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TOP STORY
Europe’s wind energy expansion faces gridlock as ETS2 looms
Europe is falling short on its annual goal of building 30 gigawatts (GW) of new wind farms, undermining the EU’s energy transition and making the expansion of the bloc’s carbon pricing scheme to building and transport fuels more challenging, new industry data shows.
VOLUNTARY
Replacing traditional building materials with CO2-storing alternatives could sequester over 16 bln tonnes/year -study
Replacing traditional building materials with carbon-storing alternatives could sequester more than 16 billion tonnes of CO2 annually, potentially offsetting half of global emissions, a new study reveals.
AMERICAS
Preliminary 2024 US GHG emissions not on track to meet Paris target -report
Preliminary US data for 2024 is expected to show declines in the country’s oil, gas, and industrial sector emissions, while total emissions dipped slightly, according to a report published Thursday.
US Treasury issues overdue biofuels tax credit guidance
The US Department of Treasury and Internal Revenue Service (IRS) on Friday released highly anticipated guidance on the 45Z Clean Fuels Production Credit (CFPC), but industry members remained disappointed over its lack of detail.
DOE awards $18.6 mln to three projects aiming to decarbonising industrial practices
The US DOE announced on Friday the launch of three projects totalling $18.6 million in funding under the Inflation Reduction Act (IRA) that will align best practices to reduce emissions in hard-to-abate industrial sectors.
US awards millions in decarbonisation grants
The US DOE is doling out more than $130 million to dozens of projects to reduce emissions, energy demand, and advance decarbonisation technology in its core industrial base, keeping up with global markets.
Forestry endowment puts $6.5 mln on tap for US working forest projects
A forestry-focused endowment issued a request for proposals Tuesday to distribute $6.5 million in funds to projects that improve the resilience of US working forests and forest-based communities.
EPA power plant rules could accelerate retirements of coal units -report
Coal plants are expected to retire at a quicker rate by 2040 than the EPA anticipates based on the impacts of the federal agency’s power plant GHG emissions rules, according to new modelling by non-profits published on Thursday.
California’s “ambitious” climate efforts linked to rising electricity costs in the state -report
Electricity rates in California are among the highest in the US, in part driven by the state’s climate-related initiatives coupled with wildfire-related costs and varying utility structures, according to the state’s nonpartisan agency.
Suriname ITMO auction delayed by post-COP29 review
The first auction of Suriname forestry conservation credits under Article 6 of the Paris Agreement has been delayed until a post-COP29 review has been completed, the Coalition for Rainforest Nations (CfRN) told Carbon Pulse.
Canadian CCS project threatened by cost challenges -report
An Alberta-based carbon capture and storage (CCS) project faces rising costs and weak revenue potential, jeopardising the viability of bringing the oilsands CO2 storage hub to fruition, a think-tank published Thursday.
ASIA PACIFIC
Bhutan publishes ART TREES concept note, aims for ITMOs
The Secretariat of the ART TREES standard on Friday announced it had added Bhutan’s jurisdictional REDD+ concept note to the ART Registry, wherein the Himalayan country has also committed to following protocols to issue Internationally Transferred Mitigation Outcomes (ITMOs) under the Paris Agreement.
CN Markets: CEA price continues to fall, CCER credit issuance slower than expected
Prices in China’s national emissions market continued to fall over the past week with decreasing trading volumes, while observers remained cautious about the supply outlook of the long-stalled offset market, given the slower-than-expected project registration progress.
Current inventories may underestimate methane emissions from Chinese coal mines, research says
Existing emission inventories may underestimate methane emissions from China’s coal mines, partly because of their reliance on aggregated statistical data, according to a recent report using satellite-based monitoring methods.
Japanese player partners with coal miner for SAF project
A Japanese conglomerate is partnering with a coal miner and an agricultural startup in a further step toward sustainable aviation fuel (SAF) in Australia this week, with a view to earning carbon credits.
Australian cement decarbonisation company wins $3 mln in US grants
A company already backed by the Australian government for its cement decarbonisation solution announced that two of its projects have now been selected for US Department of Energy (DOE) funding.
EMEA
INTERVIEW: European carbon capture developer plans to help emitters monetise biogenic CO2
The possible inclusion of waste incinerators in the EU ETS will incentivise them to capture CO2 to both reduce their compliance payments and to generate carbon removals from the biogenic portion, according to a Norwegian project developer.
