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TOP STORIES
COP16: Countries strike last-gasp deal on nature finance
Countries at the resumed COP16 UN biodiversity summit late Thursday reached a hard-fought agreement on a plan to mobilise finance for nature, in a decision that draws a line under months of tensions despite delaying critical steps to bridge the existing funding gap by the end of the decade, according to observers.
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Carbon Pulse continues to strengthen reporting teams with new hires, promotions
Carbon Pulse has further strengthened its team of carbon market, nature, and biodiversity reporters with a series of new hires and internal promotions.
AVIATION
ANALYSIS: Growing uncertainty around CORSIA participation leaves EU in a quandary
Growing uncertainty around the participation of large aviation demand centres in CORSIA may leave the EU in a quandary over how to enforce sectoral decarbonisation to meet its own climate goals, new Carbon Pulse analysis has found.
EMEA
Investment funds show strong EUA price forecasting ability, Commitment of Traders analysis finds
Investment funds and ‘other financial institutions’ have shown a remarkable ability to predict long-term price movements in the European carbon market, despite holding just a fraction of total long and short positions, a new study has found.
Ghana to sell 24 mln Article 6 credits
Ghana will auction 24 million carbon credits under Article 6 of the Paris Agreement, aiming to finance sustainable development while reducing emissions, President John Mahama announced in his State of the Nation Address last week.
Cookstoves consortium secures €4 mln for carbon credits project in Zambia
A London-based development group and a Belgian management company have invested Є4 million to help scale a clean cookstoves Article 6.2 project in Zambia.
EU’s Clean Industrial Deal falling short of needed “radical change”, steelmakers say
The European Commission’s proposal for a Clean Industrial Deal, unveiled on Wednesday, contains laudable initiatives but falls short of “structural solutions” to issues like trade, high energy prices and the EU’s Carbon Border Adjustment Mechanism (CBAM), said steel association Eurofer.
Experts push for climate dividend schemes as pressure mounts on ETS revenue spending
European climate policy advocates are calling on EU member states to implement environmental dividend schemes as a socially just way to distribute revenues from the bloc’s Emissions Trading System (ETS), as experts point to significant shortcomings in Italy.
Dutch climate fund secures €150 mln for green hydrogen
A Netherlands-based fund this week announced the formation of a green hydrogen blended finance fund, securing an initial €150 million from European donors.
Euro Markets: EUAs post biggest February fall in nine years, nearing 2025 low as market tracks gas slump
European carbon prices posted their worst February in nine years, falling back to near their year-to-date low late in the session as the market continued to track the intraday movements in natural gas, which weakened steadily through the day as traders took profit after Thursday’s 10% jump.
AMERICAS
ANALYSIS: Trump’s tariffs threaten US-Canada energy ties
Impending tariffs by President Donald Trump threaten to clamp the nation’s arterial energy relationship with Canada, potentially plunging the US’s closely tied Northeast energy markets into uncertainty and leaving the northern neighbour to calibrate its response.
US Senate bill aims at reversing federal vehicle emissions regulations
A bill looking to overhaul transportation choices for consumers and vehicle emissions standards was introduced in the US Senate earlier this week.
Alberta predicts deficit amid US tariff suspicion, TIER revenues tank
Canada’s provincial energy powerhouse is taking no chances on potential US energy tariffs with a new budget that leaves room for their implementation, though revenues from its carbon market are forecasted to take a roughly 50% hit.
Alberta addresses issue of “zero-emitting” facilities
Alberta’s environment ministry discussed the incidence of “zero-emitting” facilities under its programme to address industrial GHG emissions, among a suite of other updates in an annual stakeholder workshop Friday.
BRIEFING: Advocates challenge California ARB’s request for staffing boost
California environmental groups are challenging a funding request from state regulator ARB that the agency says would be used to increase staffing and help establish the state’s carbon management deployment strategy.
