Carbon Pulse
News and intelligence on carbon markets, greenhouse gas pricing, and climate policy
Updated: 48 min 46 sec ago
Parliament passes energy-cutting law for buildings, ahead of EU ETS inclusion
The European Parliament approved new measures to boost the energy performance of buildings across the EU on Tuesday, in an attempt to decarbonise the sector before it enters the EU Emissions Trading System (ETS).
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FEATURE: Industry-led emissions reporting for financial institutions outpaces EU regulations
An industry partnership that develops guidelines for financial institutions to disclose their Scope 3 value chain emissions is fast gaining momentum for both voluntary and mandatory reporting, with parts incorporated into EU regulations even as the bloc postpones issuing its own sector-specific guidelines.
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Biodiversity funds pass $1.5 bln in 2023 with eight fund launches
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.
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EU Parliament backs prior scrutiny for CO2 offsetting ads
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.
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European Parliament approves list of ‘high priority’ energy projects, including two gas pipelines
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.
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INTERVIEW: Cement maker explores offshore CO2 storage, eyes credit sales from carbon mineralisation
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.
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UK-based financial group partners with Projects for Nature to fund restoration programmes
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.
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ANALYSIS: Colombia’s tax reforms slow demand for voluntary carbon credits as supply pool shrinks
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.
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North Sea’s largest oil and gas countries fail to phase out production in line with 1.5C -report
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.
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Euro Markets: Midday Update
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.
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Re-routing to avoid Red Sea threat could triple ETS emissions costs for EU-bound ships
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.
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Turkiye overtakes Poland to become Europe’s second largest coal-fired power generator -analysts
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.
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Green Climate Fund commits $100 mln for climate funding in Somalia
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.
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“No appetite” for carbon neutral LNG as buyers too price sensitive, oil major says
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.
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Indonesia could miss methane goal if it continues to under-report coal mine emissions, think tank says
Indonesia is jeopardising its efforts to meet its international climate commitments by under-reporting its coal mine methane emissions, a report released Tuesday said.
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Reducing banked allowances in tightening cap-and-trade on the table at California joint committee hearing
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.
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DAC developer partners with NZ Future Energy Centre on pilot project
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.
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Korean non-profit establishes council for voluntary market engagement
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.
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US 2025 budget requests additional $27 bln in climate funding
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.
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NZ Climate Commission warns of material NZU oversupply, calls for large cuts to auction volumes
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.
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