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The US may need to capture and store nearly 2 billion tonnes of CO2 per year in order to hit the country’s mid-century net zero emissions target, according to a government report published Monday.

Verified emissions covered under the EU ETS rose marginally last year, the European Commission said late Monday, confirming findings based on preliminary data released earlier this month.

Leaders from seven countries vowed to ramp up offshore wind power capacity to 120 GW by 2030 and 300 GW by 2050 at the second North Sea Summit in the Belgian town of Ostend on Monday, an event also attended by European Commission President Ursula Von der Leyen.

Court to decide if judicial review of Liz Truss move to allow new oil and gas drilling should be permitted

Greenpeace has attacked the government’s “disastrous” decision to award new licences for oil and gas drilling in the North Sea as it prepares to challenge the move in the high court.

A court hearing on Tuesday will determine whether the environmental group will be permitted a judicial review of the decision, made during Liz Truss’s short-lived time as prime minister.

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RGGI Allowance (RGA) values slid over the week as demand fizzled out amid expectations for lower CO2 output and excess gas and coal stocks, and as traders anticipated upcoming federal electricity sector emissions rules to replace the scuttled Clean Power Plan.

California gasoline sales increased year-on-year in January amid lower retail prices, while diesel consumption slid, according to state data published Monday.

A veteran emissions market analyst has joined voluntary carbon marketplace operator Xpansiv.

Large solar farm in NSW damaged by grass fire burning under solar modules.

The post Australian solar farm hit by grass fire burning under modules appeared first on RenewEconomy.

Climate change is a real threat to national security. So why didn’t our armed forces review properly come to grips with this? Matt McDonald, Associate Professor of International Relations, The University of Queensland Licensed as Creative Commons – attribution, no derivatives.

A global business organisation will launch a carbon credit buyers’ hub to help build confidence among companies that they are purchasing quality units, a conference heard on Monday, with other speakers noting the complementarity to the ongoing work under the Integrity Council for the Voluntary Carbon Market (IC-VCM).

Offset prices fell over the past week as the market was weighed down by another surge in available offsets, particularly in the REDD avoided deforestation market.

The way nature and biodiversity appear in global financial markets is on the edge of a revolution but they will be treated in a fundamentally different way to carbon, according to a senior member of the Taskforce on Nature-related Financial Disclosures (TNFD), speaking at an event in the UK on Monday.

The UK government is supporting a call for proposals for projects to build resilience to sea level rise through innovative and scalable finance and insurance products.

Green groups are urging the UK government to include waste incineration in the UK ETS place a ban on new energy-from-waste units in the country. 

The discount in UK Allowance (UKA) prices to their EU counterpart has widened to the most since the British market was launched, as traders price in a variety of bearish factors that point to a UK market lengthening at the same time as Europe tightens its targets.

Four days of peaceful activism led by Extinction Rebellion fail to elicit pledge from government to ban new oil and gas projects

After four days of peaceful demonstrations, climate activists gathered in Parliament Square as a deadline for the government to act to end all new fossil fuel projects was reached.

The actions involved a wide range of groups, including Extinction Rebellion, Friends of the Earth and Greenpeace, as well as the Christian climate coalition, with thousands gathering for Earth Day in London on Saturday.

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A shipping firm and a mining and metals company have incorporated a carbon pricing mechanism into their existing contract of affreightment (COA).

The electricity line between the UK and Netherlands could provide green power to 1.8 million UK homes.

The governor of the French central bank has urged the rapid rollout of global carbon pricing as one of the main tools for meeting climate goals, speaking at an event in London, with one senior investor also calling for a price of $150/tonne "over the next few years".

Three years ago, XR was hanging by a thread – the Big One protest suggests the movement has learned from its mistakes

Over the weekend, tens of thousands of climate activists and concerned citizens converged on Westminster for “the Big One”, a climate demonstration with more than 200 participating organisations, including trade unions, community groups and charities, and led by Extinction Rebellion (XR). The demonstration’s convivial atmosphere was somewhere between a county fair and Glastonbury: participants tried out screen printing, ate together on College Green and took part in talks about the climate crisis.

It was easy to forget that in 2020, XR was hanging by a thread. The pandemic decimated the movement on the ground – because its members could no longer meet, recruit others or plan activities. Also, the actions of a handful of protesters who blocked a London commuter train used by working-class people in October 2019 were received very badly, and did lasting damage to the group’s reputation (an XR spokesperson later apologised). “People are very keen to talk about the climate crisis,” one XR member recently told me, “but when they find out we’re from Extinction Rebellion, they don’t want to know.”

Ellie Mae O’Hagan is a writer and head of external engagement at the Good Law Project

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