Presenting CP Daily, Carbon Pulse’s free newsletter. It’s a daily summary of our news plus bite-sized updates from around the world. Sign up here
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.
TOP STORY
Experts warn CCP-approved REDD carbon methodologies risk significant over-crediting, leave integrity body
The Integrity Council for the Voluntary Carbon Market (ICVCM)’s quality assessment process has been put under the spotlight after current and former experts of the stakeholder initiative’s expert panel warned that three recently-approved REDD methodologies could produce “large volumes” of over-crediting, with several stepping away from the organisation.
INTERNATIONAL
FEATURE: Carbon market experts see huge potential for crediting SF6 emissions mitigation from grid expansion
Market experts see significant potential in crediting the reduction of sulphur hexafluoride (SF6) emissions linked to grid expansion in the power sector and the clean energy transition, with a German government-backed initiative also looking at the role of carbon finance in the relatively untapped field of mitigation.
Carbon savings from clean tech “vastly outweigh” mining impact -study
The total carbon footprint of mining and refining critical raw materials (CRMs) is set to skyrocket by 155% by 2035 if no action is taken to reduce environmental impact – but the carbon savings enabled by CRMs outweigh those emissions by a factor of 80, according to a new study.
VOLUNTARY
VCM MONTHLY DATA: Lift in November carbon credit retirements puts market on track to match last year
Retirements in the voluntary carbon market (VCM) lifted slightly month-on-month in November, with signs that corporates are looking to retire more credits at the end of the year as they aim to meet decarbonisation targets, putting this year on track to match the 2023 annual total.
New report backs REDD+ carbon crediting as robust, in face of ongoing criticism
A white paper, published Tuesday by a voluntary carbon market investor and a nature-tech company, has argued that carbon crediting in REDD+ projects has been systematically robust across the sector’s history, despite criticism that its methodologies continue to over-credit activities.
Tech CEOs turn sustainability into strategic edge, as AI boom fuels energy concerns -analysis
Sustainability initiatives among technology firms have evolved from regulatory obligations into strategic priorities, as CEOs look to align green innovation with profitability and market competitiveness, according to a new analysis.
Major sporting event organiser signs third carbon removals deal
A major sporting events organiser has inked a third deal to buy carbon removal credits as part of its mission to achieve net-zero emissions by 2030.
ASIA PACIFIC
New Zealand resists major changes in latest emissions reduction plan
New Zealand on Wednesday released its final emissions reduction plan for 2026-30, sticking to the same target budget as in the July draft despite coming under criticism for it.
Japanese climate tech company acquires software firm to improve emissions data accuracy
A Tokyo-based climate tech company has acquired a software firm to streamline emissions data collection and improve the accuracy of primary data, it announced Tuesday.
Australia consults on sunsetting unused ACCU methods
The Australian government is seeking feedback on how carbon credit methodologies that have not been taken up should be retired.
Norway to pay Indonesia $60 mln for deforestation results
Norway will pay Indonesia $60 million after the Southeast Asian nation slashed deforestation levels in 2019-20.
Australian steel company invests in low-carbon mill
One of Australia’s largest steel suppliers plans to spend A$750 million ($479 mln) to build a green steel mill in Queensland.
Heavy reliance on coal for steelmaking may endanger India’s climate goals -report
India’s continued reliance on coal to increase the country’s steel-making capacity will put its target of reaching net zero emissions by 2070 at risk, a report released Tuesday found.
EKI Energy director resigns, citing ‘unavoidable circumstances’
A director at India’s largest carbon offset developer has tendered his resignation amid what he called “unavoidable circumstances” in a company filing to the Bombay Stock Exchange.
EMEA
Poland puts energy security on top of EU presidency agenda, sidelining climate
Poland is preparing to take over the EU’s six-month rotating presidency at a time of war, the country’s minister of state assets told an EU audience on Monday, saying “immediate security considerations” should take precedence over climate in these troubled times.
