Carbon Pulse

Germany's plan to reduce its greenhouse gas emissions is likely to fail short of the nation's climate targets, an independent panel warned on Tuesday, in a release that could pile pressure on Berlin to ramp up its mitigation policies. 

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A UK-based environmental research organisation is developing a site-based biodiversity standard, applicable to any project size in any geography.

EU climate chief Frans Timmermans officially handed in his much-anticipated resignation on Tuesday, with the European Commission temporarily handing responsibilities for the European Green Deal and climate action files to Commissioner Maros Sefcovic.

Thirty-two investors managing $7.3 trillion in assets have asked the G20 group of wealthy countries to align their agricultural subsidies with climate and nature goals.

Two ports in Northern Africa have experienced a jump in activity in the past year in what may be a pre-emptive attempt by ship operators to avoid purchasing EU carbon allowances once the shipping sector is part of the EU ETS in 2024, a piece of additional draft legislation by the European Commission has outlined. 

European carbon prices rose on Tuesday morning as participants eyed up key technical resistance levels, and support continued to filter in from the risk of strikes at a key Australian LNG export terminal that boosted regional gas contracts, while UKAs soared back up to early July levels due to bullish power prices.

Singapore on Tuesday signed a Memorandum of Understanding (MoU) with Sri Lanka to collaborate on trading carbon credits aligned with Article 6.2 of the Paris Agreement.

Amid Western sanctions, the largest integrated petrochemical company in Russia has teed up the domestic voluntary market by selling its first carbon credits to a Russia-based financial services platform.

A Vietnamese conglomerate with 600 megawatts of renewable power under operation and over 800 MW more in the pipeline has signed with a Singaporean ESG reporting powerhouse to assist the nation’s 785,000-plus small-to-medium enterprises (SMEs) better report their emissions and carbon footprints.

The Association of Southeast Asian Nations (ASEAN) has signed a strategy for carbon neutrality with eight targeted outcomes that include enhancing interoperable carbon markets and the necessary standardisations of carbon, greenhouse gas emissions, and energy efficiency reporting.

A Tokyo-based climate startup has teamed up with a regional bank in Japan to expand its carbon farming business at home, the latest in a growing line of Japanese firms to announce plans for the generation of agricultural carbon credits.

New Zealand might apply new governance standards to its emissions trading scheme from 2025, and will begin work to procure a national exchange, but no final decision to proceed with it has been made, the government said Tuesday.

Australian miner BHP has forecast that coal-based steel and iron making processes in major production economies like China and India will be required for decades, due to lack of readiness, and the industry will need to continue to purchase carbon credits for a “considerable period” to become carbon neutral.

Southeast Asian national oil companies are poised to increase spending on renewable energy, with each of the major companies picking an area where they see the greatest synergies, although the majority of spend in low carbon sectors is still coming from elsewhere, according to a report released this week.

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

A group of Virginia environmental and faith organisations on Monday lodged a petition for appeal to block Governor Glenn Youngkin (R) from severing Virginia's RGGI-linked carbon market, arguing the administration does not have the constitutional authority nor has presented supporting evidence to do so.

The Bahamas released a draft of the country’s proposed carbon market and GHG regulations on Friday, providing guidance for carbon credit sales, GHG reduction initiatives, and emissions allowances.

Delta Air Lines issued a motion to dismiss the putative class action lawsuit filed against the carrier for allegedly misrepresenting the total environmental impact of its business operations through advertisements of its pioneering carbon-neutrality claims, a US federal court filing showed on Friday.

RGGI Allowance prices climbed by double digits this past week as a combination of speculator interest in the Third Program Review and one entity adjusting positions bumped up values.