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Euro Markets: Midday Update

Carbon Pulse - Tue, 2024-07-30 21:12
European carbon prices slipped back into the middle of the range they have occupied for the last month and a half as natural gas prices declined, removing some of the support that had underpinned last week's rally.
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New Zealand on track to meet first emissions budget, Climate Change Commission finds

Carbon Pulse - Tue, 2024-07-30 21:10
New Zealand is on track to reach its first interim emissions reduction target based on a swathe of data assessed by the independent Climate Change Commission, but uncertainty persists, its inaugural annual monitoring report released Tuesday found.
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ICVCM launches forum to help cash flow to local communities, Indigenous Peoples

Carbon Pulse - Tue, 2024-07-30 21:08
The Integrity Council for the Voluntary Carbon Market (ICVCM) has launched an independent forum to give Indigenous Peoples "a strong voice" in ensuring finance from carbon credits flows to local communities.
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Voluntary carbon credits on the table under SBTi revision of corporate net-zero standard

Carbon Pulse - Tue, 2024-07-30 21:00
The Science Based Targets initiative (SBTi) will formally consider the use of voluntary carbon credits under its corporate net-zero standard, according to technical papers published Tuesday, with proposals that would allow companies to use units towards climate targets under certain circumstances.
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INTERVIEW: Most biodiversity credit methodologies fail to address uncertainty

Carbon Pulse - Tue, 2024-07-30 20:22
Existing biodiversity credit methodologies largely fail to address uncertainty in measuring biodiversity change, which could result in misleading assessments of nature conservation and restoration projects, researchers have told Carbon Pulse.
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BP scales back plans for biofuel projects, focuses on oil

Carbon Pulse - Tue, 2024-07-30 20:14
BP tilted further away from the energy transition as it published bumper second quarter results, announcing it was scaling back plans for new biofuels projects and investing in Gulf of Mexico oil production, a month after it emerged that it has put further investment in offshore wind projects on pause.
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Japan livestock farming hub to promote offset projects, develop crediting methodology

Carbon Pulse - Tue, 2024-07-30 19:19
One of Japan's agricultural cooperatives has teamed up with several domestic partners to kick off a comprehensive emissions reduction programme in the hope of driving down emissions from the country's livestock sector.
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Global methane emissions rising at fastest rate in decades, scientists warn

The Guardian - Tue, 2024-07-30 19:00

Researchers call for immediate action to reduce methane emissions and avert dangerous escalation in climate crisis

Global emissions of methane, a powerful planet-heating gas, are “rising rapidly” at the fastest rate in decades, requiring immediate action to help avert a dangerous escalation in the climate crisis, a new study has warned.

Methane emissions are responsible for half of the global heating already experienced, have been climbing significantly since around 2006 and will continue to grow throughout the rest of the 2020s unless new steps are taken to curb this pollution, concludes the new paper. The research is authored by more than a dozen scientists from around the world and published on Tuesday.

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Australian Market Roundup: Mining giant loses climate advisor over “hypocrisy”

Carbon Pulse - Tue, 2024-07-30 16:35
The Australasian Centre for Corporate Responsibility (ACCR) has pulled out of its advisory role with Australian mining giant Rio Tinto after just a year, with the activist shareholder group saying Tuesday it was the result of revelations Rio “engaged in negative advocacy that undermines a public commitment to an enhanced approach to climate advocacy”.
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For decades, governments have subsidised fossil fuels. But why?

The Conversation - Tue, 2024-07-30 16:33
Why do governments still give billions to encourage fossil fuel production? The answer is often to shore up energy supplies. Bernard Njindan Iyke, Lecturer in Finance, La Trobe University Licensed as Creative Commons – attribution, no derivatives.
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Renewables overtake fossil fuels to provide 30% of EU electricity

The Guardian - Tue, 2024-07-30 14:00

Report finds 13 member states generated more energy from wind and solar power than coal and gas for first time in 2024

Wind turbines and solar panels have overtaken fossil fuels to generate 30% of the European Union’s electricity in the first half of the year, a report has found.

Power generation from burning coal, oil and gas fell 17% in the first six months of 2024 compared with the same period the year before, according to climate thinktank Ember. It found the continued shift away from polluting fuels has led to a one-third drop in the sector’s emissions since the first half of 2022.

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Clarity on quality needed to accelerate growth in the CDR industry -panel

Carbon Pulse - Tue, 2024-07-30 11:43
Although buyer expectations surrounding higher quality carbon removal (CDR) credits have picked up in recent months, the lack of clarity on standards continues to hinder market participation, panellists at a webinar said Monday.
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Air NZ drops 2030 emissions target, pulls out of SBTi

Carbon Pulse - Tue, 2024-07-30 11:39
Air New Zealand on Tuesday dropped its 2030 carbon emissions intensity target and announced it is withdrawing from the Science Based Target initiative (SBTi), citing uncertain regulatory support and lack of sustainable aviation fuel (SAF) supply.
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