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Enjoy today’s massive haul of 46 stories…
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TOP STORY
Trouble in paradise – After strong start, old conflicts on Article 6 come to the fore
After a solid start, talks on UN carbon markets in Baku at COP29 are heading back into deep water after a lengthy and heavily-bracketed first draft text concerning Article 6 was released, with reports of old conflicts that caused negotiations to collapse last year bubbling back up to the surface.
COP29
Carbon pricing coverage to hit 34% of global emissions in next five years -report
A report has found that expansion of carbon trading systems will see emissions covered by pricing mechanisms rise to 34% over the next five years.
World Bank’s MIGA unveils Article 6 letter template to scale carbon markets
The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank, on Thursday launched a letter of authorisation (LoA) template designed to help drive efficiencies in Article 6 carbon markets.
Global climate finance needs to surpass $6 trillion per year by 2030, experts warn
External climate finance for developing countries, minus China, needs to triple to $1 trillion per year by 2030, and risks growing higher the longer it is delayed in this decade, an influential panel of experts warned on Thursday.
Multiple countries outline plans to raise billions in forest carbon finance
Fourteen countries, including the US, France, and the UK, issued a statement at COP29 in Baku on Thursday affirming their commitment to scale up finance for forests, based on ‘high-integrity’ carbon markets.
UK looks to quickly bolster Article 6 trade with new principles for carbon trading
The UK is setting out six new principles for trading voluntary carbon and nature credits, building on the initiatives by the Integrity Council for the Voluntary Carbon Market (ICVCM) and seeking to quickly bolster international trade under Article 6 of the Paris Agreement.
UK pledges nearly £80 mln for clean energy, innovation in developing countries
The UK is pledging nearly £80 million of funding to help developing countries roll out clean energy and shift away from fossil fuels, with a package of support that it said will position the country as a clean tech innovation leader.
California requests Quebec to delay draft WCI cap-and-trade regulations till Q1 2025
Quebec will publish draft amendments to its cap-and-trade programme in early 2025 on request of a delay from California, the Quebec environment minister told Carbon Pulse on the sidelines of COP29.
US-China dialogue “extremely positive” on non-CO2 emissions controls, says White House official
A White House official said Thursday that the US has had active and productive negotiations with Chinese delegates over reducing non-CO2 greenhouse gases (GHG), adding that Beijing has signalled interest in implementing regulatory controls over non-CO2 gases similar to those in the US.
Brazilian state poised to offer REDD+ carbon credits worth millions
A rainforest-rich Brazilian state will aim to sell REDD+ carbon credits worth hundreds of millions as part of sales facilitated by an international commodities trader, its government said at COP29.
Brazil’s Para state to launch call for forest concession tenders
The government of Para state in Brazil is expected this Friday to launch a long-awaited call for tenders to take on an ecological restoration-oriented forest concession, which will generate carbon credits from the reforestation process.
Brazil launches climate funding platform with $10.8 bln in capital
Brazil’s national development bank has formally launched a climate investment platform that it said already has up to $10.8 billion in capital that could be mobilised, in support of its newly updated Paris Agreement pledge.
Canadian oil and gas emissions cap not expected to survive legal challenge, Alberta stakeholders say
Alberta government and industry were sceptical of the viability and effectiveness of Canada’s emissions cap on its oil and gas sector, highlighting instead the success of provincial emissions reductions efforts on the sidelines of COP29.
Ghana Article 6 activities mobilise $800 mln, says president
Ghana has mobilised $800 million by hosting carbon projects through Article 6.2 of the Paris Agreement, President Nana Akufo-Addo revealed at COP29, precipitating emissions cuts through bilateral agreements with primarily European buyer countries.
Madagascar to soon sign first-ever ITMO deal with South Korea -official
The Madagascar government is planning to sign its first-ever bilateral agreement under Article 6.2 of the Paris Agreement to generate Internationally Transferred Mitigation Outcomes (ITMOs) with South Korea soon, as it plans to operationalise its Article 6 regulatory framework by Jan. 2025, an official told Carbon Pulse.
South Korea seeks Article 6 opportunities in blue carbon, forestry projects
South Korea is seeking to expand international partnerships on blue carbon and forestry projects, as part of its efforts to secure credits aligned with Article 6 of the Paris Agreement.
