Carbon Pulse

The EU will need to phase out fluorinated greenhouse gases (F-gases) at a steeper rate from 2039 to 2050, according to the European Parliament vote on Thursday.

EU legislators reached a provisional political agreement on Thursday to raise the share of renewable energy in the block’s overall energy consumption to 42.5% by 2030, in a compromise deal that would mean an additional 2.5% indicative top-up allowing the share to reach 45%.

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Both compliance markets and voluntary carbon markets are sufficiently resilient to withstand current macroeconomic headwinds, with experts underlining that bearish impacts of the unwinding banking crisis and rising inflation would be short-term, a conference heard on Wednesday.

New Zealand’s carbon allowance price on Thursday fell by 10% to an 18-month low, as the usual end of financial year doldrums have been compounded by cratering confidence in the market.

ACX Group has formed a partnership with a blockchain technology provider to trade forward-financed carbon credits, the Singapore-based carbon exchange announced on Thursday.

Pension fund Scottish Widows this week rolled out four new funds totalling £1.4 billion that will invest in companies seeking to help resolve nature and climate change issues.

The Australian Parliament on Thursday passed the strengthened Safeguard Mechanism, providing policy certainty to the country’s industrial sector and carbon market, however experts have emphasised the government's work to achieve its climate goals have only just begun.

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Experts discussed the importance of accurate carbon accounting to restore integrity to voluntary carbon markets (VCM) and prevent murky net zero claims, a webinar heard on Wednesday.

The ICE exchange has delayed its first carbon credit auction, postponing the sale of 500,000 reforestation units on the eve of the sale, the bourse said late Wednesday.

An Oregon-based forestry offset project registered under California’s cap-and-trade programme will be cancelled after a wildfire caused a significant reversal in carbon stocks, according to a verifier report.

The Integrity Council for the Voluntary Carbon Market (IC-VCM) on Thursday published its core carbon principles, programme assessment framework, and list of additional attributes, as it moves closer in establishing its stamp of quality assurance in the market.

The UK is set to unveil major support for front-running CCUS and green hydrogen projects later on Thursday, as well as launching a consultation on how ETS-covered companies can be better protected against carbon leakage.

Two existing CORSIA programmes have received re-eligibility from the ICAO Council to supply carbon credits under the next phase of the global aviation offset scheme, as the UN body also advanced the vintage range for units during this period, according to a recent decision. 

New York state is designing their economy wide cap-and-invest programme to enable a future linkage with the RGGI scheme, while fluidity parameters for members entering and exiting the power sector scheme are still under consideration for the final Model Rule update, RGGI states discussed on Wednesday at their third programme review public meeting.

The EU should take immediate action to include engineered carbon removals into its emissions trading system to allow technologies now considered essential for meeting climate targets to scale, though an assortment of major questions surrounding such a move remain unanswered, an event heard Wednesday.

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Shipping is not yet ready for the EU ETS phase-in starting next year and the bloc's FuelEU Maritime law to stimulate sustainable fuels will be more important in setting the pace for decarbonisation, experts told a conference on Wednesday.

The EU co-legislators are ready to start the seventh, possibly last, trilogue negotiation on the Renewable Energy Directive (RED) late into Wednesday night, after an earlier member state representatives meeting lined up a possible conclusion.