearing on Thursday.
EU’s new agriculture commissioner bets on carbon farming, not emissions trading
The European commissioner-designate for agriculture and food dismissed the idea of creating an emissions trading system for agriculture during his European Parliament confirmation hearing on Monday evening, saying EU policymakers should instead focus on tapping into the potential of carbon farming.
EU’s new transport commissioner says he will not backtrack on 2035 internal combustion engine ban
The EU’s 2035 ban on internal combustion engine cars should be upheld, the commissioner-designate for sustainable tourism and transport said during his European Parliament hearing on Monday evening.
EU’s incoming energy commissioner to promote electrification as ETS2 hits housing
The European commissioner-designate for energy and housing will pursue electrification to shield vulnerable citizens from increasing energy prices, a prospect made more real by ETS2, he told the European Parliament on Tuesday afternoon.
UK can decarbonise electricity grid by 2030 with investment north of $40 bln a year – report
The UK government can hit its goal to decarbonize the country’s electricity grid by 2030 with a massive expansion in renewable power and a price tag of at least $40 billion of investment a year, according to a report by newly created National Energy System Operator (NESO).
UK startup secures funding to offer insurance for risks in early-stage CDR projects
A startup insurance company hopes to kick start the carbon removal (CDR) market by offering cover to mitigate the risks facing early-stage projects.
Uniper waters down climate targets due to more cautious green hydrogen outlook
German energy company Uniper has watered down its carbon neutrality target amid a ‘cautious’ investment environment concerning green hydrogen, it said in quarterly results published Tuesday.
Norway, Iceland struggling to meet their old 2030 climate targets -report
Norway faces a significant shortfall in reaching its previous 2030 emissions reduction goal of 40% below 1990 levels, while Iceland could also fall short of tighter targets, according to a report published last week.
Veteran carbon trader to join Vitol as current head of carbon set to retire
Vitol has appointed a veteran emissions trader to its carbon and environmental products division, as the current head of division is set to retire.
Swedish carbon accounting software firm eyes expansion through startup acquisition
A Stockholm-based carbon accounting platform has acquired a fellow Nordic carbon accounting firm for an undisclosed amount, the company announced on Tuesday.
UAE energy firms team up with Microsoft to drive decarbonisation solutions
Two Abu Dhabi-based energy companies have partnered with Microsoft to explore decarbonisation solutions, including the use of AI to advance carbon capture, low-carbon hydrogen, and ammonia projects.
Euro Markets: EUAs retreat with gas, drop 1.4% after early stability gives way to steady selling
After starting the day relatively calmly and little changed, European carbon faded away in the afternoon in line with steadily weaker natural gas prices, as many markets appeared to adopt a watching brief for news from the US presidential election.
ASIA PACIFIC
AU Market: ACCUs breach A$40, continue upward as host of factors puts fire under the market
Spot Australian Carbon Credit Units (ACCUs) on Tuesday burst through the A$40 ($26.40) mark, trading as high as A$40.75 – a 4.5% increase on the previous day’s closing price – amid bullish sentiment.
Japanese bank buys minority stake in climate-focused investment firm
One of the largest banks in Japan will invest $20 million to take a minority equity stake in a London-based climate investment and advisory firm, the companies announced Tuesday.
Japanese carbon project developer to expand business to Cambodia
A Japanese carbon project developer has teamed up with two local partners based in Cambodia to promote an increasingly popular rice-focused methodology, as it aims to tap into the Southeast Asian country’s voluntary market.
INTERNATIONAL
Political context of Article 6 talks very different to last year, says ratings agency
The political context around COP29 negotiations in Baku is very different to last year’s summit and could stand to benefit Article 6 talks, the founder of a carbon ratings agency said Tuesday.
Central bank-led NGFS releases new climate risk scenarios, predicting deeper economic impacts by 2050
The Network for Greening the Financial System (NGFS) on Tuesday released its latest climate macro-financial scenarios, signalling increased economic risks from climate change by mid-century.
VOLUNTARY
BRIEFING: Policymakers look at digital MRV to build trust in CO2 removals
The development of trustworthy monitoring, reporting, and verification (MRV) tools is essential to grow the market for carbon removals, with digitalisation seen as key to speed up processes and ensure high integrity of carbon credits, policymakers say.
Gold Standard launches second public consultation of coal phase-out methodology
The second public consultation on Gold Standard’s coal plant decommissioning methodology launched Tuesday, seeking additional feedback on leakage, embodied emissions, and just transition requirements.
Emissions cuts could alter global ocean heat balance through 2100, researchers warn
Efforts to cut greenhouse gas emissions later this century could drastically alter the way oceans absorb and distribute heat, with lasting impacts on climate patterns, a new study has found.
