Carbon Pulse

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

A global carbon fund has launched a new round of capital raising, seeking to raise $20 million by the end of the month as part of a broader effort to secure $200 million by mid-2024, it announced Tuesday.

Researchers have proposed a solution for financing climate change mitigation by assigning financial responsibilities to nations based “rigorous ethical criteria”, and have calculated that through this approach the Global North would owe the Global South around $170 trillion.

Global asset managers are largely failing to align portfolios to net-zero pathways and are also mostly ignoring biodiversity risks, according to a report published Sunday that relied on a comprehensive sample of global data.   

The Q2 RGGI auction this week will come in below the secondary market despite expectations of a declining permit surplus and warmer weather, as California Carbon Allowance (CCAs) and Washington Carbon Allowances (WCAs) will experience longer-term price growth but near-term stability, according to a recent analyst report.

The cost of direct air capture (DAC) needs to come down over the 27 years through 2050 by at least the same rate that solar PV did over the past 40 years to ensure the carbon removal technology emerges as an effective climate solution, consultants said in a report published on Monday.

The ACMI director role is being recruited by the Global Energy Alliance for People and Planet (GEAPP) to support the development of ACMI. The role will report to the ACMI sponsor organisations - GEAPP, The Rockefeller Foundation, and Sustainable Energy for ALL (SEforALL) – with significant engagement with our close partners within the UN Economic Commission for Africa and UN Climate Champions.

RGGI Allowance (RGA) values ticked down from five-month highs in muted activity over the last five days as traders looked towards this week's Q2 allowance sale.

The Virginia State Corporation Commission (SCC) should adjust down the total cost for a Dominion Energy subsidiary to purchase tens of millions of RGGI Allowances (RGAs) before the jurisdiction leaves the power sector carbon market at year-end, a hearing examiner wrote last week.

US biofuel credit (RIN) values sagged to levels not seen in over a year on Monday as traders pointed to the impending finalisation of multi-year Renewable Fuel Standard (RFS) quotas and a continued influx of renewable diesel production.

Bureaucrats this week will continue a global stocktake of progress made on climate action under the UN Paris Agreement, but some observers say that the process needs to promote concrete solutions, rather than simply pointing out current failures.

Carbon credit prices continued to soften over the past week amid dipping demand and a growing surplus weighing on the voluntary market.

The UN body helping to shape which projects are eligible under the Paris Agreement's carbon credit mechanism has launched a consultation on the role of removals, with members planning further work to agree on technical elements relating to permanence, storage, and the classification of activities.

The German government will this week launch a multi-billion euro Carbon Contracts for Difference (CCfD) programme to help the nation's EU ETS-covered heavy industries decarbonise their operations, the minister of economy and climate Robert Habeck announced on Monday.

A group of eight green groups on Monday launched a coalition that will focus on delivering nature-based projects across the Southeast Asian region that reduce emissions and conserve biodiversity.

European carbon prices rose on Monday morning, resuming their fluctuation around a key €80 level as the market was boosted by stronger energy markets amid a slew of bullish news headlines and fundamental drivers.

Another ex-Point Carbon/Refinitiv carbon markets expert has been reunited with former colleagues at Oslo-based analytics firm Veyt.

An initiative funded by the UK government has launched a programme to generate biodiversity credits through nature restoration and conservation projects in Uganda and Zambia.

A London-listed international power and natural resource project developer has teamed up with one of China's largest oil and gas producers through the operation of subsidiaries to jointly develop a planned green hydrogen project in Pakistan.

The Clean Energy Regulator has published carbon estimation areas (CEAs) for Australian carbon credit projects, but secrecy laws still prevent it from releasing data that would allow third-parties to judge their effectiveness.