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COP29

Voluntary carbon markets sneak into UN climate finance talks, to dismay of green groups

A provision that “encourages” scaling voluntary carbon markets has been included in the latest text on climate finance at the COP29 global climate summit, though green groups and some developing countries are pushing hard against this language, citing integrity concerns.

EU under fire as climate finance talks continue to struggle

The European Union is risking its influential role in global climate diplomacy, as UN negotiations for the so-called ‘finance COP’ enter second week in Baku with the bloc not yet committing publicly to a specific contribution figure.

Trade issues complicate talks as countries call for EU CBAM to be simplified

The EU’s carbon border adjustment mechanism (CBAM) is adding tensions to already difficult negotiations at COP29 in Baku, with top government officials telling Carbon Pulse that the European Union should be more flexible with the policy.

Global initiative to develop climate-smart farming raises $29.2 bln ahead of wind-down

A global initiative led by the US and UAE to develop climate-smart agriculture and secure the world’s food systems from the impacts of rising temperatures and droughts has raised $29.2 billion in investment, it was announced on Monday.

IEA buying clean cooking carbon credits, Verra unsure on ambition level in UN methodology

The International Energy Agency (IEA) is purchasing clean cooking carbon credits, a representative confirmed Monday at the COP29 climate summit, while a senior member at Verra said the voluntary standard remained in a wait-and-see stance for a new UN-backed methodology for the sector.

UAE 2035 NDC target falls short of 1.5C alignment -report

The United Arab Emirates’ new 2035 Paris Agreement pledge sets an emissions reduction target aligned with a 1.5C temperature limit, but its overall commitments are not compatible because of a weak 2030 goal, according to analysis published Monday.

Developing countries need much more grant-based finance than previously estimated, study claims

Developing countries need up to $1.5 trillion per year of solely grant-based climate finance as they struggle to attract investment and cope with growing debt, according to a new study that claims previous estimates are far too low.

IUCN partners with marine expedition to boost conservation in Western Indian Ocean

The International Union for the Conservation of Nature (IUCN) has teamed up with the Odisea expedition to explore and protect biodiversity in the Western Indian Ocean, the organisation announced on Monday during the ongoing UN climate talks in Baku, Azerbaijan.

Southeast Asian industry bodies partner to form alliance on ASEAN carbon market framework

Four national carbon market associations have signed a Memorandum of Collaboration (MoC) at COP29 in Baku to advance regional cooperation within the Association of Southeast Asian Nations (ASEAN).

Benin, Norway sign bilateral Article 6 agreement

Norway and Benin on Sunday signed a bilateral Article 6 agreement at COP29, according to a government press release.

Peru details operational timeline of national carbon registry

The Peruvian government on Monday detailed next steps for operationalisation of its National Registry of Greenhouse Gas Mitigation Activities (RENAMI).

COP29: Roundup for Day 8 – Nov. 18

It is Day 8 at COP29 in Baku – Youth Day. At the midway stage, negotiations are going well on Article 6, but poorly elsewhere. Parties clashed on the Mitigation Work Programme (MWP) over the weekend, which appears set to be punted to next year’s summit, and talks on finance are said to be dire. Can things turn around this week, and will countries finally get carbon markets talks over the line? 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 launches $10 bln global forest coalition, other Amazon funding initiatives

The Biden administration announced a raft of new initiatives Sunday that will increase funding for forest conversation and restoration in the Brazilian Amazon, including the launch of a coalition that aims to mobilise at least $10 bln by 2030.

Trump names climate change-denying oil exec as US energy secretary pick

US President-elect Donald Trump has named a climate change-denying oil and gas executive as his pick for secretary of energy, signalling a shift towards boosting fossil fuel production and rolling back environmental policies.

California transport and natural gas emissions spike in 2023 under cap-and-trade programme

Emissions from transportation fuel and gas supplied rose year-on-year in 2023, even as overall GHG output under the California cap-and-trade programme continued a declining trend led by industry and power sub-sectors, according to data from the regulator.

