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TOP STORY

Brussels preparing ‘net’ climate goal for 2040, EU sources confirm

The European Commission is preparing to unveil its 2040 climate target proposal towards the end of February, based on the assumption that it will be a “net” greenhouse gas reduction objective of 90% that also includes CO2 removals from soils and forestry, a senior EU source told Carbon Pulse.

INTERNATIONAL

Swiss foundation ups 2030 international carbon credit buying target to 20 mln

The Klik Foundation plans to buy around 20 million international carbon credits under Article 6 by the end of 2030, up from an earlier forecast for 15 mln, according to presentation slides circulated Wednesday.

CORSIA market liquidity hinges on Article 6 alignment by eligible carbon standards -report

Newly CORSIA-eligible carbon standards under the UN’s aviation offsetting scheme will likely enhance liquidity in this credit-strapped market – but only if emission units comply with Article 6 requirements, and if participating countries institute “correct and balanced” incentives and penalties, as per a report published Wednesday by an international project developer.

Mining industry faces tough road to decarbonisation amid surging demand for critical minerals -report

The global mining industry faces a steep challenge in its efforts to decarbonise, with emissions reductions falling far short of targets needed to align with international climate goals, according to a new report.

VOLUNTARY

AI-powered climate tech firm discontinues VCM platform, services

An AI-powered climate tech company has shut down its online voluntary carbon market platform and halted access to its project data and other services.

Carbon removal buyers club signs offtake agreement with South American biochar developer

A carbon removal buyers club on Thursday announced a multi-year CDR purchase agreement with a South American biochar producer.

Voluntary carbon market can grow with clear regulation, firm contracts, and digitalised data, say experts

The voluntary carbon market has done a considerable amount of work to address criticisms over standards and environmental integrity, but now it needs the finance sector to help create the conditions for large-scale demand to trigger the investment required to scale up the market, according to speakers at a conference on Wednesday.

Voluntary, Article 6 systems can co-exist without “competition” in bid to boost quality, says ICVCM co-chair

The regulators of the voluntary carbon market and the emerging administration of the UN’s Article 6 mechanisms may be covering the same broad territory in terms of setting standards for carbon credits, but should not be seen as competitors, according to a senior member of the ICVCM.

Gender equality can strengthen integrity of carbon credits, experts say

Developers can bolster the integrity of the carbon credits they sell by making sure there is gender equality across the design, implementation, and monitoring of their projects, according to experts.

AVIATION/SHIPPING

Clear demand signal needed to scale CORSIA carbon credit supply, says Guyana

Airlines need to show a clearer demand signal if countries are to supply sufficient levels of CORSIA-eligible credits to meet the demands of Phase 1 (2024-26), a representative from Guyana told a carbon industry conference.

Shipping sees data, contracting, admin challenges in first year under EU ETS

One year into the inclusion of shipping in the EU ETS, the system is now “well understood” by the maritime sector – but issues persist regarding data transparency, division of contractual responsibilities, and access to EU accounts, according to a maritime data analytics firm in its 2024 review.

ASIA PACIFIC

ASEAN can unlock $3 trillion revenue from carbon markets, analysis finds

The Association of Southeast Asian Nations (ASEAN) has the potential to unlock up to $3 trillion in revenue through the reduction or removal of 1.1 billion tonnes of CO2e per year by 2050 if member states develop regulations to support domestic carbon markets, a report released Thursday has found.

Govt panel says New Zealand can lower methane reduction ambitions

Even if the world meets its global 1.5C temperature target, New Zealand can get away with reducing methane emissions at the very low end of its legislated target, and even go below that if climate action elsewhere is less successful, a controversial government panel said Wednesday.

Australian soil carbon project developer acquires tech platform

One of Australia’s largest soil carbon project developers has acquired a tech company’s risk and impact assessment tool that it will combine and launch as a new platform, it announced this week.

Major biochar project to get grant funding in Western Australia

One of the world’s largest biochar carbon removals projects is among the five recipients to receive a total A$33.6 million ($21.7 mln) in concessional grant funding from the government of Western Australia, according to an official announcement.