Norway calls for clean cookstoves to be included in outcome statement
The Norwegian government is advocating clean cookstoves be included in the outcome statement of COP29, a side event at the Baku climate conference heard Thursday.
BRIEFING – Transition credits could help retire young coal plants in Asia, but complexities and risks abound
Transition credits could be a viable way to finance the early phase-out of coal-fired power plants in Asia, but familiar risks around project permanence, and buyer appetite are seen as major barriers to scaling up the practice, a panel discussion heard at COP29.
CDP, GRI join forces to boost corporate disclosures on biodiversity
Non-profit CDP and disclosure standard the Global Reporting Initiative (GRI) have partnered to improve corporate assessments of nature-related impacts, they announced Thursday at the ongoing COP29 UN climate summit in Azerbaijan.
Carbon markets crucial to unlock GHG cuts in heavy industry, alliance says
Governments must act now to unlock demand that would spur green industry, a global network of industrial stakeholders has said, with carbon markets a key tool required to make this happen.
World still on track for 2.7C warming, unchanged from 2021 -report
The expected rise in global temperature has remained unchanged in the past three years since COP26, due to governments failing to improve on their policies and pledges, a new report has found.
COP29 Roundup for Day 4 – Nov. 14
It is Day 4 at COP29 in Baku – Finance Day. Negotiation chairs are expected to drop new draft texts on Article 6, after trimming the text on a New Collective Quantified Goal (NCQG) from 35 to 33 pages early this morning. Expect a flurry of events on what these difficult climate finance talks need to achieve for developing countries, as well as the role of carbon markets in all of it. 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.
VOLUNTARY
ICVCM approves three REDD carbon crediting methodologies for CCP status
The Integrity Council for the Voluntary Carbon Market (ICVCM) board has approved three REDD methodologies, which have yet to issue any credits, for the Core Carbon Principles (CCPs) label, it announced Friday, paving the way for millions of units to be issued with the high-integrity stamp.
Vast majority of carbon offset projects fail to deliver real emissions cuts, study finds
Fewer than one in six carbon credits issued through global mitigation projects represent genuine reductions in greenhouse gas emissions, according to a new study.
Global securities regulators group unveils recommendations to improve voluntary carbon market integrity, transparency
A global group of securities regulators on Thursday published new recommendations aimed at improving transparency and reliability in the voluntary carbon market (VCM), while also unveiling a partnership with the World Bank.
Large home retailer invests €1.5 bln to speed up fossil fuel phaseout
A large home retailer is investing €1.5 billion in renewable energy at its sites to phase out the direct use of fossil fuels under a target to reduce its operational carbon footprint 85% by 2030.
US-based CDR company receives $32 mln in Series A funding
A Texas-based CO2 removal (CDR) company announced on Thursday that it raised $32.3 million in Series A funding after a full year of operation.
Carbon credit financier notches small profit in Q3 despite project write-down
A Toronto-based carbon credit financier eked out a small net profit in Q3 2024 despite further writing down the value of one of its projects.
EMEA
EU lawmakers vote to delay, water down anti-deforestation law
The European Parliament on Thursday approved a proposal by the EU Commission to postpone the application of its landmark regulation against deforestation by one year, in what observers say is a major setback for the bloc’s ambitions on nature and climate.
Dutch firm gets €2.7 mln for CO2-storing building materials plant
A company that manufactures carbon-storing building supplies using captured CO2 has received a €2.7 million grant from the Dutch government, it announced on Thursday.
Latvia’s emission allowance funds mismanaged, state audit finds
Latvia is failing to use its emission allowance funds cost-effectively, and available funding is not being used, according to a state audit released on Wednesday.
London-based ERW developer partners with car marketplace on carbon removal
A UK carbon removal (CDR) developer has partnered with the country’s largest automotive platform to support enhanced rock weathering (ERW) projects, the two companies announced this week.
UK prepares to ban new coal mines
The UK is poised to ban new coal mines, soon after becoming the first industrialised country to end coal-fired power generation, the government announced on Thursday.
Euro Markets: EUAs climb to 11-week high on technical buying as gas hits one-year high
European carbon prices posted healthy gains on Thursday, initially outpacing strength in gas before front-month TTF rose to a one-year high as traders reacted to news headlines that added uncertainty to the supply outlook.