Washington lawmakers seek to solidify farm fuel exemption requirements under CCA
A bipartisan group of Washington legislators this month introduced a bill to direct the state’s Department of Energy (ECY) to establish reporting requirements for the sale of exempt fuels used for agricultural purposes under the Climate Commitment Act (CCA).
Washington SAF bill would pause WCFS rulemaking
A bipartisan, bicameral bill in the state legislature promoting sustainable aviation fuel (SAF) production would prompt regulators to hit the brakes on the latest Washington Clean Fuel Standard (WCFS) rulemaking.
US federal policy must bolster carbon management to compete with other nations -report
The carbon management industry in the US requires a slate of federal policies to unlock its potential on a global scale, according to a report from an industry group.
CFTC: CCA, WCA, LFS driven by legislative certainty amidst regulatory uncertainty
A mixture of legislative certainty and regulatory uncertainty drove investor sentiment across California Carbon Allowance (CCA), Washington Carbon Allowance (WCA), and Low Carbon Fuel Standard (LFS) futures and options holdings, latest figures from the US Commodity Futures Trading Commission (CFTC) showed Friday.
US RNG industry pushes for more robust federal tax incentives
Tax incentives for clean fuels and hydrogen production in the US do not adequately support Renewable Natural Gas (RNG) growth, according to an industry expert.
Minnesota introduces bill to repeal clean vehicle regulations
The Minnesota House of Representatives this month introduced a bill to repeal certain clean vehicle rules under the state’s environmental regulations.
ASIA PACIFIC
CN Markets: CEAs dip to 6-mth low as traders sit on the fence
Permit prices in China’s national emissions market fell below 90 yuan ($12.35) over the past week, touching the lowest level in six months, with analysts expecting the bearish sentiment to extend into March.
Australian emissions continue to drop as power demand stays level, regulator says
Emissions from the near-70% of the sectors covered by Australian greenhouse gas reporting requirements have been on the wane since 2019 and fell again in 2024, according to data from the regulator released Friday.
Clean Energy Regulator expects big rise in excess Safeguard Mechanism emissions
Australia’s Clean Energy Regulator (CER) expects facilities covered by the Safeguard Mechanism to have emitted more than 9 million tonnes of CO2e above their baselines in 2023-24, it said Friday, while data on SMCs showed issuance levels so far don’t quite meet expectations.
Australian market oversight body launches review into soil carbon method
Australia’s Emission Reduction Assurance Committee (ERAC) is seeking feedback on the market’s 2021 soil organic carbon method, as it looks to ensure it meets the scheme’s offset integrity standards (OIS).
Proposed forestry project in Malaysia under fire from activists, local communities
A proposed avoided deforestation and new plantation project in Malaysia has come under fire from activists and Indigenous peoples for failing to gather free-prior and informed consent and encroaching on native customary rights (NCR).
Thailand launches German-backed €118-mln ‘climate-smart’ rice project to cut emissions
Thailand is launching a German-backed €118-million ($122.5 mln) initiative to promote ‘climate-smart’ rice farming, aiming to support more than 253,000 farmers and cut carbon emissions by 2.44 million tonnes of CO2e by 2028.
VOLUNTARY
Cookstove credits could represent major supply source for CORSIA -industry
Cookstove credits could represent a major source of supply under ICAO’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), particularly under the first phase, offering airlines a cost-effective entry point to offset their emissions, according to an industry alliance.
Embattled project developer C-Quest Capital files for Chapter 7 bankruptcy
Embattled carbon project developer C-Quest Capital and its affiliated entities this week filed for Chapter 7 bankruptcy in a Delaware court, citing financial distress and insufficient capital to sustain operations.
New blockchain-based voluntary carbon credit aims to cut methane emissions from organic waste
A climate technology has launched a new blockchain-based voluntary carbon credit aimed at reducing methane emissions by diverting organic waste from landfills and converting it into compost.
New online tool launched to assess net CO2 removals from DAC
A US-based non-profit has unveiled a new online tool designed to calculate the net CO2 removals achieved by direct air capture (DAC) facilities, providing a detailed lifecycle emissions analysis for the burgeoning CDR technology.