Chinese papermaker secures contracts to grow carbon project pipeline

A Shanghai-listed forestry and paper company is gearing up for the expansion of its nature-based carbon business in China, with several new projects in the pipeline.

EMEA

EU needs to set permanent carbon removal targets in its next climate goal, experts say

The EU needs to include legally binding targets for permanent carbon removals in its climate goals for 2030-40, experts said this week.

EU’s upcoming low-carbon hydrogen rules could help scale up market, says think tank

An upcoming EU law defining low-carbon hydrogen can help scale up the market and reduce emissions in hard-to-abate sectors while renewable hydrogen is being rolled out, a report by a Brussels-based think tank said on Wednesday.

Energy professionals sceptical UK will hit climate targets

Most energy professionals in the UK believe the country will fail to hit its climate targets, casting doubt over the government’s flagship policy to decarbonise the electricity grid by 2030, a survey has found.

UK energy retailer pledges £500k to woodland conservation charity

E.ON Next, a UK home energy supplier, has partnered with a woodland conservation charity and pledged to donate at least £500,000 over the next three years, the utility firm announced on Wednesday.

Europe-wide CO2 market, including UK, may reduce storage costs by 20% -report

A Europe-wide market for CO2 with access to the UK could reduce carbon storage costs by 20%, equal to €11 per tonne, according to a report released on Wednesday.

Most institutional investors target net zero, divided over role of carbon offsets -report

Nearly two-thirds of asset owners and managers have committed to net-zero targets, yet opinions remain split on the role of carbon offsets in meeting these goals, according to a report released this week.

Carbon capture could have huge climate impact for cement sector -report

Cement decarbonisation technologies, including carbon capture, supplementary cementitious materials, and alternative fuels could help the sector cut an extra 422 million tonnes of CO2 emissions over the next decade, according to a new report.

Euro Markets: EUAs fall further on bearish near-term fundamentals, as funds extend net long position

European carbon continued to slip lower off the back of weakening TTF natural gas prices, amid bearish near-term fundamentals for thermal power generation, as investment funds extended their net long position to the highest total since the end of July 2023.

AMERICAS

State of Colima approves second-highest CO2 tax in Mexico

The Mexican state of Colima approved a new carbon tax Tuesday, making it the ninth state in the country to adopt such a policy.

Major carbon ETF adds Washington state allowances to holdings after market survives vote

A major US-listed carbon ETF has added Washington state’s cap-and-trade allowances to its holdings in its latest reweighting.

INTERVIEW: White House guidance needed for regulators considering AI growth

Energy regulators need more guidance when considering the opportunities and challenges of artificial intelligence (AI) on grid reliability, a former chair of the US Federal Energy Regulatory Commission (FERC) told Carbon Pulse.

Stakeholders make final case for OCFP changes ahead of vote on approval 

The final draft of Oregon’s Clean Fuels Program (OCFP) requires numerous refinements to better support businesses and drive investments for low carbon initiatives, industry voices told the state’s Department of Environmental Quality (DEQ).

US methodology developer unveils first registry-independent standard for carbon removal

A US-based methodology developer has launched the first registry-independent standard in the carbon removal (CDR) market, the company announced on Wednesday.

US DAC company raises $150 mln in Series B funding to scale technology

A California-based direct air capture (DAC) company announced on Wednesday $150 million in funding from a range of industrial and venture capital investors aiming to drive down costs of the technology.

Climate finance firm to source 250k credits from US-based soil carbon project

A California-based climate finance firm inked an agreement Wednesday with a carbon farming programme in which the firm will gain access to 250,000 credits sourced from a US-based regenerative agriculture soil carbon project.

Biochar-based potting mix startup raises $3.6 mln in seed round

A New York-headquartered sustainable soil company offering biochar alternatives to peat-based potting mixes has announced the completion of a $3.6-mln seed funding round aimed at transforming the horticulture industry through carbon-negative solutions.

