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TOP STORY
UK praised for new 1.5C-aligned emissions target, but policies needed to make it reality
The UK will slash its emissions by 81% in the next decade under an updated Paris Agreement pledge, which many on Tuesday cautiously welcomed as a “shining example” of leadership at the start of tense COP29 negotiations while warning that it needs to be backed up with actual policies.
COP29
Approval of Article 6 standards paves way for methodologies from mid-2025
Carbon crediting methodologies may now be approved from mid-2025 following Monday’s COP29 agreement on Article 6.4 standards, but technical details still need to be ironed out both in Baku and once the international market becomes operational, according to experts.
Negotiators hail Article 6.4 deal, but campaigners say it’s a false solution
The COP29 summit’s speedy Article 6.4 agreement was met with polarising reactions on Tuesday, with advocacy groups lambasting it as a distraction from genuine climate action while UN negotiators hailed its potential to unlock up to $250 billion in private climate finance by 2030.
Saudi firm launches country’s first carbon market exchange
A state-backed Saudi company created to scale up the voluntary carbon market (VCM) in developing countries launched Saudi Arabia’s first voluntary carbon market exchange platform on Tuesday on the sidelines of COP29 in Baku.
Canada unveils climate finance platform for vulnerable regions
Canada’s environment minister announced on Tuesday a new finance platform to mobilise climate-focused investments in vulnerable regions at the UN conference in Baku.
Four carbon negative nations launch G-ZERO forum at the climate summit in Baku
A group of carbon neutral countries including Bhutan, Madagascar, Panama, and Suriname have launched the G-ZERO forum at the COP29 summit in Baku on Tuesday and issued a joint declaration pledging to remain carbon negative “at all times”.
Major fossil fuel-producing countries commit funding, announce penalties to crack down on methane emissions
South Korea and the UK announced multimillion dollar funding commitments to support international efforts to reduce methane emissions, while the US launched a fine of over $1,000/tonne on excess production of the greenhouse gas from the fossil fuel sector on Tuesday.
Carbon pricing, global financial overhaul needed for climate justice -Barbados
The government of Barbados, an outspoken voice advocating global financial reform at the so-called ‘finance COP’, has called for integrating carbon pricing into climate justice to support historically marginalised, climate-vulnerable developing countries.
Singapore commits $500 mln to Asia transition finance partnership
Singapore on Tuesday announced it will commit $500 million in concessional funding to its Financing Asia’s Transition Partnership (FAST-P), as it laid out the next steps of its plan for coal power plant transition credits.
Indonesia rolls out standard arrangement for bilateral carbon trading
Indonesia on Tuesday launched a Mutual Recognition Arrangement (MRA) to formalise bilateral carbon trading, with Japan the first nation to sign up and others expected to follow.
COP29: Roundup for Day 2 – Nov. 12
It is Day 2 at COP29, the start of the two-day World Leaders Summit. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (GMT+4).
Come COP with us – Take a 14-day Free Trial of our news and intelligence to coincide with COP29 (Nov. 11-22). Register to get full coverage from our 12-person team of reporters in Baku. If you’ve already trialled our content but want to take a second look, email us at sales@carbon-pulse.com to reactivate your login before Nov. 24. Some restrictions apply.
AMERICAS
US appeals court upends White House authority to enforce NEPA regulations
A federal appeals court on Tuesday determined that the White House environmental council lacks authority to enact rules under the National Environmental Policy Act (NEPA), overturning decades of regulatory practice.
White House rolls out marine CO2 removal research strategy
The Biden administration and the National Oceanic Atmospheric Administration (NOAA) released a federal strategy for accelerating marine CO2 removal (mCDR) research on Tuesday.
US forestry programme outlines guardrails for quality and integrity in new report
A US programme for improved forest management (IFM) carbon projects has published a report outlining the key steps developers must take to ensure the quality and integrity of their projects, tackling issues of additionality, permanence, leakage, and social integrity.
