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CERAWeek
CERAWeek: Energy transition global slowdown has ‘weeded out’ unrealistic project developers, panelists say
As the pace of the global energy transition slows faced with higher costs and a decreasing focus on decarbonisation, the field of clean energy projects and companies is thinning out in a way that is leaving only realistic projects standing, panellists said Tuesday at CERAWeek in Houston.
CERAWeek: Alberta disfavours retaliatory tariffs against US, hints at CER challenge
Alberta’s energy minister disavowed retaliatory responses to US tariffs Tuesday at CERAWeek in Houston, while also hinting that the province may challenge the federal Clean Electricity Regulations (CER).
CERAWeek: CCS needs to look beyond tax credits for ways to reach FID
Carbon capture and sequestration (CCS) developers in the US are searching for new ways to advance project proposals to final investment decisions (FIDs) as the industry faces new economic and political uncertainties, developers said Tuesday at CERAWeek.
AMERICAS
PREVIEW: RGGI Q1 allowance sale battered sub-$20 amidst US-Canada tariff tit-for-tat uncertainty
Market participants and analysts largely expect RGGI’s first quarterly permit sale to clear sub-$20 amid ongoing macro uncertainty from US-Canada tariff-driven volatility and lack of regulatory clarity.
Bipartisan US lawmakers seek repeal of 45Q tax credits
US lawmakers from both sides of the aisle have reintroduced legislation to repeal 45Q tax credits that have become a negotiating tool to avoid a looming government shutdown this week.
Washington carbon market linkage would amplify regional emissions cuts but hurt state revenues -analysis
Linking Washington state’s carbon market with California and Quebec would lead to greater overall emissions reductions but could reduce Washington’s auction revenues and slow local air quality improvements, a new report has found.
US EPA terminates $20 bln GHG reduction programme grants
The administrator of the US EPA announced Tuesday that the agency was pulling $20 billion in awards towards GHG reduction schemes from federal grant recipients following a review into alleged financial mismanagement.
Largest US pension fund under fire for labelling oil, coal holdings as “climate” investments
The California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the US, has come under scrutiny after an analysis revealed it had classified more than $3 billion in investments in oil drillers, coal companies, and other major emitters as part of its “climate solutions” portfolio.
EV registration up 38x across 10 US states over decade -report
New data shows 10 states have increased their collective electric vehicle (EV) count by 38 times in a little more than a decade.
US EPA asks SCOTUS to review state pollution control ruling
The US EPA has appealed to the Supreme Court against a lower court ruling that denied its request to transfer a case regarding air pollution plans to a different venue.
Industry groups challenge US EPA waiver for California truck emissions rules
A coalition of US industry groups has challenged a recent federal decision related to California’s authority to regulate truck emissions.
Vermont leads transportation decarbonisation efforts, overall US progress must gain pace -report
Vermont leads US states working to improve climate outcomes within the transportation sector, but even top performers must accelerate progress to meet decarbonisation targets, according to a report released this month.
Next gen geothermal could rescue US from AI electricity crunch -report
The next generation of geothermal energy could be key to meeting the demands of AI boom in the US, according to a new report.
Finite Carbon hit by mass layoffs as new owner restructures operations
Recently-acquired project developer Finite Carbon has seen a significant number of its staff laid off in the wake of the deal closure.
BRIEFING: US forest carbon credit experts propose new methods to tackle leakage
The voluntary carbon market can better address the risk of forest carbon offset leakage – where projects shift harvest activity to areas beyond the credit-generating scheme – experts said on Tuesday.
Forest non-profit to build capacity for Indigenous-led Brazilian carbon finance strategy
A US-based international forest non-profit has announced a partnership with Brazil’s Ministry of Indigenous Peoples to support conservation, governance, and forest economies in Indigenous lands across Brazil.
Brazilian agricultural emissions reductions should be valued at $11.54 per tonne CO2 -study
Peer-reviewed research that integrated various carbon price determinants from all over the world has estimated that Brazilian agricultural emissions reductions should carry an intrinsic valuation of $11.54 per tonne CO2 equivalent.
