Carbon Pulse

South African voters head to the polls Wednesday amid energy shortages, a proposed carbon tax hike, and incoming international carbon tariffs, with the country’s three biggest parties open to adding new energies to the national mix but resistant to transitioning away from coal.

Shipping firms based in Greece face EU ETS costs of €335 million this year, rising to €1 billion once the sector is fully integrated in the bloc's carbon market, analysts said.

The EU will not be too strict with companies during the transitional phase of CBAM and is looking into a possible WTO-compatible solution to promote exports of less carbon-intensive products made in Europe, a senior European Commission official told Carbon Pulse.

The summer doldrums has arrived early in the voluntary carbon sector this year after another week of generally thin liquidity and sideway pricing, but pockets of high-priced trades for nature-based credits and early interest in Article 6-eligible units propped up optimism for the future.

The energy transition has massively expanded during the five-year term of European Commission President Ursula von der Leyen, with the share of renewables in the EU's electricity sector jumping to 44% and investments in clean technologies more than tripling, according to fresh data published on Monday.

A Swiss-headquartered non-profit has released a set of recommendations to bolster Africa’s biodiversity credit markets, including setting minimum price floors for units and establishing an independent body tasked with determining project outcomes.

The South Downs has become the first national park in the UK to establish a formal scheme for a voluntary biodiversity credit market, aiming to scale up private investments in nature recovery.

A US-based global environmental asset authenticator, registry, and exchange announced its first Middle Eastern franchise in Iraq in partnership with the Iraqi branch of a Canadian carbon and energy advisory firm.

Declining biodiversity will hit stored carbon stocks given an ecosystem’s ability to keep carbon out of the air is linked to its biological diversity, a paper published last week has found.

European carbon prices rebounded on thin liquidity on Monday with strong German power and TTF gas movements feeding strength into the market, and tight auction supply this week also offering support.

A Malaysian federal agency has launched a non-market instrument under its REDD+ programme to channel private sector funds for supporting forest conservation projects in the country.

With the current ETS focused on big industrial polluters, the EU has only played the “amateur league” of carbon pricing, and is now entering dangerous waters where climate policies start encroaching on private property and individual freedoms, warned Poland’s climate minister.

Malawi has finalised its carbon trading regulatory framework, according to media sources, and so far registered 11 projects following a goverment review into its market activity last year.

The prime minister of Pakistan has rejected a proposal of imposing carbon tax on fossil fuels, citing concerns that the tax may lead to high inflation affecting general public.

G7 finance ministers and central banks met in Italy over the weekend, but with focus on issues like artificial intelligence and Ukraine there was little room for earnest talks on climate issues.

A New Zealand electricity company has announced it will close its gas and trading platform later this year after consulting with staff and being unable to find an interested party to acquire them.

The chair of New Zealand’s Climate Change Commission (CCC), Rod Carr, has confirmed he will retire from his role at the end of his term later this year, the government has announced.

Brazil’s National Bank for Economic and Social Development (BNDES) and the Ministry of Environment and Climate Change (MMA) last week revealed the entities chosen to spearhead its BRL 450-million ($87.5-mln) Amazon forest restoration programme.

Persistent cloud cover poses a substantial challenge for remote sensing technologies that require clear skies to accurately map land covers and measure forest biomass, according to a climate data analytics firm.

Online payments firm Stripe is launching a fellowship programme aimed at accelerating global demand for carbon removals.