Carbon Pulse

The UN’s International Maritime Organisation formally adopted a revised greenhouse gas strategy on Friday, more ambitious than the IMO's 2018 version but still adrift from aligning the sector with Paris Agreement climate objectives.

China's national emissions trading scheme (ETS) saw its spot price reach the 60 yuan benchmark over the past week with an uptick in trading volume, while trading activity remained slow in the domestic offset market given the limited supply.

A Swedish forestry management services company and carbon credit marketplace operator has raised €2.4 million in funding from a state-owned venture capital fund and existing owners.

Green groups, several countries, and scientist coalitions are urging for another moratorium on deep sea mining, days ahead of a decision on whether to start the exploitation of the ocean depths for critical raw materials and minerals is due to be taken at a UN meeting.

A major telecommunication company in Japan has launched an emission reduction project that it says will generate carbon credits under the national offset programme, targeting electric vehicle (EV) customers.

The Australian Labor government has removed the ‘water rule’ from its carbon credit scheme to reduce its complexity, while also providing A$73.8 million in grant funding to support new plantation forests.

German sports brand Puma has joined the Deforestation-free Call to Action for Leather, launched last month by the Textile Exchange and the Leather Working Group seeking to end deforestation and conversion of natural ecosystems in leather sourcing.

The Australian government is consulting on it’s A$2 billion ($1.3 bln) Hydrogen Headstart programme, proposing a number of eligibility requirements for project proponents to receive funding, which includes a crediting mechanism.

The stockpile of privately held NZUs has shrunk by nearly 10 million due to a combination of the May surrender deadline and new issuance averaging rules, according to analysis.

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

California Carbon Allowance (CCA) prices climbed this week on very thin volume in a holiday-shortened period, while Washington Carbon Allowance (WCA) values remained relatively flat as consignment permits were announced for the Q3 auction.

WCI compliance offset demand will accelerate in 2023 amid higher emissions and alongside a significant increase in voluntary market interest, as credit supply will pick up pace next year ahead of the linked cap-and-trade programme's full compliance deadline and as usage quotas are expanded in the California's subsequent true-up period, an advisory firm said in a report published Thursday.

New York regulators should abandon a price ceiling in crafting their economy-wide cap-and-invest rule, while also implementing a consignment requirement for all freely distributed permits, programme advocates said Thursday.

California Low Carbon Fuel Standard (LCFS) values continued to sink this week as participants were reported to have received their latest batch of quarterly credits, while clean fuel standard prices in Oregon and the new Canadian programme have climbed recently.

The European Commission will publish the bloc’s revised EU ETS auctioning regulation at the same time as outlining when additional REPowerEU volumes from the MSR will come to market, a senior official told a conference on Thursday.

The EU will require several forms of finance to achieve its 2030 carbon removals target but there is potential for the ETS price alone to be sufficient to scale the sector after 2030, a conference heard on Thursday.

Negotiators at the UN’s International Maritime Organisation are honing in on a revised emissions strategy for shipping, with officials finalising draft text on Thursday that is more ambitious than the IMO's 2018 version but still adrift from aligning the sector with Paris Agreement climate objectives.

The Smithsonian Tropical Research Institute (STRI) has received a $12 million grant from the Bezos Earth Fund to support an international system to independently ensure the accuracy of satellite monitoring of forest biomass.

Zambia is following in the footsteps of other African nations and will regulate its carbon market and take a share of revenues.

The EU will need additional investments of over €620 billion annually will be needed to meet its climate and energy security objectives, the European Commission said in a report on Thursday, flagging that the private sector will need to meet the bulk of the funding and stressing the importance of ETS revenues.