Voluntary carbon market faces integrity, transparency hurdles despite growth prospects -report
The voluntary carbon market (VCM) is struggling to maintain credibility amid concerns over transparency, integrity, and regulatory inconsistencies, according to a new report.
INTERNATIONAL
Domestic cross-border CCS adoption hindered by political, economic, and regulatory hurdles -report
Carbon capture and storage (CCS) projects in China and the US face governance challenges as regional interests, local protectionism, and fragmented regulations hinder CO2 transport and storage across domestic boundaries, a report released Friday has revealed.
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*NEW REPORT*
Supercritical’s 2025 Novel CDR supply briefing – To hit net zero by 2050, the carbon removal market needs to scale 14,000-fold. We can’t rely on a single method to get there – we need multiple solutions at gigatonne scale. Explore the state of cutting-edge carbon removal methods, including DACCS, BECCS, mineralization, and biomass storage in Supercritical’s latest supply briefing. Access here
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EVENTS
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
EVision 2025 – Mar. 5-6, Brussels – An energy system transitioning to net zero requires more flexibility. Electric vehicles can be a great source of flexibility for Europe’s energy system, but their potential remains largely untapped today. Eurelectric together with EY will quantify EVs potential, benefits to the power sector and costs savings for consumers at EVision 2025: power sector accelerating e-mobility at Autoworld. 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
European Climate Summit – Apr. 1-3, Lisbon – To kick off our Annual Regional Climate Summit Series of this year, we at IETA look forward to welcoming delegates this Spring to our flagship European Climate Summit (ECS) 2025, taking place at the Pavilhao Carlos Lopes. ECS will take place amid a rapidly changing geopolitical landscape, even as carbon markets in the EU and globally continue to mature and expand. A new political cycle for EU climate action has begun, and the task of preparing carbon markets for their next stage presents both new challenges and opportunities. In this dynamic context, competitiveness, integrity, and innovation will be at the heart of our discussion. Be part of the conversation driving the next phase of carbon market evolution. Join us at ECS to engage with policymakers, business leaders, and climate market pioneers who are shaping the future of carbon markets. Organised by IETA, ECS is an in-person event. Register
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Premium job listings
- (Senior) Quantitative Carbon Market Analyst EU ETS2, Veyt – Oslo/London
- Carbon NBS Specialist/Project Manager, NatureCo – India/Southeast Asia/Indonesia/Brazil/Australia
- Nature and Biodiversity Correspondent, Carbon Pulse – Remote
See all listings or post a job
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ADVERTISE WITH US
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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BITE-SIZED UPDATES FROM AROUND THE WORLD
INTERNATIONAL
Absent seats – The absence of US counterparts cast a shadow on a critical meeting of the Intergovernmental Panel on Climate Change (IPCC) in Hangzhou, China this week, where the scientists have gathered to outline and budget for the seventh iteration of its landmark report. The success of the IPCC depended on having the best available expertise and skills, and the absence of “a large group of very skilled scientists” who cannot participate anymore won’t help matters, said a professor at Imperial College London and a lead author of the sixth assessment report. US scientists could still be able to work with the IPCC if they were nominated by another country or by the IPCC bureau. The US is also expected to withdraw funding from the organisation following the move by Trump to quit the Paris climate agreement, having contributed at least $59.2 mln to the IPCC since its inception. This could weaken the IPCC, whose work underpins many government and company plans on how to tackle climate change. The US was also absent from the UN’s biodiversity summit in Rome this week, with conservation projects in developing countries among those hit by Trump’s freeze on US Agency for International Development funding. (FT)
Energy transition partnership – Malaysia’s national oil company Petronas has partnered with UK-based Energy Institute as a technical partner, aiming to work together on progress towards a sustainable energy future. Signed during International Energy Week (IEW) in London, the parties plan to drive progress to advance the energy transition, by promoting decarbonisation through innovation, supporting informed decision-making with expert advice on policy and societal impact, and developing the next generation of energy professionals.