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.

Australian outfit finds biodiversity credit demand in carbon partnership

An Australian project developer has sold 70,000 biodiversity credits over the past three months after striking a partnership with a carbon credit supplier to combine offerings.

INTERVIEW: The asset manager with the billion-dollar brick in the regenerative agriculture wall

UK-based investor Climate Asset Management (CAM) reveals how it has attracted $1 billion in investment following increasing interest in regenerative agriculture, high-quality food, and nature impacts.

Ecuador, Barbados work on debt swap deals to drive nature, climate resilience investments

Ecuador is reportedly preparing to enter into its second deal to swap debt for conservation funding in the Amazon rainforest, according to a stock exchange filing released this week, while Barbados has announced a first of its kind debt-for-climate-resilience arrangement.

Asset manager invests $350 mln in Latin American regenerative agriculture

Chile-based investor Toesca Asset Management will invest $350 million in regenerative agriculture practices in Latin America, via a partnership with a UK-headquartered financier, to help reduce the impacts of agriculture on biodiversity loss and carbon emissions.

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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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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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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

Scoping out the problem – The Net-Zero Asset Owner Alliance (NZOA) said in a report published on Wednesday that requiring disclosures of carbon pollution produced by companies’ customers and supply chains would increase data credibility and comparability. It called on regulators to make disclosures mandatory. Regulators should also provide guidance to address data and methodology problems that have thwarted the finance sector’s efforts to grapple with their value chain emissions, the group said. NZAOA said its paper represents an attempt to open a meaningful discussion with policymakers, companies and asset owners about how to overcome the many challenges posed by Scope 3 emissions. The group, which is part of the GFANZ climate finance initiative convened at COP26, is an influential coalition of pension funds and insurance companies holding a combined $9.5 trillion of assets. (Bloomberg)

Uncharted waters – The International Maritime Organization (IMO) could introduce new GHG emissions standards for marine fuels without implementing a global GHG levy or universal penalty, potentially increasing decarbonisation costs for the shipping industry, according to a senior executive at Bunker Holding. The IMO plans to finalise emissions standards and a pricing mechanism, likely a levy, by 2025 for implementation in 2027. While progress has been made on reducing the GHG intensity of marine fuels, achieving consensus on a levy has been slow. Maria Skipper Schwenn, of Bunker Holding, expressed concern that the standards might be adopted without an effective carbon pricing mechanism. (S&P Global)

EMEA

Domestic redistribution – The CDU/CSU alliance in Germany has proposed that revenues from the EU’s forthcoming ETS2 market for emissions from road transport and heating fuels primarily remain with member states rather than being redistributed across the EU, according to Tagesspiegel Background. CDU lawmaker Thomas Gebhart argued against significant redistribution, citing difficulties in justifying German contributions benefiting other countries. The alliance has previously submitted a motion on this issue. Under current plans, ETS2 – set to start in 2027, or in 2028 if energy prices are high – will fund a Climate Social Fund aimed at supporting low-income households across the EU, a key condition for gaining support from member states like Poland. A report by the Institute for Applied Ecology found that Germany would still retain 92% of its revenues under the redistribution mechanism. The institute highlighted the necessity of the fund to address economic disparities and ensure the ETS2’s viability. Despite the CDU/CSU’s potential political strength in future elections, reopening EU directives on the Climate Social Fund appears unlikely, as changes would need approval from the European Commission, MEPs, and other member states. (Clean Energy Wire)

