China coal use to bounce back in 2023, could push global demand to record level, consultancy says
China’s coal demand is set to bounce back strongly in 2023 on the back of strong GDP growth, which could also push global consumption for the carbon intensive fuel to a new record level in the most bullish scenario, according to an outlook on the impact of China’s post-Covid-19 re-opening on the Asian economic giant’s demand for commodities.
Read MoreCIX to launch nature-based standardised contract in Q2
Climate Impact X (CIX) is set to launch its nature-based standardised contract on its upcoming spot trading platform, addressing market concerns over project delivery risk, market-representative pricing, and fragmented liquidity in the voluntary carbon market (VCM), it announced on Thursday.
Read MoreJapan faces pushback on fossil fuel promotion at upcoming G7 ministers’ meeting
Fissures have emerged between G7 member states over the approach towards climate policy in the run-up to the group’s meeting of energy, climate, and environment ministers to be held in Sapporo, Japan next month.
Read MoreSold out: Bursa Malaysia wraps up first carbon credit auction
Bursa Malaysia’s new carbon trading platform, Bursa Carbon Exchange (BCX), completed its first carbon credit auction on Thursday, which saw domestic buyers purchase all the available 150,000 Verra-registered carbon credits, the stock exchange announced.
Read MoreIndonesia could save trillions by moving up net zero target by a decade, report says
Indonesia can avoid up to $3.8 trillion in investment requirements and achieve an earlier peak in its emissions if it targets net zero emissions by 2050 instead of its current goal to reach it ten years later, provided it prioritises low-cost renewable energy over costlier alternatives, a report released on Friday has found.
Read MoreMalaysia to target up to 10 Mt/year CO2 storage capacity for regional emitters by 2030
Malaysia plans to establish itself as a regional hub for CCS in Asia, largely through its national oil company Petronas, with plans to develop infrastructure to store up to 10 million tonnes of CO2 annually by 2030, according to a presentation at a conference on Thursday.
Read MoreCarbon neutral commodity claims need emissions accounting for entire supply chain, conference told
Oil and gas companies may have eased off on making carbon neutral claims for commodity shipments, but work to improve methodologies for calculating lifecycle emissions of cargoes is an ongoing task that will be key to the greater use of carbon neutral commodities as part of company decarbonisation strategies going forward, an industry conference was told on Thursday.
Read MoreMalaysian state bids for key regional role in carbon markets, CCS infrastructure
The forest-rich Malaysian state of Sarawak aims to play a key regional role in the pursuit of net zero goals through the promoting of carbon trading and developing carbon storage capacity, the state’s premier announced in a keynote address at a conference on Wednesday.
Read MoreIndonesia releases CCS regulations, opens door for carbon trading
The Indonesian government has announced a set of regulations to guide the development of a carbon capture, utilisation, and storage (CCUS) sector in the Southeast Asian country’s oil and gas industry, which includes allowing for the monetising of the activity through the use of carbon credits, the Ministry of Energy and Minerals Resources (MEMR) announced on Friday.
Read MoreJapanese shipping and steel firms team up for carbon neutral iron ore shipment
Japanese shipping company Mitsui OSK Lines (MOL) and steel manufacturer Kobe Steel have offset CO2 emissions from the fuel used in the ocean transport of iron ore from Australia to Japan with the purchase of carbon credits for the Rimba Raya forestry project in Indonesia, the two companies announced on Thursday.
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