EMEA
Industries in need – The Greek government has reallocated a significant share of EU ETS revenues from renewable energy and consumer subsidies to support energy-intensive industries, Tovima reports. A decision by the Ministry of Environment and Energy (YPEN) increased the portion of EUA auction revenues directed to industries such as aluminium, steel, and refineries, raising their share to 25% in 2024 from the initially planned 17%. A similar adjustment in December had already increased their 2023 allocation to 19.6%. To offset this shift, funding cuts have been made to renewable energy and energy transition programmes. The Special Renewable Energy Account (ELAPE) lost €56 mln, reducing its share from 14.61% to 9.51%. The Energy Transition Fund (TEM), which helps subsidise electricity bills, was cut by €44 mln, dropping to 41.82% from 45.82%. The Green Fund, which supports environmental projects, saw a €52 mln reduction, bringing its share down to 6.08% from 10.8%. The government argues that these changes are necessary to prevent carbon leakage, or the relocation of industrial production to countries with less stringent environmental policies and lower energy costs. However, critics warn that the policy shift may undermine Greece’s progress toward renewable energy targets, especially as energy-intensive industries have already received €681 mln in ETS support between 2021 and 2023, a sharp increase from €151 mln in the 2013-20 period.
Chemicals outlook – BASF has predicted slight growth in adjusted operating income of up to 6.9% this year, as it seeks to cut costs in Europe while facing slow global demand and start-up expenses at a new chemical complex in China. The chemical company predicted 2025 earnings before interest, taxes, depreciation and amortisation (EBITDA) and adjusted for one-off items of between €8 bln and €8.4 bln, up from €7.9 bln last year. It expects to be on track to achieve a target of €2.1 bln in annual cost savings by the end of 2026. CEO Markus Kamieth has been making steps to break up the group, preparing a partial listing of the agricultural pesticides and seeds business while also separating its battery chemicals and catalytic converter businesses from the rest of the organisation. The German industrial is undergoing a huge restructuring programme to cut costs, amid a sluggish industrial outlook for Germany. (Reuters)
Final countdown for UK nuclear – The final selection process has started for the UK’s Small Modular Reactor (SMR) process, with the decision expected in the next few months, the UK government has announced. An Invitation to Submit Final Tender (ISFT) has been issued to the four remaining vendors, GE-Hitachi Nuclear Energy International LLC, Holtec Britain, Rolls-Royce SMR, and Westinghouse Electric Company UK. Earlier in February, UK Prime Minister Starmer pledged to put Britain back in the global race for nuclear energy, and to reform planning rules to make it easier to build fleets of SMRs in England and Wales.
Localised funding for H2 – The southwest German state of Baden-Wurttemberg has announced a €100 mln funding programme designed to support the development of regional hydrogen production projects whilst boosting the local hydrogen economy. Electrolyser-based projects are eligible to apply for funding until May 15, able to receive up to €10 mln in funding. Local hydrogen infrastructure is important, with hydrogen seen as a key pillar of the state’s energy transition, said Thekla Walker, the state’s energy minister.
Agrivoltaics benefits – Combining solar panels with farming (agrivoltaics) can meet UK solar energy targets without sacrificing agricultural land, according to new research from the University of Sheffield, announced in a press release. The coverage potential for the technology is so high that it could meet UK electricity demand more than four times over, the researchers found. Regions identified for the effective deployment of agrivoltaics include Cambridgeshire, Essex, Lincolnshire, and the broader East and Southeast of England. The approach counters criticism of conventional solar farms, which are often opposed due to concerns about lost farmland, food production, and visual impact. Previous studies in Tanzania and Kenya have shown that agrivoltaics not only generates clean energy but can also boost crop yields and conserve water.
