ANALYSIS: Red Sea diversion piles on shipping costs but unlikely to increase sectoral EUA demand
The diversion of ships around the Cape of Good Hope to avoid attacks in the Red Sea will substantially increase emissions compared to the usual Suez Canal route, but the impact on EUA demand from the shipping sector is not likely to be significant in 2024 due to its gradual phasing into to the EU ETS, experts told Carbon Pulse.
Read MoreGerman emissions fall to lowest level in 70 years on weak industrial output, coal demand slump -report
Germany’s GHG emissions fell to their lowest level in 70 years in 2023, driven by an unexpectedly sharp decline in coal use and a significant drop in output from energy-intensive industries, according to a German think tank, pointing to a bearish outlook ahead for EUAs if this trend continues in 2024.
Read MorePortugal approves law to set up national voluntary carbon market
Portugal has ratified a law that establishes a national voluntary carbon market and the rules for its operation, which it hopes will help protect its forests and safeguard them from fires.
Read MoreEU ETS-backed fund disburses €2 bln for member states’ energy transition, cash for gas sneaks in
The EU is channeling an additional €2 billion of ETS revenues to decarbonise energy systems in nine EU member states, the Commission said on Wednesday, though some of that funding will go towards natural gas projects.
Read MoreUK launches plans to set up competitive carbon capture market by 2035
The UK government intends to launch a new domestic carbon capture, usage and storage (CCUS) market by 2035, it announced on Wednesday, furthering support for the process towards its aim of storing 20-30 million tonnes of CO2 a year by 2030.
Read MoreEU awards €65 mln from ETS-financed Innovation Fund to clean tech projects
The European Commission on Tuesday announced the results of the third call for small-scale projects under the bloc’s EU ETS-financed Innovation Fund, with €65 million being disbursed to 17 clean tech activities.
Read MoreGroup of seven European countries agree to decarbonise their power sectors by 2035
A group of seven European countries have agreed to jointly decarbonise their electricity systems by 2035, they announced late on Monday.
Read MoreEU-based forest carbon removal developer secures new funding
An Estonia-based carbon removal platform has obtained €5.5 millionin seed investment from a trio of venture capitalist investors, the start-up announced on Thursday.
Read MoreEU legislators agree on due diligence rules that force large companies to set climate neutrality plans
The European Parliament and Council of EU member states have reached a provisional deal on rules setting obligations for large companies to identify and remedy risks to the environment, human rights, and health arising from their value chain, including an obligation for companies to adopt Paris Agreement-aligned climate plans.
Read MoreEU co-legislators strike provisional deal to redesign the bloc’s electricity market
Co-legislators for the European Parliament and Council of member states struck a deal to reform the EU’s electricity market design early on Thursday morning, aiming to reform the market so as to shield citizens from higher energy prices and enable increased investments in renewable capacity.
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