Euro Markets: EUAs trim weekly loss amid sanctions-fuelled afternoon rally
European carbon prices surged strongly on Friday afternoon, wiping out early declines and trimming the weekly loss to just 1.4%, as futures neared recent highs amid a surge in crude oil and most energy markets after news of fresh US sanctions on Russian energy sales.
“Upstream carbon tax” required for sustainable growth in Armenia, World Bank says
A “well-designed upstream carbon tax” is among key policy developments required in Armenia if the country is to experience long-term sustainable growth, according to new research by the World Bank.
BIODIVERSITY (FREE TO READ)
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UK charity unveils 10-year plan to restore nature across 250,000 ha
A UK charity has announced plans to create 250,000 hectares of nature-rich landscapes in the country over the next 10 years in a bid to support national efforts to meet biodiversity goals.
Only 13% of high-impact firms made “robust” pledges on nature, Oxford study finds
Only 23 out of 180 firms from highly impacting sectors have so far reported sufficiently detailed and transparent commitments on nature to allow third-party verification of whether their targets have been met, a pre-print study released Friday found.
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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.
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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. Coinciding with Abu Dhabi Sustainability Week and kicking off the day after IETA’s MENA Carbon Market Dialogue, we’re bringing together regional and international carbon markets experts to discuss opportunities and risks within MENA. The two-day event will be a must-attend for anyone working in, or wishing to explore, carbon markets in the region. Last chance to register
Carbon Forward Asia – Mar. 4-5, Singapore – Our third annual Asian conference will once again be held in Singapore. Like at our past events, we’re excited to bring together experts from Asia Pacific to talk ASEAN markets, regional opportunities, developments in local and global carbon pricing, and all the topics you need to hear about across a stimulating two days. Register here
North American Carbon World (NACW) – Mar. 25-27, Los Angeles – The annual NACW conference addresses the most pressing issues in climate policy and carbon markets to the largest gathering of climate professionals in North America. NACW 2025 will dive into major new policies and developments that will shape and scale carbon markets and climate solutions with integrity and ambition. In addition to outstanding speakers, discussions, and insights, NACW provides premier networking opportunities with an active and engaged audience of carbon professionals. Join us for the content, community, and connections for successfully navigating the low-carbon landscape and advancing market-based climate solutions. www.nacwconference.com
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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
EU Project Groups – Details have been released about the Project Group for the Clean Industrial Deal as established by European Commission President Ursula von der Leyen under her 14 Project Groups in the European Commission. The Clean Industrial Deal Project Group is jointly chaired by the Executive Vice-President for Clean, Just and Competitive Transition, Teresa Ribera, the Executive Vice-President for Prosperity and Industrial Strategy, Stéphane Séjourné, and the Commissioner for Climate, Net Zero and Clean Growth, Wopke Hoekstra. The Vision for Agriculture and Food is chaired by the Commissioner for Agriculture and Food, Christophe Hansen. Details of other Project Groups are here. Their job is to coordinate on topical issues and to ensure that initiatives in their area get delivered.
Coal no more – The city of Katowice, once the heart of Poland’s coal mining and today a shining example of just transition in action, yesterday joined the Powering Past Coal Alliance (PPCA), a global coalition of governments, cities and regions, and businesses committed to phasing out coal power in favour of clean energy. The announcement coincides with the start of Poland’s EU Presidency.
Soil investment – Dubai-headquartered Commercial Bank International (CBI) has announced its investment in soil carbon developer Boomitra to boost regenerative agriculture initiatives across the Middle East, Africa, and Asia, by using AI-enabled solutions. The investment will support the developer in leveraging satellite data and artificial intelligence to measure soil carbon sequestration, enhancing soil health, boosting crop yields, while also generating carbon credits that offer financial incentives to farmers. The announcement comes as the UAE is actively addressing challenges such as water scarcity and land degradation. With up to 70% of land in the Middle East and North Africa affected by degradation, the partnership will support efforts to use technology to restore soil health, the press statement said.