BIODIVERSITY (FREE TO READ)
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Brazilian developer reviews unit count, price under updated biodiversity credit methodology
A Brazil-based developer has revised its biodiversity credit methodology to more clearly define the units within its framework, resulting in changes to the number of credits generated by its project as well as adjustments to pricing, the company told Carbon Pulse.
Scottish govt releases framework for carbon, biodiversity markets
Scotland’s government released on Tuesday a framework aimed at driving private investment in natural capital, outlining a set of high-integrity principles as well as a roadmap to 2026 to scale the carbon and biodiversity credit markets.
COMMENT
Pakistan’s “hope” for carbon trading renewed – an update from the ground
Syeda Hadika Jamshaid is looking ahead to Pakistan’s first ever policy guidelines for carbon trading, set to be released at COP29 in Baku.
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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
ClearBlue Markets + Invert – Webinar: Decoding British Columbia’s New Output-Based Pricing System (OBPS) – Nov. 20, 1300 EST: British Columbia’s OBPS marks a significant shift in carbon pricing, designed to reduce emissions while maintaining industrial competitiveness. Taking recent election results into consideration, this webinar will equip you with the knowledge to stay compliant, reduce costs, and capitalize on new opportunities. Join industry experts for crucial insights into regulatory changes and their impact on industries. Learn more and register here
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
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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
CBAM on the agenda – China has requested that countries hold talks on carbon tariffs and other “restrictive trade measures” at the COP29 UN climate summit starting next week, according to a document seen by Reuters. China, on behalf of the BASIC group of countries, which also includes Brazil, India, and South Africa, has submitted the proposal to the UNFCCC, the document showed. China and India have criticised the EU’s Carbon Border Adjustment Mechanism (CBAM) as a protectionist measure, saying it unfairly penalises developing countries. The EU, meanwhile, says the measure complies with World Trade Organisation (WTO) rules and is necessary to prevent “carbon leakage” where industries relocate to places where it is cheaper to pollute.
Fighting EU standards – China launched a World Trade Organization dispute against the EU’s definitive duties on Chinese electric vehicle imports. The EU finalized a decision to impose 8% to 35% duties on Chinese EV brands after an investigation that found Chinese manufacturers benefited from large subsidies. On Monday, China announced it’s filed a suit against the EU measures “to safeguard the development interests of the electric vehicle industry and global green transformation cooperation”, per the Chinese Commerce Ministry. (E&E News)
EMEA
Eurozone statement on energy – “The deployment of energy efficient, net-zero, and low-carbon solutions will be needed” to address challenges like climate change and the energy crisis caused by Russia’s war in Ukraine, eurozone ministers said in a statement on Monday. While the transition to renewables like wind and solar energy is well underway, “the intermittent nature of these sources requires a broad range of responses, including investments in demand flexibility, storage, and energy infrastructure,” the ministers said, calling for “an EU-wide strategy” for effective electrification. Grid interconnections in particular are “crucial for connecting producers and consumers across wide geographic areas,” the statement pointed out, saying this “will lead to lower and more stable prices” that will in turn lower fiscal pressure on governments “by reducing the need for energy subsidies”.
Turbocharging turbines – Cubico Sustainable Investments plans to invest £200 mln to build the largest onshore wind farm in England, after the UK’s new Labour government ended the de-facto ban on onshore wind farms earlier this year. The proposed 100-MW Scout Moor II wind farm marks the first major revival for onshore wind development in England after a nearly decade-long pause under Conservative Party rule, Bloomberg reported. The project is expected to power over 100,000 British homes by the end of the decade, presenting a significant boost to Prime Minister Keir Starmer’s goal to mostly decarbonise the country’s power grid by decade end.
Green accounting – EU member states adopted new rules on Tuesday to better measure the environment’s contribution to the EU’s economy. The new regulation sets out a common framework for collecting data on European environmental economic accounts and introduces three new modules: 1) Ecosystem accounts, which provide data on ecosystems and on the services they deliver; 2) Forest accounts, to measure forest areas and the share available for timber extraction, and trace changes over time; and 3) Environmental subsidies, which identify and quantify resources that support the Green Deal through economic activities. EU countries will start reporting these data to Eurostat in 2025 and 2026. The data portal will be updated once a year and will be publicly available. Other data from the Council also showed that, in 2023, the EU and its 27 member states contributed €28.6 bln in climate finance from public sources and mobilised an additional amount of €7.2 bln of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change.