Brazilian standard, Argentine carbon project platform sign MoU to integrate services
A Manaus-based carbon standard has signed a Memorandum of Understanding (MoU) with a Buenos Aires-based carbon project development platform and marketplace to expand its foothold in Latin America, with an initial focus on Brazil and Argentina.
Minneapolis launching city-run biochar facility
Minneapolis is launching a municipality-owned and -operated biochar production facility, reinforcing the city’s commitment to climate resilience and carbon sequestration.
EMEA
Brussels publishes draft EU state aid rules for Clean Industrial Deal
The European Commission put forward new state aid rules on Tuesday in support of its Clean Industrial Deal initiative, allowing EU countries to subsidise renewables, industrial decarbonisation, and other clean technologies.
“We need to do better”: EU Parliament groups looking at ETS2 tweaks
There is growing support in the European Parliament for reforming the EU’s incoming Emissions Trading System for road transport and heating fuels (ETS2), in a bid to improve the scheme’s social acceptability for consumers and households.
EU ETS set for supply squeeze, price surge amid structural tightening -investment bank
The EU ETS is set for significant tightening and higher allowance prices from 2026 as emissions caps shrink, free allowances phase out, and the bloc’s Carbon Border Adjustment Mechanism (CBAM) moves to full implementation, according to a large bank’s investment strategy unit.
Euro Markets: EUAs stabilise after early weakness as energy markets recover losses ahead of COT data
EU carbon prices halted two days of gains on Tuesday, giving up an early advance and falling through technical supports after a weak auction in the morning, as selling picked up amid a darkening macroeconomic mood and ahead of Wednesday’s weekly positions data that was expected to show a sharp fall in long positions.
CBAM-covered EU industries could see costs rise by up to 80% in next decade -BCG
Costs could rise up to 80% in the next decade for emissions-intensive industries covered by the EU’s Carbon Border Adjustment Mechanism (CBAM), potentially putting EU producers at a disadvantage, a global consultancy has said.
EU signs off on Innovation Fund grants for 77 decarbonisation projects
The developers of 77 decarbonisation projects signed agreements on Tuesday for grants of up to €262 million through the EU ETS-funded Innovation Fund, the European Commission announced.
EU needs short-term incentives to pioneer carbon removal growth -think tank
The EU and Germany have an opportunity to pioneer innovative carbon removal policy, as the US appears set to reverse direction — but this will require short-term strategies for negative emissions, along with long-term goals, according to a German think tank.
Millions of dollars up for grabs in grants for innovative CDR ideas in Kenya
Startup carbon removal (CDR) companies and university teams are invited to apply for up to several million dollars’ worth of grants to start a pilot project in Kenya.
ASIA PACIFIC
Australia set to miss renewable target, think tank says
Australia is unlikely to meet its planned target of 82% of electricity sourced from renewable energy by 2030 no matter who wins the upcoming election, but output could be much lower under the conservative opposition, according to a report released Tuesday.
Pacific islands developer expands carbon project footprint
An Australia-based project developer focused on the Pacific islands has created a sector-first approach to tackling invasive species, and expanded the reach of a forest protection project.
Electrification of heat processes could decarbonise emissions-heavy garment industry -report
The clothing industry contributes around 2% to global emissions with much of that coming from energy used for process heating, but there are transition pathways ahead to drop these emissions, a report released Tuesday found.
Australian climate tech firm’s feed additive cuts cattle methane emissions by 95% -study
Synthetic bromoform-based feed additives can cut methane emissions from cattle by up to 95% without affecting growth or digestion, a new study has claimed, in what could be a potential method to curb emissions of the potent greenhouse gas from the livestock sector.
Australian carbon developer partners with SaaS firm to streamline operations
An Australian carbon project developer has partnered with a London-based software as a service (SaaS) firm to cater to growing demand for Australian Carbon Credit Units (ACCUs) and streamline operations for its expansion plans.