AMERICAS
Chile’s decarbonisation plan lays out carbon pricing, battery measures for public input
Chile has this week launched a public consultation for a national decarbonisation plan with action items tied explicitly to its ETS and carbon tax plans, and attracting investment in battery storage.
Alberta uses C$40 mln from carbon market to attract low emissions innovations
The Canadian province of Alberta announced on Wednesday a C$40 million ($28.5 mln) investment that seeks to advance early- and late-stage low emissions products expected to increase the competitiveness of manufacturing and resource sectors in the region.
US DOE allocates $20.2 mln to advance algae development for low carbon fuels, bioproducts
The US Department of Energy (DOE) on Thursday announced $20.2 million in funding to support research and development efforts to convert algae into low carbon fuels and bioproducts.
WCI Markets: CCA sentiment sours ahead of Q4 auction
California Carbon Allowances (CCA) futures sold off sharply through the week ahead of the last quarterly allowance sale – with traders concerned over the lack of movement on the regulatory front from ARB – diverting attention away from the increase in Washington Carbon Allowance (WCA) prices.
California’s environmental justice advisory body recommends scrapping ETS free allowances, offsets
California regulator ARB’s Environmental Justice Advisory Committee (EJAC) on Thursday approved a set of recommendations for cap-and-trade programme revisions, which included calls to eliminate free allowances and offsets.
ASIA PACIFIC
Australia to extend wastewater ACCU method
Australia this week launched a consultation on extending by five years the crediting period for non-biomethane wastewater projects, which had been set to expire in March next year.
Indian regulator releases draft rules for carbon trading on power exchanges
The Central Electricity Regulatory Commission (CERC), regulator of the power sector in India, this week released guidelines for the buying and selling of carbon credit certificates (CCCs) on power exchanges.
INTERNATIONAL
Emerging markets lag in low-carbon investment despite $2.3 trillion energy boost -report
Low- and middle-income economies invested $2.3 trillion in their energy systems last year, yet only 14% of that spending outside China went towards low-carbon solutions, 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.
Impact investor to put $6 mln into Amazon conservation
Social impact investor Nesst plans to distribute $6 million throughout next year towards smaller enterprises that support nature in the Amazon region, Carbon Pulse has learned.
Singapore tech company to develop framework to automate coral farming
A Singapore-based tech firm is developing a framework for mass-producing corals and automating the farming process, considering generating carbon or biodiversity credits within two years, the company told Carbon Pulse.
5% of planning applications subject to UK biodiversity net gain rules, research suggests
Some 5% of recent planning applications have complied with England’s biodiversity net gain (BNG) rules, in a positive sign the legislation is working, a lawyer has said.
Biodiversity Pulse: Thursday November 14, 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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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Pay to play – The UNFCCC has warned lobby groups, business associations, and other observer organisations that they risk being banned from future climate negotiations if they are found selling access to COP. In a recent email, the UN’s climate change secretariat said that some organisations were found to be offering paid packages guaranteeing access to events at COP29, which contravenes UN rules. The email emphasised that any commercialisation of UNFCCC registration could lead to permanent suspension from the annual summit. Several sources told Carbon Pulse that one unnamed Indian organisation that has observer status at the UN talks was offering badges to buyers for $1,000 each. Carbon Pulse could not independently verify these claims, but several of the sources noted that this is not the first time the UNFCCC has cautioned organisations about offering COP passes for cash. In fact, some said that these emails are sent by the secretariat every year or two. Attendance at the annual COP event has grown, with this year’s meetings expected to be the second most attended after COP28 in Dubai in 2023. This has led the UNFCCC and host country to restrict access and enforce reductions in the number of observer representatives, with one trade association saying that organisations had been initially offered approximately a tenth of their normal allocation, as Carbon Pulse reported in September.
EMEA
EU infringements – The European Commission launched legal proceedings on Thursday against 13 EU countries for failing to submit their final National Energy and Climate Plans (NECPs) on time. Letters of formal notice were sent today to Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Estonia, Greece, Malta, Poland, Portugal, Slovakia and Slovenia, officially launching the legal procedure against them. EU member states had until June 30 to submit their final updated NECPs but only 14 have been sent so far. NECPs are the main tool to monitor progress towards the EU’s 2030 climate target. The 13 EU member states now have two months to reply to the Commission. After that, the Commission may decide to issue a reasoned opinion, the next step before fines may be imposed.
