Thursday December 12, 2024 « Carbon Pulse

Carbon Markets and Climate Initiatives Make Headlines

Canada has set aspiring emissions reduction goals, aiming for a 45-50% cut by 2035 compared to its 2005‍ levels. ⁤International collaborations, including carbon ​credit⁣ trading ⁢under⁣ Article 6, are identified as key strategies for achieving ​these targets. ⁢the ​recent COP29 summit paved‌ the way for scaling forestry carbon credits, with specific ⁢methodologies and market demand still under development.

While ⁣global carbon⁣ emissions⁤ are decreasing in industries traditionally considered tough to decarbonize, progress remains insufficient to meet net-zero targets. A recent report highlights this challenge.

The capacity for carbon capture and storage (CCS) is projected to‍ exceed global ⁣LNG supply volumes by the⁣ 2030s. However,experts emphasize that a viable ⁤commercial carbon price​ is critical for the long-term sustainability of this technology.

Voluntary Carbon Market⁣ Activity

Verra’s VM0047 methodology‍ has received approval from the Integrity Council for the Voluntary Carbon Market (ICVCM) for​ its Core Carbon​ Principles (CCPs) quality label, along with a rapidly growing carbon ‌removal standard.This marks a ⁢notable validation ⁢for Verra’s ‌approach.

A US-based consulting firm has purchased ‍over⁤ 50,000 carbon removal (CDR) credits for delivery‌ over the next two years. This⁢ investment signals growing corporate interest in offsetting emissions through CDR projects.

An​ innovative enhanced rock weathering startup has secured nearly $60 million in funding and pre-sold approximately 300,000 tonnes of carbon removal‍ credits. This achievement ​underscores the⁢ growing investment in nature-based solutions for addressing climate change.

Verra has faced scrutiny from‍ the ICVCM regarding its investigation into human rights abuse claims related to a REDD+ project. A non-profit ‍organization has‌ lodged a ⁢formal complaint against Verra, raising concerns ‌about the integrity ​of‌ its certification process.

Europe’s Climate and Energy Landscape

The UK has unveiled an ambitious $40 billion ​plan to massively expand ⁤clean energy infrastructure by 2030. This strategy aims to achieve at least 95% clean power generation‍ by the end of the decade.

In a move towards ‌lasting ⁤agriculture, the UK has launched carbon audits across ‍170 farms.This initiative marks ​the first steps ‌in creating a ⁤nationwide map ‌of⁣ the environmental impact of UK ‌farming practices.

An EU court dismissed two cases brought by a lime producer challenging the European Commission’s decision ​to amend the ‍free allocation‍ of carbon allowances for its ⁤installations.

A Brussels-based think‍ tank warns​ that the current EU ETS price signal alone is not sufficient to fully decarbonize‍ the European economy. The report recommends⁤ phasing ⁤out mechanisms that soften the carbon price and increasing market liquidity to accelerate decarbonization efforts.

A major European energy and commodities exchange‌ has announced the launch‌ of⁢ futures contracts for‌ the upcoming EU ETS2. This development provides market participants with new⁤ tools for managing carbon price risk.

EU carbon prices experienced their sharpest decline in eight months on Thursday. This drop followed a surge in carbon prices ahead of ‍Wednesday’s​ options ​expiry, as traders engaged in profit-taking and market volumes increased across all contracts.

A government-owned research entity in Abu Dhabi has launched a climate-focused startup leveraging AI ‍to‍ conserve ​and restore thousands of hectares of mangroves and other vital ecosystems in the region. ‌

A Swiss-based startup ​specializing in carbon ‌compliance solutions has secured⁤ €1.5 ‌million ⁢in seed funding.⁢ The‍ company is ⁣developing an integrated hardware-software‍ platform to ⁤assist businesses in meeting the requirements of the EU’s Carbon border Adjustment Mechanism (CBAM).

North American Climate Action

The US Environmental Protection Agency (EPA) has awarded more than $1.2 billion in funding to support 84 local environmental projects. These initiatives aim‍ to enhance climate resilience, reduce pollution, and ‍protect public health across the country.