China urged to speed up development of carbon futures, create market linkages with Hong Kong
China should expand its emissions trading scheme to allow the development of futures products and better leverage the market mechanism, domestic business leaders have called for during the annual parliamentary session.
UK investor announces $75-mln facility to boost climate resilient agriculture in Pakistan
A British development finance institution has launched a $75-million facility in an effort to support farmers and agribusinesses in Pakistan by enhancing their resilience to climate change.
VOLUNTARY
Clean cookstove credits may fail to win AAA rating, despite tough oversight rules, says rating agency
Clean cookstove projects that qualify for the ICVCM badge of high integrity are still unlikely to win a AAA grade, according to one rating agency.
INTERVIEW: No shortage of waste biomass to produce carbon removals, says developer
There’s no shortage of waste biomass in North America from which to produce bio-oil and sequester the captured CO2 underground, said the CEO of a San Francisco-based developer who hopes to reach price levels below $200/tonne in the 2030s.
‘Water-positive’ DAC startup raises $27.5 mln in Series A, project funding
A startup specialising in water recovery and carbon removal technologies has secured $27.5 million in Series A and project funding.
INTERNATIONAL
Global energy transition will withstand Trump presidency, says John Kerry
The global energy transition will withstand climate sceptic policy emerging from the administration under President Donald Trump, former US climate envoy John Kerry said on Tuesday.
Brazilian development bank, environment ministry open public consultation on carbon certification
Brazil’s National Bank for Economic Development (BNDES) and the Ministry of Environment and Climate Change (MMA) on Tuesday announced the opening of a public consultation on expanding homegrown capacity to certify carbon credits.
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.
Jaguar stewardship project in Brazil issues 71,000 biodiversity credits
A Brazil-based environmental company has marketed over 71,000 biodiversity credits generated through a jaguar stewardship project in the Pantanal region over the last few years.
EU law on nature restoration continues to spark public debate
The European Commission’s blueprint for national nature restoration plans has drawn widespread criticism from environmental groups, landowners, and industry representatives, with concerns ranging from property rights to weak data and funding gaps.
French bank considers buying more biodiversity credits
La Banque Postale could invest in more voluntary biodiversity credits over the next few years to encourage broader demand, as it is confident they carry little risk.
Hundreds of NGOs urge EU to reject proposal for streamlining environmental reporting
Some 362 NGOs have urged the EU to reject the so-called ‘omnibus’ proposal for streamlining its sustainability reporting in legislation on topics including biodiversity.
FEATURE: Shrinking foreign aid opens space for private nature finance amid rising risks
Cuts to foreign aid programmes worldwide are set to accelerate the uptake of private involvement in climate and biodiversity finance, though this will likely come with increased risks for investors as well as local communities, according to observers.
NatureMetrics launches habitat health tool
UK-based biodiversity monitoring company NatureMetrics has launched a tool for businesses and conservationists to assess the health of habitats.
Biodiversity Pulse: Tuesday March 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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NEW REPORT
How offtake agreements are shaping the future of biochar: Long-term offtake agreements are transforming the biochar carbon removal market — securing supply, stabilizing prices, and providing financial certainty. Supercritical’s latest report, Locked in or Left Behind?, explores key shifts in procurement strategies and what they mean for the future of carbon removal. With 62% of high-quality biochar credits for 2025 already committed and prices rising 18% in 2024, securing an offtake could be the key to guaranteeing supply and price stability.
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EVENTS
Insurance in a Changing World – Mar. 13, London – The Conduit hosts an exclusive, full-day conference bringing together leaders in business, policy, and economics. In uncertain times, discover cutting-edge public-private insurance solutions driving global innovation and resilience. From rethinking risk management to unlocking opportunities in emerging economies, this is your chance to connect, collaborate, and shape a greener future. Spaces are limited – learn more and secure your place.
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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BITE-SIZED UPDATES FROM AROUND THE WORLD
AMERICAS
Studies scrapped – The US Department of Defence announced on Mar. 7 that it is cancelling 91 social science studies, including research on climate change, as part of cost-cutting measures estimated to save $30 mln annually. Defence Secretary Pete Hegseth, who took office under President Donald Trump’s administration in January, dismissed the climate-related studies in a social media post. The cancelled studies included research on climate vulnerability in the African Sahel and conflict-related food security.
