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TOP STORY
DATA DIVE: Integrity gradually improving across the voluntary carbon market
Integrity appears to be improving in the voluntary carbon market, according to three sets of project ratings data shared with Carbon Pulse, suggesting that efforts to improve quality on both the supply and demand sides are gradually paying off.
EMEA
Germany’s carbon contracts for difference scheme faces collapse amid political turmoil -reports
The disintegration of Germany coalition government, a lack of funding, and growing opposition to the policy is pointing to an early demise for the country’s carbon contracts for difference (CCfD) scheme.
UK pension fund to allocate up to £150 mln to natural capital projects
A UK pension fund plans to allocate between £100-150 million to natural capital investments during the current financial year, with a focus on sustainable forestry and agriculture.
Lufthansa expands carbon credit, SAF scheme to international flights
The Lufthansa Group will extend its sustainable “green” travel tariff to long-haul flights, the German company announced on Wednesday, expanding a scheme that currently helps finance sustainable aviation fuels (SAF) and carbon projects.
Poland suspends grant scheme to replace coal boilers with clean alternatives
The Polish government announced that a national fund to help citizens replace coal-fired boilers in their homes will be suspended, which proponents said had been running successfully over the past six years.
Czech PM voices opposition to EU ETS2
Czech Prime Minister Petr Fiala this week expressed opposition to introducing the EU ETS2 in his country, arguing that it will hurt corporate competitiveness and impose unmanageable cost increases on residents.
INTERVIEW: ‘Don’t fix what ain’t broke’ on EU climate policy, French lawmaker warns Brussels
The incoming European Commission should refrain from re-opening existing climate legislation in the next five years, a French Member of the European Parliament told Carbon Pulse in an interview, warning this risks sowing political chaos and uncertainty.
Euro Markets: EUAs trim weekly loss amid gas surge on reports of new February storage mandate
EU carbon prices posted a weekly loss of 1.3% but rallied strongly in the second half of Friday, as reports that the EU will mandate minimum gas storage levels by February 2025 triggered a strong rally in the TTF market and erased earlier declines.
AMERICAS
Alberta invests C$50 mln from carbon market into technology-agnostic drilling innovation
The Alberta government announced C$50 million ($35.7 mln) in funding from provincial carbon market proceeds to spur innovation in drilling technologies aiming to reduce emissions.
Canada pumps C$12.5 mln into British Columbia’s industrial CCUS R&D
The Canadian federal government announced Thursday C$12.5 million ($8.9 mln) in funding for six research and development (R&D) projects in British Columbia that aim to accelerate carbon capture utilisation and storage (CCUS) of industrial emissions.
INTERVIEW: Modular DAC developer hopes to cut costs and operate in urban areas
Modular direct air capture (DAC) systems designed to operate in cities and industrial sites could drive down costs and expand the technology’s use beyond rural areas, an executive at a US-based DAC company has told Carbon Pulse.
Washington funds study to assess state’s carbon removal needs
An interim draft report commissioned by the state identified six key strategies to assess CO2 removal (CDR) requirements to meet Washington state’s GHG reduction targets.
ASIA PACIFIC
Chinese energy giants establish industry consortium for CCUS development
Two state-owned Chinese energy majors are leading a new industry alliance set up to accelerate the development and commercialisation of carbon capture, utilisation, and storage (CCUS) in the country.
CN Markets: November sees highest monthly trading volume this year as deadline looms
Prices in China’s national emissions market remained stable over the past week as trading volume surged, with analysts expecting liquidity to sustain throughout the rest of the year.
INTERNATIONAL
Global climate fund assets rise to $572 bln in 2024, record first outflows -report
Mutual funds and ETFs with climate-related mandates rose to $572 billion in value through the first nine months of 2024, but also recorded their first outflows since 2018 of almost $24 bln this year, according to a report published by a research firm.
VOLUNTARY
Verra suspends issuances from six ARR carbon projects in India, China
International carbon standard Verra has suspended credit issuance from six afforestation projects in India and China, and placed them on hold following stakeholder comments.
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: Pressure mounts on ‘ambitious countries’ to trigger vote on plastic treaty
Pressure is mounting on a group of self-proclaimed high-ambition countries to trigger a two-thirds majority vote on the plastic treaty under negotiation in Busan, South Korea, to outflank opposition from nations allegedly seeking to derail a strong agreement.
