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TOP STORY
ICVCM to delay cookstoves carbon credit decision until 2025 amid “complex” discussions
The decision over which cookstove methodologies will be eligible for the Core Carbon Principle (CCP) high-integrity badge is set to be delayed until next year amid ongoing “complex discussions involving many stakeholders”, the Integrity Council for the Voluntary Carbon Market (ICVCM) told Carbon Pulse.
EMEA
UK consults on including maritime emissions, non-pipeline CCS in ETS
The UK government on Thursday launched a consultation on further changes to the UK ETS, including the expansion of the market to cover maritime shipping emissions, and on proposals for regulations that would allow permanent storage CO2 via non-pipeline methods to be subtracted from reportable emissions.
EU approves Sweden request to extend ETS2 to new sectors
The European Commission on Wednesday approved Sweden’s request to unilaterally extend the scope of its Emissions Trading System for heating and transport fuels (ETS2) to new sectors, including railways, and vehicles used in agriculture, forestry, and fishing.
Push from EU countries to loosen auto decarbonisation plans fails to gain traction
A push from seven EU countries, led by Italy and Czechia, to hit the brakes on decarbonisation policies that might damage the bloc’s automotive sector failed to gain traction in a meeting of EU competition ministers on Thursday.
Campaigners denounce ArcelorMittal’s ‘blackmail’ over green steel in Europe
Environmental groups have condemned ArcelorMittal’s decision to freeze its green steel projects in Europe, saying the move was “motivated by political games” in order to extract more policy support and subsidies from the incoming European Commission.
Container ships have not become more energy efficient in years, NGO data reveals
Europe’s container ships have not improved their energy efficiency in six years, despite it being one of the easier options to reduce emissions in the sector, according to NGO analysis published on Thursday.
UK pledges nearly £2 bln for development, on heels of new global climate finance goal
The UK will put £1.98 billion over three years into the World Bank’s fund for the lowest-income countries, which the government said will unlock large volumes of investment from the private sector and other sources.
INTERVIEW: Startup to help decarbonise UK gas grid by injecting carbon-negative biomethane
A climate tech startup is partnering with a British utility to explore decarbonising the gas grid through injecting carbon-negative biomethane, looking to support the UK’s objective of achieving net zero.
Swiss insurer backs two carbon removal startups in net zero effort
A Swiss insurance company will support an enhanced rock weathering startup and a concrete-based carbon storage project as part of its revised emissions reduction strategy.
Bulgaria plans to restart two units at coal-fired power plant
The Bulgarian government plans to restart two 227 MW units at one of the largest coal power plants in the region, the Balkan country’s energy ministry announced.
Serbia launches second renewables auction with 300MW wind power tender
Serbia launched its second renewable energy auction on Wednesday, which includes a tender for power contracts to develop 300MW of onshore wind power.
Euro Markets: EUAs toy with key technical support as sellers still in charge in thin market
European carbon moved in a comparatively narrow range but ended Thursday flirting with a key technical support level, as trading calmed amid the US Thanksgiving holiday, and energy drifted lower as markets sought direction.
AMERICAS
Peru publishes decree aligning national climate strategy with net zero, promotes forest land titling, REDD+
The president’s office in Peru has issued a supreme decree that seeks to enshrine into law a new national climate strategy, aligning it with 2050 net zero plans and carving out a major role for REDD+ avoided deforestation and carbon finance.
North American pension fund returns could halve by 2040 under high-warming scenario -report
North American pension funds could see their returns fall by as much as 50% by 2040 under a high-warming scenario, with further declines expected through 2050, according to analysis published Thursday.
Expert cautions against re-enrollment of forest offset project under California compliance programme
A now-terminated California forest offset project seeks re-enrollment under the state’s compliance programme, but concerns around additionality and the high-risk nature of the project warrant closer consideration by state regulators, a researcher said.
WCI Markets: Q4 auctions drive CCA, WCA prices
California Carbon Allowances (CCA) recovered from a weak Q4 auction earlier this week, while Washington Carbon Allowances (WCA) receded ahead of the upcoming permit sale next week.
ASIA PACIFIC
Safeguard facilities should publish 5-year compliance strategies, Climate Change Authority says
Industrial facilities covered under the Safeguard Mechanism should report rolling 5-year compliance strategies, the Climate Change Authority (CCA) said Thursday, as it urged all sectors, with electricity in the lead, to cut emissions faster to meet Australia’s climate targets.
Australia launches new registry for carbon, biodiversity units
Australia’s Clean Energy Regulator has launched the first stage of its new Unit and Certificate Registry, designed to house various unit types for the government’s climate and environmental crediting schemes.
Australian law firm ordered to pay A$9 mln in court costs after losing pipeline case
A law firm that took on one of Australia’s largest oil and gas companies has been ordered to pay its legal costs of over A$9 million ($5.84 mln) after it lost the case.