Losses mount for carbon credit financier after it writes off two more projects
A Toronto-based carbon credit financier has seen its financial losses mount after it was forced to write off two more projects.
Canada plans to tax the small business carbon tax rebate overdue for five years
The federal government plans to tax the carbon tax rebate still owed to small businesses five years into Canada’s federal carbon levy, a non-profit said Tuesday.
Canadian biochar carbon project developer announces third deal this month
A Canadian carbon project developer has announced its third deal this month to expand biochar production.
Peru launches registry rules for Article 6, voluntary carbon market
The Peruvian government on Tuesday published regulations to launch and operationalise its long-awaited national carbon registry.
EMEA
Fate of EU’s Ribera hangs in balance as Parliament conservatives call for her resignation over Spanish floods
The approval of former Spanish ecology minister Teresa Ribera as the European Commission’s new executive vice-president in charge of competition and the green transition was delayed on Tuesday evening, amid calls for her to resign over the government’s handling of the deadly floods that hit the region of Valencia.
Energiewende faces fresh headwinds as Germany calls snap election
Several key energy and climate plans – including hydrogen-ready gas-fired power plants and carbon capture utilisation and storage (CCUS) projects – face uncertainty in Germany as the country prepares for a snap election on Feb. 23, 2025.
Shell wins appeal on ruling to slash emissions and comply with Paris Agreement
Shell has won an appeal against a landmark climate ruling in the Netherlands that would have forced the oil and gas giant to radically cut back its greenhouse gas emissions, including indirect scope 3 emissions, to comply with the Paris Agreement.
Euro Markets: EUAs bounce off technical support but end marginally lower amid continued gas strength
European carbon allowance prices ended the session marginally lower on Tuesday after early weakness tested a key technical support and gave way to a steady rally back to another level amid continuing strength in energy markets.
German agtech firm raises $22 mln in Series A funding
A Berlin-based regenerative agriculture firm has closed a $22 million Series A financing, marking the largest such funding round for an agtech start-up in Germany this year, the company said Tuesday.
ASIA PACIFIC
China can unlock vast methane reductions at negative cost, study finds
China can reduce huge amounts of methane at a profit with the greatest short-term potential available in the energy sector, though the long-term abatement outlook will depend on government support for agriculture to explore its mitigation opportunities, according to a recent study.
Singapore development agency launches grant programme to fund Article 6 credit projects
Singapore’s Economic Development Board (EDB) has launched a pilot grant programme to support companies in the city-state developing early-stage carbon projects that could generate high-quality credits under Article 6.
South Korean securities firm taps into biochar, carbon removal business
One of the largest securities firms in South Korea has secured a new biochar contract that could reduce emissions from the livestock sector, as it aims to make a foray into the international voluntary carbon market.
VOLUNTARY
DATA DIVE: VCM moves towards offtake agreements and buying to retire
More and more buyers in the voluntary carbon market (VCM) are moving towards offtake agreements and increasingly buying to retire rather than resell, new data seen and analysed by Carbon Pulse suggests.
Carbon removal marketplace launches category for pre-vetted ARR credits with community benefits
A London-based carbon removal (CDR) marketplace has launched a category specifically for afforestation, reforestation, and revegetation (ARR), it announced Wednesday.
New biochar funding platform to connect startups with investors and carbon credit buyers
A newly released platform will connect biochar startups with investors, financiers and buyers looking to purchase carbon credits.
CIX to add one REDD project and remove another from its NBS index
Singapore-based Climate Impact X in January will be reinstating one REDD project and removing another from its nature-based standard contract.
INTERNATIONAL
N2O emissions set to climb 30% by 2050 without action -report
Nitrous oxide (N2O) emissions have surged by 40% since 1980, driven mainly by agricultural practices, and are set to climb another 30% over 2020 levels by 2050 if left unchecked, according to a UN-backed report released on Wednesday at COP29.