Washington clarifies timeline for cap-and-invest changes after linkage bill takes effect

Washington state’s Department of Ecology (ECY) on Monday highlighted upcoming cap-and-trade changes as a linkage bill takes effect beginning 2025, including an increase in allowance purchase limit at the quarterly auctions, offsets, and electricity imports.

US DOE funds $26 mln toward offshore Louisiana CCS project

A carbon capture and storage (CCS) developer announced on Monday that it received a $26 million grant as part of the US Department of Energy’s (DOE) CarbonSAFE Phase III programme, to advance a storage hub in Louisiana state waters.

RGGI Market: Prices slide on thin volumes as observers await regulatory updates

RGGI Allowance (RGA) prices retreated on lighter market activity amidst anticipation of additional announcements regarding the ongoing Third Program Review.

KEY TAKEAWAYS: WoodMac on US energy policy under Trump 2.0

A second Trump administration is set to redirect US energy policy, moving away from net-zero emissions targets and introducing significant shifts in trade and regulatory frameworks, according to consultancy Wood Mackenzie.

US-based ocean CDR startup names new leadership

A US-based ocean carbon removal startup has announced a series of leadership appointments aimed at accelerating the deployment of its carbon capture technology.

LATAM Roundup: Countries highlight carbon pricing at COP29, but Brazilian NBS keeps spotlight

Several Latin American countries have made carbon pricing announcements at and around the COP29 UN climate conference in Baku, but subnational Brazilian deals involving nature-based solutions (NBS) – and the Senate’s long-awaited ETS passage – continue to dominate headlines.

VOLUNTARY

ANALYSIS: Integrity Council decision on REDD+ carbon credits welcome but not without risk

The decision Friday from the Integrity Council for the Voluntary Carbon Market (ICVCM) to approve three REDD+ methodologies has been welcomed by multiple market participants, but with a note of caution that the move is not without risk, especially as the crediting programmes have not yet been tried and tested.

VCM Report: Focus on Article 6 at COP risks leaving legacy voluntary sector in the shade

COP29 has been sending mixed signals to the voluntary market, with concerns that the keen focus on Article 6 credits would overshadow the voluntary sector in future.

SMEs could tap into $789 bln of green finance if key barriers removed -report

Small- and medium-sized businesses (SMEs) could unlock a $789 billion green finance opportunity if barriers in reporting, data accessibility, and implementation costs are addressed, according to a new report revealed at COP29 on Monday.

Biochar developer eyes expansion to 200k carbon credits a year by 2027

A biochar developer expects to issue 200,000 credits a year, certified by Puro.earth, by 2027.

EMEA

Denmark approves world’s first tax on agricultural sector emissions

Denmark has approved the world’s first emissions tax on agriculture, to help achieve its legally-binding target to reduce emissions 70% by 2030 on 1990 levels.

Europe’s LNG imports 30% more polluting than EU estimates -report

Europe’s LNG imports generate a third more emissions than accounted for in the EU’s green shipping law, according to a new report released on Monday.

FEATURE: Vertical farms in UK, Saudi Arabia grow trees fast, aiming to generate carbon credits

Vertical farm developers in England and Saudi Arabia say they can grow trees faster and healthier than with conventional methods. The companies aim to generate credits from reforestation, with oil companies and data centres among the potential first buyers.

Euro Markets: Firm auction triggers technical buying that takes EUAs to new 11-week high above key level

EUAs rose to yet another 11-week high and breached a key level on Monday after a stronger than usual auction outcome appeared to trigger a wave of technical and speculative buying that moved the market as much as €2.00 higher, as gas prices were only modestly firmer amid forecasts for more wind, and prompt power rose as much as 7%.

STX cuts staff amid voluntary carbon market slowdown

Environmental commodities trading firm STX Group is in the process of restructuring and cutting its workforce, sources told Carbon Pulse.

ASIA PACIFIC

Australia Market Roundup: Some 800K ACCUs issued as spot price continues to climb

Spot market Australian Carbon Credit Unit (ACCU) prices surged on Monday, as the Clean Energy Regulator issued some 800,000 units.

