Carbon Pulse

Wind and solar combined produced more electricity than fossil fuels in May across in the EU for the first time, a new report has revealed.

A Virginia regulatory board on Wednesday voted to rescind the state’s RGGI-linked cap-and-trade regulation after considering the legal implications of doing so during an unprecedented closed-door session of a public meeting, with the final repeal headed to Governor Glenn Youngkin’s (R) desk for review amid the spectre of probable lawsuits in the coming months.

Spot carbon credit prices under Alberta’s Technology Innovation and Emissions Reduction (TIER) regime inched down in May as the programme’s annual true-up neared, with newer vintage credits attracting a slight premium, according to a report published Wednesday.

The EU’s flagship emissions trading scheme (ETS) led to a reduction of carbon emissions of around 10% between 2005-12 with no adverse impact on employment, according to a recent study.

The second current vintage auction of Washington state’s WCI-modelled cap-and-trade programme sold all allowances above the scheme’s lower reserve tier trigger price, though the first advance sale settled well below that, according to results published Wednesday.

COP28 UN climate talks host UAE on Wednesday backed an EU-led effort to set near-term global clean energy goals, taking a further step to bolster efforts to wean the world off fossil fuels despite the Gulf state's reluctance to explicitly call for an end to oil and gas use.

The UAE on Wednesday launched an alliance to advance carbon market involvement as a means of supporting the nation’s transition to a green economy, with a voluntary carbon market (VCM) exchange named as a founding member.

Brazil's Amazonas state has called on public conservation units to submit applications to create carbon credits from avoided deforestation projects, while Tocantins state formalised its previously-announced deal with commodity trader Mercuria to certify hundreds of millions of jurisdictional REDD+ units.

Advocates are eyeing the prospective for carbon dioxide removals (CDR) stemming from fermentation industries to contribute to EU climate targets, with one large biorefinery noting its potential to generate 500,000 CDR credits annually.   

A London-based ‘carbon-to-value’ startup that transforms CO2 and hydrogen into industrial and consumer products, including sustainable aviation fuel (SAF), has raised £18 million in Series A funding.

A new report has called out Australia’s fifth-largest bank for continuing to invest in oil and gas companies, despite committing to align its investment portfolios with a 1.5 C temperature pathway.

Three oil and gas giants have been banned from running ‘greenwashing’ advertisements in the UK because they misled the public on the climate and environmental benefits of the groups’ products overall.

Global energy efficiency efforts are set to hit record highs in 2023, according to a special report from the International Energy Agency, but investments must double to $1.8 trillion by 2030 to align with a trajectory toward net-zero emissions by mid-century.

European carbon prices jumped on Wednesday afternoon after the publication of weekly holdings data that showed a record build in speculative short positioning, while energy prices diverged as gas moved higher to reflect increasingly competitive Asian prices.

Researchers have pointed to what they regard as a significant omission in the draft Taskforce on Nature-related Financial Disclosures (TNFD) framework relating to extinction risk which they have raised with the body as part of submitted formal feedback.

Canadian mining firm Teck Resources has donated C$10 million ($7.5 mln) to the Chilean Nature Fund (FNC), with the funds to go towards its work with the South American country’s marine protected areas (MPAs).

Japanese financial conglomerate SBI Holdings has teamed up with a climate tech startup to set up a carbon exchange in the Asian nation that will become operational this fall, Nikkei reported Wednesday.

Almost two-thirds of UK asset owners have yet to make any natural capital investments, with lack of knowledge cited as one of several barriers to progress in research conducted by advisory firm and asset manager member network Pensions for Purpose.

Trading regulations for China’s national emissions trading scheme (ETS) have been included in the State Council’s 2023 legislative work plan, as the government's latest effort to ground the rules in law despite previous fruitless attempts.

A Brazilian company has released a methodology and guidelines for issuing biodiversity stewardship tokens to projects that successfully protect and restore habitats for jaguars.