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TOP STORIES
Global carbon market traded volume surges in 2024, valuation remains flat -analysts
Global carbon markets saw their value marginally rise to above €800 billion in 2024, according to annual research published by analysts, while traded volume jumped by almost 25% year-on-year amid buoyant activity across nearly all systems.
ANALYSIS: The Trump effect on North American carbon markets
Traders deliberated the impact of President Donald Trump’s first few weeks of unravelling US environmental policy on subnational carbon markets, as outsized option positions underpin participants’ hedging against negative outcomes, while longer-term policy shifts are yet to emerge after LA wildfires delayed California’s ETS rulemaking.
EMEA
BP to further scale back green investments, amid wider oil industry retreat from clean energy
BP has become the latest large fossil fuel company to announce a step away from investment in green energy, following a string of recent announcements from oil and gas producers reigning in climate targets.
Brussels urged to submit 2035 climate target to the UN “as soon as possible”
The EU has an obligation to submit a 2035 climate target to the UN “well before” the COP30 climate summit in November, said a senior European Parliament member from the ruling European People’s Party (EPP) – putting pressure on Brussels to deliver “as soon as possible”.
ETS2 remains safe, but Social Climate Fund may need tweaks to appease politics -experts
Experts remain optimistic that European policymakers will not lose faith in the new EU Emissions Trading System for road and heating fuels (ETS2), despite growing headwinds driven by concerns about the public costs it could inflict, they said at a conference in Essen on Tuesday.
European exchange clinches deal with CDR marketplace to build multi-year portfolio
A European financial exchange operator has entered into an agreement with a specialised carbon removal (CDR) marketplace and infrastructure provider that will develop a multi-year durable carbon portfolio, the companies announced on Tuesday.
UK pushes ahead with policy support for new modular nuclear energy technologies
The UK government has kicked off a second consultation on its guidance for future nuclear energy policy, seeking views on how to expand the policy’s scope to enable small and advanced modular reactor technologies, it announced on Tuesday.
UK solar PPA market sees ‘lucky streak’ end, raising risks for 2030 clean power target -report
The UK’s solar power purchase agreement (PPA) market has thrived in recent years due to a rare alignment of market prices and seasonal conditions, but this ‘lucky streak’ is unlikely to continue, according to new analysis released on Tuesday.
Euro Markets: EUAs edge lower after volatile day tracking swings in gas and power
European carbon ended slightly lower on Tuesday after closely tracking the TTF market, dropping at the opening after forecasts for milder weather triggered early weakness across the energy complex, before following gas and power higher and then lower amid speculation that Germany might unveil changes to its storage mandate.
AMERICAS
Guatemala proposes $51 mln budget for national carbon credit programme
Guatemala’s finance ministry has proposed allocating nearly 10% of a national budget increase toward the country’s carbon crediting programme.
US SEC requests pause on ongoing litigation against climate disclosure rules
Acting chairman of the US Securities Exchange Commission (SEC) requested staff Tuesday to notify federal courts not to schedule arguments for the lawsuit against its contested climate disclosure rules, as the agency needed time to deliberate and determine appropriate next steps in light of a regulatory freeze from the new White House administration.
Trump signs 25% tariff on all steel, aluminium imports
US President Donald Trump signed an executive order on Tuesday placing steel and aluminium imports from all countries under a 25% tariff.
Peak diesel deficits in Q3 shrink Oregon CFP credit bank
Record diesel deficit generation in the third quarter of 2024 significantly counterbalanced overall credit output under Oregon’s Clean Fuels Program (OCFP), according to state data published Tuesday.
US soil carbon startup expands Texas grasslands conversion project to 6,300 acres
A soil carbon developer has partnered with a Texas land trust to protect 6,300 acres (2,550 hectares) of grassland from being converted into cropland while generating thousands of carbon credits, according to an announcement Tuesday.
US-based reforestation firm secures $25 mln in Series B funding to expand biomass burial operations
A Seattle-based reforestation firm has secured $25 million in Series B funding to expand its biomass burial operations, a carbon sequestration strategy aimed at combating the effects of high-severity wildfires.
Legal pressure mounts against CO2 pipeline development in Iowa
A US non-profit this month moved to intervene in a legal challenge against the Iowa Utilities Commission’s (IUC) approval of a CO2 pipeline permit, amplifying opposition to the contentious decision.
Texas lawmaker introduces bill to establish state council for CO2 sequestration
A Texas Democratic lawmaker introduced legislation Monday to establish a state council for CO2 sequestration policy.
