HAPPY HOLIDAYS FROM CARBON PULSE!
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TOP STORY
FEATURE: CSRD challenges loom for businesses, but compliance tools offer path forward
Businesses across Europe and beyond face mounting challenges to meet its stringent reporting requirements, as the EU’s Corporate Sustainability Reporting Directive (CSRD) comes into force on Jan. 1, according to experts.
ASIA PACIFIC
World Bank commits $900 mln to Bangladesh for carbon market access, climate resilience
The World Bank and Bangladesh have signed two financing agreements worth $900 million, part of which will help expand the country’s access to carbon markets, the organisation said this week.
Thailand sees its first biochar carbon removal project registered on ICROA-backed registry
Thailand has registered its first-ever biochar carbon dioxide removal (CDR) project on a Switzerland-based registry earlier this week.
Thailand to exempt its mangroves from land tax -media
Thailand’s cabinet has approved a proposal to exempt its mangrove forests from land tax starting 2025, country’s Department of Marine and Coastal Resources (DMCR) announced this week, according to local media reports.
AMERICAS
US funding package includes $1 bln for forest restoration, conservation
The roughly $100 billion continuing resolution passed by Congress and signed into law last week includes over $1 bln in emergency forest conservation and restoration funding for private forest owners impacted by natural disasters.
Appeals court rejects power producer’s Washington cap-and-trade challenge
An appeals court on Tuesday ruled against a power producer’s challenge to free allowance provisions under Washington’s cap-and-trade programme, rejecting the petitioner’s argument that no-cost allowance provisions under the scheme were discriminatory.
US companies announce agreement on underground carbon storage in Alabama
Two US companies announced on Monday an underground pore space easement agreement for approximately 140,000 acres (56,700 hectares) in Alabama to support carbon storage initiatives.
INTERNATIONAL
Nearly 100 countries submit DNAs to UN as Article 6 implementation gathers pace
Nearly 100 countries have now submitted their Designated National Authority (DNA) under Article 6.4 to the UNFCCC, indicating growing interest in carbon market participation following the breakthrough on international carbon markets at COP29 in Baku.
Stricter GHG pricing policies are redefining global trade patterns -WTO report
Stricter greenhouse gas pricing policies, including higher carbon taxes and reduced fossil fuel subsidies, are reshaping global trade by shifting competitive advantages among industries, according to a working paper published by the World Trade Organization.
VOLUNTARY
International drinks provider renews carbon removal partnership with CUR8
An international soft drinks provider has renewed its carbon removal partnership with London-headquartered industry specialist CUR8 for a second year, the two companies announced on Monday.
Carbon project developer drops two early-stage projects following feasibility review
A Dutch carbon project developer has discontinued two early-stage projects following feasibility studies, the company announced last week.
Researchers propose framework for social considerations in urban NBS project selection, siting
Academics from universities across the globe outlined in a paper published earlier this month a methodological framework they said can guide the optimal selection and siting of nature-based solutions (NBS) projects in urban contexts by incorporating social and other considerations.
EMEA
New Danish carbon tax legislation to enter into force from 2025
Denmark is introducing a new tax on CO2 emitted by enterprises already covered in the EU Emissions Trading System (ETS), with an Emission Tax Act set to enter into force on Jan. 1, 2025.
Euro Markets: EUAs ease lower on thin volume as market settles in for holiday period
European carbon prices traded lower in the final, holiday-shortened session ahead of the break, stretching the correlation with natural gas with some other markets already closed.
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.
UAE-based company issues $100-mln bond to advance marine conservation
A Dubai-headquartered logistics company has issued a $100-million bond to support marine conservation projects, claimed to be the first of its kind in the MENA region.
Microsoft to deploy AI-powered biodiversity monitoring tool next year
Microsoft has announced an AI-powered device aimed at improving biodiversity monitoring, with plans to make it available worldwide in 2025.
India witnesses marginal rise in green cover, decline in mangrove area -report
India’s forest and tree cover has increased since 2021 and stands at 827,357 square kilometres or around 25% of the country’s total geographical area, according to a government report released Saturday.
Biodiversity Pulse: Tuesday December 24, 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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ADVERTISING BROCHURE
Carbon Pulse has published its 2025 advertising brochure and media pack, featuring updated offerings and prices. With that, bookings are now open for advertising on our website and in our newsletters next year.
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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.