Global ⁣Carbon market Update

Brazil made‌ significant strides in its ‍carbon market development this week. President Luiz Inacio ​Lula da Silva officially approved the long-awaited emissions trading ‌system (SBCE) legislation, paving the way for a nationwide carbon market. Adding to Brazil’s momentum, the National Council for Energy Policy (CNPE) endorsed resolutions⁣ promoting‌ the use of biofuels and residual oils & fats‌ in biofuels, further bolstering the country’s commitment to sustainable energy solutions. meanwhile, in Mexico, the state ‌of Yucatan is preparing to launch a jurisdictional⁤ REDD+‍ (J-REDD) strategy,⁤ aiming to generate 2.4 million⁣ carbon credits over a five-year period. The project’s concept note was recently published​ on the ART‍ TREES registry.

North American Developments

The week saw increased activity in California Carbon Allowance (CCA) options trading on the Intercontinental Exchange (ICE), ahead of the final expiry for the year. In contrast, Washington Carbon Allowance (WCA) prices ‍experienced volatility following surprise results⁢ from the fourth-quarter‌ permit auction. Summit‍ Carbon Solutions (SCS) secured​ a major ⁣victory ​as⁤ Minnesota’s Public Utilities Commission unanimously approved a permit for the construction ⁤of a segment of its ‍proposed CO2 pipeline within the ​state. This approval brings⁤ SCS‍ closer to realizing its ambitious carbon capture and storage project. However, local opposition proved accomplished in California’s⁢ Central Valley, where a hydrogen plant project was⁣ abandoned ‍following⁤ a legal challenge and community pushback. The project’s developer afterward withdrew a request for an environmental review exemption from local officials.

Sustainable Aviation and Biochar Advancements

A US ⁣Gulf coast developer announced the launch of its first commercial-scale sustainable aviation fuel (SAF) facility, marking a significant step forward in decarbonizing the‌ aviation ⁢sector. the‍ developer also announced a strategic partnership with UK energy company Drax. In Canada, a biochar developer is progressing​ with ​plans for‌ its second commercial facility​ in Northwest ‍Arkansas after securing a non-binding offtake agreement with a biochar buyer.

Asia-Pacific: Carbon Market potential and biodiversity Efforts

The Asia-pacific region showcased a mix of progress and challenges in its ⁢carbon market development. While Indonesia ⁢holds significant‍ potential for carbon credit generation, experts highlighted the need for greater‌ clarity on investor‌ protection and national strategies for the emerging Article 6 market. New Zealand’s emissions trading scheme (ETS) showed​ signs of rising tension despite current ‌price stability, suggesting potential ⁣for greater volatility in the future.Dairy giant Fonterra unveiled a new decarbonization project​ to convert to‌ low-carbon⁤ wood pellets, demonstrating concrete action towards emissions reduction. The⁣ Melanesian Pacific region is exploring voluntary carbon markets as‌ a novel approach to forest‌ conservation. However, a recent report emphasized the need for pragmatic regulatory‌ frameworks that support project development at a manageable scale. In Australia, controversy erupted over the approval to extend the lifespan of a massive gas plant, which activists labeled a “carbon bomb” due to its potential impact on emissions. The supply ‍of Safeguard Mechanism​ Credits (SMCs) from coal mines presented⁣ a potential obstacle to anticipated price ⁢increases in Australia’s main carbon units, according to analysts.