UK awards £4 bln in CCUS contracts, clearing the way for construction
The UK government has awarded £4 billion worth of contracts for the construction of its first carbon capture, utilisation, and storage (CCUS) cluster, paving the way to break ground next year, it announced on Tuesday.
Govt climate advisors urge UK to make new Paris Agreement pledge credible
The UK needs to make its ambitious emissions reduction targets credible by closing the “domestic delivery gaps” and speeding up the roll-out of clean transport, home heating, and tree planting, the government’s independent climate advisory body said on Wednesday.
UK urged to come up with action plan for tackling methane emissions
The UK government should publish an action plan setting out priorities for tackling methane emissions, taking into account the cost of action in different sectors, its short- and long-term benefits, and the cost of inaction, members of the House of Lords recommended on Tuesday.
Bullishness temporarily returning to EU carbon market amid allowance, gas supply squeezes -analysts
European carbon prices are rising as renewed uncertainty over gas supplies and adverse weather conditions lift demand for allowances, analysts said, predicting that EUAs could climb into the mid-€70s within the next month as new supply flows are briefly halted.
Euro Markets: EUAs erase Monday losses amid options hedging volatility, stronger prompt power
European carbon prices erased their losses from Monday, tracking movements in front-month natural gas, a strengthening power market, and fluctuating between two key options strike prices, as the market positioned itself ahead of Wednesday’s options expiry.
Cross-party MEP group calls on EU to prioritise ‘Industrial Carbon Management’
A cross-party group of 30 EU Parliament lawmakers has called on the European Commission to prioritise Industrial Carbon Management (ICM) technologies in the coming five-year mandate.
European aviation needs more than new tech, carbon pricing to decarbonise, finds report
Beyond technological innovation and existing carbon pricing mechanisms, decarbonising aviation in the EU needs stronger policy measures that make the polluter pay, subsidies for clean energies, and promote alternatives to flying, new research has found.
Scientists urge EU to ban solar geoengineering, amid environmental risks
Scientists have called for a Europe-wide moratorium on the solar radiation modification (SRM) technologies, citing high environmental and food security risks, uncertain benefits, and the absence of a global governance framework.
Balancing power generation technologies could save €65 trillion by 2050, cut carbon by 21% -report
The deployment of balancing power generation technologies such as flexible gas-fired plants and energy storage, alongside renewables, could slash cumulative power system costs by €65 trillion and cut carbon emissions by 21% by 2050, according to a new report.
New partnership targets full-chain carbon capture and storage solutions
A carbon capture technology developer has partnered with a carbon storage provider to offer an integrated solution for reducing industrial emissions, the two companies announced on Tuesday.
INTERVIEW: Carbon removal coupled with desalination brings multiple benefits, says startup
A startup with an electrochemical method of removing CO2 from water claims it can simultaneously reduce the energy requirement and cost of desalination, with potential for significant mitigation were it to scale up.
Turkiye offering €2.8 mln to help it transpose EU ETS Directive into national law
Turkiye has launched a €2.8-mln tender seeking a contractor to help it transpose the EU ETS Directive into national law and analyse the impact of the bloc’s Carbon Border Adjustment Mechanism (CBAM) on the country.
Industrial biochar project in Namibia hits the ground boasting long-term carbon removal
A new project for industrial biochar carbon removal has been launched in Namibia via a partnership between a German non-profit and the local subsidiary of a biochar developer.
AMERICAS
Brazilian federal police seize $165 mln in assets in crackdown on carbon credit crime -media
Brazil’s Federal Police (PF) on Monday executed arrest warrants and searches in several states, confiscating almost R$1 billion ($165 mln) in assets linked to the illegal sale of carbon credits from federal lands in the Amazon, according to local media sources.
Ten banks fuelling deforestation in Paraguay’s Gran Chaco, NGO finds
Ten financial institutions have invested more than $1.7 billion between 2021 and 2023 in two meatpacking companies allegedly associated with deforestation in Paraguay’s Gran Chaco, according to an NGO investigation.