Concerned Canarias – The Government of the Canary Islands, alongside the port authorities of Las Palmas and Santa Cruz de Tenerife, has raised concerns with the European Commission regarding the adverse economic impact of the EU ETS on the archipelago. Minister Pablo Rodriguez and other representatives have presented proposals to the Commission to mitigate the loss of competitiveness caused by the scheme, in particular relating to the maritime sector. Rodriguez emphasised the risk of shipping companies redirecting operations to regions not affected by the directive, which could undermine the Canary Islands’ connectivity and economy. Beatriz Calzada, President of the Port Authority of Las Palmas, argued that a cap-and-trade scheme for shipping should be implemented globally by the International Maritime Organization to ensure a level playing field. She warned of potential threats to the region’s economy and connectivity, noting that a European tax on ship emissions could drive maritime traffic away, endangering supplies and provisions. Similarly, Pedro Suárez, President of the Port Authority of Santa Cruz de Tenerife, revealed that shipping companies have already indicated they may cease port calls if the regulation is enforced. Despite this, he underscored the need to defend the region’s unique circumstances and secure exemptions to maintain essential maritime traffic and competitive goods costs. (Diario del Puerto)

A blossoming friendship – The UK and Qatar announced a new partnership to invest in climate technologies and deepen cooperation in financial services on Wednesday. Qatar will invest £1 bln ($1.27 bln) as part of the climate arrangement, with the money going to start-ups in Britain and Qatar focusing on energy efficiency, carbon management and green power. The announcement followed a 2-day visit by the Emir of Qatar to the UK. (Bloomberg)

UK delays nuclear closures – The shutdown of the UK’s ageing nuclear power stations has been delayed amid fears that Labour’s net zero drive threatens to increase the risk of electricity price shocks and shortages, reports the Daily Telegraph. Four nuclear power stations owned by France’s EDF are to have their lives extended by up to two years, following safety assessments on the feasibility of keeping them open. Heysham 1 in Lancashire and the Hartlepool power station on Teesside were both scheduled to close in 2026 but will now keep operating until March 2027. Both have been operating since 1983. Heysham 2, also in Lancashire, and Torness, in East Lothian, were expected to shut in 2028 but will now remain operating until 2030. The pair were built five years after Heysham 1 and Hartlepool. EDF signalled that it also wanted to keep Sizewell B nuclear station in Suffolk operating for decades beyond its current 2035 closing date, though this will depend on a separate review. The four nuclear stations being kept open were designed in the 1960s and generate about 15% of the country’s power. Their planned closures would have been a significant setback for Labour’s plans to decarbonise the UK power system by 2030.

CCS for gas turbines – Saudi oil and gas giant Aramco has signed a collaboration agreement with carbon capture solutions company Carbon Clean and engineering group Samsung E&A to demonstrate a new CO2 capture technology for natural gas turbines. The technology is designed to capture CO2 from turbine exhaust streams containing approximately 4% CO2. “This first-of-a-kind deployment capturing very low concentrations of CO2 is a key milestone in scaling up and commercialising” the technology, said Aniruddha Sharma, Chair and CEO of Carbon Clean. The technology is estimated to reduce the total installed cost of carbon capture systems by up to 50% compared to conventional systems, while maintaining high performance and process efficiency even at low CO2 concentrations, the three companies said in a statement. “If successful, this demonstration will pave the way for the wider deployment of this technology with partners in the Kingdom and beyond,” said Ali A. Al-Meshari, Aramco Senior Vice President of Technology Oversight & Coordination.

Biocoke for steel – Global steel producer Outokumpu has decided to invest €40 mln for building up a biocarbon production plant in Germany, in order to reduce emissions from its operations. The plant will be built in the city of Sassnitz, in the northeast of Germany, and aims to produce 15,000 tonnes of biocarbon using waste wood as raw material. The commissioning of the site is scheduled for the first half of 2026. The new plant will provide feedstock material for biocoke to Outokumpu’s pelletizing plant in Tornio, Finland, which is on schedule and expected to be completed mid-2025. Biocoke is used in the steel making process. Around 50% of the company’s direct emissions could be reduce by replacing fossil coke with biocoke. They will also reduce the company’s carbon costs.

