UK proposes capacity market changes to accommodate more renewables
The UK is seeking views on potential changes to its capacity markets scheme aimed at keeping flexible power capacity online while strengthening the security of supply and helping to push out unabated gas-fired power, the government announced on Tuesday.
Read MoreCFEL24: UK hopes to kickstart removals by bringing them into ETS
The UK’s plan to integrate greenhouse gas removals into its Emissions Trading Scheme (ETS) is designed to boost demand for credits at a time when the UK market faces turbulence and uncertainty, speakers said at Carbon Forward Expo London on Wednesday.
Read MoreTwo UK carbon capture projects progress towards start-up by 2030
Two bioenergy carbon capture and storage (BECCS) projects have passed the ‘deliverability assessment’ as part of the UK government’s HyNet cluster expansion process, putting them on track to become operational by 2030, the developer announced on Tuesday.
Read MoreUK confirms £22 bln funding for CCS and hydrogen clusters, after years of waiting
The UK government has struck a commercial deal that will make up to £21.7 billion of funding available for carbon capture and hydrogen projects over 25 years, in what it sees as a turning point towards a new clean industrial era, it announced on Friday.
Read MoreIreland hikes carbon tax on fuels, points revenue towards social and climate measures
Ireland will increase its carbon tax on fuels by €7.50 per tonne every year from now until 2029 and hit €100 per tonne in 2030, the government announced Wednesday in a budget that also allocates money towards delivering “secure, stable, and green” energy infrastructure.
Read MoreBrussels considers extending CBAM downstream to crack down on carbon leakage
The European Commission is looking into extending its Carbon Border Adjustment Mechanism (CBAM) to imports of goods further down the value chain, in a bid to keep downstream manufacturing and processing from leaving the EU.
Read MoreCWNYC24: FEATURE – VCM continues struggle to define what makes a ‘good enough’ carbon credit
At the spate of voluntary carbon events scattered in high-rises across New York this week, one topic persisted: how does the market evolve into the trustworthy, functioning, and effective global climate finance driver and unleash the billions of corporate dollars needed for net zero.
Read MoreCWNYC24: US CFTC’s voluntary carbon market guidance aims to level the playing field -chair
The US Commodities Futures Trading Commission (CFTC) sought to embed some of the private sector’s principles and standardisation for the voluntary carbon market (VCM) into its newly released guidance for trading carbon credit derivative contracts, the commission’s chair said in New York on Wednesday.
Read MoreCWNYC24: VCMI expects more companies to pick up its claims, as Scope 3 launch nears
Two companies have so far made claims for the highest grade available under the Voluntary Carbon Market Integrity (VCMI) initiative’s code for offset use – but more are expected in the coming months, and even more once the new Scope 3 claim is finalised, the initiative’s executive director told Carbon Pulse on Wednesday.
Read MoreCWNYC24: Companies urged to take bigger steps to tackle value chain emissions
Companies need to begin tackling their emissions beyond the value chain if they want to credibly work towards net zero – taking responsibility for what it takes to meet their targets, and being transparent when they fall off track, according to recommendations released by a standards-setter during Climate Week NYC on Tuesday.
Read More