Meet me in Paris – During the 2025 International Agricultural Show in Paris, Cote d’Ivoire’s Minister of Water and Forests, Laurent Tchagba, met with developers Forest Carbon Insights to strengthen cooperation on carbon credits. This initiative aligns with the country’s forestry policy, which aims to double forest cover to 20% of national territory by 2030. On Feb. 26, Tchagba visited the headquarters of Établissements Peugeot Frères (EPF) in Paris to secure Forest Carbon Insights’ commitment to Cote d’Ivoire’s forestry policy, adopted in 2018. He highlighted the nation’s goal of expanding forested areas from 3-6 mln hectares over 10 years and expressed his intent to collaborate with financial partners to protect Ivorian forests. Forest Carbon Insights CEO Corentin Banzet welcomed the initiative and emphasised the company’s goal of providing precise carbon valuation tools tailored to Cote d’Ivoire’s needs. He said the company’s digital solutions track forest projects and facilitates knowledge exchange between French and Ivorian experts. Special Advisor Souemet Mampassi highlighted Cote d’Ivoire’s structured approach to carbon credit markets, while Africa Director Botch Mbola noted that the programme’s implementation in Africa is progressing, with nearly 1 mln hectares allocated by governments by early 2025. Cote d’Ivoire’s forestry policy is based on two strategies: the Preservation, Rehabilitation, and Extension Strategy (SPREF) and the Forest Products Valorisation Strategy (SVPF). Implementing these plans requires significant investment: 616 billion CFA francs ($977 mln) for SPREF and 320 billion CFA francs ($507.5 mln) for SVPF, of which 65% is expected to come from private and international partners. (Afrik Soir)
Congrats on the contract – Saudi Aramco has awarded Larsen & Toubro’s LTEH division a $1.5-bln contract for the first phase of its CCS hub in Jubail, Eastern Province. Set to be operational by 2027, the facility will capture 9 mln tonnes CO2 annually, with 6 Mt from Aramco’s gas plants and 3 mln from other industrial sources. The captured CO2 will be dehydrated, compressed, and stored in a saline aquifer. Part of Saudi Arabia’s net zero 2060 strategy, the project supports the goal of sequestering 44 Mt of CO2 per year by 2035 and aligns with Aramco’s 2050 net zero Scope 1 and 2 emissions target. The hub, developed in collaboration with Linde and SLB, also aims to advance economic diversification and enable blue hydrogen and ammonia production. (Carbon Herald)
Partners – Yadgreen is collaborating with Saudi Arabia’s National Centre for Vegetative Cover Development and Combatting Deforestation (NCVC) on a project supporting Vision 2030 and the country’s net-zero emissions goal by 2060. The initiative involves assessing carbon sequestration in natural and planted mangrove forests along the Arabian Gulf and Red Sea coasts, aiming to register carbon credits for NCVC for the first time. From Feb. 24-27, teams from NCVC and Yadgreen conducted carbon stock estimations in the Tarot Area’s mangrove forests.
ASIA PACIFIC
Blowin’ in the wind – The Australian government has awarded feasibility licences to two offshore wind projects in the Hunter and Southern Ocean offshore wind farms, in NSW and Victoria respectively, it announced Friday, Renew Economy reported. The feasibility licences allow the project developers to conduct more detailed consultation and is the next step towards construction kicking off. The two projects have the potential to generate 3.2 GW of electricity, according to the government. The project in the Hunter Zone is a partnership between Norway’s Equinor and Oceanx Energy, while the Victorian project is being put forward by Alinta Energy and Jera Nex. It comes as the federal opposition announced it would cancel the Southern Offshore Windzone if elected at the upcoming election in May, claiming the government has ignored the concerns of local communities.
Mixed picture – China’s Belt and Road Initiative (BRI) saw the highest engagement ever last year, with around $70 bln in construction contracts and about $51 bln in investments, according to a report released Friday by the Griffith Asia Institute and the Green Finance & Development Center (GFDC). China’s energy-related engagement in 2024 was the greenest in absolute and relative terms in any period since the BRI’s inception, jumping 60% YoY to $11.8 bln. However, oil and gas engagement also surged to record highs, particularly through oil/gas processing facilities construction contracts in the Middle East. China was also found to continue its investment in coal-related activities, both in the construction of coal mine transport infrastructure and in coal mine ownership.