Rubber tappers issue call for REDD+ carbon proposals in Brazilian state
Two associations of rubber tappers in Rondonia, Brazil have issued a public call for proposals for REDD+ carbon projects within the largest sustainable use protected area in the state.
Large US-focussed carbon ETF liquidates almost 60% of CCA holdings
A US-listed carbon ETF has reduced 57.2% of its California Carbon Allowance (CCA) holdings on Monday, its website records showed Tuesday.
California boosts free allowances to EDUs in 2025
California’s electricity distribution utilities (EDUs) are the only major group receiving higher free allowances in 2025 compared to 2024 allocation in the WCI cap-and-trade programme, according to a notice from regulator ARB.
California oil and gas company partners with startup to deploy clean gas power generation
A California oil and gas company is partnering with a clean energy technology company to design plans for emissions-free natural gas plants to Northern California, according to a Monday announcement.
BRIEFING: Policy review needed before Oregon updates diesel emissions strategy, say stakeholders
Refineries, trucking companies, and other industry stakeholders pushed for a fuller evaluation of existing programmes for reducing diesel-based pollution before Oregon revisits its statewide strategy.
Canada’s Hempalta takes full ownership of carbon credit platform Hemp Carbon Standard
A Canadian manufacturer of sustainable hemp products has bought the remaining 49.9% stake in a platform that creates and distributes carbon sequestration certificates to projects that use the material.
BIODIVERSITY (FREE TO READ)
All our nature and biodiversity articles remain free to read (no subscription required). However, we now 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.
UN warns of worsening land drying, as pressure mounts on desertification COP
The UN Convention to Combat Desertification (UNCCD) has raised concerns over the alarming increase in land aridification registered in the past few decades, as pressure has mounted on negotiators in Ryhad to seek solutions to the ongoing crisis.
UK bank lends to BNG projects in first private sector loan to scale nature impact
A UK sustainability-focused bank has delivered its first private sector loan based on a biodiversity net gain (BNG) unit model, in a potential blueprint to create nature-based solutions at scale.
29 banking jurisdictions beginning nature focus, UNEP FI says
Some 29 jurisdictions, totalling more than €75 trillion of banking assets, have started reflecting nature-related considerations in their regulations, the UN Environment Programme Finance Initiative (UNEP FI) said in a report on Tuesday.
GEF-backed programme launches to mitigate agrifood impacts on nature
The UN Food and Agriculture Organisation (FAO) and the International Fund for Agricultural Development (IFAD) have launched a programme seeking to reduce the impact of agrifood systems on biodiversity and climate.
Regenerative agriculture fund reveals long-term target after raising $350 mln
A Latin America-focused regenerative agriculture fund, which will set aside up to a quarter of land for nature, has targeted raising up to $1.5 billion over 10 years after its initial fundraise of $350 million, Carbon Pulse has learned.
Biodiversity Pulse: Tuesday December 10, 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).
—————————————————
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.
—————————————————
Premium job listings
- Event Coordinator, Carbon Forward – Remote (UK)
- Asia-Pacific Environmental Markets Correspondent, Carbon Pulse – Remote
See all listings or post a job
—————————————————
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.
