Carbon Pulse

Only eight banks are responsible for over half of the $20 bln in direct financing of recent oil and gas activities in the Amazon rainforest, according to a report published Tuesday, as South American nations ready an agreement to stamp out illegal deforestation in the biome by 2030.

A California-headquartered climate tech firm on Tuesday announced it has released a first-of-its-kind methodology where microorganisms remove CO2 from the atmosphere and mineralise it in soil.

Two more speculative players have accumulated positions in the Alberta offset market under the Technology Innovation and Emissions Reduction (TIER) regime, building on the credit holdings that existing financial entities have accumulated in the programme.

A UAE-based asset management firm plans to launch a $250 million fund to invest in carbon credit and other climate-related projects, the company announced on Tuesday as the first of its kind in the Middle East.

Standard body Puro.earth has listed its carbon units on two exchanges amid increasing demand for engineered removal credits, with an electronic payments firm the latest US-based technology company to have made a hefty purchase on Tuesday.

Corporate biodiversity guidance and regulation is expected to eventually move towards a more sector-specific and granular model, a webinar heard Tuesday, given the highly localised nature of impact and mitigation action.

EU member states formally adopted several key bits of climate legislation on Tuesday, to bring the 27-nation bloc closer to completing its mammoth climate policy package designed to ensure the it reaches its goal to reduce emissions by at least 55% by 2030 compared to 1990 levels.

India’s lower house of parliament on Tuesday passed an amendment to its 2002 biodiversity act amid concerns the bill weakens regulatory oversight and will make it harder for the mega biodiverse country to meet its targets under the Kunming-Montreal Global Biodiversity Framework (GBF).

Kenyan lawmakers have reportedly advanced a bill outlining how carbon credit revenues earned in the country are to be divided, forming part of their work to advance how the African nation will deploy carbon pricing to help meet its climate ambitions.

Rwanda is to issue a directive that will force afforestation carbon projects to plant at least 40% of their trees using native species, local media in the country reported.

European carbon prices gradually climbed on Tuesday morning, eventually re-taking the one-month high achieved on Monday as continued accumulation ahead of the August supply cut underpins the market, while energy prices extended gains despite forecasts for lower temperatures.

South Korea's greenhouse gas emissions decreased by 3.5% in 2022 despite improved economic sentiment, reaching their lowest level since 2010 supported by a greener energy mix and declining output from carbon-intensive sectors, the government announced Tuesday.

The US Environmental Protection Agency (EPA) has released for public comment a draft strategy for herbicide use, outlining actions to protect over 900 listed threatened species and designated critical habitats.

The carbon management subsidiary of a major Chinese forestry and paper company has secured a 20-year contract with a state-owned firm to generate domestically-issued offsets that it expects can bring net profits of more than 30 million yuan ($4.2 mln), a move made amid growing optimism about the relaunch of the national programme.

AirCarbon Exchange (ACX) has completed the first trade entered and settled through its ACX Black Portal, which it says will help speed up the process of OTC trades, the company announced Tuesday.

The New Zealand government has reworked the price controls and settings of its ETS, which will come into effect in December, bringing it largely in line with the recommendations made last year by the Climate Change Commission.

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The Canadian government announced Monday it will cease providing subsidies to fossil fuel operations and phase out public financing to the sector by 2024 with exceptions for carbon capture projects, drawing a mixed reaction from green groups.

The European Commission is seeking input on existing methodologies for certifying industrial carbon removal practices, as the bloc moves towards establishing a voluntary framework for these activities.