Cooperation – Japan and Malaysia have reiterated their strong commitment to enhancing strategic cooperation across a wide range of sectors, including security, trade, and sustainability, according to Bernama. The two countries will work together on projects related to carbon capture, utilisation, and storage (CCUS), as well as the adoption of hydrogen and ammonia as alternative fuels. They will also jointly co-host the Asia Zero Emission Community (AZEC) summit and related ministerial meetings.
Partnerships – ByWill, which aims to help achieve carbon neutrality in all 47 prefectures in Japan, on Friday announced that it has teamed up with the government of Gifu prefecture’s Ikeda town and Ogaki Kyoritsu Bank to create environmental value, including J-Credits. It has also signed a similar agreement with the Tottori Hino Forestry Association to generate and sell J-Credits through forest management.
Good things come in 3s – Singapore signed an Article 6.2 implementation agreement with Bhutan to cooperate on carbon credits, as Carbon Pulse had reported earlier this week. This is Singapore’s third agreement under the Paris Agreement after Papua New Guinea and Ghana. The framework enables the countries to transfer carbon credits from mitigation projects. Singapore has committed to channelling 5% of proceeds towards climate adaptation in Bhutan and cancelling 2% of authorised carbon credits at first issuance. This also marks Singapore’s first such agreement with a carbon-negative country.
AMERICAS
DAC under attack – The Biden-era Direct Air Capture (DAC) Hubs programme, designed to support carbon removal projects, faces uncertainty following mass layoffs at the Department of Energy (DOE). The terminations, part of a broader move by the Trump administration to cut probationary federal employees, have significantly impacted the DOE’s CDR team, which oversees the $3.5-bln DAC Hubs initiative. The layoffs add to existing disruptions caused by an executive order that froze funding from the Inflation Reduction Act and the Bipartisan Infrastructure Law, preventing communication between the DOE and its external partners. Commercial entities involved in the DAC hubs, including oil majors, universities, and startups, are left in limbo as contract negotiations and project funding remain stalled. The programme, which includes large-scale projects like the South Texas DAC Hub and Louisiana’s Project Cypress, as well as 19 smaller hubs in early stages, had already faced delays in disbursing funds. With oversight now weakened, concerns grow over further setbacks, particularly for startups with limited financial flexibility. Despite the uncertainty, there is no clear indication that the Trump administration is explicitly opposed to DAC. The technology, often supported by Republicans and the fossil fuel industry, is seen as a way to sustain oil and gas production while addressing emissions. However, the fate of key climate funding provisions, including tax credits like 45Q for carbon capture, will be shaped by the upcoming budget reconciliation process. Until then, DAC grantees and government partners remain in a state of uncertainty, awaiting further direction. (Heatmap)
Climate centre closed – The US Department of Transportation has closed the Climate Change Center, also known as the Office of Climate Change and Environment, which supported states in managing federal funds for climate-related projects. Established by law over a decade ago, the office played a role in implementing climate programmes under the bipartisan infrastructure law, which allocated $13 bln over five years. The department has not provided a statement on the closure, but its website is no longer accessible, and a former employee reported that other functions of the office have also ended. (E&E News)
Power providers push back – Two lawsuits have been recently filed against the US EPA regulations under the Clean Air Act. The State of Ohio is challenging the EPA’s “Guidance on the Preparation of State Implementation Plan Provisions,” published on Dec. 16, 2024, arguing that certain aspects of the guidance may exceed the EPA’s authority and are unlawful. Meanwhile, PacifiCorp, Deseret Generation & Transmission Co-Operative, Utah Municipal Power Agency, and Utah Associated Municipal Power Systems have petitioned the Tenth Circuit Court in response to the EPA’s partial approval and disapproval of Utah’s Regional Haze State Implementation Plan, published on Dec. 2, 2024. The energy companies contend that the EPA’s decision is beyond its statutory authority and seek to have the action overturned.