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EVENTS
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)
- Senior Director, Carbon Science and Technical Development, Native – Remote (US)
- Event Coordinator, Carbon Forward – Remote (UK)
- Asia-Pacific Environmental Markets Correspondent, Carbon Pulse – Remote
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
EMEA
‘Climate leave’ – Spain has approved new ‘climate leave’ to protect the rights of workers unable to go into the office in the event of climate-related catastrophes or weather alerts that could put them in danger. The country’s Council of Ministers approved the new ‘climate leave’ on Thursday in the hope of ensuring citizen’s safety when there is a serious and imminent risk. Workers in Spain will be entitled to up to four day of paid leave in such a circumstance. The law was trialled in areas affected by the catastrophic DANA weather event at the end of October and will now be rolled out nationwide. The new measures are expected to come into force on Friday. Unprecedented flash flooding driven by climate change in the Valencia region killed more than 200 people this autumn and left many more without access to essentials like clean running water and food. (Euronews)
State aid – The EU Commission approved on Friday a €590 mln Bulgarian scheme to support investments in electricity storage to foster the transition to a net-zero economy. The purpose of the aid is to add at least 3 GWh of new electricity storage facilities to the Bulgarian power system, which will help to integrate a higher share of renewable energy sources in the energy mix and to guarantee security and stability. The initiative will take the form of direct grants and be open to all storage technologies.
EU taxonomy FAQ – The European Commission on Friday issued a 75-page document responding to frequently asked questions (FAQs) on the technical screening criteria used in the EU’s green finance taxonomy. The document contains two sections covering climate mitigation and adaptation technologies – including questions related to manufacturing, energy, transport, construction, and information technologies. For example, the document clarifies that compressors used for heat exchangers in buildings qualify as “key components” under the regulation. It also attempts to clarify the life-cycle methodologies that apply for measuring GHG emissions from hydrogen manufacturing depending on the end-uses. The Commission said it may update these FAQs as appropriate.
Heat pump uptick – Data from the UK’s Department of Energy Security and Net Zero (DESNZ) show that Oct. 2024 saw the most grants paid under the boiler upgrade scheme (BUS) since it began – in signs of momentum for decarbonising heat in British homes. Following 2,991 grants paid during October, the total number of payments made under the BUS has now reached 37,417, though the UK needs to increase heat pump install rates 11 x if it is to meet its target to install 600,000 heat pumps by 2028, a recent webinar heard. At the start of October, energy secretary Ed Miliband permitted Ofgem, which oversees the scheme, to over-allocate BUS vouchers by up to £50 mln in this financial year, to a total of £200 mln.
Penalty price – The UK ETS Authority has published carbon prices for use in civil penalties for 2025, in accordance with the Greenhouse Gas Emissions Trading Scheme Order. The price, determined at £41.84, is calculated from the average end of day settlement value for the 12-month period ending on 11th Nov. 11, 2024, as traded on the secondary market in Dec-25 UKA futures.
Russia credits consultation extension – In relation to the Russia registry of carbon units, at the request of the developer of the National Association for the Development of Recycling of Raw Materials (ARVIS), the period for public consultation of the methodology “Use of fly ash from thermal power plants in the production of building materials” is extended until Dec. 13, 2024.
Freight – Worldscale, the international system used to calculate bulk shipping rates, will from 2025 incorporate the average EUA futures price from ICE Endex into its calculations of freight rates, the organisation said on Friday. Worldscale’s tanker freight flat rates represent the cost of a standard ship making a round-trip voyage, including bunker prices, port costs, and exchange rates. ICE said that Worldscale will use “the average of the daily Dec-24 settlement price for the period Oct. 1, 2023, to Sep. 30, 2024 to calculate the carbon cost used in its 2025 tanker freight flat rates.”
ASIA PACIFIC
Database – The Japanese government has teamed up with a number of domestic companies such as NTT and Fujitsu to create a database that can estimate the CO2 emission reduction effects of consumers’ daily actions, the environment ministry announced Friday. More than 100 types of activities that contribute to decarbonisation will be calculated, including the use of shared electric bicycles and reusable bags, the ministry said.