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Premium job listings
- Assistant Director, Carbon Markets, Asia Society Policy Institute (ASPI) – Washington DC/at Asia Society Centers in US, India, Korea, Japan, Australia, France, or Switzerland
- Senior Program Officer, Carbon Markets, Asia Society Policy Institute (ASPI) – Washington DC/at Asia Society Centers in US, India, Korea, Japan, Australia, France, or Switzerland
See all listings or post a job
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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
But the fire is so delightful – The volume of gas in the bloc’s storage sites has dropped about 19 per cent from the end of September, when the refilling season ends in gas markets, to mid-December, according to data from Gas Infrastructure Europe, an industry body. The previous two years only saw single-digit drops over the same period, when higher than normal temperatures ensured that storage remained relatively full well into the winter heating season, and industries curbed demand due to higher prices. (FT)
New plans – Botswana has published its second NDC, which includes new modelling to estimate the country’s GHG emissions trajectory pathways under both business-as-usual and mitigation measures. The the difference between the two stands at around 4 MtCO2e or a 15% reduction as per the new document submitted by the African nation. The updated NDC GHG emissions by 2030 are similar to those reported in the first NDC, though the baseline year has shifted to 2015 from 2010. The national GHG emissions under the updated NDCs are estimated at approximately 22.7 MtCO2e, which is consistent with the first NDC. The current development of the construction and operation of a 600 MW coal-fired power station has also been included in the new plans. As Botswana is a low-emitting country, domestic funds will be prioritised for adaptation over mitigation measures, it stated. Large focus is also given to adaptation measures. Key mitigaton sectors remain energy and forestry.
ASIA PACIFIC
Creating Synergy – Western Australia state-owned energy company Synergy has selected renewable energy project developer Vestas to build its Kings Rock Wind Farm, according to a government announcement. The state government has committed A$438 mln ($273 mln) to the 150 MW project, and another A$500 mln to progress the Clean Energy Link-North transmission project in the state’s Mid-West region. The projects are part of a broader A$5.4 bln investment by the state government to decarbonise the South West Interconnected System (SWIS), the WA’s biggest electricity grid.
Singapore bio-LNG – Straits Bio-LNG has announced its formation and funding completion via LinkedIn. The Singapore-based company plans to decarbonise LNG, which it calls “the best transition fuel”, and produce 250,000 tonnes of bio-LNG a year. It said the company was made up of industry veterans in the mainly midstream LNG sector, coming from shipping, offshore mooring, LNG storage and reloading, and terminal operations.
Make Lahore green – The state government of Punjab in Pakistan has launched a Green Credit Programme in order to actively engage and empower masses to take actionable steps towards environmental protection, local newspaper Dawn has reported. Under the programme, the department has identified 29 solutions, ranging from tree plantation to waste management and the residents can register themselves on the government website and make multiple submissions across categories. The government has valued each credit at PKR 10,000 ($36). Participants can also earn green credit per kilowatt of renewable energy generated or saved by the use of solar panels, solar cookers, or energy-efficient appliances, the government said.
Australian airport announces carbon neutrality – Australia’s Adelaide Airport said it is the first in the nation to reach carbon neutrality after entering into a deal to secure Australian Carbon Credit Units (ACCUs) from a South Australian land regeneration project in the Gawler Ranges via company Canopy, which is part of Greening Australia. The ACCUs will offset residual Scope 1 emissions in 2024 and 2025 that are related to gas use in the terminal and vehicle fuel, the airport said. It did not reveal the size of the deal. It said it had already reduced its carbon emissions by nearly 90% over 2018 and now sourced 100% renewable energy from a local wind farm. Longer term it plans to convert the gas plant to an electric one, and replace its fleet with electric and hybrid vehicles. It plans a 100% reduction in Scopes 1 and 2 emissions by the end of the decade and to be net-zero by 2050. It will also start assessing the production of sustainable aviation fuel (SAF) via a collaboration with the state government, Zero Petroleum, and Australian airline Qantas at a plant in Whyalla.
Fast lane to net zero – China’s first zero-carbon highway, the 152.7 km Jinan-Hefei Highway, has opened for traffic, featuring renewable energy systems, advanced tracking technology, and design elements aimed at cutting net carbon emissions by 9,000 tons per year, according to pv magazine. The Jinan-Hefei Highway (G35), developed by Shandong Hi-Speed Group (SDHS), features eight lanes with a speed limit of 120 km/h, three service areas, two parking zones, and 10 toll stations. The authorities estimate that the highway will annually emit 13,600 tons of carbon, but expect clean energy technologies to offset emissions by 22,500 tons per year, resulting in a net reduction of 9,000 tons per year. Solar panels, installed across service area buildings, toll stations, entrance ramps, and embankments, include PV carports that charge vehicles while generating 33 GWh of electricity per year from 30 MW of capacity. The highway also integrates small wind turbines, geothermal heat pumps, and distributed storage systems at service areas, with 9 MW/18 MWh total energy storage capacity. A mobile energy storage system ensures backup power for the microgrid.