Greener tastes – Placing a climate fee on the most carbon-intensive food in Germany could generate over €8.2 bln annually, which if redistributed to households through a lump-sum compensation scheme, would ease the financial burden on households, while supporting sustainable consumption and helping to meet climate targets for agriculture. This is according to a study by the Potsdam Institute for Climate Impact Research (PIK), which found that emissions with Germany’s agricultural sector could be reduced by 22.5% or over 15 mln tonnes of GHG annually, if the social cost of carbon were reflected in food prices. Emission-intensive products such as meat and dairy would be most affected by such a climate fee of around €200/t, while prices for more sustainable products would rise less: Yoghurt and milk would increase by about 25 cents per kilogram, while beef prices could rise by over €4/kg. This would encourage more sustainable eating habits and allow a climate dividend to benefit lower-income households in particular, the study said.
New suppliers – The German government is willing to partner with African countries on fossil gas projects as well as blue hydrogen ones, where the CO2 is captured and stored, reported Tagesspiegel Background. New guidelines on cooperation with countries on the African continent emphasise work towards ending fossil fuel use and expanding renewables, but leave the door open to fossil gas and hydrogen derived from it. Germany is seeking to diversify gas imports and find new suppliers since the halt of direct supplies from Russia, and Chancellor Olaf Scholz has said Germany could support countries like Senegal in their efforts to extract and export gas.
Fossil still dominates – Four in five residential buildings in Germany are still heated with oil and gas even if climate-friendly alternatives are now predominant in new builds, according to a report by the German Energy Agency (dena). In 2023, 65% of newly completed residential buildings had a heat pump as their primary heating system, a year-on-year increase of 8 percentage points, said the report. While heat pumps were also the most prevalent heating system in new non-residential buildings (34.4%). However, one in five new residential building was still equipped with a gas heating system. Around 15% of Germany’s CO2 emissions come from heating buildings, meaning most of the country’s 40 million homes must switch to climate-neutral heating technology – such as heat pumps – if it is to reach its 2045 net-zero emissions target.
Ag partners – British supermarket chain Tesco will work with potato supplier Branston and livestock processor ABP to explore innovations to cut GHG emissions, under efforts to decarbonise supply chain emissions and protect agricultural resilience. The innovations may include low-carbon fertilisers, alternative fuels, cold storage, and carbon removal techniques, together with regenerative efforts like improving soil health, reported edie.net. In a new report Tesco surveyed over 300 farmers, with 67% of those surveyed already seeing the impacts of climate change on their farms, while 36% felt ‘pessimistic’ when thinking about the future. Some 92% of farmers thought the government should do more to support UK farming to become more resilient, while 76% have not been able to implement the environmental measures they wanted due to cost, risk, and lack of policy certainty. Installing new farm technology often presents untenable risk and there is a lack of standardised frameworks for measuring sustainability, the report found. Tesco suggests the government set a long-term land use and food security strategy and advocates for food supply chain partnerships to improve standards.
Seagrass funding – The Welsh government has announced an additional £100,000 of funding to support the development of Seagrass Network Cymru’s (SNC) National Seagrass Action Plan in financial years 2024/25 and 2025/26, a statement said Friday. This brings the Welsh government’s funding to almost £1.12 mln of funding to seagrass and saltmarsh restoration projects since 2021 through the Nature Networks Programme and the Coastal Capacity Building scheme. The extra funding aims to help Wales halt seagrass loss and support recovery of 266 ha of seagrass by 2030, in line the Kunming-Montreal Global Biodiversity Framework “30×30” conservation targets. Seagrass offers carbon storage, flood protection, and biodiversity support, amongst other benefits.
ASIA PACIFIC
Data is key – China has released the first version of the national database for emissions factors, as the country aims to strengthen its emissions accounting systems, the environment ministry said in a statement published Friday. The database, jointly developed by the ministry and the National Bureau of Statistics, will help the country achieve its climate targets, the release said.
Seizing the sun – Philippines-based Citicore Renewable Energy announced Indonesia state-owned Pertamina will purchase a 20% stake in the renewable energy company for 6.7 bln pesos ($114.8 mln), Reuters reported. Under the agreement, Pertamina subsidiary PT Pertamina Power Indonesia will subscribe for 2.23 bln of Citicore’s shares for 3 pesos per share. The funds from the subscription agreement will help Citicore develop its pipeline of renewable energy projects, with the company hoping to develop projects in Indonesia, and to build out its capacity to 1 GW of renewable energy capacity per year over the next five years. Citicore is one of the Philippines’ biggest solar power producers, operating some 10 solar power plants with a total capacity of 285 MW.