Turbulent tariff tussle – The trade dispute between the US and Canada has escalated as President Donald Trump announced on Mar. 10 plans to double tariffs on Canadian steel and aluminium to 50%, in response to Ontario’s newly introduced electricity surcharge on US states, which were later suspended on Tuesday. The tariffs are set to take effect on Mar. 12, with Trump warning on Truth Social, a social media platform, of further trade penalties, including potential auto tariffs. Ontario Premier Doug Ford criticised the move as an “unprovoked attack” and did not rule out cutting electricity exports. New York Gov. Kathy Hochul (D) and Sen. Chuck Schumer (D) warned in a statement that Ontario’s measures and Trump’s tariffs could drive up utility costs and disrupt energy markets. (CTV News)
Shutting down SDGs – The US opposed a resolution reaffirming the UN’s Agenda 2030 and the Sustainable Development Goals (SDGs) on Mar. 4 at the UN’s 58th Plenary Meeting of the General Assembly in Bahrain. Edward Heartney, counsellor for Economic and Social Affairs (ECOSOC) at the US Mission to the UN, stated that while the US supports peace and individual rights, it “rejects and denounces” the SDGs, claiming that the SDGs and Agenda 2030 advance a global governance framework that conflicts with US sovereignty.
Banking battle – Power Forward Communities, a non-profit coalition focused on decarbonising US homes, has filed a lawsuit against Citibank for freezing its accounts for nearly three weeks, marking the third legal challenge against the bank over its handling of US EPA’s Greenhouse Gas Reduction Fund. The non-profit, which received $1.9 bln for energy efficiency programmes, claimed Citibank has not provided an explanation for withholding funds, despite contractual obligations. (E&E News)
Another clean fuels fumble – Washington’s Department of Ecology (ECY) on Tuesday announced that it is extending the rulemaking timeline for the state’s Clean Fuel Standard (WCFS) as the agency considers bills that could affect the programme. Initially scheduled for publication by mid-March, ECY now anticipates filing the proposal several weeks following the current legislative session, which is scheduled to end on Apr. 27.
Reserve revamp – Washington’s House Bill 1975 (HB 1975), which seeks to revise the cap-and-trade programme’s price ceiling and Allowance Price Containment Reserve (APCR) thresholds, passed its chamber of origin Monday with an 84–11 vote. HB 1975 aims to lower the scheme’s 2026–27 price ceiling to $80, and also adjust the APCR Tier 2 price accordingly. The bill is now headed to the State Senate for consideration.
Pricey postponement – Net Power announced a delay in the launch of its planned low-emission power plant in Texas’ Permian Basin, citing rising costs and project complexities, E&E News reported. Initially expected to begin operations in 2026, the company now estimates Project Permian will not be online before 2029. The projected cost has also increased significantly, climbing to $950 mln from an initial estimate of $750 mln, and then to a revised range of $1.7 bln to $2 bln. Following the announcement, Net Power’s stock price dropped 31% on Monday.
Protecting the prairies – Canada’s Ministry of Environment and Climate Change and Manitoba have signed an MoU to protect critical habitats, combat biodiversity loss, and build climate resilience. With up to C$2 mln ($1.4 mln) in federal funding, the initiative aligns with Canada’s 2030 nature strategy, which aims to conserve 30% of land and water by 2030. The governments also launched a bilateral collaboration on climate adaptation, reinforcing efforts under the national adaptation strategy.
Doubling down, backing down – Ontario Premier Doug Ford blamed US President Donald Trump for economic instability on Tuesday, warning that if a recession occurs, it will be a “Trump recession”, CNBC reported. Ford’s remarks followed Trump’s decision to double tariffs on Canadian steel and aluminium to 50% in response to Ontario’s 25% surcharge on electricity exports to the US. Ford warned he could halt electricity exports if Trump continued to escalate the trade war, but later suspended the province’s surcharge on Tuesday following a conversation with US Secretary of Commerce Howard Lutnick.