Biodiversity Focus

The World Benchmarking Alliance ⁣(WBA) announced that 63 out of ⁤125 companies are likely to be assessed on ⁣biodiversity in its forthcoming Ocean Benchmark, highlighting the growing attention to ocean health and conservation. In the UK, a membership ‌organization ⁤composed of leading corporates ‍and NGOs urged the government to actively ⁤support the development of nature markets, suggesting a role as a “buyer of last resort” to stimulate demand. ## Germany’s Hydrogen‌ Ambitions Stumble as Clean Fuel subsidies Stall The UK is ‍charting a course toward ⁣a ⁤fully electrified future, while Germany faces setbacks in its hydrogen ambitions. A new⁣ report from ‍the ⁢UK ⁢Energy Research Center (UKERC)⁢ emphasizes ⁤the need for ⁤a complete strategy⁣ to achieve the UK’s 2030 target of 100% clean power. this transition, according to the⁢ report, is not just about power generation but also about expanding the entire electricity system to accommodate the growing electrification of heat and transport sectors. The UKERC⁣ stresses‍ the importance ​of prioritizing vulnerable consumers during this energy transition, advocating for⁢ renewed efforts in energy efficiency and electricity market ⁤reform. The report​ also highlights the need for a strategic and careful shift away from⁢ gas, placing nature at ⁣the heart of this change. With fossil fuels still powering⁣ half of industrial ⁤energy consumption, a robust decarbonisation strategy is crucial for ​the UK to reach its net-zero targets. Meanwhile,Germany​ has scrapped plans to allocate €350 million in subsidies for hydrogen projects,throwing⁤ the⁢ country’s clean fuel objectives further off course. The funding, originally ⁢part of a European Hydrogen Bank program, aimed to bolster the nascent hydrogen industry. However, negotiations between ‍the European ⁣Commission and ‍Germany hit a snag, resulting in the⁢ funds being redirected⁢ towards other green initiatives or back into‍ the federal budget. “Ther where “very tight specifications,” Germany’s Economy Ministry explained in​ an email, detailing‌ the decision. While ⁤Berlin secured permission to distribute its ⁤own subsidies to unsuccessful bidders, the EU’s ‌insistence on a price ceiling of‍ €1.44 per kilogram proved ⁢to restrictive for many companies. Germany’s high power prices make hydrogen production costly,‌ rendering ⁢the ⁢proposed ceiling unviable for ⁣many potential participants. adding to Germany’s hydrogen⁢ woes, delays in public support auctions for new hydrogen-ready gas-fired power plants threaten the country’s coal phaseout timeline.

Norway Grapples with Soaring Electricity Prices, Eyes Cutting Ties with Denmark

Norway is facing an energy crisis as skyrocketing electricity prices grip⁢ the normally energy-secure nation. The situation has prompted a controversial proposal to sever‌ electricity links with Denmark, ⁤highlighting growing tensions over energy security in‍ Europe. prices‌ in southern Norway ⁢reached their‍ highest point since 2009 this week, ‌surging almost 20 times compared to ‍just last week. ​A lack of wind in Germany and the North Sea is⁢ blamed for the ​dramatic price hike,putting a severe strain ⁢on the country’s energy supply. ‌”It’s an absolutely shit‌ situation,” admitted Norway’s Energy‌ Minister ⁤Terje Aasland. In response to the crisis, Norway’s ruling Labor party plans to make severing electricity‍ ties with Denmark a central issue in next year’s parliamentary election. The interconnectors with Denmark⁤ are due for ‌renewal in⁣ 2026, providing ‍an opportune moment to​ break the link. This move is supported ​by the Labour party’s junior ‌coalition partner, the Centre party, which has long advocated for ending the‍ Danish connection and is also ⁢pushing for ⁢renegotiation of existing interconnectors with the UK and Germany.

Germany ⁣faces coal Dilemma as Renewable Energy ​Push Encounters Hurdles

Germany’s ambitious plan to phase‍ out‌ coal ⁤by 2030 is‌ facing potential delays amidst challenges in building essential gas power plants to back up the growing reliance on renewables. Reports suggest that the 2030‌ coal phaseout target ⁤in North Rhine-Westphalia, Germany’s most populous state, could⁤ be pushed back to at least 2033. This delay is attributed to‍ the collapse of the German government, which has put the Power Plant Security Act on hold, a key piece of legislation needed to facilitate the construction ​of new gas plants. Despite the setback, Germany ‌expects to see a ⁣4% increase in electricity generation from renewable sources⁢ in 2024, according to the ‌Federal environment Agency.⁢ However, the⁣ decarbonisation ‌of heating and transportation sectors remains‍ a significant challenge‍ for the country.