China thermal power growth slows in October, solar and wind expansion continues

Growth in China’s thermal power generation slowed in October with a sustained high level of coal output, with analysts remaining optimistic about the country’s emissions reduction trajectory given the current pace of renewables expansion.

Japanese trading house, energy company to promote AI-based evaluation system for carbon credits

One of Japan’s largest trading houses has teamed up with a domestic energy company to develop the use of AI tools in evaluating carbon credit quality, they announced Monday.

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.

INTERVIEW: Landscape-level approaches to nature gaining traction

The first signs of big business taking landscape-level approaches to ecosystems are stirring, with billion-dollar companies enquiring daily this summer, offering more promise for nature markets than biodiversity credits, according to a consultancy executive.

Improved biodiversity metrics needed to help companies align with CSRD, report says

Companies are lagging behind in aligning biodiversity-related disclosures with the EU’s Corporate Sustainability Reporting Directive (CSRD), and are failing to disclose metrics, an assessment has found.

Sovereign specialists launch principles to boost nature, climate financing

A group of sovereign debt specialists on Sunday released principles for improving access to nature- and climate-related financial products.

Bioenergy demand set to triple by 2030, fuelling deforestation and biodiversity loss -report

The global biomass energy industry is set to triple by 2030, driving carbon emissions, deforestation, and biodiversity loss, according to a new analysis released on Monday.

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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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Job listings this week

• *Asia-Pacific Environmental Markets Correspondent, Carbon Pulse – Remote
• *Senior Director, Carbon Science and Technical Development, Native – Remote
• Greenhouse Gas Emissions Engineer (Environmental Engineer 2) (In-Training), Washington State Department of Ecology – Lacey
• Project Manager, Nature-based Carbon Project Feasibility Study, Sayari Earth – Botswana

*Premium listings

See all listings or post a job

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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

INTERNATIONAL

Bad news – A Swiss media site has run a piece criticising Switzerland and Thailand’s Article 6 partnership, describing claims that not all the new e-buses are in operation and generally taking aim at carbon finance. They describe the scheme, which has already faced some critics on the grounds of additionality, as being run by the Thai ‘Elon Musk’. One source at COP29 involved in the matter told Carbon Pulse that there was evidence of the project’s relative additionality, and that they were unsure of the credibility of the claims made against the Article 6 partnership in the article.

At your fingertips – The Multilateral Climate Funds (MCFs) have launched the Climate Project Explorer that brings together project data from four major climate funds into a single, searchable platform. Developed in collaboration with Climate Policy Radar, the Climate Project Explorer contains info about 4,000 climate projects, which can be found using search and filtering options. Anyone can access the tool.

EMEA

€1.9 bln for green hydrogen – The European Commission, Spain, Lithuania, and Austria announced new financial support today for renewable hydrogen for a total of €1.9 bln. In addition to the €1.2 bln in EU funding from the Innovation Fund, the three EU countries will deploy over €700 million in national funds to support renewable hydrogen as part of the ‘Auctions-as-a-Service’ scheme under the second European Hydrogen Bank auction that will be launched on Dec. 3. Spain is allocating between €280 and €400 mln using funds from its EU pandemic recovery plan; Lithuania is dedicating around €36 mln under its Modernisation Fund budget; and Austria is committing €400 mln from its national budget. The Auctions-as-a-Service scheme within the European Hydrogen Bank enables EU countries to finance additional projects participating in the auction after the Innovation Fund’s budget has been fully allocated.

Wastewater removals – Isometric, one of the world’s leading carbon removal registries, today released a draft protocol for carbon dioxide removal (CDR) via wastewater alkalinity enhancement (WAE) for public consultation. “Wastewater treatment is a perfect candidate for carbon removal,” Isometric said, because the CO2 extracted from alkaline treatment does not enter the atmosphere and is instead transported to the ocean, where it is sequestered “for tens of thousands of years”. Isometric says WAE has high scaling potential because it is “a straightforward addition to this well established process,” and leverages existing infrastructure at relatively low cost. Moreover, wastewater treatment processing and discharge “is safe, regulated, and highly monitored,” it adds. Carbon removal supplier CREW Carbon is the first signed up to issue credits under the Isometric protocol.