New climate finance tool – The UK is launching a climate finance tool on the London Stock Exchange (LSE) designed to raise up to £58 bln for building clean energy projects in developing countries. Set up by green finance body the Climate Investment Funds (CIF), the new Capital Market Mechanism will issue investment-grade bonds, listed on the London market, then distribute funding to help pay for new projects such as wind or solar farms in countries struggling to raise enough cash to build them. The UK government said on Tuesday the finance tool would be launched following a meeting between Prime Minister Keir Starmer and the president of the World Bank, Ajay Banga, at COP29. The World Bank will act as trustee and much of the funding is expected to come from the private sector, to be dispersed over the next decade. It comes after the UK on Tuesday pledged at COP29 to cut its own carbon emissions by 81% by 2035, under its newly updated NDC. (the Herald)
Reporting disputes – Swiss commodity traders Glencore, Gunvor, Mercuria, Trafigura, and Vitol have fired back against claims they are underreporting the impact of their CO2 emissions and defended their investments into carbon offset projects. The five traders are responsible for over 4 bln tonnes of CO2 emissions annually – more than 100 times the yearly emissions of Switzerland — according to a report from Swiss non-profit Public Eye — however the traders publicly reported emissions only reached 1 bln tonnes, due to what Public Eye claims as a dubious accounting method. In response, the traders maintained their reporting practices adhere to internationally recognised standards and expressed disappointment in what they consider to be misleading calculations and conclusions in the report. Traders are not yet legally required to calculate or publish their Scope 3 emissions data, though Public Eye argues that reporting downstream emissions of traders is essential as the ultimate end use of fossil fuels they sell is to generate electricity. The non-profit also lambasts the emissions reduction plans of the traders for being vague and takes aim at traders’ increasing intervention in the carbon credits market. Vitol announced a $550 mln investment into African clean cooking infrastructure in May, and Trafigura announced on Nov. 11 that it is committing a further $100 mln to a forest planting scheme in Colombia.
Crisis over? – Siemens Energy reported an annual profit exceeding €1 bln and upgraded its medium-term targets as it began to recover from a crisis in its wind turbine unit, sending shares up as much as 20% on Wednesday. The German company reported a net income of €1.3 bln in the 12 months to the end of September, compared with a €4.6 bln loss the previous year, when it revealed technical problems with some of its turbines and was forced to take a €15 bln government-backed bailout. CEO Christian Bruch said Siemens Energy had achieved everything it wanted to in 2024 and had discovered no new technical faults with its turbines. The company upgraded its medium-term outlook, raising its target profit margin for the fiscal year 2028 from a minimum of 8% to between 10% and 12%, saying its improved 2024 performance had been driven by booming orders for its gas turbines, power transformers, and technologies to help businesses decarbonise. On Wednesday Bruch sought to play down the risks to the business from the US re-election of Donald Trump, saying that the company’s US offshore wind projects already being built would likely remain secure, though future projects from 2029 onwards may well be affected, and on tax credits under the Inflation Reduction Act, “we’ll have to wait and see”, he said. On Wednesday, RWE said it would scale back its €55 bln bet on renewables in one of the clearest signs yet of how Trump’s victory could disrupt the green transition, reported the FT.
2024 CORSIA list – The European Commission this week published an official list of states considered to be applying the UN’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) in 2024. The list consists of 93 countries, including the US, Qatar, and Turkiye, but does not include EU member states, members of the European Economic Area (EEA), Switzerland and the UK, which have applied an emissions trading scheme for aviation. The list is based on notifications sent by countries to the International Civil Aviation Organisation (ICAO). In 2026, the Commission will carry out an assessment of CORSIA and table a proposal on whether to include international flights in the EU EU ETS. Wopke Hoekstra, the EU’s climate commissioner said he was sceptical that CORSIA will be able to deliver. “In terms of aviation and ICAO, the jury is out whether they will deliver on their climate measures. I’m not convinced yet, to say the least,” he said at a European Parliament confirmation hearing last week.