South Korea urged to increase auctioned share of CO2 permits in ETS
South Korea needs drastic policy changes to improve the efficiency of the country’s obligatory carbon market, including the phase-out of free allowance allocation for the power sector, environmental groups have urged.
VOLUNTARY
High cost of carbon removals may conflict with energy security, economic pressures -report
The high cost of engineered carbon removals may come increasingly at odds with government priorities to ensure energy security and affordability, requiring greater international cooperation in developing the novel technologies and reducing reliance on them, a research paper warned on Thursday.
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.
INC-5: ANALYSIS – Industry groups defy negotiators in Busan on plastic product ban
Industry groups have ramped up pressure to ensure that a list of banned plastic products is excluded from the UN treaty under negotiation in Busan, South Korea, while environmental organisations have responded by warning such a move could significantly weaken the text.
INC-5: FEATURE – Observers flag concerns over viability of plastic credits amid perceived lack of scientific basis
The lack of a standardised metric to measure plastic units has fuelled concerns over crediting mechanisms at the ongoing UN plastic talks in South Korea, with experts claiming the emerging market is not built on strong scientific foundations.
Countries to resume COP16 discussions in Rome early next year
COP16 negotiations will resume in Feb. 2025 in Rome after UN biodiversity talks were abruptly suspended in early November in Colombia.
Tech firm launches UK biodiversity net gain marketplace
Tech startup BNGx on Thursday launched what it claims is the “first fully digital” marketplace for biodiversity net gain (BNG) units with a tailored process to connect buyers with sellers, joining a few other existing exchanges.
Biodiversity Pulse: Thursday November 28, 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.
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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REPORT
Discover High-Quality NBS Credits: Redefining carbon removal with community agroforestry – Dive into Supercritical’s latest report on Community Agroforestry, a high-integrity nature-based solution delivering high-quality carbon removal alongside transformative community benefits. With rigorous quality standards and satellite-based MRV, Community Agroforestry regenerates ecosystems, empowers local communities, and ensures measurable CO2 removal. Discover why this innovative approach is setting a new standard for impactful carbon removal. Read the report
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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, now open until Dec. 6, 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
- Manager, Market Strategy & Engagement, Native – Remote (US)
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See all listings or post a job
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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
Stern warning – The European Commission wants Portugal’s government to backtrack on the Petroleum and Energy Products Tax benefit, after finding that the State Budget for 2025 “is not in line”, wrote Lusa, the official news agency of Portugal on Thursday. Emergency support that continues to be in place following the energy crisis is namely the general reduction in ISP, the so-called carbon tax, which will account for 0.5% of GDP in 2024, and 0.1% in 2025. The European Commission’s vice-president Valdis Dombrovskis has emphasised that support related to the energy crisis provided by Portugal must now be eliminated. The final overall vote on the budget proposal is scheduled imminently.
Empty wallets – The European Commission has informed environmental organisations they may no longer use LIFE programme funds for political advocacy. The Greens party argues that this decision significantly restricts their work, which has so far played a crucial role in developing and implementing EU environmental laws for the benefit of nature. MEP Jutta Paulus called the move “yet another attack on environmental and climate policy, as well as on the advocates of nature”. (Politico Europe)
Biomethane – The European Investment Bank granted Nortegas Group a framework financing of up to €80 mln to enable group subsidiary Nortegas Renovables to construct biomethane plants in Spain and launch a digital operations centre. The strategic plan aims to generate up to 3.5 TWh/year by 2030. The plants will use agricultural waste – mainly livestock manure from surrounding farms – and, to a lesser extent, organic by-products from agribusiness and vegetable waste. The Spanish government’s guarantee of origin system should certify the sustainability of the source of the biomethane provided and the related GHG emission savings. The production of biomethane from the project may help reduce direct GHG emissions from agricultural activity, lower the risk of direct emissions’ release into air and water associated with livestock production and contribute to the security and diversification of energy supply in the EU, and reduce the EU’s dependence on fossil fuels such as natural gas.
ASIA PACIFIC
Decks cleared – The Australian government has secured a deal with the Greens to pass a swathe of legislation on the last sitting day of parliament, including its Future Made in Australia legislation and a A$500 mln ($324 mln) package to electrify social housing, the ABC reports. The Future Made Legislation bill was passed on the condition that subsidies for fossil fuel projects be barred from the legislation’s remit. The move to electrify social housing was welcomed by environmental groups, while the fossil fuel ban was slammed by the Australian Energy Producers, the country’s peak oil and gas lobby group, claiming the move was at odds with the government’s Future Gas Strategy.
