VCM Report: REDD credibility hits a wall and sinks standardised nature-based carbon credit contracts
The implosion of REDD credibility continued to dominate the voluntary carbon market last week with prices sliding again following news of certifier Verra suspending issuance of two connected Kenyan projects over allegations of sexual harassment and abuse by senior staff.
Read MoreCurrent carbon capture growth trajectory insufficient to meet net zero, fossil demand to peak by 2030, says IEA
Stronger policy support for carbon removals and capture, utilisation, and storage (CCUS) technologies is required to scale capacity to meet 2050 net zero goals, according to the International Energy Agency’s flagship energy report, which also forecasts peak fossil fuel demand this decade based on the current outlook.
Read MoreVCM Report: REDD prices splinter, corresponding adjustments create headache for first-phase CORSIA buying
Demand continued to diverge in the voluntary carbon market over the past week, with some corporates seeking cheap REDD avoided deforestation credits, while others eye ACR-certified units eligible for the first phase of the CORSIA international aviation offsetting scheme, which are expected to obtain corresponding adjustments.
Read MoreMajor financial trade body calls for standardised accounting across carbon markets
A lack of specific accounting standards for carbon credit trading has led a major financial industry trade association to publish a whitepaper offering guidance for the treatment of such units.
Read MoreVast majority of world’s coal companies have failed to set exit dates -report
Around 95% of the world’s thermal coal value chain lacks a phaseout commitment and only half of those with exit dates have timelines aligned with the Paris Agreement, according to an NGO-compiled report published on Thursday.
Read MoreVCM Report: Carbon credit trade picks up in OTC market and for futures
Gears are shifting in voluntary carbon market volumes despite prices of many of the standardised contracts flatlining at very low digit levels, sources told Carbon Pulse on Monday.
Read MoreVCM Report: Diverse REDD pricing creates odd backwardation in nearby curve as CME’s N-GEO future tumbles
Nearby nature-based carbon credit futures tumbled over the past week to create backwardation between the spot and the December future, as much of the rest of the market was little changed despite relatively strong volumes.
Read MoreVCM Report: Bounce in V18 standardised REDD contracts masks moribund market
A slight price recovery in nearby futures for REDD avoided deforestation credits over the past week provided one of the few bullish signs for the voluntary carbon market (VCM), which remains in limbo while the first badges of integrity are readied by the cross-stakeholder body ICVCM and faces increasing competition from the rise of Paris Agreement-approved units.
Read MoreCalifornia introduces international initiative to address methane emissions
California on Wednesday announced an international climate initiative targeting methane reduction and mitigation, as seven signatories from six countries participated in the launch event at New York Climate Week.
Read MoreCountries make patchy progress on power sector decarbonisation amid signs of hope -analysts
Countries have made mixed progress in decarbonising their power sectors in line with Paris Agreement targets but there are some signs of hope, with finance key to developing countries meeting fossil fuel phase-out targets, according to research published on Tuesday.
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