AMERICAS
Canadian industry proposes carbon market fixes – A Canadian industry association group recently sent a joint letter to Canada’s provincial ministers in support of industrial carbon pricing mechanisms, but proposed “five essential fixes” to get carbon markets performing at their full potential. The association praised carbon markets as “the most flexible and cost-effective way to incentivise industry to systematically reduce emissions,” but said that the policy “isn’t working as well as it should be.” Those five essential fixes include: removing interprovincial trade barriers, creating high-integrity offset protocols aligned across provinces, improving market transparency, enhancing revenue recycling, and pushing the federal government to create border adjustment mechanisms to prevent carbon leakage.
BluSky financing move – The Canadian biochar developer BluSky Carbon announced Monday that it intends to complete a non-brokered private placement of convertible debentures at a price of 30 cents per Convertible Debenture Unit, the company announced in a press release. Gross proceeds to the company will amount to $1 mln. Each unit will be comprised of $1,000 in principal amount of unsecured convertible debenture and will bear interest at a 12% rate per year. Blusky now no longer intends to complete a previously announced public offering of up to 6 mln units of the company for proceeds of up to $3 mln. The announcement comes nearly two weeks after the company said that it had signed a letter of intent with a US buyer to offtake 70,000 tonnes of biochar per year over a 10-year period from BluSky’s new facility in Arkansas.
Thirsty trees exacerbate climate effects – A study recently published in the environmental science journal Ecohydrology finds that Appalachian forests with high populations of maple trees may be more vulnerable to the effects of climate change. Researchers found that maple trees, which require more water to grow than other species, can shift a forest’s dynamic as it undergoes extreme weather conditions. During a drought-busting rainstorm, thirsty maple trees absorb more water that would otherwise end up in streams, which could magnify the effects of the drought. Researchers modelled the effects of future climate scenarios with low and heavy rainfall and found that, in both scenarios, forests with more maple trees would have more water loss and less streamflow, as well as a decreased ability to sequester carbon through photosynthesis.
New New York HFC regulations – The New York environment department finalised regulations Monday aimed at reducing two refrigerant GHG emissions – hydrofluorocarbons (HFCs) and hexafluoride (SF6). The regulations are required by the state’s Climate Leadership and Community Protection Act, which was passed during the state’s 2019-20 legislative session. The finalised regulations amend previously adopted regulations from 2020 that limit HFCs in certain use cases. The latest amendment establishes a global warming potential threshold for refrigerants, and aims at reducing HFC emissions from equipment leakage. It will not require the replacement of existing equipment prior to the end of its useful life.
Brazil biomethane partnership – Rio de Janeiro-based producer Gas Verde and Sao Paulo-headquartered waste management company Orizon have entered a partnership to build and operate two biomethane plants in San Goncalo and Nova Iguacu, according to a LinkedIn post. Together, the two plants will have a production capacity of about 200,000 cubic metres per day.
AND FINALLY…
A new present under your Christmas tree – On the Isle of Bute, researchers are pioneering mycoforestry, a practice that grows protein-rich edible mushrooms alongside trees, offering a carbon-negative food source. Scots pine and other seedlings are inoculated with ectomycorrhizal fungi, which form a symbiotic relationship with the roots, helping trees absorb nutrients while producing mushrooms. Led by Mycorrhizal Systems and the University of Stirling, the project aims to address climate and food production challenges. Calculations show that 1 kg of mushroom protein can be produced per 668 square metres of land, with the system sequestering up to 12.8 tonnes of carbon per hectare annually – a stark contrast to other protein sources, which emit carbon. The trial involves 14,200 inoculated seedlings and explores integrating fungi cultivation into existing forestry practices. Potential applications include Christmas tree plantations, which could generate an annual mushroom crop from year three, providing early economic returns while promoting tree planting. Challenges include ensuring local fungal provenance to avoid ecological risks and optimising tree management to maintain carbon sequestration. Despite this, the project offers a promising path toward sustainable food production and forest management, with mushrooms described as both “amazing” and “delicious.” (Wired)
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