Former US CFTC chair who led VCM oversight effort departs agency
The former head of the US Commodity Futures Trading Commission (CFTC) who led the agency’s efforts to oversee voluntary carbon market (VCM) derivatives left the agency last week, and has been replaced by an acting chair.
Canada can’t build clean power plants fast enough to meet demand -study
Canada’s timeline to achieve net zero is “impossible in practical terms,” according to new study examining current clean power options up against the sheer scale of incoming electricity demand.
ASIA PACIFIC
Nepal submits Article 6.4 project list to the UN
Nepal has submitted a list of project activities to the UNFCCC that it will consider for carbon credit generation under the Article 6.4 of the Paris Agreement, as part of efforts to meet its Nationally Determined Contribution (NDC).
Australia passes hydrogen, mineral tax credit scheme
Australia has passed legislation to provide production tax credits for hydrogen and critical minerals processing in the hopes of kickstarting clean energy industries that have struggled to take wing.
INTERNATIONAL
Swiss agency signs purchase agreement with cookstove project developer for ITMOs from Africa
The Swiss organisation arranging Article 6 deals on the country’s behalf has inked a purchase agreement with an Australian project developer for Paris-aligned carbon credits from a clean cooking initiative in Malawi.
AVIATION/SHIPPING
ICAO to assess Paris crediting mechanism units for CORSIA once time is right -TAB chair
The chair of UN aviation agency ICAO’s technical body has said that new Paris Agreement units will be assessed for the CORSIA scheme once the mechanism is ready.
FEATURE: Shipping sector explores compliance options as new rules push up carbon costs in 2025
Shipping companies are grappling to find the best way to comply with the EU’s new fuel intensity regulation, as the sector’s exposure to carbon policies more than doubles this year, and biofuels emerge as the most popular option.
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.
INTERVIEW: Governments, financiers urged to back expansion of nature insetting
A high-level initiative led by governments and financial institutions should be established to expand insetting beyond just carbon, as deep transformation across supply chains is unlikely to happen unless businesses address their impacts on nature, a member of the International Platform for Insetting (IPI) has told Carbon Pulse.
INTERVIEW: BNG market taking off, with more buyers entering the fray -developer
England’s market for biodiversity net gain (BNG) is taking off, said a developer, which sold more units in January than during the whole second half of last year.
Tech firms partner to tackle UK water monitoring challenge
Two technology companies on Tuesday announced a partnership to scale UK water quality monitoring in a bid to confront the industry’s pollution impact on nature.
French companies launch public nature tech database
A public database of approximately 1,000 early-stage nature technology companies was launched on Tuesday by Paris-based organisations Motherbase and CDC Biodiversite.
Chemical firm seals biodiversity partnership with IUCN
A Belgian-headquartered multinational chemicals firm on Tuesday announced it has partnered with green group the International Union for Conservation of Nature (IUCN) to meet nature targets aligned with the Global Biodiversity Framework.
Travel company inks deal to buy biodiversity credits from restoration project in Portugal
A London-headquartered travel company has clinched a deal to acquire a batch of biodiversity credits generated through a nature restoration project in Portugal.
Brazilian carbon developer eyes biodiversity credits amid increasing corporate interest
A Brazilian carbon developer is planning to explore biodiversity credit opportunities in the Amazon and Atlantic forests, amid increasing corporate interest in nature-related claims, the company project director told Carbon Pulse.
Marine plastics non-profit launches US fund for ocean restoration
A global non-profit dedicated to combatting plastic pollution has launched a US-based fund that aims to raise $30 million for marine biodiversity restoration.
Biodiversity Pulse: Tuesday February 11, 2025
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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EVENTS
Webinar: How to do offtakes right with Frontier, DLA Piper, and Supercritical – Feb. 20 (1700 GMT/1200 EST) – Join us for a free practical session on securing carbon removal to meet your net-zero goal. This expert-led webinar will explore the key considerations for designing high-quality offtake agreements that support both climate goals and business priorities. Whether you’re new to offtakes or looking to refine your approach, you’ll gain actionable insights into building agreements that de-risk early-stage technologies, maximize impact, and align with your net-zero strategy. Register
Carbon Removal Day – Feb. 27, Ottawa – Carbon Removal Canada invites you to Policy to Progress: Carbon Removal Day 2025, a conference dedicated to exploring the opportunities and challenges in advancing Canada’s carbon removal sector. Join us to discuss current solutions in action, how we can continue to drive innovation, and create the conditions for scaling carbon removal technologies. 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
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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BITE-SIZED UPDATES FROM AROUND THE WORLD
EMEA
ETS2 the people – The billions in state revenues expected from the EU’s upcoming Emissions Trading Scheme for road transport and heating fuels (ETS2) need to be distributed equitably in support of low-income households, write Luke Haywood and Hannah O’Sullivan, from the European Environmental Bureau (EEB). “This is one of the advantages of a carbon price: revenues can be used to address some of the costs of moving away from fossil fuels,” the authors argue in an opinion article published by Balkan Green Energy News. Low-income households risk being disproportionately impacted by ETS2 and often lack the means to transition from fossil fuels, they point out, saying targeted support schemes will be crucial to aiding them. In Austria for example, carbon pricing revenues are returned to households in annual direct payments that vary depending on income – in so-called climate dividend schemes. “For countries with higher rates of energy and transport poverty such as Bulgaria, Hungary or Slovakia, supporting households to permanently phase out fossil fuels should be a priority,” they argue.