CO2-free studio – Japan’s Jera has announced the first commercial use of clean hydrogen to generate electricity in Japan at the nation’s largest film studios, Toho. Power giant Jera said Friday the two had “been pursuing initiatives to achieve 24/7 carbon-free energy, starting in fiscal 2024 as part of the efforts to eliminate CO2 emissions from power consumption at Toho Studios”. The studio’s plan is to only use carbon-free electricity in future, and it is also sourcing solar power-generated electricity from Jera. Japan has been planning on developing a hydrogen sector for several years but largely will look to imports over large-scale local generation. It imports small amounts of liquid hydrogen from a start-up project in Australia’s southeast.
CEO for NZEA – Australia has appointed the CEO for its Net Zero Economy Authority and named David Shankey, just as its Future Made in Australia legislation goes through parliament. He was previously Deputy Director-General at Queensland’s Department of Energy and Public Works. “The Net Zero Economy Authority will ensure Australian workers, industries, and communities share the benefits of the net zero transition,” the government said Friday. A board and chair will be appointed soon, it added.
80% target achieved – India has already achieved around 80% of its land restoration target, according to the government. The South Asian nation has restored 18.94 million hectares of degraded land against the 2030 target of 26 mln ha, the Press Information Bureau reported. Responding to a question in the parliament, Union Minister of State for Environment Kirti Vardhan Singh said India has committed to restoring 26 mln ha of degraded land by 2030 as part of its obligations under the Bonn Challenge and the UN Convention to Combat Desertification (UNCCD) and the nation has also committed to creating an additional carbon sink of 2.5-3 billion tonnes of CO2e by 2030 through enhanced forest and tree cover, as part of its Nationally Determined Contribution under the Paris Agreement.
AMERICAS
Rural geothermal – Canada announced Tuesday a C$2 mln ($1.4 mln) investment in a geothermal energy project in the Northwest Territories through the Clean Energy for Rural and Remote Communities (CERRC) programme. The project is held by ADK Holdings, the Acho Dene Koe First Nation’s economic development corporation. Through engagement with the community of Echaot’l Koe (Fort Liard), the financing is expected to support potential transition of indigenous communities to renewable energy, reducing diesel used for heating. Launched in 2018, CERRC has allocated $220 mln over eight years to reduce diesel reliance for heat and power in indigenous and remote communities. CERRC received an additional C$233 mln over five years through Budget 2021.
VOLUNTARY
Ostensibly Ostrom – Canada’s Ostrom Climate Solutions – a carbon offset project developer – on Friday reported Q3 earnings, showing a 67% drop in revenue to just under $390,000. “The results reflect ongoing strategic investments in project development and operational scalability amid challenging market conditions,” the company said. Ostrom’s net loss came in at $1.27 mln compared to net income of $57,000 a year earlier. “The loss increase reflects research and development expenses tied to the company’s flagship Smart-Rice Project, reduced revenue recognition and increased consulting fees,” it said. Year-to-date revenue reached $1.89 mln compared to $2.04 mln for the same period in 2023, reflecting a modest decrease amidst the transition to long-term recurring revenue models. “[We] remain focused on addressing liquidity challenges through strategic financing efforts and diversifying revenue streams. A key priority remains securing long-term revenue from high-quality VER projects while rationalising operational expenditures to optimise cash flow.”
AND FINALLY…
Hello yellow – Scientists at the University of California have developed a new carbon capture material they say is much more durable, porous, and reusable than other materials. Just half a pound of the innocuous yellow powder may remove as much CO2 as a tree can, according to early tests, and once the carbon is absorbed in the powder, it can be released into long-term storage or used in industrial processes. The powder is known as a covalent organic framework, with strong chemical bonds that pull gases out of the air, and the research is published in Nature. The lab team tested the new powder and found that it could successfully absorb and release carbon more than 100 times, while it only requires a temperature of about 120 degrees Fahrenheit (49C), which is much lower than other methods. The material could be incorporated into existing carbon capture systems or future technology, and there are plans to scale use of the material with Atoco. Expectations are that the powder can be manufactured in multi-tonne quantities in less than a year. (Guardian)
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