Cash for pellet player – Australian-listed Foresta incrementally increased the value of its raise from A$1.1 million ($771 mln) to $1.15 mln as it seeks to secure cash for its New Zealand project where it will produce low-carbon wood pellets. When it returned to trade Thursday shares were up by over 30% at market close to A$0.01 each. It signed a 30-year lease in April for the facility, which will cost NZ$300 mln ($176 mln) and produce wood pellets that emit 95% less carbon when burned than coal.
What a tool – Melbourne-headquartered carbon analysis firm Reputex has released a new tool for industrial emitters to evaluate low-emissions technologies. The tool can be used by mining, oil and gas, manufacturing, and waste sectors. It also helps project the costs of these out to 2050. The Abatement Cost Analyser said Thursday its tool allows users to model the cost of 250+ decarbonisation technologies – from 2025 to 2050 – across 15 industrial sectors, helping them answer questions such as what decarbonisation actions will help, what abatement technologies are the most viable financially, and how low emissions tech costs will change out to 2050, and which technologies will influence the Safeguard Mechanism. The tool is available to all Reputex subscribers, it said.
New partnership – NTT Communications has teamed up with two domestic partners, Nextfield and Marubeni Itochu Steel, to accelerate the decarbonisation of Japan’s construction industry, the companies announced Thursday. It remains difficult to collect information to calculate GHG emissions at construction sites, which is the first step towards decarbonisation. Given this, the companies will consider several services that can help clients drive down emissions, including emissions visualisation and calculation as well as carbon credit creation.
AMERICAS
O Canada – Canada’s Greenhouse Gas Offset Credit Registry now lists 30 projects, expected to soon sell credits eligible for compliance under the federal output-based pricing system or otherwise for purchase and use on a voluntary basis. 28 of the projects were developed via the Reducing Greenhouse Gas Emissions from Refrigeration Systems protocol, with the remaining two projects developed via the Improved Forest Management on Private Land and Landfill Methane Recovery and Destruction protocols respectively. Projects span Nova Scotia, Ontario, Saskatchewan, Alberta, and British Columbia. No credits have yet been issued.
VOLUNTARY
New exemption tool – Verra has released a new procedure for project proponents, authorized representatives, and validation/verification bodies (VVBs) to submit exemption requests for projects using Verra’s programs. The Exemption Request Procedure, v1.0 (PDF) outlines the steps and criteria for requesting an exemption from a program rule, requirement, or procedure. It applies to projects using Verra’s Climate, Community & Biodiversity Standards (CCBS) Program; Jurisdictional and Nested REDD+ (JNR) Framework; Plastic Waste Reduction Program (Plastic Program); Sustainable Development Verified Impact Standard (SD VISta) Program; and Verified Carbon Standard (VCS) Program. To submit an exemption request, a stakeholder must send a completed Exemption Request Form (DOC) along with supporting evidence to registry@verra.org.
New tool for baselines – Verra has released a new tool in the Verified Carbon Standard (VCS) Program: VCS Tool VT0010 Emissions from Electricity Consumption and Generation, v1.0. VT0010 provides procedures for calculating baseline, project, and leakage emissions from electricity consumption and generation. VT0010 builds off the procedures for calculating emissions from electricity consumption and generation in Clean Development Mechanism (CDM) TOOL05 Baseline, project and/or leakage emissions from electricity consumption and monitoring of electricity generation (external). It also integrates procedures from other CDM tools to account for emissions related to fossil fuel combustion, grid emission factors, and thermal energy efficiency. VT0010 is designed to meet the requirements of the Core Carbon Principles (CCPs) Assessment Framework of the ICVCM.
Carbon calculator for forests – Metsa Group’s Metsaverkko service will feature a new carbon calculator that helps forest owners examine carbon flows in the forest, the amount of carbon stored in the soil, trees, and wood products, and the development of the forest carbon storage as a result of forest management. The calculator is based on advanced forest growth modelling that displays the current size of forest carbon storages and the forecast trend in five-year periods over the next 50 years. In Metsaverkko, carbon data can be reviewed by individual stands, forest estates, or forest assets. Carbon calculations will become available in Metsaverkko for all Metsa Group owner-members by the end of the year. Metsa Group’s parent company, Metsaliitto Cooperative, consists of more than 90,000 forest owners, who own about half of Finland’s privately owned forests.
AND FINALLY…
See you in court – Some of the most climate-vulnerable countries are pinning their hopes for climate justice on the world’s top courts, following what they see as a disappointing COP29 outcome, the news site Drilled reported. Among them, the International Court of Justice will begin an unprecedented two-week hearing on Dec. 2 looking at the obligations that states have to tackling rising GHG emissions, and what happens if they fail to do so. Nearly 100 countries will give their views on the issue, along with a few organisations. The hearing is the culmination of years of campaigning by a group of Pacific island law students, who were first supported by the Vanuatu government.
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