Carbon Pulse

California transportation fuel sales slowed last year after rebounding from the onset of the COVID-19 pandemic, according to data published Tuesday, suggesting depressed CO2 emissions under the state’s WCI-linked cap-and-trade system.

Spot nature-based carbon credits sank below $2/tonne over the past week in thin trade disrupted by the Easter holiday period, while futures resumed their downward path after a brief quarter-end bounce. 

A San Francisco-based technology start-up announced on Tuesday the first round of venture capital investment that will fund its direct air capture (DAC) commercial pilot project, along with a multi-year university endowment agreement.

Apple announced on Tuesday that it intends to double its commitment to nature-based carbon removal projects, eyeing the resulting credits for use towards its own Scope 3 carbon neutral 2030 goal.

Auction volumes offered at RGGI’s Q2 auction will increase slightly after dropping for the previous two quarters, the power sector cap-and-trade scheme’s notice showed Tuesday.

Switzerland recorded a rise in greenhouse gas (GHG) emissions in 2021 of 1.3 million tonnes compared to 2020, the country’s government announced in a release on Tuesday, meaning the country failed to hit its target of reducing emissions by 1.5% a year compared to 1990 levels.

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A climate financier has teamed up with a US project developer on two international sustainable farming carbon removal projects, the companies said in a press release on Tuesday.

Finnish pension fund Ilmarinen has made a significant investment in the Xtrackers MSCI USA Climate Action Equity ETF, the largest exchange-traded fund (ETF) launched in the US.

A technology firm has announced a tool to help clients scale their climate ambitions within their own value chains, noting that the tailored marketplace has already resulted in noteworthy demand for carbon credits from a three-month test phase.

Another voluntary carbon firm has made big staffing cuts, laying off nearly 40% of its workforce amid a slowing market.

European carbon prices rose for a third day in thin trading amid the holiday season, while the daily auction cleared at a sixth consecutive premium to the spot market as the end-April compliance deadline approached.

A major international organisation in a decarbonisation push has launched a tender to purchase batches of various types of carbon offset and other environmental credits.

The African Guarantee Fund (AGF) and the Clean Cooking Alliance (CCA) on Tuesday announced a strategic partnership that they said will aims to promote financial innovation, increase access to carbon finance, and expand investments in clean cooking companies and programmes on the continent.

Global miner Rio Tinto has tapped an Australian energy major to hire a senior carbon originator, as the company works to increase its engagement with the carbon offset market.

Thailand plans to introduce a carbon tax covering three key sectors to help meet the Southeast Asian economy’s net zero goals, although details on when it will be implemented are yet to be determined, according to local media reports.

Australian Carbon Credit Unit (ACCUs) issuance has climbed upwards, thanks to nearly 200,000 units being awarded to just one project, while an Australian hydrogen company has signed an agreement with two major Japanese firms to build a facility using its novel technology in the country.

China is facing a funding gap of over 1.6 trillion yuan ($232.7 billion) in funding per year to achieve its carbon neutrality targets by 2060 due to information asymmetry and inefficiency issues surrounding the operations of green projects, according to a top official at a government-backed association.

A group of Papua New Guinea environmental NGOs have urged the government to publicly release key documents relating to its carbon market regulations, and to hold further consultations with stakeholders.

Japan has launched a blockchain-based pilot programme to digitally verify emissions reductions and issue carbon offsets under the government’s J-Credit scheme.