The UK stands to see an economy-wide productivity boost as companies benefit from cheaper power, transport, and heating, provided that cheaper energy prices are passed onto consumers and not kept as profits by large energy companies, an academic study has found.

The voluntary carbon market risks losing its credibility and becoming a "market for lemons" unless it adopts rigorous and systematic after-the-fact evaluation of emissions reductions, researchers warned in a new study.

Turkiye’s long-awaited climate change framework bill was passed in the country's legislature on Wednesday after months of delays and nearly a decade of preparations, mandating the creation of an emissions trading system (ETS) that allows the use of offsets for compliance, and leaving the door open for a carbon border adjustment mechanism (CBAM).

Fossil favouritism - The US Senate's passage of the ‘Big, Beautiful, Bill Act’ is being celebrated as a victory by the fossil fuel industry, E&E News reported. Unlike the House reconciliation bill passed in late May, the Senate version provides companies that capture carbon and use it for enhanced oil recovery (EOR) with an $85-per-ton maximum tax credit — the same rate given to companies that sequester the captured carbon geologically underground. The legislation included new tax benefits for oil, gas, and coal producers, and modified the clean hydrogen credit (45V) with an earlier cutoff date. It also shortened timelines for clean energy tax credits and eliminated several efficiency-related credits. The bill now heads to be voted on in the House, where it could face a fight with House Republican budget hawks and is not expected to receive any Democratic support, meaning Speaker Mike Johnson (R-LA) is likely only able to lose a few votes from his caucus.

The Hawaii Department of Transportation (HDOT) released a draft decarbonisation strategy targeting the maritime and aviation sectors, with a focus on sustainable fuels and carbon removals to achieve its mandated net negative transport emissions goal by 2045.

Disturbed forest areas in Canada’s boreal forests may be struggling to regenerate thanks to moose grazing, contributing to a significant drop of carbon being stored in these major carbon sinks, according to a study published Tuesday.

Panama on Wednesday published a national roadmap to guide its incoming national carbon market (MNCP), betting heavily on voluntary corporate offsetting to drive demand, operationalise a future registry, and trade on a planned carbon exchange.

A US-based manufacturer of low-carbon building materials announced nearly $125 million in additional Series B funding to scale its sustainable cement production in Europe and North America.

Defying taxes - Climate Defiance, a two-year-old organisation known for disrupting politicians during high-profile events, now has US government approval to receive tax-deductible donations, the group announced this week. The IRS has recognised the Climate Defiance Foundation as a 501(c)(3) organisation that can receive tax-deductible donations and can receive contributions directly from foundations and donor-advised funds, E&E News reports. Climate Defiance plans to continue to operate its 501(c)(4) entity, Climate Defiance Action, due to limits on what the foundation is allowed to do. The recognition can “help us level up and reach the max level of power and scale,” said Michael Greenberg, who founded Climate Defiance in 2023. The organisation launched during the Biden administration and regularly disrupted speeches and events featuring administration officials.

Science steps in - US scientists are developing a non-federal alternative to the National Climate Assessment (NCA) after the Trump administration removed past versions from federal websites and dismissed the team working on the next report, E&E News reported. Though the NCA is required by Congress and typically produced by the US Global Change Research Program, its future is now uncertain. In response, organisations such as the American Geophysical Union and the American Meteorological Society are launching a new climate-focused publication to partially fill the gap. The effort aims to maintain access to peer-reviewed climate science.

Public support for the low-carbon transition, including the uptake of electric vehicle and renewable energy, could hinge on how sustainably their raw materials are mined – and how fast the sector can decarbonise as it grows.

Brazil’s Caatinga biome has an annual capacity for some 8.4 million REDD+ credits and 472,000 afforestation, reforestation, and revegetation (ARR) credits, according to a report published Wednesday.

