Carbon Pulse

Global conglomerate Unilever will need to address its Scope 3 emissions in order to align itself with an emissions reduction trajectory consistent with the Science-Based Targets initiative (SBTi), a report has argued, with the financial cost of inaction due to carbon pricing alone to hit nearly $3 bln by 2030 and over $7 bln by mid-century.

Analysts from a major US bank remain bullish over the medium term for California Carbon Allowance (CCA) prices as balances turn the corner from surplus to deficit, but expect the near-term environment to remain challenged for Low Carbon Fuel Standard (LCFS) credits and voluntary carbon offset (VCO) prices which await policy-driven upside catalysts, in a report published Monday.

Zimbabwe's decision to void all existing carbon credit agreements and cream off future revenues from credit sales is an opportunistic move that could render offset projects in the country and elsewhere unattractive or unviable, while also potentially spurring other nations demand similar concessions, stakeholders told Carbon Pulse.

The Alaska legislature on Tuesday passed a bill to establish a statewide voluntary carbon offset programme for its forestlands, leaving only Governor Mike Dunleavy's (R) upcoming signature standing in the way of the bill becoming law.

A climate veteran has taken on a new role as CEO at an asset management company dedicated to natural capital, and already serving tech giant Apple's nature-based carbon removal fund.

Kenya is going to ensure a healthy share of carbon revenue stays in the east African country in the future under new legislation proposed to meet its updated climate targets for 2030.

Switzerland has become the first country to submit an initial report to the UN detailing accounting and reporting information under Article 6.2 of the Paris Agreement for its international mitigation activities with three other countries, which are estimated to collectively reduce emissions by nearly 2 Mt by 2030.

Iceland and the European Commission have reached a preliminary agreement for Iceland's airlines to continue to receive free EU ETS emission allowances up to and including the year 2026, it was announced at a press conference following the Council of Europe summit in Reykjavik.

The funds to meet a $20 billion finance target for biodiversity by 2025, a key component of last year's landmark Global Biodiversity Framework (GBF), should not come from biodiversity credits, according to the Samoan minister for environment speaking during an event on Wednesday, with other stakeholders also suggesting the nascent market is not likely to be ready to scale sufficient finance within less than three years.

The EU’s carbon border adjustment mechanism (CBAM) regulation entered into force on Wednesday, but a long road ahead befalls policymakers that will iron out the details of implementation, including the CBAM's role in securing EU producers' global competitiveness.

EUA prices dropped on Wednesday morning amid Commitment of Traders data showing a modest cut in investment funds' net short position, though the final EU auction of the week appeared to steady the market, while UKAs continued to lose ground ahead of the afternoon's fortnightly auction.

Thirteen financial institutions, including AXA IM and Natixis Investment Managers, are developing a new worldwide database of avoided emissions factors and related company-level avoided emissions, aiming to provide clearer metrics in the drive towards net zero.

A plastic removal project at a banana plantation in northern Queensland, Australia this week was registered under Verra’s plastic programme and became the second project to receive its WCC plastic credits.

The Australian Securities and Investment Commission (ASIC), the nation’s stock market watchdog, has highlighted the need for transparency, as it seeks to clamp down on greenwashing by corporate entities, while the price for Australian Carbon Credit Units has fallen.

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

US-based commodities exchange operator NYMEX will relaunch trade in EU Allowance futures and options next month, Carbon Pulse has learned.

The Zimbabwe government has declared all current carbon offset deals in the country “null and void” and will take a 50% revenue cut of all future contracts, a media outlet reported Tuesday, in what could further imperil a large, already beleaguered REDD+ project and set a precedent for other countries to extract similar concessions.

Uncertainty over fuel availability and infrastructure amongst the risks jeopardising efforts to meet the global shipping sector’s decarbonisation targets, according to a new report.

An area the size of Belgium will be needed to meet the EU’s renewable energy targets by 2040 for just France, Germany, and Italy, according a consultancy report that noted how large chunks of land are precluded from development because of strict regulations and environmental limitations.

Most traders expect the California-Quebec current vintage carbon auction on Wednesday to clear at a small-to-medium discount to prevailing allowance prices, though some feel bolstered sentiment in the WCI programme could lead to the first premium settlement in a year.