Startups wanted – The Office of Kenya’s Special Envoy for Climate is looking for pre-seed startups for its Catalyst Fund, an early-stage VC fund and accelerator investing for a climate-resilient future in Africa. The fund “is actively seeking local founders or co-founders with gender-balanced leadership teams who are serving populations in Africa with innovative tech solutions,” the office said in a statement posted on LinkedIn. Specifically, the office is looking for startups in: (i) WaterTech and Water Intelligence Solutions, (ii) Financing Solutions for Regenerative Agriculture, (iv) Precision Reforestation, (v) Alternative Materials (especially alternatives to plastic), and (vi) Coastal Resilience Technologies. The fund offers a “comprehensive support package”, with “up to $150k and $50k in venture building cash investment available plus dedicated venture-building support.”
Net-zero trucks – The European Automobile Manufacturers’ Association (ACEA), a trade group, has urged greater focus on heavy-duty vehicles in ongoing discussions about a potential EU law on corporate fleets to boost demand for zero-emission vehicles. Talks in Brussels are focused largely on cars, “ignoring the heavy-duty segment where the initiative could deliver important benefits and boost the market,” ACEA said on Tuesday. “Whilst increasing the share of zero-emission cars in corporate fleets can easily be done by tweaking fiscal regimes at the national level, the heavy-duty segment requires a targeted approach and actions not only at EU but also member states level,” ACEA pointed out. This includes (i) prioritising zero-emission trucks and buses for publicly procured vehicles and transport services, (ii) mandating shippers to progressively increase their share of zero-emission vehicles, and (iii) implementing CO2-based road user charges in all EU member states, among others, ACEA said.
Platform for action – Ecologi, a British climate action platform, has announced its acquisition of Net Zero Now, a sector-specific carbon measurement and reduction platform for businesses. The combined entity operating under the Ecologi brand will create a single solution for industry climate leadership towards net zero, the release said. The integration combines sector-specific carbon measurement and reduction with world class verified climate projects that supports businesses wherever they are on their net zero journey. Businesses can now measure, reduce and report their carbon footprint using sector-specific protocols endorsed by leading industry bodies, whilst funding world class verified climate projects, Ecologi said.
Zimbabwe’s NDC submission – In its latest Nationally Determined Contribution (NDC) submission to the UNFCCC, Zimbabwe has raised its ambition to reduce GHG emissions by 40% compared to the 2035 BAU scenario. The country has also added three more adaptation sectors, including health, tourism, and forestry and biodiversity, in addition to agriculture, water, infrastructure, and early warning and disaster risk management. Last December, Zimbabwe launched a national carbon market framework that aligned its national policy with Article 6 of the Paris Agreement. The framework which provided pathways for both public and private sector participation, incorporated international standards on MRV, paving the way for international carbon market participants to more easily invest in carbon projects in the country.
ASIA PACIFIC
Buh-bye – Australia’s Macquarie bank Tuesday announced it would join other major financial groups in quitting the Net Zero Banking Alliance (NZBA). The bank said in a statement that NZBA helped develop global frameworks and assisted banks establish initial decarbonisation plans, and with those building blocks in place, would now no longer be a member of the alliance. It said it would now focus on updating and delivering its plans and reporting in line with regulatory requirements, and provide a further update on its progress in May during in its annual report. Macquarie described its work supporting the energy transition and advancing solutions to climate challenges as “an important area of activity” and the bank was continuing to invest in climate mitigation and adaptation. Australian banks ANZ, Bank of Queensland, CBA, NAB, and Westpac remain listed as members of the NZBA, according to its website.