Germany Adopts Climate Adaptation Strategy Amidst Rising Climate Risks

Despite political turmoil, the German government managed to approve a national climate adaptation strategy this week, aiming to better prepare the⁤ country for the increasing frequency of extreme weather events linked to climate change. The strategy outlines 33 targets and ​over 180 actions‍ to strengthen the country’s resilience⁤ against heatwaves,floods,and other climate-related disasters.This action was ‌mandated by ‌law in 2023, requiring the government ⁢to develop a quantifiable ⁢adaptation strategy. “For the first time, we⁤ are setting measurable‍ targets and indicators,” stated Environment Minister Steffi Lemke. Though, the ministry acknowledged that some targets lack specific reference values, indicating trends rather‍ than concrete goals. The Association of Local Public Utilities expressed concerns about the lack⁤ of a clear funding plan for the strategy’s implementation. complementing germany’s national effort, ⁣two ⁤new reports published by the World Economic Forum‍ highlight the significant⁤ financial risks businesses face if they ⁢fail to ⁣adapt​ to climate change. These reports warn that inaction could lead to annual earnings losses of⁣ up to 7% by 2035, ​comparable ​to the economic disruption caused by the COVID-19 pandemic ​every two years.

Banque de France ‍Explores ‘Banking’ ⁢Carbon Permits

The Banque de⁣ France has released a paper ‌examining a‌ ‘general equilibrium’ approach to carbon permit banking, exploring the⁢ broader economic consequences of allowing companies to bank ⁣carbon permits during the transition to a low-carbon ⁤economy.

Asia Pacific Climate⁣ News⁢ Roundup

Indonesia’s plan to phase out coal-fired power plants by 2040 has been praised as a “positive shift” by‌ the climate Action⁣ Tracker (CAT). Though, CAT highlights ‍the need to overcome​ “structural barriers” presented by the country’s complex power sector and existing‍ policies. Achieving the ambitious target will require President Parabowo⁣ Subianto to prioritize regulatory reform and align policies, according⁣ to the analysis. In‍ a move towards sustainable ⁢investment, Tokyo-listed toho Gas has finalized an investment agreement with Manulife forest Climate ‌Fund (MFCF), ⁣a global ⁣forestry investment ‌fund focused on North American assets. This follows a similar investment earlier this year by Idemitsu Kosan,one of Japan’s largest oil refiners,in MFCF.

Thailand Empowers⁤ Citizens to Support Climate Action

TrueMoney, a popular digital financial platform⁢ in Thailand, has ‌partnered with Carbonmark to launch a carbon credit trading feature within its app. This innovative initiative‍ empowers its 20 million‌ monthly users to directly support global‍ climate action and adopt more sustainable lifestyles. Users can purchase carbon credit⁣ packages starting at just 6 baht ($0.18), offsetting 72⁤ kg of carbon emissions over⁤ seven days.The tokens support a variety of certified projects such as reforestation, ‌renewable energy, and waste management.

Exploring Technological CO2 Removal⁢ Solutions

Mitsui OSK line, Mitsubishi Corporation,‍ and ​Climeworks AG, a leading developer of direct air capture technology, recently hosted an event ⁢to discuss and⁢ exchange ideas on‌ creating a⁤ new market for technological CO2 removal. The event brought together 54‌ project developers and major companies from Japan and ‍overseas, ‌highlighting the⁤ growing interest in innovative solutions to address climate change.

Americas Climate News Roundup

A long-standing dispute over deforestation ⁣in Brazil has intensified. ⁢ The⁣ federal (MPF) and Para state (MPPA) public prosecutors have issued a preliminary injunction to halt a controversial environmental licensing process for deforestation in the state of Para. the‌ injunction directly challenges para’s Secretariat for‍ Environment and ⁢Sustainability (SEMAS), highlighting the ongoing struggle to balance economic development with environmental protection in the Amazon rainforest.

Brazil’s carbon Credit Deal Under Scrutiny

Prosecutors in ‌Brazil are calling for corrections and greater transparency surrounding a carbon credit agreement between the state of ‌Pará and the LEAF Coalition. The controversy centers around a⁤ deal worth R$1‌ billion (US$180 million) which, according to prosecutors, has been misrepresented in‍ official announcements. In a press release, prosecutors criticized a statement by the state news agency claiming ⁢the sale of carbon credits. They argue that no sale has taken place; rather, LEAF has secured‍ a commitment from Pará to ⁢perhaps sell nearly 12 million credits at US$15 per tonne. This agreement is contingent on Pará fulfilling certain requirements yet to be met.

