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News and intelligence on carbon markets, greenhouse gas pricing, and climate policy
Updated: 2 hours 16 min ago
INTERVIEW: No robust nature market if finance sector can’t engage Indigenous peoples, says UN initiative
Potential investors in biodiversity credits must engage effectively with Indigenous peoples or risk sub-par returns, as the wider financial sector moves towards building nature into their decision-making, according to the co-lead of a UN finance initiative.
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EU needs scaled-up power infrastructure to ensure electrification rate can triple, says industry
Homegrown clean and renewable electrification remains the answer for the EU's decarbonisation and security of supply, but more investment and infrastructure upgrades are urgently needed to enable a tripling in electrification rates by 2050, a according to an industry group report published on Thursday.
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ICVCM teases possible CCP-labelled futures contracts, outlines potential fast-tracking
Futures contracts for carbon credits tagged with its Core Carbon Principles (CCP) moniker could appear soon, a member of the Integrity Council on the Voluntary Carbon Market’s (ICVCM) executive body said Wednesday, as the cross-stakeholder group has introduced working groups that could fast-track some offset categories for labelling.
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CP Daily: Friday September 15, 2023
A daily summary of our news plus bite-sized updates from around the world.
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Norway wealth fund releases stricter climate action, voluntary carbon guidelines for companies
Norges Bank Investment Management (NBIM), which oversees Norway’s NOK15.3 trillion ($1.4 trillion) sovereign wealth fund, on Friday published stricter climate action guidelines for companies in which it invests, highlighting that climate risk equates to financial risk but also offers opportunities.
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China approves offset market framework, paving way for imminent relaunch of CCER scheme
China’s Ministry of Ecology and Environment (MEE) on Friday evening announced it had approved, in principle, a set of administrative measures that will underpin the relaunch of its national carbon offset programme, which has been suspended for more than six years.
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Labour leaders advocate for workers’ concerns in New York cap-and-invest programme design
In a webinar Friday, a panel of labour representatives cautioned the state against over-zealous regulation in its forthcoming cap-and-invest programme, while urging the protection of workers and jobs.
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WCI current vintage auction size increases for Q4
California and Quebec will offer more carbon allowances at the November auction in comparison to the Q3 2023 sale in August following the inclusion of past vintage units, according to a government notice published Friday.
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Producers and speculators trade positions on CCA vintages, RGGI length
Compliance entities moved their positions on the California Carbon Allowance (CCA) market to the current year while selling off RGGI Allowances (RGAs) , while speculators rolled their CCA positions to next year and picked up RGAs over the past week, according to US Commodity Futures Trading Commission (CFTC) data published Friday.
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US agtech firm with voluntary carbon offerings announces $250 million raise
A US-based agricultural technology firm providing carbon services and products has raised over $250 million to advance its suite of offerings for sustainable agriculture, according to a release published Friday that follows reports of a steep drop in the company's valuation.
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Carbon credit certifier strikes partnership to develop blue carbon methodologies
A carbon credit certifier announced a partnership with two international institutions to develop methodologies for blue carbon and blue economy on Thursday, while signalling a long-term aim to broaden its work beyond carbon.
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Developer plans boom in African bamboo carbon projects, although Kenyan expansion in limbo
Bamboo could be the next market to boom in nature-based removal solutions as a startup developer in Uganda expects its first batch of afforestation carbon credits to trade at $20, although the company’s expansion plans into Kenya may be at risk from the country’s new revenue sharing demands for local communities.
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Verra says academic criticism of REDD methodologies addressed in its new approach
Verra has largely welcomed the latest academic bashing of REDD methodologies because it says the criticisms are addressed in its upcoming VCS methodology updates, although the standard body has also pointed out some areas that need to be clarified.
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FEATURE: Nascent biochar industry eyes link to use case in search of higher value
In the nascent and fragmented biochar market, more could be done to tie the carbon credit price for a project with how the biochar will ultimately be used, such as in concrete or as a soil amendment, and subsequently how long the carbon will likely be sequestered.
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Investment in renewables and clean cooking tops $1 trillion, but more is needed, warns UN
More than a trillion dollars have now been committed to boost renewables and access to electricity and clean cooking technologies by 2030, although it falls far short of the funds needed to meet the Paris Agreement climate target, warns a report released Friday ahead of a UN summit.
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UK biomass strategy under scrutiny as critique grows over environmental impact of burning pellets
The UK’s approach to using biomass to produce electricity will be closely examined by the country’s National Audit Office, following ongoing critique about where the fuel is sourced and concerns by environmental activists that burning biomass is not truly renewable.
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US legislators introduce bill for national programme on carbon removal R&D
A US congressman and senator introduced companion bills on Thursday that would launch a 10-year, multi-agency programme for research, development, and demonstration of multiple varieties of carbon removal technologies.
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Largest UK ETS emitter to receive £500 mln to exit coal, but thousands of jobs at risk
The UK government will provide £500 million to keep the largest steel plant in the country open and to reduce its carbon footprint by switching its energy source from coal to electricity, the British government said in a statement on Friday, although doing so will likely lead to thousands of job losses.
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Indian voluntary carbon credits face quality challenge, warns climate expert
A lot of India’s voluntary carbon projects produce credits of low quality, and the country should engage in the high end of the market to attract greater investment, a carbon market veteran told a conference in New Delhi this week.
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Rockefeller Foundation pledges over $1 bln to advance global climate solutions
The US-headquartered Rockefeller Foundation has pledged to invest over $1 billion in the coming five years to expedite the global climate transition.
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