Chocolatey biochar – Ofi, a supplier of food and beverage ingredients, is launching its first cocoa biochar pilot project in Ghana, it announced on Wednesday. The project involves turning discarded cocoa pod husks into biochar, through combustion in biochar cone machines. The biochar then locks in the carbon from the cocoa crop residues, which would otherwise be released as the residues decompose. The cocoa biochar should also help to improve soil fertility and structure, and stop erosion and the loss of nutrients, the company said. Ofi is carrying the project out with Lotte, Fuji Oil, and MC Agri Alliance, in Dankway County, and aims to start during the 2024-25 crop season.

ASIA PACIFIC

Impending – Thailand’s Finance Ministry will present the proposal of carbon tax before the parliament for approval on Dec. 11, Director-General of the Excise Department Kulaya Tantitemit said at a seminar Tuesday. Tantitemit said that the carbon tax will not affect producers and consumers of petroleum products as the overall tax burden on petroleum products will remain the same, Bangkok Post reported. The excise department’s proposal calls for a carbon tax rate of 200 baht ($5.8) per tonne of carbon and the tax burden on each type of oil and petroleum product will vary depending on the emission factor of each oil type. About 70% of Thailand’s emissions come from the energy and transport sectors. The government expects to impose tax by 2025, another official from the Excise Department said earlier. Meanwhile, the government is also planning to present the second draft of climate change bill before the cabinet for approval later this month, a government official told Carbon Pulse on the sidelines of COP29 in Baku.

On the agenda – Discussions about the implementation of a domestic emissions trading scheme (ETS) will be on Taiwan’s policy agenda next year, according to the United Daily News, which cited remarks of Environment Minister Peng Chi-ming. The government is also set to announce new climate targets in the coming months after examining plans for different ministries. The cost of carbon reduction is estimated at around NT$5,000 ($153) per tonne in Taiwan, the minister added. The island nation has said it aims to launch domestic emissions trading in four years’ time, starting initially with a pilot phase.

Carbon credit moto – The United Nations Development Programme (UNDP) has concluded a pilot carbon credit project to develop credits within the transport sector in Vietnam, it said this week. It held a workshop that brought together government agencies, organisations and enterprises involved in the nation’s carbon credit market, which goes live next year and becomes a compliance market in 2028. The UNDP collaborated with electric motorbike maker Selex Motor to develop a pilot carbon credit project for electric bikes and complete the international verification process by the Gold Standard. The nation remains predominantly two-wheeled with motorbikes making up over 90% of vehicles. “This pioneering effort explores the feasibility of using carbon credits to support the transition to low-carbon transportation in Vietnam,” the UNDP said. 

Continued cooperation – Mining giant BHP has signed an MoU with Chinese iron and steel manufacturer HBIS Group to deepen their collaboration on decarbonising the steel value chain, the company announced. It builds on two companies’ initial partnership that was first announced in 2021 and would further extend value chain cooperation to steel end-users and promote low-carbon transformation of the industry by exploring life cycle carbon reduction projects, BHP said in a statement. The new MoU focusses on exploring opportunities to demonstrate blast furnace emissions abatement at larger scale and optimising the use of BHP’s Pilbara iron ores in commercial-scale direct iron reduction – electric arc furnace (DRI-EAF) steel production. Additionally, the work will involve life cycle emissions assessment projects to track reduced GHG intensity through the value chain steps including with steel end use partners. It follows BHP signing a similar MoU with the Steel Authority of India Limited in October.

Electrolyser opportunity – Australia may be sitting on a A$1.7 billion ($1.08 bln) electrolyser opportunity, according to its leading science body. A Commonwealth Scientific and Industrial Research Organisation (CSIRO) report of Wednesday suggests its hydrogen electrolyser manufacturing (HEM) sector could also create nearly 4000 jobs by 2050. Electrolysers powered with renewable energy are used to split water into oxygen and hydrogen and are central to the creation of ‘green’ hydrogen, a clean fuel that could replace many emissions-heavy fuels used today and cut emissions. One of the main barriers to green hydrogen has long been the cost of electrolysers. “Building an electrolyser manufacturing sector isn’t just about meeting immediate demand; it’s an opportunity to develop an industry that adds long-term value to our economy and strengthens our energy security through building sovereign manufacturing capability,” CSIRO Futures Energy Lead Vivek Srinivasan said. 