EV pressure – The UK transport secretary has said rules on the percentage of electric vehicles that car firms must sell will not be weakened, despite growing industry pressure. The mandate will become tougher next year ahead of a complete ban on new diesel and petrol cars in 2035, but automakers have suggested the rules could threaten jobs. Several government ministers and car makers with factories in the UK will hold crunch talks this week about the EV mandate and the slump in car demand. The mandate stipulates that EVs must make up 22% of a firm’s car sales and 10% of their van sales this year. For every car sale that pushes it outside of that mandate, they must pay a £15,000 fine. However, there are some workarounds, such as companies can buy credits from companies which have EV sales above 22% of their total sales, and there are calls for the penalties for missing the targets to be reduced. (BBC)

Scaling up renewables in Africa – EU Commission President Ursula von der Leyen and South African President Cyril Ramaphosa launched the global campaign ‘Scaling up Renewables in Africa’ on the eve of the G20 Summit in Rio de Janeiro. The COP28 global climate summit last year set an aspirational target of tripling renewable energy and doubling energy efficiency worldwide by 2030. To keep the momentum, President von der Leyen will invite G20 leaders and others to join forces in a new Global Energy Transition Forum. The campaign is meant to mobilise investments into renewables in Africa, which holds 60% of the world’s best solar resources. Currently, 675 million people, mostly in sub-Saharan Africa, lack access to electricity. With Africa’s population set to double by 2050, providing affordable, sustainable energy is crucial for both the continent’s development and global climate goals.

CCUS evidence – The UK government’s call for evidence on carbon capture, usage, and storage (CCUS) made “overwhelmingly” clear that CO2 transport outside of pipelines is necessary to enable technology’s expansion across the country, the Department of Energy Security and Net Zero said on Monday. The call for evidence on non-pipeline transport and cross-border CO2 networks received 85 responses, of which 25 were prospective capture projects using non-pipeline transport. Another 14 were trade associations and eight were advisory groups. It also found that cross-border networks will play an important role in delivering economic benefits, increasing storage appraisal work, and supporting domestic CCUS projects. Many called for fairness in assessing non-pipeline transport projects, which will require changes in business models, the network code, and the transport and storage economic licence. However, high capital and operational costs could be barriers to such projects.

Calling AI innovators  – The UK’s Department of Science, Innovation, and Technology is looking to award up to £1 mln to innovators of cutting edge technology that can help to decarbonise the country’s power grid by 2030, it announced on Tuesday. The department will award £100,000 of seed funding to up to 10 of the most promising solutions selected, plus £60,ooo in computer credits, and additional support outside of finance, to develop solutions. The best of the bunch will win £1 mln in the spring of 2026, known as the Manchester Prize. This is the second year the UK has awarded the Manchester Prize, which will run every year for a decade to fund breakthroughs in the use of artificial intelligence for public good. Entries this year should demonstrate the use of AI to accelerate the UK’s adoption of clean energy technologies at scale, enable efficient or low-cost operations of clean energy systems, and/or significantly reduce energy demand or optimise usage.

ASIA PACIFIC

Participants needed – Crypto carbon group KlimaDAO Japan is recruiting Japanese participants to take part in a pilot project for its blockchain-based carbon credit marketplace, it announced Monday. The demonstration will utilise the Carbonmark API, a smart contract already in operation globally by KlimaDAO, and will use domestically issued J-Credits to test the market. Several companies such as SoftBank have participated in the pilot project, which will last until the end of Feb. 2025.