Global carbon emissions up again in 2024, scientists say
Global carbon emissions from fossil fuels have reached a record high in 2024, according to new research by scientists who estimate a 50% chance that global warming will exceed 1.5C consistently in around six years.
Flaring emissions more than double for top 10 oil majors when including non-operated assets -report
Emissions from flaring are more than double for 10 major international oil companies (IOCs) when including both operated and non-operated assets, compared to when assessing operated assets alone, a new report has found.
BIODIVERSITY (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.
English region releases country’s first local nature strategy, eyes nature markets
A regional government in England has launched the country’s first local nature recovery strategy, eyeing nature markets to mobilise private financing towards biodiversity conservation and restoration activities.
Coalition launches ocean fund to protect marine biodiversity in Southeast Asia
A group of three organisations have launched an ocean fund to enhance efforts for protecting 30% of Southeast Asian seas by 2030, seeking to catalyse conservation actions in one of the world’s most biodiverse marine regions.
INTERVIEW: Amazon bioeconomy investment facility takes aim at illegal activity
A Brazilian think tank is creating a facility to enable investment around Brazil and the Amazon Basin, tackling nature-damaging illegal activity while exploring biodiversity credits, Carbon Pulse has learned.
Biodiversity Pulse: Tuesday November 12, 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).
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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.
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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SUBSCRIPTION OFFER
We’re offering new subscriber organisations 15 months of access to our news and intelligence for the price of 12. Purchase an annual subscription by Dec. 20, 2024, and get 3 extra months for free. Have we recently quoted you a price? Our 15-for-12 offer applies to that too, if you purchase your subscription by Dec. 20. Email sales@carbon-pulse.com to inquire.
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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
Subsea power – British energy regulator Ofgem has approved five new subsea power links from the UK to Europe and Ireland as the country seeks to profit from a boom in wind capacity and become a net electricity exporter by 2030. The plans include as much as 4.6 GW of new connections to Belgium, the Netherlands, and Germany under the North Sea and about 1.5 GW of connections to Ireland and Northern Ireland, the watchdog said in a statement. The nation is currently importing power from France on most days to help meet demand. The UK’s grid operator has forecast that capacity on interconnector cables would need to increase by 50% by the end of the decade in order to meet the UK’s 2030 100% clean power goal. Among the five projects are two known as offshore hybrid assets, which link a wind farm at sea directly into an interconnector, thereby allowing the park to send power to the market with the highest price. (Bloomberg)
Two for the price of one – A new 10-MW gas-fired power plant in Nottinghamshire, England expected to power about 10,000 local homes, uses waste heat to capture CO2 and process it into an ingredient for fizzy drinks. The project earns carbon credits because the food-grade CO2 replaces manufactured gas, while the plant is also designed to provide grid stability when renewable energy flows fluctuate, the BBC reports. Two sets of cylinders capture the CO2 using a liquid solvent, with the solvent then releasing the gas to be cleaned and tested to ensure it is pure enough to be used in the food industry.
Carbon capture agreement – UK-based Carbon Clean, a carbon capture developer, has signed a strategic supplier framework agreement with Germany-based Julius Montz (Montz), which is owned by global engineering company Koch Engineered Solutions (KES). Under the agreement, Montz will provide a supply chain for the packing technology of the rotating packed beds (RPBs) in Carbon Clean’s modular CycloneCC technology. This patented metal packing, manufactured by Montz, sits within the RPB. The centrifugal force generated by the RPB intensifies the absorption of emitted CO2, amplifying the high performance of Carbon Clean’s proprietary APBS-CDRMax solvent and the metal packing. Montz will also work collaboratively with Carbon Clean’s R&D team to further optimise designs as CycloneCC is developed to meet the needs of the carbon capture market.
ASIA PACIFIC
New workstream – The Asia Investor Group on Climate Change (AIGCC) will launch a working group on just transition in Q1 2025 to meet growing investor demand in this area, it announced Tuesday. The group will focus on understanding what an effective just transition would look like across sectors and markets, particularly in emerging economies like ASEAN, China, and India. The move is expected to help investors incorporate both climate and social considerations in their investment strategies.
