Carbon Pulse

The Namibian government will release draft carbon market regulations in 2025, once it has clarity of the rules underpinning the UN's international market mechanism, an official told Carbon Pulse at the COP29 climate summit in Baku.

A Durham-based fintech has purchased 25 acres (10,1 hectares) of new woodland in Northeast England as part of a commitment to become climate positive by 2035, the company announced on Tuesday.

Uganda is looking to Article 6 projects to help finance sustainable development, particularly given the limitations of the voluntary carbon market (VCM) and international finance goals, a senior official told Carbon Pulse on the sidelines of COP29.

EU carbon prices stalled on Tuesday morning after their 2.2% jump on Monday, trading in a relatively narrow range as gas prices also stabilised and traders waited for signs of new price direction.

Project and credit data from Gold Standard will be available on the Climate Action Data Trust (CAD) platform by the end of the year, it was announced Tuesday.

The Norwegian government has pledged an additional NOK 670 million ($60 mln) to the Amazon Fund to help conserve the rainforest region, it announced on the sidelines of the G20 summit in Brazil.

Senegal’s environment ministry is preparing to leverage Article 6 carbon markets in support of national and international climate goals, according to statements made on Tuesday by a senior official at the COP29 global climate summit in Baku, Azerbaijan.

Singapore and Japan have formulated purchase targets for Paris-aligned carbon credits through 2030.

The imposition of tariffs and regulatory barriers on clean technologies may initially benefit countries wanting to protect nascent industries from competition, but they will backfire in the long run and ultimately hurt consumers, warned a senior official at UN Trade and Development (UNCTAD).

Dutch-headquartered bank Triodos announced on Tuesday it will invest a minimum of €500 million in nature-based solutions (NbS) by the end of 2030 as part of its biodiversity strategy.

The G20 reaffirmed a broad commitment to climate finance efforts in a communique following the conclusion of its summit in Brazil, but observers say more is needed from the world’s wealthiest countries to adequately address climate change globally. 

Thousands of projects have already applied to transition to the new Paris Agreement carbon crediting mechanism and hundreds of proponents have signalled interest in developing new activities, and with interim UN registry infrastructure to be ready in a few weeks, the first issuances can be processed in early 2025, according to experts.

Australia’s Clean Energy Regulator has launched a consultation process for a new carbon offset project auditing mechanism, including the option to ease auditing requirements for small projects.

The Norwegian government is signing agreements with four developing countries in Baku through a new Article 6 financing initiative in support of the Nordic country’s national and UN climate targets.

It is Day 9 at COP29 in Baku - Food Day. As we go deeper into week two, with a matter of days to conclude minister-level talks, a new text is expected on Article 6, and things are turning around on other work streams, including the ambiguous Mitigation Work Programme (MWP). The UK and Brazil have also been tasked with making sure we get over the line in Baku.

Singapore and Zambia Tuesday signed a Memorandum of Understanding (MOU) to collaborate on carbon credits aligned with Article 6 of the Paris Agreement.

Oil and gas major Santos has set a target to build and operate a commercial carbon storage business that would permanently store around 14 million tonnes of third-party CO2 per year by 2040.

Emissions from transportation fuel and gas supplied rose year-on-year in 2023, even as overall GHG output under the California cap-and-trade programme continued a declining trend led by industry and power sub-sectors, according to data from the regulator.

Washington state’s Department of Ecology (ECY) on Monday highlighted upcoming cap-and-trade changes as a linkage bill takes effect beginning 2025, including an increase in allowance purchase limit at the quarterly auctions, offsets, and electricity imports.

A US-based ocean carbon removal startup has announced a series of leadership appointments aimed at accelerating the deployment of its carbon capture technology.