AMERICAS

 VOLUNTARY

Credit delivery – Canadian CDR firm Planetary Technologies has delivered what it called the world’s first sale of ocean alkalinity enhancement (OAE) carbon credits, according to a Monday press release. A total of 138 tonnes worth of OAE credits, generated from Planetary’s project in Halifax Harbour, has been delivered to CDR buyers’ group Frontier, with allocations of 96 credits going to Shopify and 42 to Stripe under a 2023 prepurchase agreement. Last month, Planetary announced it had raised $11.4 mln in Series A funding. OAE is a still nascent approach to CDR with a small supply of projects active globally, and faces questions around monitoring, reporting, and verification (MRV) amid public pushback of a similar experiment south of Martha’s Vineyard. At COP16 in Colombia in October, a group of civil society actors called on the UN’s Convention on Biological Diversity (CBD) to “continue its leadership in recognising and addressing the dangers of geoengineering” as proposals in the technology accumulate, referencing what it the group called the CBD’s “de facto moratorium” on geoengineering adopted in 2010.

Verifier approved – Global Carbon Council (GCC) has welcomed SustainCERT SA as the 18th verifier in its network at COP29 in Baku. As part of its network, SustainCERT is expected to uphold high standards of credibility and transparency in verifying emissions reduction projects. Their approval qualifies them to deliver verification services for both newly submitted projects and those already registered with the GCC programme.

Biochar blitz – CapChar, a UK developer of pyrolysis technology to produce biochar and software to generate the related carbon credits, was highlighted in an episode of the BBC’s Panorama Monday evening. The company is launching a network of on-farm biochar production facilities in the UK, aiming to help decarbonise the country’s agriculture, boost farm yield, and generate removal credits. In partnership with fellow startup Restord, it signed its first pre-purchase agreement with architectural firm Bennetts Associates earlier this year, with the credits sold for £200/t. In 2025, it aims to install biochar facilities on five to 10 UK farms and by 2030, aims to help facilitate 1 mln tonnes of carbon removals, it told Carbon Pulse. There is lots of interest from livestock farmers in the UK who are keen to use biochar as an alternative to synthetic fertiliser, which is set to be carbon taxed in the UK from 2027, and to benefit from the additional revenue stream of removals credits, the team told Carbon Pulse. Fellow biochar developer Black Bull Biochar told Carbon Pulse Monday it has begin operations of its second industrial pyrolysis site in Penrith, delivering over 1,000 tonnes of carbon removal per year. In combination with its first facility, BBB now supplies over 500t of biochar per year to farms.

Green buzzword – Finance and tech C-suites are identifying the biggest business opportunities in the push for net zero, according to research by ratings agency Sylvera. Nearly 70% of leaders in those sectors highlighted sustainability as a key driver, while other sectors like energy, healthcare, and manufacturing closely follow and recognize the strategic value of sustainable practices. Read more in the report.

Fuelling up – Watershed, a sustainability platform, on Monday announced that it has facilitated the purchase of sustainable aviation fuel (SAF) certificates on behalf of customers including BlackRock, Ripple, Samsara, and Block. The purchases, coordinated with the Sustainable Aviation Buyers Alliance (SABA), will add SAF directly to Alaska Airlines passenger flights, and the certificates will be applied to the companies’ corporate footprints to compensate for business travel emissions.

AND FINALLY…

SBTi world champs – Arsenal has become the only football club in the world to have a net-zero target endorsed by the gold standard Science Based Targets initiative, the London club announced. Arsenal set a goal to reach net zero emissions by 2040 when it was the first Premier League club to sign up to the UN Sports for Climate Action Framework four years ago. Arsenal aims to reduce Scope 1 and 2 greenhouse gas emissions by 42% by 2030, compared to 2o21 levels, and by 90% by 2040. It also aims to cut Scope 3 emissions by 52% by 2030 and 97% by 2040. It intends to report its progress annually. Decarbonisation efforts will focus on shifting to 100% renewable energy at its Emirates Stadium in London, as well as the Sobha Realty Training Centre, Arsenal Academy building, and offices. The club also plans to reduce emissions from travel transport, including for players, employee commuting, and deliveries of the products it sells; to minimise waste and improve recycling; and to encourage its suppliers and partners to cut their own emissions.

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