Auction info day – On Dec. 10, 2024, the European Climate, Infrastructure and Environment Executive Agency (CINEA) and the European Commission’s Directorate-General for Climate Action (DG CLIMA) are hosting an information day to present the key features and award criteria of the upcoming Innovation Fund 2024 Auction (IF24 Auction), and a ‘lessons learned’ exercise from the IF23 Auction to present best practices. The IF24 Auction will open on Dec. 3 and will award €1.2 billion to producers of hydrogen categorised as Renewable Fuel of Non-Biological Origin (RFNBO ) located in the European Economic Area (EEA). The auction is conducted by the Innovation Fund and is a key element of the European Hydrogen Bank. Book your seat here for the info day. The Innovation Fund has an estimated revenue of €40 bln from 2020 to 2030 coming from the EU ETS to invest in low-carbon technologies.
ASIA PACIFIC
New market – Tokyo-headquartered carbon software provider ASUENE has set up a subsidiary in Thailand, as the company aims to accelerate its initiatives across the automotive and transportation sectors in the Southeast Asian country, it announced Thursday. The climate startup has also secured a contract to implement its CO2 visualisation cloud for Thai Bridgestone, according to a statement. Thailand plans to introduce a carbon tax by 2025.
AMERICAS
Afraid to fall short – Companies have significant concerns about Canada’s Competition Act (CA) that recently introduced new environmental and climate change greenwashing rules, said BOE Report last week. While materially false and misleading statements made to the public have always been actionable under the CA, a company could violate the new greenwashing provisions even in case their claims are true. This is because the new provisions require environmental claims to adhere to a standard of evidence that presumes the statement is deceptive if the standard is not met. BOE said that the challenge for Canadian companies is that the new rules enforce a “vague standard” of evidence and steep fines for misalignment. Specifically, environmental claims must be based on “adequate and proper substantiation” in accordance with “internationally recognised methodology“. If the company making the environmental claim is unable to meet this standard, its environmental claim will violate the CA, even if it is a true statement.
Supercomputing for emissions reductions – US Department of Energy (DOE) announced on Thursday $4 mln to 10 projects harnessing supercomputers to tackle manufacturing challenges and advance clean energy innovation. The award is part of DOE’s High-Performance Computing for Energy Innovation initiative to reduce industrial emissions and improve efficiency. The agency also announced another $3.4 mln investment through the same programme that will be available for industry partners to work with national laboratories.
Not so PFASt – The US Environmental Protection Agency (EPA) detailed its progress on restricting per- and polyfluoroalkyl substances (PFAS) in a report published on Thursday. Following its PFAS Strategic Roadmap to confront the chemicals being detected in air, land, and water, the EPA has worked to hold polluters accountable, establishing an enforcement policy. This year, the EPA also finalised a critical rule designating hazardous substances in the PFAS group to compel polluters to pay for cleanup of the contamination, rather than shifting the cost onto taxpayers. Also this year, the EPA announced its first drinking water standards for PFAS.
AI powered – California-based utility Pacific Gas & Electric (PG&E) launched an AI solution for the nuclear energy sector, specifically for its Diablo Canyon Power Plant. The utility announced on Wednesday the on-site deployment using Atomic Canyon’s Neutron Enterprise generative technology, which is expected to cut costs and improve operational efficiency. As PG&E’s last remaining nuclear plant, Diablo Canyon provides about 9% of the state’s electricity. By delivering zero emissions baseload power, the nuclear asset’s efficiency and reliability will become critical as power demand rises, the utility said.
Marvellous Maryland – Between 2005 and 2022, Maryland achieved a 36% reduction in GHG emissions – the highest in the US – according to a national study. Per capita, Maryland ranked third with a 42% reduction, largely due to retiring coal-fired power plants. However, further progress requires decarbonising sectors like transportation and building systems, said the report by Environment America Research & Policy Center, the Public Interest Research Group, and Frontier Group. The state has ambitious climate goals, including a 60% reduction in emissions by 2031 and net-zero by 2045, under the 2022 Climate Solutions Now Act. Policies already in place are projected to cut emissions by 51% by 2031, though a $1 bln funding shortfall poses challenges. Maryland’s Building Energy Performance Standards aim for large buildings to achieve net-zero emissions by 2040. Despite progress, challenges remain. Commercial building emissions rose 23%, and concerns about energy grid reliability have delayed the retirement of Maryland’s last two coal plants. New policies, such as electrifying heating systems and incentivising heat pump adoption, aim to address these gaps. (phys.org)
VOLUNTARY
Gold star – Kenya-based direct air capture developer Octavia Carbon has received an ‘Ae’ carbon credit rating from ratings agency BeZero Carbon, and an AAA stand-alone carbon rating, it announced on LinkedIn. The AAA rating makes it the second-ever to achieve the highest possible rating, following Climeworks, and places Octavia among the top ~0.1% of all projects rated by BeZero. The ratings reflects the strongest confidence in its carbon credits’ effectiveness in removing 1 tonne of CO2 equivalent. The overall ‘A’ (ex-ante) rating accounts for all the remaining project risk until it becomes the world’s second DAC company to issue carbon credits, the statement read.