Showcase soon – Singapore-based energy transition company TransEnergy Global has partnered with European investor Aither Global Carbon (AGC) on Project Mzansi and the two are planning to reveal the project in a roundtable conference in Singapore next week, they said in a joint announcement Friday. Dubbed the “world’s largest”, the project will ensure that one major coal reserve, which otherwise would have been mined for decades, remains in the ground and undisturbed for at least 100 years. The project will generate high-integrity carbon credits, the revenues from which will be reinvested into renewable energy development, biodiversity, and community impact programmes. The partnership aims to bridge the link between South Africa and Singapore with that of the global carbon markets.
West wind expansion – The West Australian government has awarded a A$270 million contract ($167 mln) for a contract to build part of its planned Clean Energy Link – North, designed to develop renewable energy in the southwest of the state. Contract winner GenusPlus will expand the South West Interconnected System’s (SWIS) northern section to allow for more clean energy generation in the MidWest, the state government said. This will benefit the A$400 mln expansion of the Warradarge wind farm, among others. The state was home to Australia’s first wind farm, Salmon Bridge, built in 1987 and decommissioned in 2002. Funding for Clean Energy Link forms part of the Labor government’s A$5.7 billion investment in onshore wind, large-scale battery storage and new transmission projects since 2017, when it won power.
AMERICAS
Growing Constellation – The nuclear energy company Constellation announced Friday the acquisition of Calpine Corporation, a Texas-based natural gas and geothermal electricity producer. Under the deal, Constellation will acquire the company for a net purchase price of $26.6 bln, which includes cash, debt, tax attributes, and Constellation shares. The companies said that the agreement “creates the nation’s largest clean energy provider”. Calpine has the largest geothermal generation fleet in operation in the US, plus a portfolio of natural gas and renewable energy generation.
Final act – In one of his final acts as US transportation secretary, Pete Buttigieg announced Friday nearly $5 bln in grants for more than 560 infrastructure projects spread across all 50 states and territories. The funding from the Bipartisan Infrastructure Law will support a range of local projects, from $1.1 bln for improved rail safety to $635 mln for expanding EV charging infrastructure. The ZEV charging and refueling infrastructure funds will go to 49 projects that are expected to deploy more than 11,500 EV charging ports and hydrogen and natural gas fueling infrastructure along corridors and in communities across 27 states, four Federally Recognized Tribes, and the District of Columbia. This tranche of funding adds to the more than 72,000 projects funded by the infrastructure law that will be delivered in the coming years.
Red light for green policies – House Republicans are considering over $5 tln in spending cuts to finance President-elect Donald Trump’s priorities, according to a document acquired by POLITICO. Among the proposed reductions are significant changes to climate-related programmes, with up to $468 bln in cuts by reversing the previous administration’s climate policies. The cuts include discontinuing Green New Deal provisions in the 2021 Infrastructure Bill ($300 bln), repealing the EV mandates ($112 bln), and eliminating green energy grants from the Inflation Reduction Act ($56 bln). Depending on political viability, proposed cuts to green energy tax credits, which could range between $200-$500 bln, are also on the table.
A different kind of emergency – President-elect Donald Trump plans to declare a “national energy emergency” on his first day in office, aiming to lower energy costs and boost domestic fossil fuel production. His agenda includes repealing Biden-era energy restrictions, cancelling electric vehicle mandates, and reopening Alaska’s ANWR for oil drilling. If enacted, this would be the first national energy emergency declaration, contrasting with past regional energy emergencies declared under President Jimmy Carter, who focused on energy conservation and long-term sustainability. Energy experts suggest Trump’s approach will prioritise increasing fossil fuel production rather than balancing environmental concerns. Critics highlight the lack of current energy shortages, noting US oil and gas production is at record highs, and attribute power blackouts to extreme weather exacerbated by climate change. Trump’s energy emergency could unlock broad executive powers under the National Emergencies Act, but specifics remain unclear. Previous Trump-era proposals included ordering utilities to support coal and nuclear plants, a plan abandoned in 2018. Experts question the necessity and effectiveness of such a declaration, viewing it as largely symbolic. (E&E News)
Refining DAC – The carbon capture startup Susteon has partnered with the National Energy Technology Laboratory (NETL) to test new materials and processes for direct air capture (DAC) technologies. The startup is testing several new materials, from high-capacity structured sorbents to dual function materials, and is working to integrate these materials in scaled-up versions of DAC systems. The startup is also experimenting with using CO2 captured from DAC with green hydrogen to create carbon-negative methanol, a renewable fuel. “This project exemplifies Susteon’s vision of a circular carbon economy, where captured CO2 is transformed into valuable products,” a press release said. NETL is providing project management to Susteon as it works to deploy its technologies.
