Carbon Pulse

Biodiversity-specific funds passed $1.5 billion by the end of 2023, with eight vehicle launches throughout the period despite relative underperformance across the board.

Companies in the European Union will have to submit carbon offsetting claims for prior verification and approval by third-party certifiers before putting them in front of consumers or face hefty fines, according to draft EU rules voted on Tuesday.

Members of the European Parliament voted on Tuesday not to reject a European Commission list of energy infrastructure projects eligible for funding and streamlined permitting processes, which includes two natural gas pipelines.

A multinational cement maker is working with partners to develop ways to store its CO2 in offshore reservoirs in Europe, while supporting the development of carbon mineralisation technologies from which it could generate carbon credits.

A British financial services group has teamed up with the government-launched Projects for Nature, planning to fund projects on nature recovery and becoming the first founding business partner of the initiative, the company announced Tuesday.

Colombian reforms of offset use against its carbon tax have weakened demand for voluntary credits in the country, and a strong rise in issuances from domestic standards has done little to counterbalance dwindling supply figures as participants' focus shifts to the international market.

The approval of oil and gas projects in the North Sea’s five-biggest producing countries — Norway, the UK, Denmark, the Netherlands, and Germany — could lead to billions of tonnes in new carbon emissions, according to NGO analysis published on Tuesday.

EU carbon allowance prices were modestly weaker on Tuesday, clawing back early losses when the daily auction cleared at a premium to the spot, before giving up most of the rally just before midday, while energy markets fell for a fifth day due to a persistently bearish fundamental outlook.

Ongoing attacks by Houthi rebels on ships navigating the Red Sea have forced many Europe-bound vessels to divert their routes, which could as much as triple their emissions liabilities under the EU ETS, according to an ESG data provider.

Turkiye overtook Poland to become the second largest coal-fired power generator in Europe last year, due to its increasing reliance on fossil fuel imports and wavering wind capacity installation, according to an environmental think tank.

The UN’s Green Climate Fund (GCF) has pledged to invest $100 million for climate action in Somalia over the next year, it announced Tuesday.

There is little appetite in the buyers’ market for lower carbon LNG cargoes given they are already very “price sensitive”, an oil executive told an investor briefing Monday.

Indonesia is jeopardising its efforts to meet its international climate commitments by under-reporting its coal mine methane emissions, a report released Tuesday said.

ARB staff and a stakeholder panel discussed with lawmakers at a joint committee public hearing on Monday the option of reducing the pool of banked allowances, trimming free allocation, or lowering California’s emissions cap to increase cap-and-trade programme stringency, as well as the future of the scheme post 2030.

A Direct Air Capture (DAC) project developer is partnering with New Zealand’s Future Energy Centre (Ara Ake) to help develop the first pilot project of its kind in the country, it announced Monday.

A South Korean non-profit dedicated to sustainable development has established a special council led by a climate policy veteran to facilitate the engagement of domestic companies in the voluntary carbon market.

The Biden administration’s $7.4 billion 2025 budget plan requests an increase of $26.9 bln for climate programmes across US agencies, as well as funding for international climate finance, according to documents released Monday.

The volume of NZUs available at auction must be dramatically reduced to cut a surplus in New Zealand’s ETS that threatens to undermine its effectiveness, the country’s Climate Change Commission (CCC) said Tuesday.

The Oregon Department of Environmental Protection (DEQ) on Monday announced a new rulemaking schedule to reinstate its market-based GHG reduction programme that a state court dismissed in December.

Market participants coalesced around expectations for the first RGGI allowance auction of 2024 to clear around the Cost Containment Reserve (CCR) trigger, with secondary market prices converging towards that level over the last month.