Permitting reform pessimism – Mike Sommers, president of the oil and gas industry group API, said he wasn’t optimistic that a permitting reform bill would get through congress this year. Permitting reform has been one of the key priorities for the energy industry, which has lamented increasing wait times and costs associated with energy projects during the permitting stage. Speaking during the CERAWeek energy conference in Houston, Sommers said the polarisation of congress will most likely preclude any chances of a reform bill. “I’m not an optimist because we’re going into a situation where we’re going to have a very very partisan 2025, where most everything is done either by executive order, by the regulatory agencies, or by the reconciliation procedure, which is inherently partisan,” he said. To him, a successful reform bill would include three elements: judicial reform, Clean Water Act reform, and National Environmental Policy Act reform. “We were close at the end of the year with the Manchin-Barasso bill,” he added. “It should be the basis upon which all other permitting bills are built, and we’re going to do everything we can to get it done. But I think we all have to be realistic about the partisan makeup of congress and the difficulty of getting 60 votes [in the Senate].”
EMEA
German ETS law update – The German transposition of the latest revision of the EU ETS – the Greenhouse Gas Emissions Trading Act, or TEHG – was published in the Federal Law Gazette, the country’s environment ministry announced on Monday. The long overdue transposition was adopted in January following a cross-party compromise between the conservative CDU/CSU and the outgoing minority government comprising the Social Democrats (SPD) and the Greens. The reform brings into German law some key components of the EU ETS reform adopted in 2022, such as the inclusion of air traffic and maritime transport in Germany’s national emissions trading system. It also transposes the ETS2 aspects of the EU directive regulating emissions from road traffic and heating fuels, replacing the country’s national Emissions Trading Scheme (nEHS). The new law also creates national legal bases for the implementation of the EU’s Carbon Border Adjustment Mechanism (CBAM) in Germany.
EU hydrogen divergence – EU member states have adopted different approaches to support hydrogen, reflecting their national energy choices and industrial priorities, says a report by the European Roundtable on Climate Change and Sustainable Transition (ERCST), a think tank. The report, presented on Tuesday, brings an overview of hydrogen policies, financing and main projects at EU level and in selected EU countries, including Germany, France, Spain, The Netherlands, Sweden, Austria, Czechia, Ireland, Hungary, and Poland. But while localised approaches are necessary, excessive divergence in national policies risks creating fragmentation in the EU hydrogen market, the report warned, calling for greater efforts on harmonisation. “The implementation and transposition of hydrogen policies across EU member states play a key role in achieving the bloc’s decarbonisation goals,” the ERCST recalls. “The challenge lies in ensuring that hydrogen development remains aligned with broader industrial competitiveness goals,” the report concludes, saying “hydrogen should be a means to enable decarbonisation, not an end in itself.”
Stumbling block – Switzerland lacks the infrastructure for CO2 removal to become net zero by 2050, in accordance with the Swiss Climate Protection Act. Over the next 25 years, around 12 mln tCO2 per year must be captured, according to federal estimates. However, Switzerland lacks the geological storage facilities for this CO2, meaning in the medium term, it can only be stored abroad, which requires transport infrastructure including a pipeline at a cost of CHF 16.3 bln ($18.6 bln). But it’s still unclear who will pay for the construction of this infrastructure, with the Swiss government reportedly wanting to examine the financing and the roles of the federal government, cantons, and industry.
Plug life – Westwood Global Energy Group’s latest analysis highlights the financial and logistical challenges facing North Sea decommissioning, with $26 bln expected to be spent over the next decade. Well plugging and abandonment (P&A) alone could account for around half of this cost. Political and fiscal uncertainty is accelerating production decline in the UK North Sea, impacting investment confidence. Delays in decommissioning work could increase financial liabilities for operators and the UK government, while limited supply chain capacity and rising offshore rig day rates could push well P&A costs up by as much as $5.5 bln, Westwood said. To address these challenges, it has launched the Atlas Decommissioning module, which provides real-time data and insights into decommissioning timing, costs, and risks. The tool aims to help industry stakeholders better manage financial exposure and optimise planning in a changing market.