Greening the grid – Indonesia plans to add 17 GW of solar and 16 GW of hydro power over the next decade to increase the share of renewables in its coal-heavy energy mix. The additions will raise the share of renewable energy to 35% from 12% last year, said Kartika Wirjoatmodjo, deputy minister of state-owned enterprises at a conference. Of the 71 GW of new capacity over the next decade, around 70% will come from renewables, he added. The country will also add 15 GW of gas and 5 GW of coal, as per the national power plan, known as the RUPTL, which is currently being finalised.
Green shipping – South Korea and Australia have signed an initial agreement to create an eco-friendly shipping route, or so-called green shipping corridor, between the two countries by 2029 as part of joint efforts to reduce carbon emissions, according to Yonhap. The two sides recently signed a MoU aimed at starting operating the route in 2029, according to Korea’s Ministry of Ocean and Fisheries. South Korea’s trade ministry recently also said this year it will invest around 260 bln won ($180 mln), 40% more than last year, to maintain the competitiveness of the domestic shipbuilding sector.
LNG options – Taiwan is interested in natural gas from Alaska, as the government looks to narrow the trade surplus with the US and head off tariffs, the economy ministry said, according to Reuters. State-run energy company CPC will continue to assess the feasibility and is also willing to make additional purchases. Most of Taiwan’s LNG comes from Australia and Qatar, with US imports making up around 10% of supplies.
Thailand to increase clean energy – Thailand’s national power company will spend THB 30 bln ($836 mln) this year, largely on renewable energy, Solar Quarter reported this week. This will equate to around 1,000 MW of power, and includes the full commissioning of the Yunlin wind farm, offshore Taiwan and strengthening other cross-border investments. Its current renewable footprint is around 1,440 MW, or 21% of its portfolio. It is actively developing biomass, solar, hydro, as well as wind, and plans to have renewables make up 30% of its generating capacity by the end of the decade.
Channelling funds – Taiwan aims to get more than $1.5 billion in investment from insurance funds to help finance the island’s green energy transition, Environment Minister Peng Chi-ming has said, according to Reuters. The environment ministry, along with the economy minister and Taiwan’s financial regulator, have formed a working group to channel funds from the insurance industry into energy service companies that design, build and arrange financing for energy-saving schemes.
AMERICAS
Thawing the freeze – US District Judge John McConnell has ordered the Trump administration to immediately unfreeze federal grants, including those appropriated under the Inflation Reduction Act (IRA), after Democratic attorneys general from 22 states and Washington, DC, argued the directive was not being followed. McConnell, who was appointed by former President Obama, ruled that the funding freeze, which the administration implemented to reassess spending priorities, likely violates the constitution and continues to cause significant harm. Despite the Office of Management and Budget rescinding its memo directing the freeze, McConnell found that the administration had not resumed disbursing funds as required, particularly those supporting IRA programs. (The Hill)
A tax(ing) problem – A US coalition of environmental and policy organisations have called on congress to repeal the 45Q tax credit and other subsidies for carbon capture and sequestration (CCS), arguing they waste taxpayer money, pose safety risks, and fail to deliver meaningful emissions reductions. In a letter to Senate Finance and House Ways and Means Committee leaders, the groups cited evidence of fraud in the 45Q programme, safety concerns from CO₂ pipeline failures, and risks to water resources and Indigenous communities. They argue that CCS has not met performance benchmarks, despite US EPA rules expecting CCS to deliver 90% of power plant emissions reductions. The letter urges Congress to eliminate funding for CCS in the upcoming reconciliation package, redirecting resources to more effective climate and public safety initiatives. The letter comes just two weeks after a coalition of 160 businesses and organisations called on congress to maintain bipartisan support for the 45Q tax credit.
Cashing in on clean air – Biorem Inc., a clean technology company specialising in air emissions control, announced it has secured new orders worth over $8 mln for air emission abatement technologies across Asia and the Americas, bringing its total order backlog to $60.5 mln. The contracts include both new and repeat clients and, despite trade uncertainties and potential tariffs, the company expects minimal financial impact due to its diversified supply chain and operations in both Canada and the US. In a press release, the company stated that it remains optimistic about long-term market growth, driven by increasing urban infrastructure needs and industrial demand for emissions control solutions.
