Carbon Pulse

Bills to mandate climate-related financial risk disclosure and prevent voluntary carbon offset greenwashing on Tuesday passed both houses of the California General Assembly, as the two pieces of legislation were amended to have slightly weaker enforcement capabilities before the final votes.

California this week kept a step ahead of offset issuance levels seen at the same time last year, with nearly two-thirds of their distribution holding direct-environmental benefits (DEBs) to the state, ARB data published Wednesday showed.

The Washington state Department of Ecology (ECY) on Wednesday published the list of entities registered to hold allowances and offsets in the state's WCI-modelled cap-and-invest programme, with the number of companies roughly 75% higher than entities that have qualified to bid in auctions.

Pursuing an ambitious 2040 emissions reduction target will improve the fairness of the EU’s global contribution to climate action but the bloc needs higher carbon prices today to prevent costly price spikes in the coming years, experts said during a dedicated event on Wednesday.

A public-private network for investors in forests and nature in its first annual report on Wednesday highlighted a number of case studies demonstrating successful strategies for scaling nature-based solutions (NBS). 

The EU is "going to come back" to the topic of phasing out fossils during the year-end COP28 UN climate negotiations, an EU source said on Wednesday, suggesting that the bloc will try to fight for a global agreement despite continued resistance among key countries. 

REDD avoided deforestation carbon credit prices tumbled further on Wednesday, as corporate buyers continued to shun the market that is struggling to shake off hot air criticism and wait to see which units will be eligible for the ICVCM's integrity label.

The Zero Emission Maritime Buyers Alliance, a group within the maritime sector, said Wednesday it has launched its first zero-emission shipping tender, with Amazon and Electrolux among those on board.

The European Parliament approved a new law on Wednesday that will mean 70% of jet fuel used at EU airports will have to be green by 2050.

A leading British shipbroker has teamed up with a carbon trading house to provide access to the EU ETS for shipowners, as Europe’s market prepares to expand to cover shipping from next year.

A global challenge presents a global opportunity, according to venture capitalists (VC) from Silicon Valley to Singapore who see biodiversity companies as a new attractive area for investments, including one announced on Wednesday that will solely invest in biodiversity-related companies.

Corporate climate goal assessor the Science Based Targets initiative (SBTi) said Wednesday it plans to increase its capacity to meet demand as a growing number of companies worldwide sign up to its net zero pathway.

A Switzerland-based international NGO has stressed the importance of insurers in incentivising biodiversity loss, calling on them to integrate biodiversity risk properly within their business activities.

The Queensland state government in Australia on Wednesday said it will fund better uptake of Accounting for Nature’s environmental accounting framework to provide stakeholders with better tools to measure the environment.

European carbon prices were slightly stronger at midday on Wednesday as traders shrugged off data showing that investment funds had increased their bearish bets for a third week, accumulating the largest total short position in nearly two years, while UK Allowances fell to a new record low in early trade.

A New Zealand-based company on Wednesday announced it has launched biodiversity action credits tied to the conservation of two species of bird around the Southern Lakes Sanctuary on the country’s South Island, to add to its existing offerings.

Hong Kong Exchanges and Clearing (HKEX)  has reached a carbon credit deal with a natural resources company with a significant presence in the Philippines, it announced Wednesday.

South Korea’s latest monthly CO2 auction for the current compliance cycle sold only around 30% of the permits on offer Wednesday, as market sentiment remained lukewarm despite the government's proposed policy change to revitalise the market.

Electric mines could decarbonise much of mining companies' Scope 1 and 2 emissions, while offering health benefits to workers no longer trapped underground with diesel fumes and particulate matter, and could be made more affordable through a price on carbon, a conference heard this week.

European Commission President Ursula von der Leyen confirmed her commitment to the European Green Deal on Wednesday in her last annual speech to the European Parliament before the EU elections next June, though her focus was less on climate action and more on the need to support European industry on their decarbonisation journeys.