Result! – Carbon offset project developer Zefiro Methane reported record revenue of $10 mln for Q1 2024 – a 7% increase from the previous quarter and up 26% year-on-year. Gross profit was $3.3 mln, representing a 33% margin, and adjusted EBITDA topped $460,000, marking a 107% increase from the prior quarter. CEO Talal Debs attributed the financial success to the company’s growth strategy, emphasising Zefiro’s expanding role in mitigating methane emissions by sealing hazardous wells. CFO Mohit Gupta noted strong client engagement and a robust acquisition pipeline positioning Zefiro to meet increasing carbon offset demands.
Carbon doing more – Carbon Done Right, a provider of carbon credits from its afforestation and reforestation projects, has announced updates on its progress and future priorities. Despite challenges in the carbon and public markets, the company highlighted advancements in Sierra Leone’s rewilding project and ongoing negotiations for a mangrove restoration initiative in Suriname. Key project updates include:
- Completion of the third planting season in Sierra Leone, shifting now to maintenance and fire management.
- Sierra Leone’s rewilding project, validated under the new Verra restoration protocol, may expand from 5,000 to 25,000 hectares, potentially yielding 1.7 mln carbon credits over 30 years, mostly pre-sold via an index-linked agreement.
- Plans to enhance fundraising efforts and explore a new office in Abu Dhabi.
- An anticipated announcement of a new jurisdictional project by the end of this quarter.
The company will also change its financial year-end to Mar. 31 from Dec. 31, filing a transition report for the 15-month period ending Mar. 2025. Celia Francis will step down from the board to focus on her role at Ponterra, with a new independent board member expected to be appointed in Q4.
INVESTMENT
CO2 capture partners – Technip Energies and Shell Catalysts & Technologies are moving towards global exclusivity for the delivery of amine-based post-combustion carbon capture based on Shell’s Cansolv CO₂ capture system, the two announced on Thursday. The two companies have been working together since 2012 on the energy transition, and their partnership on this technology combines the latter’s technology licensing expertise with Technip Energies’ integration and project delivery knowhow to address the growing demand for scalable post-combustion carbon capture in relevant industries.
DAC to the future – The US National Energy Technology Laboratory (NETL) oversaw the first successful field test of direct air capture (DAC) technology at the National Carbon Capture Center (NCCC), advancing a system aimed at reducing the cost of DAC and lowering atmospheric CO2. Led by the Southern States Energy Board (SSEB) and supported by $2.5 mln in federal funding, the project, called DAC RECO2UP, involved collaboration with Aircapture, a California-based DAC provider. This field test demonstrated DAC technology capable of producing 95% pure CO2, suitable for sequestration or industrial use, advancing its readiness level. The system tested at NCCC uses a solid-amine sorbent that binds CO2 in a honeycomb structure. When enough CO2 is adsorbed, the material is heated with steam, which releases the CO2. This CO2 is collected, purified, and cycled back for continuous operation. Over 3,300 hours, the system completed 137,000 adsorption-desorption cycles with a 94% uptime, showcasing potential for large-scale carbon capture efforts as part of national climate goals to achieve net-zero emissions.
AND FINALLY…
Bike race for sustainability – Despite headwinds for the motorcycle industry, opportunities exist for the two wheelers as the future of mobility, AutoTrader reported on Thursday. Motorbike sales may be down this year but are still ahead of 2019, according to Tony Campbell, head of the Motor Cycle Industry Association. Electric motorbikes provide an opportunity despite current frustrations with range, Campbell said, who highlighted opportunities to collaborate with the aviation industry as technical sustainability challenges for bikes, such as batteries, are more alike with them than with cars.
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