Carbon Pulse

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

The world is already planning for a doubling of renewable power capacity by 2030, analysts said in a report published on Tuesday, adding that this should give confidence to governments that a global agreement to triple renewables this decade is achievable.

China is considered on track to reach its climate commitments for this decade, despite observers having mixed expectations on the country's coal consumption in the coming years, a report has found.

A South Carolina-based philanthropic endowment announced a request for proposals (RFP) on Monday as part of its new Impact Investing Program that seeks to deploy $5 million by 2024 to advance sustainable transformation of forests and forest-reliant communities.

Both a proponent and an opponent of carbon capture utilisation and sequestration (CCUS) agree that the US Inflation Reduction Act (IRA) will out-incetivise funding for Canadian technology, despite the expected C$20 billion ($14.6 bln) legislation on Tuesday enshrining a CCUS tax credit first announced in 2021.

California gasoline sales and emissions increased only slightly in August compared to the previous year, while diesel consumption and greenhouse gas output lagged 2022 levels by the smallest margins seen so far this year, according to state data published Monday.

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.