—————————————————
BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Climate losses – Leading insurance companies have suffered $10.6 bln of climate-attributed losses last year, just short of the $11.3 bln of direct premiums they underwrote for commercial fossil-fuel clients, according to Insure Our Future, Bloomberg reported. Of the 28 insurers reviewed, more than half were hit by climate-attributed losses that exceeded the coal, oil, and gas premiums they earned, Insure Our Future stated on Tuesday. The organisation said climate change accounted for about $600 bln, or more than 33%, of global insured weather losses over the past two decades. Climate-attributed losses rose to an average 38% of total insured weather losses over the past decade, up from 31%. Swiss Re estimates insured losses from natural catastrophes are on track to exceed $135 bln in 2024 — marking the fifth consecutive year that insured losses from natural disasters will break the $100 bln mark. “Climate change represents an existential risk for the insurance industry,” wrote former California insurance commissioner Dave Jones and senior actuary Louise Pryor in the report foreword. (Bloomberg)
Watch every penny – The fledgling Loss and Damage Fund, with only $69 mln in its account so far, faced scrutiny over spending plans at its first board meeting, held in the Philippines. Board members from 26 governments urged the fund’s executive director, Ibrahima Cheikh Diong, to minimise costs, particularly on consultants, business-class travel, and a proposed deputy executive director role. Diong’s budget allocates $0.7 mln for consultants and $0.6 mln for staff travel in the first half of 2025. Some members pushed for in-house staffing to reduce reliance on costly consultants, while others supported short-term consultants to keep the fund on schedule. The fund’s travel policy sparked debate. As the fund is hosted by the World Bank, it has taken on the bank’s human resources policy, including its travel policy that allows staff to go business class if the flight is over five hours. While developing countries accepted economy travel for flights under nine hours, developed nations like the US and Denmark pushed for stricter measures to cut costs and emissions. Concerns were also raised about plans to hire a deputy executive director, with some members requesting further justification. Meanwhile, payments from wealthy nations remain delayed, with only $69 mln of the $749 mln pledged having been transferred. The World Bank expects contributions to rise to $150 mln by year-end, but calls persist for nations to fulfil commitments and increase pledges to meet urgent needs. (Climate Home)
Switching it up – Moroccan authorities have requested – and been granted – the right to swap out an International Monetary Fund (IMF) financing condition that would require gradually increasing the tax rate on fossil fuel-based products (IMF). Instead, from Jan. 1, the Moroccan Ministry of Economy and Finance will eliminate all tax exemptions on the excise duties for coal and heavy fuel oil, and increase the excise duties on coal, as well as several petroleum products. A draft version of the country’s 2025 Budget Law, released several months ago, had aligned with the original plan to increase the value-added tax on fossil fuels. However, Moroccan officials expressed concern that this measure would have an outsize effect on consumers at a time of economic hardship. IMF-linked plans to institute a carbon tax are still on track: the levy is slated for introduction via the 2026 Budget. In total, Morocco’s financing package comes to 1 bln Special Drawing Rights IMF tokens (approx. $1.3 bln).
EMEA
Urban vision – Greater Manchester in northwest England has unveiled a Five-Year Environment Plan for the city-region to reach carbon neutrality by 2038. The plan outlines aims to improve the standard of existing housing and build 30,000 new affordable net zero homes, develop a fully integrated carbon neutral tap-in-tap-out public transport system, and stimulate growth in clean sectors and create good quality long-term employment opportunities. The plan was announced Monday by the Mayor during the Greater Manchester Green Summit. The vision is to create a healthy, low-carbon environment, with new jobs and a lower cost of living.
Unprecedented scale-up – The UK will need unprecedented levels of build and investment if it is to meet its 100% clean power target by 2030, according to a new report by energy analysts LCP Delta, announced Tuesday. The report found the target to be technically achievable, but will “need government, industry, regulators and investors to move heaven and earth to meet it”. Pre-2030 investment of £120 billion is set to grow to £235 bln between 2030-2050, it found. While the challenge will continue post 2030 as demand on the electricity grid is set to increase by 50% to 2035 and double by 2050 from today’s level. The UK will need to deploy low-carbon technologies faster than ever before, increase its Contracts for Difference (CfD) budgets significantly, and upgrade the transmission network much faster, it found. The government also needs to tackle connection and planning delays, and speed up decisions on key policies and market reforms to reduce uncertainty for investors, it added.
Sibur’s sale – Sibur-Neftekhim has finalised the first pilot deal for the sale of 100 carbon units in a deal reached during COP29 in Baku. The price of a carbon unit at the end of the auction by the Russian oil and gas company amounted to 1.05 thousand rubles ($10), setting a new price benchmark in the market. The deal was conducted in the new segment “Trading in carbon units” on the platform of the Electronic Trading System of the over-the-counter market (SET BP). The launch of the over-the-counter segment is designed to standardise carbon units and transfer them as standardised goods on the exchange platform, a company spokesperson said.