Aussie goes native in Kansas – A native hydrogen exploration company has just raised A$6 million ($3.84 mln) to buy US player Serpentine Energy and take control of a Kansas exploration project. Top End Energy, which has previously concentrated on the Beetaloo Sub-basin in the Northern Territory, saw a 30% share price rise on the Australian Securities Exchange on the news it planned to take over the natural hydrogen project. Natural, or native, hydrogen is explored for the same way natural gas or oil are, whereas previously it was believed hydrogen could only be produced via splitting hydrocarbons or water into their component molecules. 

H2 demonstration – Japanese oiler ENEOS will spend $200 mln on a renewable hydrogen demonstration plant in Queensland, the state government announced. From 2026, the company will produce up to 680 kg of hydrogen per day at Bulwer Island. The hydrogen will be in the form of methylcyclohexane (MCH), a hydrogen carrier in liquid form that can be transported at room temperature and normal pressure, making it easy to store and transport. A portion will be shipped to Japan. Construction will begin on the plant next year and MCH production is expected by the middle of the following year, with the demonstration plant expected to run for two years. ENEOS partnered with Japanese companies including Chiyoda Corporation, Sumitomo Electric Industries, TOPPAN and AGC, as well as Brisbane companies GPA and GRPS on the project.

AMERICAS

Flip-flop – Congress and the Biden administration face pressure from biofuels industry groups to quickly extend a biofuel tax credit prior to President Joe Biden’s departure from office on Jan. 20, 2025, E&E News reported Tuesday. In conflicting reports, Reuters reported on Tuesday that the 45Z tax credit would not be finalised before President Biden’s departure, but a Treasury Department spokesperson told Bloomberg that the administration anticipates the guidance before the end of his term. Separately, DOE Deputy Energy Secretary David Turk, who was present at COP29 in Baku, told Carbon Pulse he was “confident” the administration would finalise 45Z and associated IRA tax credits.

UFOs hunting UOWs – Researchers in the US are tackling the issue of undocumented orphaned wells (UOWs), relics of over 170 years of drilling, which pose environmental hazards such as water contamination, toxic air emissions, and methane leaks. Using artificial intelligence (AI) and historical topographic maps, teams are locating these wells, estimated to number between 310,000 and 800,000 nationwide. AI algorithms trained on geotagged maps identify potential UOWs by recognising historical well symbols, cross-referencing them with modern registries, and flagging discrepancies. Early results from four counties in California and Oklahoma revealed over 1,300 potential UOWs, with some verified through satellite imagery and field surveys using tools like magnetometers. This effort is part of the CATALOG programme, a multi-lab initiative aiming to streamline UOW detection, methane measurement, and prioritisation for plugging. Researchers are also exploring cost-effective technologies, such as drones with magnetometers and methane sensors, to scale up detection. Collaborations with local stakeholders, such as the Osage Nation, are integral to refining techniques. By combining historical data and modern technology, CATALOG seeks to mitigate the climate and safety risks of UOWs while advancing methods for methane emission reduction. (Berkeley Lab)

Funding Canadian climate – RBC awarded C$3.5 mln ($2.5 mln) to MaRS Discovery District, a Toronto-based innovation hub, to support cleantech innovation and drive decarbonisation across Canada. Funding will support existing programming such as its RBC Women in Cleantech Accelerator and the launch of the UnCarbon Corporate Adoption Accelerator, which aims to evolve and support companies to address the challenges brought upon by climate change. MaRS Discovery District bought CDR credits for an average of C$715 each from five Canadian startups in Apr. 2024, a purchase that was profiled to support other voluntary carbon removal buyers.

Buzzkill – Environmental group Center for Biological Diversity on Monday sued the California city of Pittsburg for its approval of a technology park last month, which would include a large data centre. The Center said that the city did not consider and plan for its environmental effects, including greenhouse gas emissions, water usage, and harms to wildlife and surrounding wetlands.