Rate ruckus - New York Governor Kathy Hochul (D) has called for greater regulatory scrutiny of proposals by two upstate utilities owned by energy firm Avangrid to raise their customer rates by more than 20%, reported E&E News. New York State Electric and Gas and Rochester Gas and Electric said in their filing they need to recover costs for storm recovery, unpaid bills, and compliance with new in-state call centre requirements. The former serves nearly 1 mln electricity customers and 270,000 gas customers, while the latter serves 386,000 electricity customers and 320,000 natural gas customers.

The first annual auction for Colorado’s carbon trading programme for manufacturing facilities in June settled at around $25 through two rounds, according to a notice published Wednesday.

Plans by pipeline company APA Group to transport large volumes of fracked gas from the Beetaloo Sub-basin will massively drive up Australia’s carbon emissions without addressing energy security in any meaningful way, activist group Market Forces said Thursday.

EUAs prices rose for a second day as the groundswell of buying that had kicked off the new quarter on Tuesday continued with a bullish natural gas market again lending support, while traders were less concerned with the European Commission proposal for the EU's 2040 climate target.

TotalEnergies has picked up a stake in renewables and battery storage assets in the Caribbean and sold a stake in a European renewables portfolio, in two deals that it said will enable the French company to continue expanding its clean energy business.

US bank JPMorgan Chase is trialling the tokenisation of carbon credits in partnership with a data provider and two carbon registries to improve transparency in the voluntary carbon market.

CDR partners - Removals registry Rainbow (formerly Riverse) has announced its partnership with Mangrove Systems, a provider of digital monitoring, reporting, and verification (dMRV) for projects of all sizes and technology pathways. The partnership between the two is intended to streamline certification processes and enable faster, more reliable data flows, and will be specifically suited to certifying removal projects.

Gold Standard registered a record number of new projects last year as its focus on community service reaped dividends, the organisation revealed in an annual report.

US-based credit standard Verra has pushed back against a new report criticising the voluntary carbon market (VCM), arguing it overlooks recent progress and risks undermining the only system channelling climate finance to vulnerable communities.

Ignoring methane in emissions accounting and reduction targets has left Australia’s top four banks with billions of financial exposure, warned a new report.

First to the finish line - A global carbon calculator for the sport industry has been launched by the European Olympic Committees (EOC) EU Office, the International Olympic Committee (IOC), and the Association of National Olympic Committees (ANOC), they announced in a statement this week. The free of charge calculator is reportedly the first globally and offers a science-based, user-friendly tool for the sport sector following the Greenhouse Gas Protocol. The OCEAN Sport CO2 Calculator tool has automated emissions calculations using country-specific emissions factors and is a practical way for sport organisations to engage on climate action.

Grid for more gigawatts - UK energy regulator Ofgem has given provisional approval for the country's energy sector to invest an initial £8.9 bln in expanding the electricity network to deliver more clean power. Expanding the grid could unlock 126 GW of clean power from wind, solar, and other sources, BusinessGreen reports. The UK aims to reach 95% clean power by 2030 on the way to reaching its net zero target by 2050.

Working on it - Singapore's Prime Minister Lawrence Wong on an official trip to Cambodia on Wednesday said the two countries are working together on high-quality carbon markets, including an Implementation Agreement on carbon credits. The Southeast Asian countries signed an MoU in 2023 to develop a framework that allows for the trading of correspondingly adjusted Article 6 credits under the Paris Agreement.

Operating profits tumbled last year at one of the oldest project developers and originators in the voluntary carbon market, highlighting the “challenging year” that saw companies shun philanthropy and focus on their own supply chains.

Estimated climate finance needs vary by up to a factor of 10 depending on inconsistent assumptions around scope, ambition, and cost structures, casting doubt on the credibility of targets like the global goal of $1.3 trillion a year from 2035, a French think tank said in a report published Wednesday.

Strong fossil-based electricity generation in the first six months of 2025 could see the EU ETS record the first annual rise in emissions since 2022, analysts have said, but weather patterns across the second half of the year will determine whether demand holds up in the face of a weak macroeconomic outlook.

The European Commission will propose using revenues from its Carbon Border Adjustment Mechanism (CBAM) to support affected industries' exports on international markets, in a legislative proposal due by the end of 2025, it announced on Wednesday.