Rallying cry – Business leaders including oil tycoon Ian Wood have called on the UK Chancellor to back the Acorn carbon capture and storage (CCS) project in Aberdeenshire. The project at St Fergus missed out on support in 2021, which instead went to HyNet in northwest England and and Net Zero Teesside. The letter urges the government to act swiftly to help Scottish industry decarbonise. In response, the government said Acorn has already received over £40 mln for development and it firmly intends to proceed with the projects in the Track 2 clusters. (BBC)
Verified in Zambia – Verra’s Verified Carbon Standard (VCS) programme was among those recognised in the Zambian government’s Carbon Market Framework, published in January, the standard-setter highlighted in a statement on Tuesday. Specifically, the framework notes the VCS carbon accounting methodologies and the non-permanence risk tool for projects in the Agriculture, Forestry, and Other Land Use (AFOLU) sector. The Verra Registry lists 28 active VCS projects in Zambia, about half of which are using natural climate solutions. The VCS programme has also been recognised by initiatives in Peru; Queretaro, Mexico, and Chile, Verra said. The Zambian framework establishes a fee structure for international credit trade, the institutional arrangements for managing markets in the country, and the functions of its national registry, as it moves a step closer towards Article 6 readiness. Zambia plans to focus on methodologies and tools from Article 6.4, the Clean Development Mechanism, or Verra and Gold Standard crediting programmes.
Unfair CBAM – The Cape Chamber of Commerce and Industry in South Africa has said that EU’s CBAM in its current form will unfairly prejudice developing economies that require international support instead of punitive taxes, to accelerate the transition away from fossil fuels. To this end, the industry group has called out its business partners to unite for a more measured approach to CBAM that is more sensitive to the needs of developing economies. The group has suggested some alternatives for the EU to consider such as a slower implementation of CBAM for countries such as South Africa, allocation of CBAM funds back into these countries’ economies, deepening of trade relations, and an increase in technical support.
EU/South Africa summit – EU President Ursula von der Leyen, together with President António Costa of the European Council, will attend the EU-South Africa Summit in Cape Town on Mar. 13, the first since 2018. The summit is intended to reaffirm Europe’s commitment to its partnership with South Africa and strengthen strategic ties. The EU and South Africa will discuss ways to further strengthen trade and investment ties based on shared interests in clean tech and sustainable supply chains. Von der Leyen will also announce an EU “Global Gateway Investment Package” with South Africa to boost mutually beneficial investments through grants and public and private loans from European and local financial institutions. This package aims to support the just energy transition, boost connectivity infrastructure, and strengthen South Africa’s vaccine production capacity.
Yello’s forest protection – Clean energy provider Yello is partnering with Pina Earth to preserve German forests. Since the start of this year, every new electricity and gas contract signed by Yello automatically includes a climate contribution of €2.50, which goes towards Pina Earth’s forest conversion and development projects. The aim is for Yello customers to make more than two mln square meters of forest “climate-proof” in the long term. The CO2 sequestration of the projects can be viewed on Pina’s dashboard here.
CERA chat – German-Egyptian collaboration on green hydrogen projects and CO2 storage is on the table, as per a chat between two high-ranking officials on the sidelines of CERA Week. Philipp Steinberg, director-general for energy security at the German Ministry of Economic Affairs, spoke this week with Karim Badawi, Egyptian minister of petroleum and mineral resources in Houston, Texas (Al Wafd). The two parties discussed ways to share Germany’s technology and expertise in hydrogen projects, and Egypt’s potential to host green hydrogen initiatives. They also spoke about cooperation for CO2 storage and carbon trading, according to Egyptian media reports.
