Carbon Pulse

Canada's recent carbon policies would bring down tax revenue by over C$1 billion and increase rural supplement payments to $3 bln, says the budget watchdog.

RGGI allowances (RGAs) again broke a record settlement price for the benchmark contract on small volume, while market participants speculated the logic behind breach of the Cost Containment Reserve (CCR) trigger level.

Brazil's lower house of Congress will hold a crucial vote on a national Emissions Trading System (ETS) legislation this month amid negotiations over the programme's managing body, sectoral inclusion, and tax reform, two experts told Carbon Pulse.

Antigua and Barbuda's environment ministry has distanced itself from a company purporting to be developing blue carbon projects there worth up to a trillion dollars, despite the venture listing the Caribbean island nation's prime minister among its leadership team.

International carbon market stakeholders have broadly welcomed the last-minute adoption of recommendations for how the UN crediting mechanism under Article 6 of the Paris Agreement should operate, but also pointed to uncertainties that risk diluting ambition and noted the challenge of deferring many key decisions given the ambiguous nature of certain sections of the text.

The European Commission has extended part of the bloc’s state aid Temporary Crisis and Transition Framework by six months, meaning member states can continue providing additional support to certain EU ETS-covered entities hit by the energy crisis and ongoing war in Ukraine.

The Brazilian state of Roraima has signed a letter of intent (LOI) with a large Brazilian bank to facilitate $3 million in carbon credit funding for farmers who invest in sustainable agriculture. 

Large volumes of REDD avoided deforestation changed hands at rock bottom prices last week amid the continued fallout from the negative press coverage about the sector, while demand in general was lifted by the reappearance of an oil major in the market retiring a large volume of credits.

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Buyers scooped up all the carbon permits on offer in the first of two Swiss ETS auctions for 2023-vintage units.

The second round of EU auctions to support home-grown green hydrogen capacity buildout will take place in spring 2024, European Commission President Ursula von der Leyen announced on Monday.

An Italian climate tech startup has raised €1.75 million in pre-seed funding to help develop its direct air capture (DAC) technology.

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The super-rich are responsible for 16% of global CO2 emissions, about the same as the emissions from the poorest 66% of humanity in 2019, according to a report by an NGO, that recommended a 60% income tax on the top 1% to lower their emissions and raise funds for the energy transition.

Nations must go further than their current Paris Agreement pledges in order to be on track to meet targets to curb global warming or face a temperature rise of up to 2.9C this century, according to a UN report Monday that has prompted UN chief Antonio Guterres to urge leaders to "drastically up their game".

A new direct air capture demonstration unit will be installed at the UK's first and largest net zero industrial cluster in northeast England, resulting from a partnership between a local university and a climate tech company.

European carbon prices rose on Monday morning as the energy complex advanced amid lower temperatures and continued geopolitical uncertainty, though sources said speculative traders were working to limit increases as short-biased positions continue to dominate sentiment.

Japan has given the green light to the registration of 26 projects under the J-Credit scheme, which could generate roughly 3.1 million carbon credits over their lifetimes, as the country is seeking to expand the supply of domestically issued offsets.

A consortium of Japanese companies has signed with Malaysian oil and gas giant Petronas to commercialise a carbon capture and storage project by 2028.

China will promote the inclusion of biodiesel projects in the national carbon offset scheme, as part of a broader plan to popularise the applications of green fuels in the country.