Carbon Pulse

One year has passed since the launch of the subsidy-laded Inflation Reduction Act (IRA) in the US, with the legislation igniting domestic cleantech development but also sparking a green investment race in Europe and worldwide.

New Zealand is on the cusp of passing legislation that would update industrial allocation settings as well as late payment penalties for ETS participants.

To drive down the cost of producing clean hydrogen, one of the world’s largest independent oil and gas companies has partnered with a Milwaukee-based startup and plans to use water vapour from industrial processes.

Australia and the US state of California have signed an MoU to work together to combat climate change, focussing on clean energy and tech, trade, and nature-based solutions.  

A new fund is being established to earn Australian Carbon Credit Units (ACCUs) from premium environmental plantings (EP), aiming to generate returns of 12-14% per annum.

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

The California government on Tuesday provided an overview and timeline for developing its regulatory framework for carbon capture, utilisation, and storage, with the state facing strong support from industry and heavy pushback from environmental justice organisations.

Houston-based oil and gas firm Occidental has purchased the Canadian direct air capture (DAC) company Carbon Engineering through a subsidiary for $1.1 billion, the entities announced Tuesday.

The small Mexican state of Colima is working on quickly rolling out a carbon tax, while the Tamaulipas government is planning to soon reinstate its own CO2 levy that will have stronger legal backing, a conference heard Tuesday.

Tens of thousands of credits from a Brazilian REDD+ projects were sold by a Toronto-headquartered voluntary carbon market financier for a net-settlement of less than $1 per unit during this year's second quarter, an investor call heard Tuesday.

Terraformation is hiring a Controller to lead the Accounting team. Reporting to the CFO, the Controller will closely manage all monthly, quarterly, and annual accounting processes and reporting, allowing Terraformation to push forward in its mission of planting 1 trillion trees by 2030. This critical role will help monitor our financial accounting as we continue to grow our projects worldwide.

BloombergNEF (BNEF) is seeking a talented and highly motivated individual to join its European compliance carbon market team.

The US-led Energy Transition Accelerator (ETA) jurisdictional carbon crediting mechanism to phase out coal globally could backfire and cause a staggering 22 billion tonne increase of CO2 against a baseline case of no intervention, a UK think-tank has warned.

Timber and pulp countries have not made sufficient progress towards complying with an upcoming EU law that obliges companies to prove products sold in the 27-nation bloc have not led to deforestation, according to a London-based initiative. 

Most traders expect the California-Quebec current vintage carbon auction on Wednesday to clear around front-month California Carbon Allowance (CCA) prices in the secondary market, which market participants view would result in a new record-high sale clearing price for the WCI market.

Efforts by the UK government and industry to incentivise more tenants to get involved with nature-based, revenue-generating schemes will be key to enabling environmental uplift on about a third of the nation's farmed land, but doing so will require structural changes to tenants' ties that often go back generations.

Gabon's national debt has been restructured under a 'Blue Bond' in the world's second-largest debt-for-nature swap.

European carbon allowance prices set a new two-week high in early trading on Tuesday before falling back in thin trading as much of Europe observed a public holiday, while energy prices forged higher amid higher temperatures and concerns over LNG supplies.

Shipping companies in South Korea may have to bear additional costs of up to 4.9 trillion won ($3.6 bln) if international carbon pricing schemes for the shipping sector are implemented, a report has found.

Growth in China's thermal power generation continued to outpace the growth of total power output in  July amid continued coal expansion, despite deteriorating signs of economic recovery, government data showed Tuesday.