Persian credits – Oman’s Environment Authority (EA) is planning to generate carbon credits from Ghaf Tree Reserve in South Sharqiyah, a temporary protected area covering an area of 130 square km, for a duration of 30 years. The decision outlines preservation methods for the reserve, including programmes to combat desertification, improve soil quality, and expand vegetation cover by planting local trees and plants. These measures aim to enhance biodiversity and protect the primary habitat of ghaf trees also known as Persian mesquite, ensuring the generation of carbon credits. The reserve will also promote sustainable ecotourism and engage with local communities to raise awareness.
Gridserve to Gigatons – The entrepreneurs behind UK electric vehicle charging business Gridserve, have unveiled a new platform called Gigatons, which aims to deliver carbon emission reductions by scaling infrastructure, mobilising capital, and boosting transparency. HQ’d in Abu Dhabi, Gigatons aims to draw inspiration from Gridserve’s achievements, with its electric highway in the UK that charges nearly 250,000 electric cars, vans, and trucks every month with over 6 million kWh of 100% net zero energy, the company claims. The first Gridserve projects will be to deliver a net zero, sun-to-wheel EV charging partner network across Australia, in partnership with renewable company, Flow Power; and to deliver a fully tokenised net zero blockchain mining and AI project, to show these technologies can help deliver emissions reductions.
State aid – The EU Commission approved today a €2.6 bln scheme to support renewable offshore wind energy in Estonia and a €200 mln scheme for climate-adapted forest management in Germany. The first aid will be granted on the basis of a transparent and non-discriminatory bidding process, and take the form of a variable payment under two-way contracts for difference concluded for a period of 20 years with a maximum amount of aid granted capped at 65 €/MWh. The German measure will help implement sustainable forestry practices, such as ensuring a native and climate-adapted tree species composition, improving the internal forest climate, protecting the forest soil, preserving habitat trees, reserving particularly valuable old deciduous forests for natural forest development, and retaining deadwood to improve biodiversity.
ASIA PACIFIC
Landfill gas down – A mineral processing tech hopeful on the Australian Securities Exchange, Zeotech, has said its programme, in partnership with waste management giant Cleanaway at Griffith University in New South Wales, had demonstrated encouraging early-stage results. The programme which simulates landfill configurations, shows its two patented products can reduce methane emissions from landfill with a mean efficiency of 70-85%. “Experiments show that the company’s zeolite-based products perform substantially better than the third configuration containing methanotroph inoculum-only, which did not show any capacity to reduce methane emissions,” it told investors Tuesday.
Sustainable conversion – Queensland state-owned investment vehicle QIC announced it successfully converted A$3.75 billion ($2.3 bln) of bank loans into sustainably-linked loans (SLL) for its two largest real estate funds. The key performance indexes for the QIC Property Fund and the QIC Town Centre Fund, seeks to address their carbon emissions across Scope 1-3, and represent one of the first deals to utilise the Green Building Council of Australia’s new Green Star Performance Tool v2. In addition, these SLLs will see QIC Real Estate targeting Cleaning Accountability Framework certification across both fund’s portfolios to promote industry-leading ethical labour practices, it added.
Another day, another agreement – Japanese project developer ByWill has signed a partnership with Anpachi Town in Gifu Prefecture and Ogaki Kyoritsu Bank to work on the creation and distribution of J-credits in order to contribute to the decarbonisation of the town area, it said in a statement. The partnership will focus on introducing renewable energy, conserving energy through the introduction of highly efficient equipment, and by converting to electric energy facilities. The developer will support the registration and application of the J-Credit Creation Project and will also monitor and sell the credits generated.