The race to replace – Former Bank of Canada and Bank of England governor Mark Carney is poised to enter the race next week to replace former Canadian Prime Minister Justin Trudeau, CBC reports. Allegedly receiving the backing of over 30 MPs, support for Carney gained earlier this week after Finance Minister Dominic LeBlanc ruled out running in the Liberal party leadership race. Other potential contenders, including former finance minister Chrystia Freeland and ex-BC premier Christy Clark—who stated today that she would scrap the carbon tax if selected as the next Liberal leader—are still weighing their options. The Liberal Party’s executive has set Mar. 9 as the date to select its next leader, and candidates must declare their intention to run and pay a $350,000 entry fee by Jan. 23. So far, only two candidates—Liberal MP Chandra Arya and businessman Frank Baylis—have officially entered the race.
Uruguay on the fence – Uruguay has joined the first handful of countries to submit a third Nationally Determined Contribution (NDC) climate target document to the UN Framework Convention on Climate Change. In its newest submission, the South American country says that it will “promote access to carbon markets through sustainable agricultural and livestock practices”. However, it does not elaborate upon its last NDC regarding Paris Agreement Article 6 carbon markets, only stating that it has not ruled out the possibility of participation as a project host country.
VOLUNTARY
BluSky financials – Canada-based carbon project developer BluSky Carbon has filed its audited annual financial statements for the year ended Aug. 31, 2024, along with its management’s discussion and analysis and related documents available under the company’s profile on SEDAR+. The company has disclosed that it spent over $400,000 in its last financial year to purchase carbon credits for delivery under an offtake agreement. BluSky, which is not yet operational in producing its own credits, acquired these externally to meet commitments. It has also secured substantial future sales, including a $105 mln, 10-year biochar supply deal and a two-year carbon offset agreement valued at up to $1.6 mln.
Private Placement – Canada-based project developer Carbon Done Right has closed the first tranche of its non-brokered private placement, raising $105,000 through 7 mln shares at $0.015 each. The company announced plans to upsize the offering to $350,000 to support its flagship forest carbon restoration project in Sierra Leone and meet investment requirements under a pre-purchase agreement. The final tranche is expected to close in Jan. 2025, pending regulatory approvals. Carbon Done Right also announced on Wednesday it has completed third-party validation of its Sierra Leone project under Verra methodology and can now issue credits.
Powering Deep Sky Alpha – Deep Sky Alpha, a direct air capture testing (DAC) facility developing in Alberta, Canada, is set to be fully powered by solar energy. Montreal-based carbon removal project developer Deep Sky has announced a 10-year deal with UK-based renewable energy provider Low Carbon. The power purchase agreement would require Low Carbon to provide 10 GWh per year from its 9MW solar facility, Lethbridge 1 – also in Alberta. Bill Gates’ clean tech venture fund recently committed $40 mln to the DAC hub.
AND FINALLY…
Climate diplomacy takes centre stage – The play Kyoto, by Joe Murphy and Joe Robertson and now being staged at London’s Soho Place Theatre, explores the landmark 1997 UN climate conference where global delegates painstakingly negotiated the Kyoto Protocol. Despite the seemingly dry subject of grammatical wrangling and compromise, the FT says the play transforms the arduous process into compelling drama, earning critical acclaim. Directed by Stephen Daldry and Justin Martin, Kyoto underscores the urgency of collaboration and the art of negotiation in tackling climate change. Central to the narrative is Donald Pearlman, a US lawyer and lobbyist for the fossil fuel industry, portrayed as a complex figure embodying America’s shifting global role. Through his story, the play examines the tensions between a unipolar and multipolar world, highlighting the importance of empathy and compromise in addressing global challenges. Murphy and Robertson aim to inspire hope and collective action, portraying the conference as a rare moment of global unity. While acknowledging current climate challenges, the playwrights view their work as a fable that reaffirms the possibility of progress through shared effort. They said they hope audiences leave with a sense of pride, determination, and optimism for future cooperation. Watch the trailer.
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