Carbon Pulse
News and intelligence on carbon markets, greenhouse gas pricing, and climate policy
Updated: 2 hours 47 min ago
CP Daily: Wednesday January 10, 2024
A daily summary of our news plus bite-sized updates from around the world.
Categories: Around The Web
California Governor Newsom’s climate budget cuts show no sign of slowing in 2024
California Governor Gavin Newsom proposed on Wednesday funding cuts to climate programmes by 7% to make up for the state’s $37.1 billion projected budget shortfall, following last year’s 3% climate spending cutbacks.
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US has both responsibility and capacity to lead loss and damage funding -experts
The US can better mobilise the global funding response to the impacts of climate change, Natural Resources Defense Council (NRDC) experts said in an opinion piece published Tuesday.
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California allowance surplus bank could narrow, but CCA prices unlikely to reach ceiling -expert
Allowance budget cuts could bring down WCI market surplus bank by over 200 million, a conference heard Wednesday, but California Carbon Allowance (CCA) values will likely remain below the price ceiling.
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UK government to update nuclear regulation, explore building another large plant
The UK government is set to bolster its long-term ambition to quadruple nuclear energy output by 2050 with a new roadmap to ease the regulatory process and include next steps for exploring a large-scale plant that could be capable of powering six million homes, in addition to a push to build Small Modular Reactors (SMR).
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Preliminary estimates show US emissions decline in 2023 for first time in two years -research firm
Preliminary analysis estimates that US greenhouse gas (GHG) emissions fell by almost 2% year-on-year (YoY) in 2023 driven largely by a cleaner power sector and lower energy use in buildings, breaking two consecutive years of rising national emissions, despite increases in emissions from the transport and industrial sectors, research published Wednesday showed.
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California ARB begins 2024 with no new offset issuance
California did not issue any compliance-grade offsets for the first bi-weekly distribution of the year, marking the first instance of zero issuance in years as a number of credits were voluntarily retired and taken out of circulation, according to data published by the state regulator ARB on Wednesday.
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US DOE grants $17 mln towards university-led decarbonisation research from minority serving institutions
The US Department of Energy (DOE) announced Wednesday an investment of $17 million in GHG emissions reduction research projects, with funding directed toward underserved communities at historically black colleges and universities and other minority serving institutions.
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ANALYSIS: Divisions emerge on the usefulness of SBTi emissions target-setting for corporate sustainability
The Science-based Targets initiative (SBTi), considered the gold standard of voluntary emissions target-setting, is provoking divided reactions from industry, NGOs, and academia as actors across the board contest the future of Paris-aligned corporate emissions targets.
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US ammonia production facility launches hydrogen technology to capture over 1Mt of CO2 yearly
A US infrastructure technology company announced Tuesday the first commercial deployment of its proprietary hydrogen technology in the production of low carbon ammonia that captures over a million tonnes of CO2 in the process.
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Shell retires 3 million carbon credits in a day to keep December pace going
Oil major Shell has continued to retire high numbers of carbon credits this week, maintaining the market-leading pace it set in December that was enough to see the year's total on major registries top the levels of the previous year.
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German industry, green groups issue joint statement cautiously supporting carbon capture
An unlikely alliance of Germany industry, trade unions, and conservation organisations released a joint statement Wednesday proposing several “theses” to shape Germany carbon capture policy in the lead-up to an anticipated, far-reaching EU decision on this topic.
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North America’s largest carbon offset developer names two new co-CEOs
North America’s largest forest carbon offset developer has promoted two employees to the roles of co-CEO.
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ANALYSIS: Plethora of EUA purchasing strategies likely to emerge this year amongst shipping companies
Shipping companies will likely focus on covering their EU ETS obligations defensively in the first couple of years rather than actively managing their positions, while a variety of purchasing strategies will surface depending on the industry, commercial agreements, and size of their operation.
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Global methane emissions could see significant drop with focused industry effort -report
Targeting the world's top methane-emitting oil and gas fields could reduce global greenhouse gas emissions by tens of millions of tonnes within a year, according to new analysis.
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Planning permission granted for first stage of UK-based 1GW blue hydrogen plant
A UK-based 1GW blue hydrogen production plant, to be constructed alongside an oil refinery that will see some of its captured CO2 also buried at sea, has received planning permission from local authorities.
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Climate change and nature loss seen as top global risks in the long term
The impacts of climate change and nature loss dominate the top risks over the next decade for experts across the private and public sectors, as the world approaches climate tipping points that could trigger further socio-environmental crises, according to the World Economic Forum (WEF).
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Large CCU facility opens in Texas, converting CO2 to methanol
A new carbon capture and utilisation (CCU) project has opened in Texas, capturing some 180,000 tonnes of CO2 per year while producing 130,000 tonnes of methanol.
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Korean international development agency to halt Vietnam forest carbon fund -media
The Korea International Cooperation Agency (KOICA), a government-funded agency dedicated to granting international aid programmes, has decided to terminate a Vietnam-focused forest fund that can generate carbon credits, local media reported.
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Science Lead, CUR8 – London
We are hiring a Science Lead based in London. Together with our sister NGO, Rethinking Removals, we collaborate with the entire carbon removals ecosystem, across suppliers, buyers, policymakers, and narrative setters, together to develop and invest in future projects to make sure there are enough carbon removals in 1, 5, 10 and 25 years time.
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