Carbon Pulse

EU member states could avoid spending billions on climate change-related costs by the end of this century if they spend roughly 4% of their GDP per year on measures to reduce emissions 90% by 2040, according to a study by a Dutch consulting firm.

A Dutch company plans to reforest degraded cattle lands in Paraguay to sequester 30 million tonnes of CO2e over the project’s 30-year lifetime, one of the largest ARR projects of its kind to be registered by Verra, it announced on Friday while flagging co-benefits of creating seedcake for cows and biofuel for planes and vehicles.

Tanzania has urged East African heads of state to take a common stance ahead of COP28 in opposing the dominance of foreign firms in the region’s carbon trading activities, according to domestic media sources.

The European Commission will put forward an action plan for upgrading the bloc's electricity grids in which it estimates €584 billion in investments are necessary by 2030 to deal with the influx of renewable energy, according to a leaked document seen by Carbon Pulse.

The Philippines has signed a memorandum of understanding (MoU) with a local climate tech firm which will help the nation to build an ITMO registry, setting the stage for the country to enter the carbon market, local media reported Friday.

The Global Investor Commission on Mining has been backed by 82 investors with over $11 trillion in assets collectively under management, with the aim of making the sector more socially and environmentally responsible by 2030.

European carbon prices advanced for a second day, giving rise to speculation that the month-long decline fuelled by speculative selling may have come to an end as the expiry of the December contract approaches, while energy markets were slightly weaker as the weather outlook remained uncertain.

Trading volume in China's carbon market plunged over the past week despite stable allowance prices, as most major Chinese emitters have fulfilled their obligations now that the primary compliance deadline set by the government has passed.

Revenues from carbon pricing mechanisms reached $93 billion last year, slightly lower than the prior year, with more than half of this total specifically redirected towards climate activities, according to a report from a group of climate economics researchers.

South Korea may push back the timeline for the release of a basic plan underpinning the next phase of the domestic carbon market, which has been hampered by an oversupply of emissions permits, local media reported. 

The federal government of Pakistan is considering a cap-and-trade model for its imminent carbon market, an official said according to local media.

A Japanese university will invest in a direct air capture (DAC) venture that aims to begin capturing CO2 via nano-separation membranes later this decade.

A Swedish drone firm has been granted a €2.7-million grant by the government for a three-year project to refine forest-thinning technology it says will reduce the need for energy intensive, habitat-wrecking heavy machinery on the ground.

Anglo-Australian miner Rio Tinto has bought a stake in a local Australian carbon project developer to secure a supply of carbon credits to offset emissions from its operations under the Safeguard Mechanism.

After weeks of negotiations, the National, Act, and NZ First government on Friday revealed the makeup of their cabinet, having agreed to a power sharing arrangement which says the review into the country’s emissions trading scheme will be scuppered.

This Associate Scientist position, housed in Conservation International’s (CI) Moore Center for Science, will lead methodological development technical analysis, stakeholder engagement, and project coordination associated with the joint CI-UCSB project 'Spatial Planning for Climate Change: Land Use for Conservation, Agriculture, and Energy' (SPARCLE).

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

Canada's federal government amended its ‘backstop’ output-based pricing system (OBPS) Wednesday to increase the stringency of covered entities’ GHG emissions per unit of output, now set to decline at a fixed tightening rate with no end date, resulting in estimated net benefits that offset the costs to Canadian household welfare.

Global GHG output may reach its peak this year, meeting an IPCC deadline, but emissions could still exceed the IPCC's 2030 GHG target deemed necessary to limit global warming to 1.5C, according to a report by a climate think-tank.

The Board of Executive Directors at the World Bank has approved a recommendation to investigate the lender's own development project in Tanzania after allegations that more than 20,000 people are being violently evicted and their cattle illegally seized to make way for the expansion of the Ruaha National Park.