The Supervisory Body for the Article 6.4 carbon crediting mechanism has clarified to Carbon Pulse that the authority may not define what is an acceptable claim in the voluntary market, in response to uncertainty over how issued Mitigation Contribution Units (MCUs) can be used by corporate buyers.

CO2 pipeline safety - DNV, the global independent energy expert and assurance provider, is leading Skylark, a three-year joint industry project designed to improve understanding of CO2 pipeline operations and support safe, large-scale deployment of CCS. Developed in partnership with the UK Health and Safety Executive Science Division, University of Arkansas, Ricardo’s UK National Chemical Emergency Centre, the National Centre for Atmospheric Science, and the UK Department for Energy Security and Net Zero (DESNZ), the project aims to provide regulators and operators with high-quality safety data as CCS networks expand to meet climate targets. DNV’s Energy Transition Outlook 2024 forecasts a rise in CO2 pipeline length from 9,500 km today to over 200,000 km by 2050. Skylark will address this need through advanced modelling, large-scale testing, and emergency response analysis, focusing on how CO2 behaves in pipeline failures, including dispersion patterns under varied terrain and weather. Experiments will include large-scale tests at DNV’s Spadeadam Research and Testing Centre and wind tunnel studies at the University of Arkansas. Emergency response protocols will be trialled with first responders to improve safety procedures. The initiative has already drawn nine industry participants. Major experiments will begin in 2025, with DNV inviting more partners to join. The project will contribute directly to DNV’s CCS Safety Guidelines and support safer pipeline design, routing, and operation.

The European Commission put forward its legislative proposal for a 2040 climate target on Wednesday, reserving a 3% share of its 1990 emissions baseline for international carbon credits as part of an overall 90% emissions reduction goal, while keeping those units out of the EU’s Emissions Trading System (ETS).

Poster power - More than 60 advertising and media agencies have urged the UK government to impose ‘tobacco-style’ bans on fossil fuel advertising and sponsorships ahead of a parliamentary debate scheduled for July 7 in Westminster Hall. The debate follows a petition led by broadcaster Chris Packham that gathered over 110,000 signatures, highlighting concerns that fossil fuel marketing remains largely unregulated despite the UK’s climate commitments and public health goals. An open letter, coordinated by Purpose Disruptors, Clean Creatives and Creatives for Climate, argues that fossil fuel ads should be treated like tobacco marketing due to their harmful impact and similar promotional tactics. Agency leaders claim voluntary measures are insufficient.  Some said they are refusing fossil fuel clients but need government action to drive lasting change and redirect creative talent towards promoting a greener future. Campaigners point to the success of tobacco advertising bans in reducing smoking uptake by around 37%. Some local authorities, including Glasgow, have already banned fossil fuel advertising. (edie.net)

China is the heavy-hitter that could steer multilateral climate discussions toward trade and economy, and away from negotiations on emissions reductions and climate finance, especially in light of the US withdrawal from the stage, experts told Carbon Pulse on the sidelines of the Bonn intersessional talks.

All yours now - Hong Kong-listed electric vehicles manufacturer Zhejiang Leapmotor Technology has entered into a carbon credit transfer agreement with subsidiaries of multinational automaker Stellantis, according to a company statement. Stellantis subsidiaries agreed to accept the carbon credits generated by the sale and registration of all battery electric vehicles (BEV) and range extended electric vehicles (REEV) under the Leapmotor brand in the European and UK markets in 2025. Leapmotor said it has a greater amount of outstanding balance of CO2 emissions under the relevant EU and UK regulatory regimes, and selling carbon credits to Stellantis can effectively expand the revenue sources, without disclosing further details.

The Australian carbon market saw an uptick of activity on the first day of the new financial year, however it did not lead to a rise in prices, in what otherwise has been a quiet time for the market.

Climeworks on Wednesday said it has raised $162 million in fresh equity, pushing total funding for the Swiss direct air capture (DAC) firm past $1 billion.

The UN-backed Green Climate Fund (GCF) on Tuesday approved more than $300 million in funding for projects across the Global South, going to a range of results-based forestry, fishery, and agriculture initiatives.