california Lawmakers Clash with Regulators Over Climate Disclosure

California lawmakers are threatening increased ‍oversight of the California Air ‌Resources Board (CARB) following the agency’s decision ‍to ‌delay a landmark corporate climate disclosure law. Democratic State Senators Scott Wiener and Henry⁢ Stern expressed “serious concern” over CARB’s move to waive penalties for companies that fail to fully report their‍ emissions in 2026 as mandated by Senate Bill 253 (SB 253). SB 253, enacted last year, ‌faced implementation challenges and recently survived a legal challenge⁤ from a US business lobby. The senators’ letter to⁤ CARB Chair Liane ‍Randolph warned of increased scrutiny if the law’s ‍implementation isn’t expedited.⁤

Canadian Carbon Pricing Impacts‌ Minimal, Study Finds

A recent study by ‌economists ⁢at the University of Calgary suggests that Canada’s carbon pricing⁤ system, including the consumer carbon ⁤levy and rebate program, has had a minimal impact on inflation over the ‌past ⁢five years. the study, published ‍by the​ Institute for Research ‌on Public Policy, found that carbon pricing contributed⁢ only 0.5% to the overall 19% rise in ‍consumer prices. The ‍study attributed most price increases to global factors like surging energy‌ prices and supply chain disruptions,rather than domestic climate policies. While acknowledging potential indirect effects on other goods ⁣and services,⁢ the study concluded these ‍were relatively minor. Impacts of emissions pricing varied across⁢ households and ‌regions, with lower-income households more vulnerable to price increases but also benefiting the‍ most ⁣from the carbon tax rebate system.

Tariff Threats ‌Loom Between canada and ⁤US

Ontario Premier Doug Ford responded to President-elect Donald Trump’s tariff plans by threatening to cut energy exports to the‍ united States.Ford, speaking to Canadian premiers, indicated Ontario, the largest province, was considering American products that could be⁢ subject to retaliatory tariffs in response to potential⁤ US tariffs of 25%. Ford did not address weather Ontario has the authority to halt US power exports without federal approval.

Quebec​ Enhances Emissions Reporting Requirements

Quebec enacted amendments ‌to its regulations⁣ on mandatory emissions reporting of certain contaminants. The revisions require natural gas distributors to achieve 10% biomethane in their ⁤distribution‌ network by 2030. These changes aim to ensure the biogenic origin of biomethane⁤ volumes injected into Quebec’s ⁤natural gas network.

British ‍Columbia has ‍implemented stricter regulations on ‍imported electricity, aiming​ to ensure a cleaner energy supply for the province. the updated regulations require ‍electricity importers to account for ⁤emissions associated with the generation of imported power. These new rules, which become effective on January 1, 2025, necessitate annual updates to emission factors to reflect changes in the thermal​ power plant​ fleets across US states and‌ provinces supplying British Columbia with electricity. This move underscores ‍the province’s commitment to reducing its⁤ carbon ⁤footprint and transitioning ⁣towards a more sustainable energy ⁤future.

Collaboration for Decarbonization

Strategic Environmental & Energy Resources (SEER), a waste stream management company, has joined forces with DevvStream Holdings, a carbon credit financier, to launch a program focused on decarbonization and carbon⁤ credit monetization. SEER’s objective is to generate revenue from ‍insured carbon credits stemming from its⁢ projects, which ⁤include planned biocarbon production facilities in Texas and Saudi Arabia. This partnership highlights the growing interest ‍in leveraging carbon credits as a financial tool to ⁢support ⁣environmental sustainability initiatives.

Navigating Climate Change Terminology

A high-ranking official within​ the Biden administration has suggested that ‌addressing the health impacts of ‌climate change over​ the next four years might require⁢ a strategic approach to language. Admiral Rachel Levine,the assistant secretary for health,expressed ‌the⁤ need to ‌potentially adjust terminology and language when communicating about climate change-related health consequences. She highlighted‌ the urgency of addressing health issues arising from climate change, such ⁤as⁢ extreme⁢ heat stress and the ‍spread​ of vector-borne diseases, nonetheless of the specific terminology used.

