Carbon Pulse

An emissions reduction requirement in Australia’s National Energy Objectives (NEO) came into effect as of Tuesday, however analysts say key questions remain around its implementation. 

A Malaysian state has become the nation’s first to pass legislation that will support the generation and sale of carbon credits, and impose a carbon tax of companies failing to report on their emissions.

Nearly two months since the official launch of Indonesia’s national carbon exchange the platform has seen little trading activity, with its operator and market participants raising several key issues holding it back, however growing international interest and further regulatory development will see the market grow, they said. 

A Southeast Asian gas lobby group has launched a new carbon capture and storage accreditation study that will look at the best way to earn carbon credits.

Greater pressure should be placed in COP28 negotiations on countries to deliver fast and effective emissions reductions by phasing out fossil fuels and transitioning to low-carbon industry, seeing as a small number of high-emitting, high-income nations are overly reliant on land use to offset emissions in their climate pledges, according to a report published on Tuesday.

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Australian oil and gas company Santos is partnering with Tokyo Gas to explore producing carbon neutral synthetic methane, or "e-methane", in Australia, the former announced Tuesday, as the state of South Australia passed legislation supporting its renewables and hydrogen industry.

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A daily summary of our news plus bite-sized updates from around the world.

The world is already planning for a doubling of renewable power capacity by 2030, analysts said in a report published on Tuesday, adding that this should give confidence to governments that a global agreement to triple renewables this decade is achievable.

China is considered on track to reach its climate commitments for this decade, despite observers having mixed expectations on the country's coal consumption in the coming years, a report has found.

A South Carolina-based philanthropic endowment announced a request for proposals (RFP) on Monday as part of its new Impact Investing Program that seeks to deploy $5 million by 2024 to advance sustainable transformation of forests and forest-reliant communities.

Both a proponent and an opponent of carbon capture utilisation and sequestration (CCUS) agree that the US Inflation Reduction Act (IRA) will out-incetivise funding for Canadian technology, despite the expected C$20 billion ($14.6 bln) legislation on Tuesday enshrining a CCUS tax credit first announced in 2021.

California gasoline sales and emissions increased only slightly in August compared to the previous year, while diesel consumption and greenhouse gas output lagged 2022 levels by the smallest margins seen so far this year, according to state data published Monday.

Canada's recent carbon policies would bring down tax revenue by over C$1 billion and increase rural supplement payments to $3 bln, says the budget watchdog.

RGGI allowances (RGAs) again broke a record settlement price for the benchmark contract on small volume, while market participants speculated the logic behind breach of the Cost Containment Reserve (CCR) trigger level.

Brazil's lower house of Congress will hold a crucial vote on a national Emissions Trading System (ETS) legislation this month amid negotiations over the programme's managing body, sectoral inclusion, and tax reform, two experts told Carbon Pulse.

Antigua and Barbuda's environment ministry has distanced itself from a company purporting to be developing blue carbon projects there worth up to a trillion dollars, despite the venture listing the Caribbean island nation's prime minister among its leadership team.

International carbon market stakeholders have broadly welcomed the last-minute adoption of recommendations for how the UN crediting mechanism under Article 6 of the Paris Agreement should operate, but also pointed to uncertainties that risk diluting ambition and noted the challenge of deferring many key decisions given the ambiguous nature of certain sections of the text.

The European Commission has extended part of the bloc’s state aid Temporary Crisis and Transition Framework by six months, meaning member states can continue providing additional support to certain EU ETS-covered entities hit by the energy crisis and ongoing war in Ukraine.