China may have already reached a turning point in its emissions trajectory as structural growth in clean energy is driving down CO2 output, but its weak carbon price and coal chemicals expansion do little to help, a think tank has found.

Dual fuel – Miner BHP has signed a charter for two dual-fuelled bulk carriers that can run on ammonia with Cosco. The yet-to-be-built vessels will be some of the few in the world that can run on the lower emissions fuel, BHP said Wednesday, and will be delivered by 2028 and used to send BHP’s iron ore from Western Australia to Asia. BHP estimated the vessels can reduce emissions by at least 50% and up to 95% per voyage compared to a conventionally fuelled voyage. The miner hopes it drives decarbonisation of the bulk shipping sector not just by cutting its own emissions, but by encouraging the production and use of ammonia as a shipping fuel. Its rival Fortescue already has one green ammonia-fuelled ship which operates more as a demonstration project and is a retrofit of an existing vessel with capacity to use about 40% green ammonia as fuel.

Rice roadmap – Vietnam is looking to expand its low emissions rice programme targeting 2.5 mln hectares by 2030, an increase from 1 mln by 2025, as part of its net zero plans. The Ministry of Agriculture and Environment (MEA) is drafting a new plan, VNEconomy reported this week. Under the new roadmap, the nation is targeting a 30% reduction in methane emissions and a 10% cut in total emissions from rice crops, one of its largest exports, over 2020 levels. The plan will be region-specific and include a national database on emissions from specific crops, regions, and growing techniques. The newspaper noted this will lay a foundation for a future carbon market in Vietnam. Agriculture is not covered under Vietnam’s pilot ETS, which launched in June, but is a large contributor to emissions.

Mapping carbon - Indonesian project developer Fairatmos signed an MoU with Filipino reforestation company CCCO2 PH to map carbon market potential in the Philippines last week. It was signed at an event by the Indonesian Embassy in Manila, where the two countries discussed closer cooperation on carbon market development. Manila earlier this year approved a bill to set up a domestic emissions trading scheme with offset provisions.

Robot ARENA – The Australian Renewable Energy Agency (ARENA) has awarded A$4.9 mln ($3.2 mln) to robotics company Luminous to demonstrate their LUMI robot, it announced on Wednesday. The robot is AI-powered and is used to place solar modules onto racking structures for onsite workers to secure, cutting the cost of large-scale solar. The technology will be deployed at two solar farms, the 440MW Neoen Culcairn Solar Farm in New South Wales and at Engie’s 250 MW Goorambat East Solar Farm in Victoria. The grant is the first from ARENA’s A$100 mln Solar ScaleUp Challenge, as the agency seeks to reduce the installed cost of solar to 30 cents per watt and the levelised-cost of electricity (LCOE) to below A$20/MWh. According to the International Renewable Energy Agency, the LCOE of utility-scale solar in Australia in 2023 was $0.38/W, or 58 Australian cents.

Offset offering – National carrier Qantas has announced Australian customers will be able to purchase carbon credits to offset emissions when booking flights through local travel agents. The airline said the feature was made possible through its Qantas Distribution Platform, noting that previously customers were only able to purchase carbon credits when booking directly on its website. The expansion will help Qantas support more conservation and environmental projects in Australia and around the world, it said. Qantas is facing a greenwashing complaint over its "fly carbon neutral" product which relies on carbon credits, and its broader sustainability claims.

Governments and companies banking on future deployment of CO2 removal innovations to meet climate targets risk facing sharp economic costs and abrupt energy transitions if those technologies fail to deliver at scale, a new study has warned.

Reactive carbon capture and conversion (RCC) is an economically-feasible and cost-competitive energy source to produce synthetic renewable natural gas (RNG) and provide long duration storage, according to analysis from a US national laboratory.

ASEAN countries are planning to import more LNG as a way to boost energy security, however they would be better off investing in renewable energy and expanding the region's power grid, both from a cost and emissions reductions perspective, a webinar heard Tuesday.