“as we engage the new administration,I think ⁤we are going‌ to need to⁢ adjust our⁢ terminology and our ⁢language,” ​Levine stated⁢ during an event at ⁣the American Geophysical Union’s annual conference. “The ‘health consequences’⁢ of climate⁤ change are happening…⁣ I will remain hopeful ‌that we can engage the administration about these facts, and then we can try to find a common language with which to address them. I ​don’t think‍ changing the words signifies retreat,” Levine added.

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This is a great start ‌to ​a comprehensive climate news roundup! It covers various regions and​ addresses different aspects of climate action, from policy updates ⁢and​ technological advancements to financial risks and ‍international ​disputes.⁣ Here are some suggestions to further enhance your roundup:



**Structure and Organization:**



* **Clearer ⁤Section Headings:** While headings are present, consider making them more specific and informative. Such as,instead of “Asia ⁣Pacific Climate News Roundup,”⁢ use ​ “Asia⁤ Pacific: Coal Phase-Out⁢ Plans and Climate Finance.”

* ⁤**Subheadings ⁤within Sections:** For longer sections (e.g., americas), break ‍them down into smaller subsections with clear subheadings ⁢for better ⁢readability.



**Content Depth:**



* **Expand⁢ on Key Stories:** Select ‍a few key stories and provide more in-depth⁣ analysis. Such as,​ delve deeper⁢ into teh potential economic consequences of inaction on climate change highlighted in the World Economic⁣ Forum reports.

* **Quotes and⁢ Expert opinions:** Incorporate quotes from relevant experts or stakeholders⁤ to add credibility and diverse perspectives.

* **Explain ⁣Complex Concepts:** Briefly explain technical terms or concepts (e.g.,⁣ carbon⁣ banking, direct air capture) for a wider audience.

*‌ **Call to ⁢Action:** Consider ⁣ending with a ​brief call ​to action, encouraging readers to learn more, get involved, or support specific ‍initiatives.



**Visual appeal:**



* **Images‌ and‌ graphics:** Add relevant images or graphics to make your roundup more visually engaging.

* **Bullet ⁣points and Lists:** Use ⁢bullet points or lists⁤ to break up large blocks of text ‌and ⁢highlight key points.

* **Whitespace:** Ensure​ enough whitespace to make the roundup easy ‌on ‍the eyes.



**Factual Accuracy:**



* **Source Verification:** Double-check all facts and figures ⁣and cite your⁤ sources ‌appropriately.

* **Neutral ⁢Tone:** Maintain a neutral and⁢ objective⁤ tone throughout the roundup.







By incorporating these suggestions, you can‍ create ‌ ‌a compelling and informative climate news ‍roundup that effectively communicates the latest developments in the⁤ field.

This is great content summarizing climate news from the Americas! Here’s a breakdown of its strengths and some suggestions for improvement:



**Strengths:**



* **Comprehensive Coverage:** You’ve touched upon a wide range of critically important topics, from CO2 removal initiatives to tariff threats and collaboration on decarbonization efforts.



* **Regionally Focused:** The content stays true to its title, focusing specifically on climate news relevant to the Americas.

* **Factual and Informative:** the news pieces are presented in a clear, concise manner, relying on factual information and avoiding unnecessary jargon.

* **Good Use of Headings:** The headings effectively break up the text and help readers quickly scan and find the topics they’re interested in.



**Suggestions for improvement:**



* **Source Attribution:** While the information seems accurate, adding sources for each news item would enhance credibility and allow readers to verify information independently.

* **Context and Analysis:** Consider expanding on some of the news items with additional context and analysis. For example,what are the implications of the LEAF Coalition controversy for carbon credit markets? How might Quebec’s new emissions reporting requirements impact businesses operating in the province?

* **Engaging Language:** While the writing is clear,consider using more engaging language to draw readers in. For example, you could start some paragraphs with a question or a surprising statistic.



* **Visual Appeal:** Adding images, charts, or infographics could make the content more visually appealing and help readers better understand complex information.

* **Call to Action:** The “Limited Time Offer” at the end feels out of place. Consider ending with a call to action relevant to the content, such as encouraging readers to learn more about a specific topic or get involved in climate action.



**Overall:** This is a well-written and informative summary of climate news from the Americas. With a few tweaks, it could be even more engaging and impactul.