EU survey on carbon removals – The European Commission has posted an online survey to identify opportunities and challenges linked to EU funding for permanent carbon removal technologies. Overarching questions include the identification of key barriers for industry scale-up of specific carbon removal technologies as well as suggestions to improve access to funding for carbon removal projects in the EU. As a second step, the Commission will look at options for scaling up permanent removals certified under the EU’s Carbon Removal and Carbon Farming Regulation (CRCF) through private and public financing “by creating demand, notably the possibility of setting up an EU purchasing programme”. The survey is open until Nov. 22. The Commission will follow up on Feb. 28 next year with a 1-day conference on EU funding opportunities for permanent carbon removal.
CS3D qualms – A group of 27 EU business associations have signed a joint letter calling on the European Commission to minimise complexity and uncertainty related to the EU’s Corporate Sustainability Due Diligence Directive (CSDDD), one of the flagship pieces of legislation adopted under the European Green Deal. The CS3D is “creating challenging and impactful new obligations for businesses with global value chains” the trade associations write, making three recommendations to address this: 1) Launch a comprehensive competitiveness assessment of CS3D; 2) Adopt guidelines and implementing legislation at least two years before compliance with legislation becomes mandatory or extend the transition period; 3) Ensure harmonisation and interoperability of rules in the implementation phase of CS3D.
ASIA PACIFIC
Integration – Crypto carbon company KlimaDAO JAPAN and PBADAO have integrated their green finance business with JE FOREST’s MORI NFT to launch tancre Re:co, an innovative mechanism that links with actual environmental protection activities and non-fungible tokens (NFTs), it announced Tuesday. While MORI NFT was previously limited to forest credits, it will now address a wider range of ecosystem protection activities, such as blue carbon and farmland, KlimaDAO said.
Upgrades – A tender has been published to recruit IT companies for the upgrades of China’s national offset trading platform, according to a document released by the China Beijing Green Exchange (CBGEX). The upgrades should underpin the development of the country’s voluntary carbon market, according to the document. China earlier this year listed the first batch of CCER projects for public consultation, moving one step closer to the issuance of new credits.
INVESTMENT
Seawater CO2 – Amsterdam-based startup SeaO2 has raised €2 mln in a seed funding round to develop seawater-based carbon removal technology, with investors including DOEN Participaties, the NEW-TTT fund, Future Tech Ventures, and CarbonFix. Founded in 2022, the company develops direct ocean capture (DOC) technology that uses an electrochemical process to extract CO₂ from seawater, allowing it to be stored or repurposed. By lowering ocean CO2 levels, SeaO2 indirectly reduces atmospheric CO2, tackling climate change and the increasing acidification of seawater. The funding will be used to transition its DOC technology from prototype to pilot plant, aiming to capture 250 tonnes of CO₂ annually by 2025 while expanding team capabilities and implementing a robust monitoring system. SeaO2 aims to remove 1 megatonne of CO2 by 2030 and a gigatonne by 2045.
SCIENCE & TECH
No-harm hydrogen heating – German startup Hyting has confirmed that its technology does not produce any emissions, it announced in a press release on Tuesday following independent assessments by emissions measurements specialist Wohler Technik. Hyting has developed a prototype of a hydrogen heating system. Testing found that it only produces water as a by-product and emits no detectable CO2 or NOx, making it a strong option for decarbonising heating in commercial and residential buildings, it said. The technology is modular and scalable, and can generate between 10 and 300 kW.
Fake plastic cars – Citroniq Chemicals has selected Nebraska’s Falls City Mid-America Rail Campus for a large-scale bio-based production facility, part of the Nebraska BioEconomy Initiative aimed at boosting economic growth, rural support, and sustainable job creation. The plant will convert ethanol from Nebraska corn into bio-based polypropylene, reducing reliance on fossil fuels and supporting local agriculture. Operational by 2029, it will capture over 7 Mt of CO2 annually and produce OrganicPP bio-based polypropylene, used in decarbonising sectors like automotive manufacturing. Citroniq plans to rapidly expand with multiple plants, targeting a 20% reduction in US polypropylene’s carbon footprint, transforming the plastics industry. (Chemanalyst)
AND FINALLY…
I, Chonkius – Newly-isolated microorganism UTEX 3222, nicknamed “Chonkus”, has captured scientists’ attention for its ability to “guzzle” CO2, Grist reports. The cyanobacterium is found in volcanic ocean vents and consumed more CO2 than other previously discovered cyanobacteria candidates for carbon capture systems, researchers found. In the open ocean, they grow slowly and are thinly dispersed – but grow much faster and thicker in the presence of CO2 into a dense, peanut butter-like state, as published in the journal Applied and Environmental Microbiology. This consistency is important for scale-up of green technologies, researchers said. However, companies need more control over other traits to optimise its CO2 capture ability, which can be accomplished via genetic engineering.
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