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ANALYSIS: Climate finance alliance still has future despite exodus of insurance firms

Published 13:18 on June 9, 2023  /  Last updated at 13:18 on June 9, 2023  /  Americas, Climate Talks, International, US, Voluntary  /  No Comments

The Glasgow Financial Alliance for Net Zero (GFANZ) coalition still has an important role to assume in meeting international climate targets, experts have said, despite an exodus of insurance firms from one of its sub-groups that has led some to question the effectiveness of such industry initiatives.

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Farmer payouts drop during 2nd year of US soil carbon offset programme

Published 23:48 on June 8, 2023  /  Last updated at 01:39 on June 9, 2023  /  Americas, Nature-based, US, Voluntary  /  No Comments

A major US-based agricultural carbon offset firm distributed around $6 mln to US farmers and ranchers in its second year, it announced Wednesday, around a third less than was awarded in the programme’s inaugural year.

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WCI Markets: CCAs tick up on weak volume, WCAs drop following auction results as trade explodes

Published 23:19 on June 8, 2023  /  Last updated at 23:19 on June 8, 2023  / William Koblensky Varela /  Americas, Canada, US  /  No Comments

California Carbon Allowance (CCA) prices inched higher this week on relatively low volume as post-auction selling ran into support from long-term buyers and options trading, while Washington Carbon Allowances (WCAs) continued to lose ground both before and after the scheme’s Q2 auction result publication.

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Quebec reveals timeline to enact potential WCI cap-and-trade amendments

Published 21:46 on June 8, 2023  /  Last updated at 22:51 on June 8, 2023  / Matthew Lithgow /  Americas, Canada, US  /  No Comments

The Quebec environment ministry on Thursday shed light on its plan to ratify possible adjustments to its WCI-linked cap-and-trade system, as it also revealed further details on the topics the province and California will discuss at a carbon market rulemaking webinar next week.

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Panel highlights starkly different EU and US approaches on removals policy

Published 20:45 on June 8, 2023  /  Last updated at 20:45 on June 8, 2023  / Rebecca Gualandi /  Americas, EU ETS, US, Voluntary  /  No Comments

The US and EU are approaching carbon dioxide removal (CDR) technology ramp up in starkly different ways, a panel heard on Thursday, reflecting on US efforts to disburse funding while the EU focuses on setting ground rules and definitions prior to initiating large-scale cash disbursals.

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US tech giant pre-orders millions in nature-based removal offsets to meet 2030 net zero target

Published 19:07 on June 8, 2023  /  Last updated at 19:36 on June 8, 2023  / Joan Pinto /  Americas, Nature-based, US, Voluntary  /  No Comments

A California-based technology conglomerate has pre-ordered millions of nature-based removal credits from a fintech financier and carbon offset supplier in a partnership announced Wednesday.

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World’s largest companies show limited progress towards Paris Agreement’s 1.5C goal, research finds

Published 12:26 on June 8, 2023  /  Last updated at 12:26 on June 8, 2023  /  Africa, Americas, Asia Pacific, Australia, Canada, China, Climate Talks, EMEA, International, Japan, Mexico, Middle East, New Zealand, Other APAC, Paris Article 6, South & Central, South Korea, Switzerland, US, Voluntary  /  No Comments

Global large- and mega-cap firms have shown minimal progress towards meeting the Paris Agreement’s climate goal of limiting global warming to 1.5C by 2050, according to new research.

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Virginia regulatory board endorses Governor Youngkin’s RGGI repeal executive action

Published 23:13 on June 7, 2023  /  Last updated at 23:13 on June 7, 2023  / Joan Pinto /  Americas, US  /  No Comments

A Virginia regulatory board on Wednesday voted to rescind the state’s RGGI-linked cap-and-trade regulation after considering the legal implications of doing so during an unprecedented closed-door session of a public meeting, with the final repeal headed to Governor Glenn Youngkin’s (R) desk for review amid the spectre of probable lawsuits in the coming months.

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UPDATE – Washington Q2 carbon auction clears above Tier 1 reserve price, first advance sale settles far below

Published 20:22 on June 7, 2023  /  Last updated at 21:55 on June 7, 2023  / William Koblensky Varela /  Americas, US  /  No Comments

The second current vintage auction of Washington state’s WCI-modelled cap-and-trade programme sold all allowances above the scheme’s lower reserve tier trigger price, though the first advance sale settled well below that, according to results published Wednesday.

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‘Carbon-to-value’ SAF startup raises £18 mln from investors

Published 15:29 on June 7, 2023  /  Last updated at 15:29 on June 7, 2023  /  Americas, Aviation/CORSIA, EMEA, International, US, Voluntary  /  No Comments

A London-based ‘carbon-to-value’ startup that transforms CO2 and hydrogen into industrial and consumer products, including sustainable aviation fuel (SAF), has raised £18 million in Series A funding.

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