Carbon Pulse

Countries could be on the verge of finalising a deal on Article 6 at COP29, with negotiators and observers each signalling that talks and texts on international carbon markets are now very close to consensus after parties appear to have carved out a compromise on the thorny registries issue, though the latest draft outcome could equally go either way.

Carbon market negotiators may have one last chance to find the right set of Article 6 rules to ensure integrity before the world abandons the market-based approach for achieving climate action, a Swedish negotiator said Wednesday.

Malaysia's richest state, Selangor, is exploring suitable methods and mechanisms to formulate policies for a local carbon market, according to local media.

Western Australia on Thursday announced the state's inaugural action plan for carbon capture, utilisation, and storage (CCUS), pledging to spend A$26 million ($17 mln) towards two CCUS projects.

Negotiations on the first-ever global treaty aimed at tackling plastic pollution enter the final stretch next week amid calls for raising ambition levels, as observers have largely deemed the latest draft text of the agreement as lacking in crucial actions.

It is Day 11 at COP29 in Baku - Nature Day. New texts on climate finance and Article 6 dropped first thing this morning in Baku, with parties and negotiating blocs scrambling to pressers to share their views, as side events at country pavilions begin to wrap up. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (GMT+4).

HSBC has reportedly scrapped plans to establish a voluntary carbon trading desk, signalling a shift in strategy as the market grapples with slowing demand and concerns about integrity and transparency.

A Virginia county circuit court judge ruled the state’s withdrawal from the RGGI carbon market to be unlawful, siding with a trade group that challenged last year’s programme exit, sending RGGI Allowances (RGAs) in the secondary market rocketing higher by as much as 10.3% on the day.

Advanced nuclear companies are enjoying tailwinds pushing them toward technology deployment, according to new industry reports published on Wednesday.

California and Washington rank as top supporters of sustainable aviation fuel (SAF) investments in the US, but overall growth looks grim absent improved policy frameworks and production pathway considerations, according to a think tank.

The new Commission headed by Ursula von der Leyen is set to begin its term on Dec. 1 after the three mainstream political groups in the European Parliament sealed an agreement on Wednesday evening to approve her team.

Developing countries have rebuffed the idea of a $200 billion annual climate finance target for wealthy government coffers, calling it a "joke" as ministers rushed to bridge persistent differences in the last stretch of COP29 negotiations on Wednesday.

The Extended Producer Responsibility (EPR) scheme set to launch next year in the UK will require packaging producers to report how much they produce, and pay associated fees, though it is unclear how high those costs could go, say industry experts.

A top European court on Wednesday dismissed a €40.1-million damages claim by a French cement manufacturer against the European Commission and relating to the free allocation of carbon allowances, ruling that the company failed to prove it suffered financial harm directly caused by Brussels’ actions.

France's newly launched biodiversity credit scheme is unlikely to scale unless the EU takes actions to incentivise corporate voluntary purchases across the bloc, consultancy CDC Biodiversite told Carbon Pulse.

The Council of EU member states on Wednesday approved a proposal to delay the bloc’s controversial anti-deforestation law by one year but did not endorse the European Parliament’s proposed amendments, triggering angry reactions from conservative lawmakers who called the move “irresponsible”.

Power-hungry data centres in Europe will need more electricity to feed their expanding memory banks and artificial intelligence functions over the rest of the decade than the growing fleet of electric vehicles, according to new analysis.

The UK could become a global hub for carbon market startups, building on the £790 million the sector has already raised — if the British government gets behind to boost the voluntary carbon market's growth, according to a report published on Wednesday.

With hopes of a breakthrough on Article 6 remaining high as COP29 races towards its conclusion, data from first-moving countries and projects reveals a market poised to make full use of Article 6 carbon trading once market dynamics are fully operationalised.

Article 6.2 or CORSIA-eligible carbon credits are currently trading in the $7-22 range, with prices expected to peak in 2027 and stabilise by 2030, according to a market specialist speaking to Carbon Pulse on the sidelines of COP29.