Demonstration effect – Japanese developer Towing and Mitsubishi Research Institute (MRI) have completed a field demonstration of carbon farming that was being carried out in the Miyazaki Prefecture since Mar. 2024, with an aim of improving productivity in the food, agriculture, forestry and fisheries industries, and thereby reducing GHG emissions. The results found that by using Soratan, a biochar developed by Towing, there is a 12% increase in crop yield and also results in the absorption of 1.3 tonnes of CO2. Towing plans to issue J-Credits for these carbon fixations, it said.
AMERICAS
Cutting off oil & gas – President Joe Biden is preparing to back financing restrictions for international oil and gas projects, according to sources familiar with the administration’s plans, E&E News reported. The announcement is expected as part of a virtual meeting on Tuesday of the intergovernmental group focused on trade and finance, the Organisation for Economic Co-operation and Development (OCED). This will be the first time Biden calls for restrictions on fossil fuel financing since he joined OCED in 2021 to curb financing of coal-fired power plants abroad. The agreement at the OCED is unlikely to get support from the Trump administration, E&E News wrote.
Clean farming – The White House is currently reviewing the Biden administration’s climate-smart farming proposal, E&E News reported on Tuesday. In an effort to cut down greenhouse gas emissions in the agriculture sector, the administration is working on finalising details for the clean energy tax credit set to take effect in January. Biofuel producers have advocated for the credit to favor corn-based ethanol and other biofuels for emissions reductions compared to petroleum.
NEPA to walk the plank – President-elect Donald Trump will roll back environmental regulations in the US, he said in a Tuesday post on the social media platform Truth Social, which is majority-owned by Trump Media & Technology Group. Trump promised expedited permits and approvals for companies and individuals investing at least $1 bln in the US, according to his post, “including, but in no way limited to, all environmental approvals”.
New forestry incentives – The New England Forestry Foundation launched applications on Friday to its Grow Resilient Oak-Hickory Forests programme for woodland owners in Connecticut, Rhode Island, and Massachusetts. The programme, funded through the US Department of Agriculture’s Climate-Smart Commodities project, seeks to help owners pay for sustainable-forestry practices and grow long-lived timber products in a climate-secure way, according to the foundation.
Last ditch effort – A youth-led legal non-profit that is suing the federal government over climate claims is invoking a Texas death penalty case in a last-ditch effort to revive their lawsuit after it was rejected by an appellate court. The case, Juliana vs United States, was originally filed in 2015 by the law firm Our Children’s Trust claiming that the federal government violated plaintiffs’ constitutional rights to a stable climate system. Earlier this year, attorneys representing the youth filed a petition for a rehearing after it was rejected by the Ninth Circuit Court, but that request was denied in July. Now the group is using the death penalty case, Gutierrez vs Saenz, in a petition seeking intervention from the US Supreme Court. They argue that their case and the death penalty case present a “nearly identical” question related to redress for plaintiffs’ injuries. The Supreme Court agreed to take up the death penalty case and set a hearing for Feb. 2025. The youth argue that the court should do the same for Juliana vs United States.
More to give – Climate philanthropy grew 20% YoY to reach a record $4.8 bln in 2023, according to a ClimateWorks Foundation report released Tuesday. The amount nearly triples the $1.7 bln given in 2019. This is the first time since 2020 that ClimateWorks reported climate giving as growing faster than overall philanthropic funding. However, the report showed inequity in climate philanthropy as 60% of foundation funding was directed toward the US and Europe. Climate mitigation funding represented less than 2% of the global philanthropic funding that year.
VOLUNTARY
Greensand CO2 storage – Ineos and partners have announced a final investment decision (FID) for Greensand Future, the EU’s first full-scale CO2 storage facility. Located in a depleted oil field in the Danish North Sea, the project will begin operations by late 2025 or early 2026, initially storing 400,000 tonnes of CO2 annually, with plans to scale up to 8 mln tonnes per year by 2030. The FID will unlock investments exceeding $150 mln across the Greensand CCS value chain, according to a press release. The CO2 will be captured at Danish biomethane plants, liquified, and transported to the Ineos-operated Nini field for permanent storage. The initiative builds on a 2023 pilot phase that tested cross-border offshore CO2 storage, providing technical insights for scaling up the approach.