Ambition needed – South Korea’s 2030 methane emissions reduction roadmap should be re-evaluated and include sector-specific strategies, rather than relying on blanket sectoral targets suggested under the Global Methane Pledge, according to a report by non-profit Solutions for Our Climate (SFOC). While the roadmap demonstrates a commitment to the global pledge’s 30% reduction target from 2020 levels by 2030, it lacks clear alignment with South Korea’s long-term carbon neutrality goals and the 1.5C limit, SFOC said. The report calls for 18 mln tonnes of CO2e reductions, more than double the current target.
AMERICAS
White House job posting – President-elect Donald Trump is considering an appointment in his new administration to “coordinate plans to slash energy regulations and boost fossil fuel production”, E&E News reported on Tuesday, citing two unnamed sources “with knowledge of the transition”. One possible pick for energy policy “czar” is North Dakota Governor Doug Burgum, who the outlet said has been praised by Trump on the campaign trail, and who was reportedly on the shortlist for vice president. A former software executive, Burgum is a proponent of domestic oil and gas production, favoring “innovation over regulation.”
Keep the pact – Oil giant Exxon Mobil’s CEO Darren Wood said President-elect Donald Trump should not withdraw the US from the Paris Agreement, reasoning that the “stops and starts” are inefficient for businesses and would create uncertainty. Trump in 2017 pulled the US out of the Paris Agreement, and is expected to do the same in his second term. Exxon had commended President Joe Biden’s decision to rejoin the accord after he took office in 2021. (Wall Street Journal)
Axe the tax – Newly elected New Brunswick Premier Susan Holt (Lib) confirmed at a news conference on Tuesday that her administration would submit a provincial carbon pricing plan for federal government approval, the National Observer reported. Holt said her government would remove the province’s 4-cent-a-litre gasoline carbon tax and draw up a plan to ensure large emitters of carbon would pay for their emissions. The province already has an industrial output-based pricing system (OBPS) that was 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.
VOLUNTARY
Going digital – Gold Standard has announced a new digital assurance platform that will be used for project reviews from Dec. 5 as part of its ongoing digitilization drive. Following the launch of a digital SDG Impact tool, and alongside the ongoing digital Measurement, Reporting and Verification (dMRV) pilot programme, the new online platform will be integrated with other Gold Standard digital systems, and marks the next step in Gold Standard’s journey to fully digitalise impact certification. Under the updated system any new review of a project activity will be submitted to Gold Standard via the online assurance platform, which will be available to use at no extra cost. The final certification decision will be taken by a Gold Standard approved Validation and Verification Body (VVB), following a quality check of the project documents and validation or verification report by a reviewer, and a public consultation period. In addition to the new platform, updates to the assurance management system aim to increase efficiency of workflows. These include streamlined processes and decision making, a deeper pool of expert reviewers and additional internal support staff, more stakeholder training, and enhanced oversight of the certification process.
AND FINALLY…
Order up – A study by the Cambridge University’s Judge Business School found that redesigning menus on food delivery apps, positioning low-carbon dishes at the top, reduces meal carbon footprints by 12% per order. This “choice-architecture intervention” encourages users to select lower-emission meals without reducing their satisfaction, while other methods like carbon labelling and a meat-based meal tax had limited impact. Conducted with over 4,000 UK participants, the study shows that menu repositioning also improved nutritional value and user satisfaction, making it a cost-effective policy for sustainable eating. Key findings included that menu adjustments were particularly effective among those with high food self-control or those ordering near mealtimes. The study also revealed demographic insights: while age didn’t affect responsiveness, men were more influenced by repositioning than women. Furthermore, carbon literacy influenced response to interventions, with labels and taxes only affecting emissions among those with prior knowledge. The study suggests that food apps’ role in menu design could foster both corporate responsibility and positive environmental and health impacts.
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