Carbon Pulse

An Indian carbon offset project developer has signed a Memorandum of Understanding (MoU) with a major government-owned oil company to promote indoor solar cooking systems at the household level in India and other developing economies, it said Wednesday.

It's Day 7 of COP and Carbon Pulse journalists are still going strong as Week 1 draws to a close. 'Urbanisation Day' here in Dubai, and several scary reports are emerging around global warming tipping points, as progress continues in negotiation rooms on the Global Stocktake and Article 6, with phaseout language, and UN crediting in focus. The EU's CBAM and concerns over a clean energy subsidy race are also infiltrating negotiating rooms, a key theme likely to spill over into Week 2. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (Gulf Standard Time, GMT+4).

The first use of carbon credits to de-risk the financing of large-scale grid infrastructure build-out in developing countries, using the Paris Agreement's Article 6.2 mechanism, has been put forward with the launch of a new study in partnership with a European utility-backed project developer, to be put into practice in an African country in need of transmission line upgrades.

Environmental groups and nature experts have welcomed Australia’s Nature Repair Market legislation being passed in Parliament with amendments to prohibit the use of offsets, however lingering concerns remain about how this would exactly work in practice. 

A Singapore-headquartered carbon exchange has teamed up with a project ratings agency to launch a new contract for the voluntary market that only includes credits from the highest-ranked projects.

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

Wednesday’s quarterly NZ ETS auction declined, completing a year of failed allowance sales – which will result in the entire year’s worth of auction volume being cancelled.

Analysis by more than 200 researchers from around the world, published on Wednesday, has warned of a series of potential negative tipping points for the climate while setting out opportunities to try to create positive tipping points, for instance by phasing out fossil fuels.

Least cost, cross-industry innovation, a favourable geologic landscape for carbon storage opportunities, and beneficial tax treatment make Alberta a hub for net zero industrial products, the provincial premier said at a panel discussion on Tuesday at COP28 in Dubai.

Producing corn ethanol emits GHGs and using a carbon capture plant at a biofuel facility doesn't result in a net-carbon removal, argued a climate modelling non-profit.

A Canadian fund to develop offset projects for the North American compliance and voluntary carbon markets has surpassed its initial fundraising target of C$115 million ($84.6 mln).

Market participants were divided over whether the December RGGI auction would clear above or below the Cost Containment Reserve (CCR) trigger price, but even participants who were expecting extra volume said it was unlikely to sell out.

A Dutch NGO has called for the abolishment of the voluntary carbon offset industry, highlighting what it sees as a myriad of fundamental flaws that go to straight the heart of the system.

Lawmakers introduced a new bill in Washington’s Senate on Tuesday, looking to loosen cap-and-invest programme requirements for biofuels in the state.

Most market observers expect Washington’s final cap-and-trade current vintage auction for 2023 to settle above the Allowance Price Containment Reserve (APCR) Tier 1 price and consequently trigger a reserve permit offering for the third time this year.

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Two major UK-based companies have invested in a soil carbon measurement startup, according to media reports.

A definitive deal between the EU and the US involving the decarbonisation of the steel and aluminium industries is likely to be postponed until after next year's elections in both places, as fundamental differences between the two sides have emerged and the EU's carbon border adjustment mechanism has complicated matters.

Negotiations over the Global Arrangement on Sustainable Steel and Aluminium (GSA) remain stuck in a complex impasse, necessitating substantial concessions that neither the EU or US is willing to provide, writes Irina Kustova, Research Fellow at Centre for European Policy Studies (CEPS).

The 25 US states aiming to align with the country's nationally determined contribution (NDCs) under the Paris Agreement must turn their emissions pledges into policy, attendees heard at a Tuesday panel as a report was presented showing progress towards the goal.