Pledges paused – Wells Fargo, a US financial services company, has announced it will discontinue its sector-specific 2030 interim financed emissions targets and its net zero goal for financed emissions by 2050. The bank cited external factors such as public policy, consumer behavior, and technological advancements as challenges to achieving its previous commitments. While Wells Fargo will continue its 2030 sustainable finance and operational sustainability goals, it will shift its approach to focus on financing and advising clients based on their own energy and transition strategies. As of Dec. 31, 2024, the bank had $55 bln in commitments to oil, gas, pipeline, and utility companies and had deployed $178 bln in sustainable finance over three years.
Crude clash – Calumet Shreveport Refining and Calumet Montana Refining have both filed petitions for review with federal courts in response to earlier US EPA decisions to deny their requests for small refinery hardship relief under the Renewable Fuel Standard (RFS) for the 2023 compliance year. The EPA’s actions, issued on Jan. 16 and Jan. 2, respectively, denied extensions of temporary exemptions for the companies’ Shreveport, Louisiana, and Great Falls, Montana, refineries. Both petitions challenged the EPA’s decisions as final and have been filed within the required timeframes, despite the actions not yet being published in the Federal Register.
Clean collaboration – Comstock, a technology company focused on converting under-utilised natural resources into renewable fuels and electrification metals, has announced a collaboration with Marathon Petroleum Corporation, a US-based company that refines, transports, and markets petroleum products, to advance lignocellulosic biomass refining. As part of the agreement, Marathon will invest $14 mln in Comstock’s subsidiary, Comstock Fuels Corporation, including $1 mln in cash and $13 mln in equipment, intellectual property, and materials from a renewable fuel demonstration facility in Madison, Wisconsin. Comstock Fuels will integrate the facility to expand pilot production in Wausau, Wisconsin, with the objective of converting biomass feedstock into hydrocarbon fuels.
Sequestration success – Bison Low Carbon Ventures, a Canadian carbon capture and storage (CCS) project developer, has received approval from the Alberta Energy Regulator for the Meadowbrook Carbon Storage Hub, allowing the project to move toward commercial operations in Sturgeon County by late 2025, subject to regulatory conditions. Operating under Alberta’s open access carbon sequestration hub initiative, Meadowbrook is supported by Marubeni Corporation, a Japanese multinational trading and investment company, and Mizuho Bank, a financial institution in Japan. The project aims to scale from initial volumes of less than 100,000 tonnes per annum (tpa) to over 3 Mtpa based on demand. It will also provide a CO2 sequestration option for industrial emitters in the Edmonton area. Bison is also advancing a second CCS project at North Drumheller as part of its broader energy transition efforts.
Pride of Argentina – The southern Patagonia area of Argentina this month became host to the first Verra-registered regenerative livestock project in the country (Mesa Argentina de Carbono). The Patagonia Region Improved Grazing Project (VCS 3014) cooperates with land operators to fence off and equip larger fields to become more, smaller pastures, allowing for concentrated grazing and then extended rest periods for vegetation regrowth and recovery. This reduces the risk that grazing animals, roaming large spaces, select for preferred sites and species that then become over-grazed, according to the project description. To date, the project includes 21 contracted properties, with more than 80 in the process of being added. It has been developed by three entities: Native, an international carbon developer; Ovis 21, holistic land management specialists in the region; and Ruuts, in charge of programme management and the development of technologies to scale.
Forest funding – Brazil’s National Bank for Social and Economic Development (BNDES) announced Friday the result of its R$8.2 mln ($1.4 mln) public notice for seven ecological restoration projects in 485 hectares of the Atlantic Forest, in the south of Bahia and the north of Esprito Santo. The notice was launched with support of forestry investment firm iNovaLand, and is part of the Floresta Viva programme that seeks to promote the ecological restoration and preservation of Brazilian biodiversity with resources from the BNDES Socio-Environmental Fund. The seven selected projects include productive restoration actions, with the implementation of agroforestry systems and the strengthening of local production chains associated with restoration.