Policy pivot – Canadian Liberal leadership candidate Chrystia Freeland’s proposal to expand LNG exports has drawn scepticism from critics who argue her government has historically hindered the sector. While Freeland’s platform positions Canada as an ‘energy superpower,’ critics, including former Liberal MP Martha Hall Findlay and Canada West Foundation CEO Gary Mar, questioned her credibility given the Trudeau government’s past policies, such as shelving the Northern Gateway pipeline and restricting oil tanker traffic. While some, including University of British Columbia professor Kathryn Harrison, argue Freeland’s stance aligns with the government’s previous LNG approvals, environmental groups warn that doubling down on LNG could undermine climate goals and provide limited economic benefits. (BOE Report)
Retail therapy for the planet – Cool Climate Club, a sustainability-focused platform helping retailers integrate climate action into their business models, officially launched at the Toronto Stock Exchange. The initiative, backed by Canada’s Forest Trust Corporation (CFTC), provides tools to track tree planting and forest preservation, offering businesses a measurable way to contribute to environmental efforts. Using point-of-sale technology and co-branding opportunities, Cool Climate Club enables retailers to meet increasing consumer demand for sustainability, particularly from Gen Z and millennial shoppers. The club’s advisory board includes leaders from retail, policy, and finance, positioning the platform as a bridge between business and environmental responsibility.
ARR-matey – The Quebec environment ministry (MELCCFP) published several forms relating to its afforestation and reforestation on private lands protocol. An offset credit issuance application form, for individual projects and aggregated projects, was updated, and a project report draft template was published for the first time. The latter is available for public consultation for 30 days. All of the new documents are only available in French.
Parana plans – Eduardo Bekin, president of promotion agency Invest Parana, said the Brazilian state is developing a carbon credit programme to renumerate rural producers – mainly farmers – who conserve at least 20% of their productive land, reported Sou Agro. The programme intends to induce the creation of both carbon and biodiversity credits, Bekin added.
Laggard no more – Mexico’s state-owned oil company Pemex announced its first-ever sustainability plan that commits to reaching net zero Scope 1 and 2 emissions by 2050, with an interim target to cut methane emissions by 30% by 2030. Pemex has long been singled out for being a climate laggard and was added to the investor-led climate club Climate Action 100+’s “focus list” in 2020 due to the “material systemic and investment risks” climate change poses to the company. The club celebrated the news Monday saying that the commitment marks “a first important step in signalling its willingness to take action on climate change.”
VOLUNTARY
NbS land compliance – Brazilian certification body Tero Carbon has launched a 30-day public consultation on a new Land Tenure Compliance Seal system for NbS projects. The seals, part of the Tero Certification Program, classify projects based on their land tenure compliance, with three levels: bronze (one year of compliance), silver (three years), and gold (five years plus excellence in environmental management). The initiative aims to boost transparency, investor confidence, and market integrity. The consultation runs until Mar. 11.
In carbon we trust – An online directory of products bearing the ‘Carbon Trust’ label has been launched, making it easier than ever for climate-conscious consumers to access verified evidence on carbon reduction claims made by leading brands, according to a press release. Through the new online directory, consumers can now find additional information about the claims made on-pack with the Carbon Trust label. These labels have been helping to inform consumers about the emissions created by the products they are purchasing since they were launched in 2007. Nescafe, Dyson and San Pellegrino are among the first brands to share their verified carbon reduction data in the directory, the release stated. By sharing this additional information, the Carbon Trust and the brands featuring their products are underlining their commitment to further increasing transparency in carbon claims.
SCIENCE & TECH
1.5C and rising – Two new studies in Nature Climate Change indicate that global temperatures have already surpassed the 1.5C threshold outlined in the Paris Agreement. The studies suggest that the world has entered a 20-year period of temperatures above 1.5C above the pre-industrial period, based on current climate models. The milestone was reached in 2024, a full decade earlier than previous predictions. The first study was led by a researcher with Environment and Climate Change Canada, and the second one by a climate scientist at the Helmholtz Centre for Environmental Research in Germany.
AND FINALLY…
Rice revolution – Researchers have developed a new rice variety predicted to cut methane emissions by 70% while nearly doubling the global average yield. The breakthrough, led by scientists from China’s Hunan Agricultural University and Sweden’s University of Agricultural Sciences, was achieved by crossbreeding high-yield and low-methane rice strains without genetic modification. The plant produces less fumarate, a compound that feeds methane-producing microbes in soil, while releasing more ethanol, which inhibits methane formation. As rice cultivation accounts for 12% of human-caused methane emissions, the new variety could help countries meet climate targets without compromising food production. Researchers are now seeking regulatory approval in China and other nations while exploring additional methods, such as applying ethanol or oxantel to paddies, to further reduce methane emissions in rice farming.
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