ASIA PACIFIC
Specific Pacific spend – The government of Japan has made an initial contribution of JPY 417 mln ($3 mln) to the Pacific Resilience Facility (PRF), a Pacific-owned and -led regional resilience financing facility. The PRF, the first international financial institution to be collectively owned by Pacific Islands Forum member governments, is aiming to raise $500 mln over 2025 and 2026. As of Dec. 2024, seven governments including Japan’s had already pledged $159 mln towards this year’s target of $250 mln. “The capitalisation contribution from Japan will also be the first to be paid to the PRF and demonstrates the strength of our partnership,” said Baron Divavesi Waqa, Secretary General of the Pacific Islands Forum. “It also sends a strong signal to our long-standing development partners to respond to the call from Pacific Islands Forum Leaders to support the capitalisation of the PRF.”
Not enough – Nearly all Singapore-listed companies reported climate-related disclosures, with 97% now providing at least one disclosure aligned with Task Force on Climate-related Financial Disclosures (TCFD) recommendations, nearly double the 2023 average, according to a study. Small-cap companies made the biggest leap, with 96% now providing climate disclosures compared to 67% last year. Despite the progress, only 35% of firms conducted climate scenario analysis in 2024, and of those only 31% specified their timeframes. The report urged companies to better their scenario analysis practices to meet stringent requirements of the upcoming IFRS Sustainability Disclosure Standards, which will be mandatory from financial year 2025.
Boom and bust – India’s clean energy IPO boom has stalled as valuations have plunged, with just two listings raising $18 mln this year, down from 14 IPOs securing over $2.3 bln in 2024, according to Bloomberg. Renewable energy stocks like NTPC Green Energy and Acme Solar fell at least 24% from peaks. Delays in power supply deals is one probable reason as shares in newly-listed green firms have fallen below their IPO prices. This comes amid a rout in the Indian stock market as growth has slowed to pre-pandemic levels after valuations of companies ballooned in recent months and made Indian stocks the most expensive in the world.
IFC in India – The World Bank’s International Finance Corporation (IFC), the private sector lending arm, has established a $250 mln, India-focused, Climate Investment Fund to invest in the Indian government’s green shipping initiatives. This includes contributing to the Maritime Development Fund announced in the Union Budget, making the IFC the first multilateral lending agency to do so.
New project – Geneva-based developer EcoSecurities has kicked off a project focused on methane emissions reduction and climate finance for Bangladesh’s rice and livestock sectors, according to a LinkedIn post. Over the next 10 months, EcoSecurities will work with key partners to develop a roadmap, set up MRV systems aligned with global carbon standards, and identify carbon finance pathways, including voluntary and compliance markets. The company did not reveal a potential size of the World Bank-backed project.
SAF deal – South Korea’s SK Energy has signed a contract with Cathay, the home carrier of Hong Kong, to supply no less than 20,000 tonnes of sustainable aviation fuel (SAF) until 2027, it announced Tuesday. SK Energy has been supplying ISCC-certified SAF to Cathay at Incheon International Airport since November 2024, and the two companies plan to gradually expand SAF usage to additional routes in the future. The Korean refinery has established a SAF production capacity of 100,000 tonnes per year and began commercial production of such fuels using the co-processing method.
Status update – Renewable energy accounted for over 22% of India’s total electricity generation in 2024-25 until January, the central government told upper house of the parliament. In response to a question from the opposition, Union Minister of State for Renewable Energy Shripad Yesho Naik said that India’s solar power capacity increased from 2.82 GW in 2014 to 100 GW in 2025. Meanwhile, the government’s financial assistance for renewable energy schemes has increased by about 130% between 2020 and 2024. India is working towards achieving 500 GW of installed electricity capacity from non-fossil sources by 2030, the Hindustan Times reported. Naik added that import dependency of the country may pose some risk in terms of supply chain disruption, price fluctuation, and currency rates but the government has taken steps to incentivise domestic solar manufacturing sector to tackle such risks.
Welcome back – The Western Australian Labor party has been re-elected for a third straight term at the state election held over the weekend, the ABC reported. The party, led by Premier Roger Cook, saw a comfortable victory, however the final make up of the lower house has yet to be determined. The party promised to turn the state into a renewable energy powerhouse and a leader in green iron and steel processing. In the run-up to the election, the party announced it would develop a Green Iron and Steel Action plan, which will focus on streamlining approvals, building enabling infrastructure, and driving collaborative research to support green and low emissions downstream processing of WA iron ore.