VOLUNTARY
NbS loan – Crown Energy has tripled its loan facility to Kaya Climate Solutions, a German project developer focused on NbS solutions in sub-Saharan Africa, according to its 2024 year-end report. The Swedish oil and gas company initially provided a €400,000 loan to Kaya’s Angolan subsidiary, later increasing it to €800,000 and adding a €500,000 convertible loan agreement. If fully advanced, Crown Energy would have the right to convert its loans into a 30% stake in Kaya. The developer is advancing regulatory frameworks for carbon credit qualification and continues work on its first project in Angola’s Malanje province.
Vine-biochar – A study backed by the Italian government under the Revine project is exploring the use of biochar and regenerative agriculture techniques in Mediterranean vineyards to improve soil health and resilience. Key methods include using plant cover to enhance soil fertility, composting vine shoots to retain carbon, and applying biofermented microbial consortia to strengthen the soil microbiome. The project also examines viticultural biodiversity by identifying grape varieties resilient to environmental stress. With consumers increasingly demanding sustainable products, the findings aim to support long-term vineyard sustainability while reducing economic and environmental costs.
Carbon Lost More – Voluntary carbon offset project developer Carbon Done Right on Friday reported a net loss of C$6.4 mln for the year ended Dec. 31, 2024, compared to C$4.8 mln for FY 2023. The increase in losses was mainly due to the termination of a lease attributed to its subsidiary Pomeroon Trading Holdings Limited (PTHL) in Guyana and related asset disposal costs. Revenues came in at C$67,700 – roughly a third of the C$174,100 reported a year earlier. The company had lower revenues from coconut production, resulting in a decline in the cost of goods sold to C$93,900 from C$227,300. The company reduced consulting expenses from $2.2 million in 2023 to $1.3 million in 2024, mainly due to lower spending on its projects in Liberia, Sierra Leone, and Mexico’s Yucatan state. Cash on hand was just over C$18,000, down from C$156,500 at the end of 2023, highlighting the need for additional financing. Carbon Done Right raised C$2.7 mln in financing, mainly from an offset pre-purchase agreement with oil major BP and new loans. The company has also raised several hundred thousand dollars from private placements recently. Carbon Done right last year completed the acquisition of the remaining 49% of the Maforki rewilding project in Sierra Leone, and continued work on mangrove projects in Suriname and Yucatan. The company is aiming to secure an additional 75,000-100,000 hectares in Sierra Leone for future reforestation projects. For the Mexican project, it warned that there can be no assurance that it will receive consent from the Mexican government required to fully execute its plans.
Credits issuance – UK-based sustainability consultancy Anthesis has issued 114,253 carbon credits from its first independently developed project, the Urfa Yenice Landfill Gas-to-Energy Project in Turkey. The project captures methane emissions from the landfill and converts them into renewable electricity, preventing 8,000 tonnes of methane, or the equivalent to 230,000 tonnes of CO2 emissions, annually. Verified under the Gold Standard, it generates 32,400 MWh of clean energy each year. Anthesis aims to scale its carbon project portfolio across landfill gas, biochar, regenerative agriculture, and blue carbon initiatives to meet rising demand for high-integrity carbon credits.
AND FINALLY…
Carnival carbon collab – Galo da Madrugada, the largest street Carnival block in the Brazilian city of Recife, has partnered with environmental services firm Ambipar to offset the CO2 emissions of its upcoming celebration, reported Folha de Sao Paulo. The festival will begin on Mar. 1, the block is expected to receive 4 mln people over 14 hours of celebration. The 64 trucks involved in the procession, the movement of revellers by public transport, and equipment and vehicles used by police, fire, and medical services were all considered in the calculation of emissions. These calculations also cover the production of the Giant Rooster – a symbol of the block erected over the Duarte Coelho Bridge. In 2024, all events emitted 38.7 tCO2e.
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