Climate court – A North Carolina town sued investor-owned utility Duke Energy on Wednesday for deceiving customers about climate change impacts. Carrboro, a town close to the state capital, alleged the utility had a campaign to delay the transition to renewable energy, leaving their community to cover the costs of rising energy bills, road repairs, and other infrastructure needed to mitigate climate change impacts. The town filed the lawsuit in the Orange County Superior Court and the utility is in the process of reviewing the complaint. (Reuters)

Rich in credits – Costa Rica recently listed 100,000 V21 verified carbon credits through the World Bank’s Forest Carbon Partnership Facility on the ART TREES standard’s database for jurisdictional REDD+ credits. These credits, which are not yet at the issuance stage, are explicitly identified as non-CORSIA eligible. Costa Rica has nonetheless seen interest from airlines in forthcoming credit supply, Carbon Pulse understands.

VOLUNTARY

Doesn’t look good on you – Five years after the launch of the Fashion Pact, a major sustainability initiative in the fashion industry, over a quarter of its members have yet to set science-based climate targets, with some quietly exiting the group. The initiative, backed by French President Emmanuel Macron in 2019, calls for members, including H&M, Inditex, and Kering, to cut greenhouse gas emissions by 2030 in line with the Paris Agreement. However, 14 of the 52 members have failed to commit to setting these targets. Notable laggards include Calzedonia, Geox, and Karl Lagerfeld’s brand. While Geox stated plans to align with targets by next year, others did not respond to inquiries. Members like MF Brands show partial compliance, with only some subsidiaries setting targets. Fashion Pact Secretary-General Eva von Alvensleben acknowledged the need for faster progress and introduced mandatory target commitments by 2025. Critics highlight the initiative’s voluntary nature and note gaps between set targets and their implementation, even among companies with approved goals. High-profile brands such as Nordstrom, Selfridges, and Hermes have left the pact, with minimal explanation. The fashion industry, responsible for 8-10% of global GHG emissions, faces challenges due to complex, polluting supply chains. A report by Fashion Revolution noted that while many companies had set targets, emissions from their value chains – comprising 96% of their carbon footprint – continue to rise. (FT)

Greening AI – Nvidia is on a mission to convince governments that artificial intelligence is actually good for the planet. The dominant AI chipmaker, which briefly dethroned Apple to become the world’s most valuable company this year, is urging policymakers to consider the technology’s climate-positive applications before reaching for regulatory tools to limit its ballooning environmental footprint. As part of its green charm offensive, Nvidia — which has faced criticism for lacking a net-zero strategy — is considering setting concrete targets to cut planet-warming emissions, its sustainability chief told Politico. For now, the firm only intends to power its buildings and data centres entirely with renewables by the end of next year. “We are considering specific emissions-reduction targets in addition to our clean energy target right now,” said Josh Parker, senior director of corporate sustainability at Nvidia. Parker is meeting with EU policymakers in the city this week for what he described as an “educational effort”.

Making moves – Social Carbon, a standard, has announced both the launch of a digitised public consultation functionality on its portal, as well as a public consultation for ‘Version 2 of the Requirements for Avoiding Double Counting in ICAO’s CORSIA and Other Frameworks’, it said Wednesday. The consultation runs until Jan. 10, 2025. Key changes to the requirements include: Enhanced wording to emphasise mandatory actions; greater clarity on verification of corresponding adjustments; improved guidance on the double claiming buffer pool; specificity on timeframes for project proponents; and a new process flow added to the appendix for better usability, the standard said.

Technicalities – Verra has released clarifications that apply to procedural documents of all its programmes, with the aim of streamlining the project review process. The clarifications affect to projects in Verra’s Climate, Community & Biodiversity Standards (CCBS) Program; the Jurisdictional and Nested REDD+ (JNR) Framework; the Plastic Waste Reduction Program (Plastic Program); the Sustainable Development Verified Impact Standard (SD VISta) Program; and the Verified Carbon Standard (VCS) Program.

AND FINALLY…

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