VOLUNTARY
Buildings as a carbon sink – Carbon Standards International has extended the public consultation for the Global Construction C-Sink Standard until Apr. 30, 2025. This standard certifies buildings and infrastructure that incorporate biomass-derived carbon-sink materials, such as hemp and biochar, into their structures — locking up the CO2. Certified constructions can be registered in the Global C-Sink Registry, provided all associated GHG emissions are offset. Further details about the standard in the webinar on Apr. 15, from 1400 to 1600 CET.
Stay cool – Cool Effect, a Bay Area non-profit supporting carbon emission reduction and removal projects, has released its first Impact Report. The report details how over $66 mln in carbon finance from high-quality carbon credits has driven environmental and socioeconomic benefits worldwide between 2020 and 2024. Key findings include:
- Over $66 mln directed to carbon projects.
- 7.6 Mt of carbon retired.
- 1.1 Mt of methane emissions destroyed.
- 43+ communities in Mexico supported through sustainable forestry.
- 90,000+ clean cookstoves installed, benefiting 350,000+ people and reducing household air pollution by 47%.
- Potential planting of 40.9 mln mangroves to restore coastal ecosystems.
- 2.2 mln hectares of land protected for biodiversity and carbon sequestration.
Since its founding, Cool Effect has reviewed over 5,000 carbon projects, approving just 54 through its stringent selection process. The non-profit said it remains committed to ensuring that carbon finance is directed toward effective and scientifically vetted initiatives.
INVESTMENT
Billions for unicorns, please – German billionaire entrepreneur and investor David von Rosen says the EU needs to invest €100 bln in entrepreneurial green tech unicorns in order to become a world-leading exporter and fed off competition from the US and China. Responding to the European Commission’s Clean Industrial Deal pitch to mobilise €100 bln of mostly private investment for clean manufacturing, von Rosen argued in an emailed statement on Wednesday that it’s the high-risk, high-value, cutting-edge ventures that can drive innovation in areas like green energy, teep tech, and biomaterials — not corporate emission-cutting efforts. To do this, though, they need a €100 bln support package, he said.
SHIPPING
Committed billionaires – The CEO of iron ore giant Fortescue and Australian billionaire Andrew Forrest has pledged it will start retrofitting the capesize bulk carriers it uses with zero-carbon engines by the end of this decade. Forrest said the group’s new ships will be ammonia-capable and that planning was underway to retrofit others by 2030. He also urged the UN shipping body IMO to agree a $100 per tonne carbon tax to send a strong market signal for the uptake of low and zero-carbon fuels. (TradeWinds)
AND FINALLY…
Not so sweet – A class-action lawsuit filed in early March accuses Florida Crystals, one of the largest US sugar companies, and its parent company, the Fanjul Corporation, of misleading consumers while engaging in environmentally harmful practices. The suit, filed in a California federal court, claims the company falsely markets itself as an eco-friendly sugar producer while continuing to use pre-harvest burning, which releases toxic pollutants and GHG, harming public health in Florida’s Glades region. The suit alleges that Florida Crystals is engaged in greenwashing by misrepresenting its environmental commitment through advertising and product labels that promote its farming as climate-friendly. Pre-harvest burning, which has been restricted in several major sugar-producing countries, remains common in the Glades, where many residents live in poverty and suffer from its effects. A Florida State University study linked sugarcane ash exposure to multiple preventable deaths annually. The plaintiffs seek an end to misleading marketing practices and restitution for consumers who bought sugar products based on the alleged false claims. Florida Crystals defended its environmental credentials, highlighting its Regenerative Organic Certification, which it says ensures sustainable farming practices. The lawsuit also notes the Fanjul Corporation’s significant political influence, having spent nearly $3 mln on federal campaign donations in 2024, primarily supporting Republican causes, and an additional $900,000 on lobbying. (Guardian)
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