Carbon Pulse

The EU is channeling an additional €2 billion of ETS revenues to decarbonise energy systems in nine EU member states, the Commission said on Wednesday, though some of that funding will go towards natural gas projects.

Germany became the first EU member state to involve itself in the European Hydrogen Bank’s ‘auctions-as-a-service’ scheme on Wednesday, adding money to top up existing ETS-sourced Innovation Fund grant funding, all of which will be allocated via a competitive bidding process to renewable hydrogen producers and awarded to those with the lowest subsidy needs.

Scotland has moved a step closer to introducing emissions levies on visiting cruise ships and large landowners as part of plans to meet its net zero target of 2045, although added a note of caution about assessing the impact of the measures.

A crude oil refinery in Finland will be gradually transformed into a renewables and circular solutions refining hub, according to plans announced on Wednesday that would eventually eliminate demand for EU ETS allowances at what is currently the nation's second-biggest emitter.

The UK government on Wednesday published updates on its plans for greenhouse gas removals and bioenergy with carbon capture, as part of the country’s measures to meet a legally-binding commitment to reach net zero emissions by 2050.

European carbon made robust gains early in the session as energy prices rallied after Tuesday's sell-off, though EUA volume was light as the holiday slowdown began in earnest, while exchange data showed that investment funds had reduced their net short position last week for only the second time since mid-October.

MSCI ESG Research has launched a nature framework with a checklist  to help investors start identifying which metrics to consider, to incorporate biodiversity into the investment process.

The UK government intends to launch a new domestic carbon capture, usage and storage (CCUS) market by 2035, it announced on Wednesday, furthering support for the process towards its aim of storing 20-30 million tonnes of CO2 a year by 2030.

The Indian government has released an updated carbon market regulations draft, making amendments to its existing rules to include voluntary carbon markets under the ambit.

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

A new carbon trading exchange is allegedly being launched in Argentina, according to multiple media sources, but one of the companies reported to be involved says it’s fake news.

California regulator ARB on Tuesday published a preliminary Low Carbon Fuel Standard (LCFS) regulatory proposal with amendments to the carbon intensity reduction benchmarks, exemption for intrastate fossil jet fuel, and phaseout pathways for avoided methane crediting featuring among other measures to tighten the programme.

Australian headquartered New Forests has closed its Australia New Zealand Landscapes and Forestry Fund, after raising some A$450 million ($304 mln) from institutional investors, it announced Wednesday.

This year, the American Forest Foundation attended its second Conference of Parties, COP28, held in Dubai. While many things came out of COP28, and perhaps even more hoped-for things did NOT come out of COP28, one incredibly important outcome concerned the voluntary carbon market’s role in the global struggle against climate change. 

The US Department of Energy (DOE) continued its streak of heavy investment in emissions cuts, announcing Tuesday $45.6 million in investments in carbon capture, transport, and storage, as well as semi-finalists for an award of $1 mln in direct air capture (DAC) development.

Massachusetts’ power sector Global Warming Solutions Act (GWSA) auctions for current and future vintages settled below the September sale on lower volumes, according to a report from Potomac Economics published by the Massachusetts Department of Environmental Protection (MassDEP).

Canadian auto manufacturers and importers must phase out the sale of new gasoline-fuelled cars via annual zero-emission vehicle (ZEV) regulated sales targets from the 2026 model year, while covered entities will have the ability to generate, bank, and sell credits to meet compliance goals, the federal environment ministry announced Tuesday.

Washington state announced a proposal Monday to safeguard thousands of state forestland acres using millions earmarked from carbon market revenues, although local communities and environmental groups continue to contest the government’s auctions of mature state forests for timber harvest.

A UAE-based carbon project developer has drawn global focus in signing over a dozen confirmed agreements to source carbon credits from African, Latin American, Caribbean, and Asian countries since the company’s launch a year ago, according to an assortment of sources that raised multiple concerns about overly vague or opaque dealmaking

A blockchain-based environmental trading platform has opened a public comment window for its newly developed credit class and methodology for watershed carbon, it announced Monday.