Real-time partners – Hyphen Global, a developer of real-time, atmospheric-based digital monitoring, reporting, and verification (dMRV) technology, has partnered with carbon market data analysis firm Demia, it said in a release Tuesday. The partnership is expected to strength Hyphen’s ability to deliver streamlined removal data across its global network of sites where its eddy covariance technology is installed. All eddy covariance data collected by Hyphen Global’s LI-COR towers, will be shared with Demia in real-time and then used to substantiate Hyphen’s analysis and the validity of carbon credits. Demia will save the data from both before and after Hyphen’s AI-driven analysis via blockchain protocols so that carbon market participants have a record of the data, from data capture to market integration. This is expected to allow for the creation of high-quality voluntary carbon credits. Hyphen Global is working towards breaking ground on its upcoming projects in Q1 2025 following its agreement with Nature Focus to deploy its solution on over 1 mln acres of land spread over 12 conservation projects.
Well Done! – The Well Done Foundation (WDF), a non-profit dedicated to plugging orphaned oil and gas wells across the US, has announced the release of 778,000 high-integrity carbon credits to the market. This initiative aims to provide a market-based solution to fund the costly task of plugging abandoned wells, which contribute significantly to methane emissions. WDF partnered with Verra and ACR to develop a methodology for verifying emissions reductions, published in May 2023. It claims to be the first non-profit to offer certified carbon credits for orphan well remediation. Key partnerships include Carbon Path and Cloverly, ensuring rigorous standards for certification, transparency, and traceability. Proceeds from the credits will fund ongoing well-plugging projects, reducing taxpayer burdens. As of Dec. 10, a total of 268,626 credits are available for purchase out of the total 778,000 credits to be issued as part of WDF’s 2023 Montana Legacy Project. Partners include Ventbuster Instruments, ABB, and Sensors Inc. for technology, along with sales support from Youth Climate Exchange and funding from the SVS Family Foundation.
SCIENCE & TECH
Arctic sourcing – NOAA’s annual Arctic Report Card highlights worsening impacts of climate change in the Arctic, where 2024 is on track to be the hottest year on record. The report shows that for the first time, the Arctic acted as a net carbon source, rather than a carbon sink, due to thawing permafrost and worsening wildfires – developments that could accelerate global climate change. The Union of Concerned Scientists warns that Arctic warming, occurring several times faster than the global average, has already disrupted ecosystems, stressing caribou herds and shifting food sources for ice seals. The impacts extend globally, contributing to polar vortex disturbances, extreme heat events, and rising sea levels.
AND FINALLY…
Fuel for thought – Tesla has lobbied the UK government to strengthen carbon emission regulations for cars and lorries, urging tighter zero-emission vehicle (ZEV) mandates. In a letter to Labour’s roads minister, Lilian Greenwood, Tesla advocated for a stricter ZEV mandate for cars and called for similar rules for heavy goods vehicles (HGVs), emphasising the need for urgent action on truck emissions. The US carmaker, run by Elon Musk, contrasted its position with rival manufacturers lobbying for relaxed ZEV rules, arguing that faster electric car adoption would stimulate the second-hand EV market. Tesla also criticised the UK for lagging behind the EU, which has stricter emission targets for lorries. Tesla’s push aligns with its plans to enter the electric HGV market with its delayed Tesla Semi, now slated for production in 2026. The company also reiterated its call for higher taxes on fossil fuel vehicles to fund EV subsidies, maintaining that carbon emissions should be taxed as an “unpriced externality.” Tesla’s lobbying for stricter emissions rules contrasts sharply with the stance of some Musk supporters who deny climate change and vehemently prefer petrol-fuelled cars over the EVs they regularly deride on social media, highlighting a tension between the CEO’s fanbase and the company’s environmental agenda.
—————————————————
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.
Got a tip? How about some feedback? Email us at news@carbon-pulse.com
