Carbon Pulse

The European Parliament’s environment committee (ENVI) on Wednesday voted for a steeper phase-down of fluorinated gases (F-gases) from 2039 onwards, aiming to raise ambition in a revised regulation to rid the bloc of the potent warming gases used in refrigeration.  

The market must value carbon credits from forestry projects in a range of $30-50/tonne to make conservation and restoration economically viable, a senior member of the UN Environment Programme told an event on Wednesday.

European carbon prices weakened for a second day as selling pressure built up ahead of the weekly release of Commitment of traders data on Wednesday morning, while energy prices were mixed amid forecasts for stronger solar generation and slightly weaker demand.

A carbon market in India can encourage a cost-efficient, low carbon transformation of the Indian economy, but policymakers need to ensure that it is well designed and implemented to avoid key pitfalls that would undermine its ability to contribute to meeting long term climate goals, a report from a Mumbai-based environmental think-tank has found.

Special trader accreditations, a price floor on credits, and potential sellers’ clubs that guarantee high-quality supply are some of the elements proposed by Geneva-based non-profit NatureFinance and the Taskforce on Nature Markets to help govern a scaled-up market for biodiversity credits.

Portuguese utility EDP reported a 50% jump in EU ETS-covered fossil power generation in full-year results for 2022, published Wednesday, as extreme low hydro output in Spain and Portugal forced a ramp up in gas burn.

The committee steering Japan’s J-Credit programme has given the green light to a new methodology regarding the cultivation of paddy rice, a move reflecting the government's increased focus on the development of nature-based solutions and ambition to drive new supply ahead of the GX League launch.

The Australian government has teamed up with the Minderoo Foundation to track threatened marine species through environmental DNA (eDNA) technology, an approach some are pushing to use as a foundation for countries to earn biodiversity credits through Marine Protected Areas (MPAs).

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

Verra has restored the registry account of the developer of a REDD+ project in Papua New Guinea after it had temporarily suspended it to investigate allegations aired by an Australian news programme.

The New Zealand government has committed NZ$9 million ($5.5 mln) in its upcoming budget to support research and development into cutting agricultural GHG emissions, as it expects to make a decision on how to fund its international crediting arrangements before the next election.

California regulator ARB’s Board will vote on the state's forthcoming regulatory package to strengthen the WCI-linked carbon market by the end of 2024, with those changes potentially going into effect the following year, a government official told a watchdog meeting on Tuesday.

The Quebec environment ministry on Tuesday said it will consider potential regulatory amendments to its cap-and-trade programme this year that may address its emissions budget stringency and the allowance surplus in the linked market with California.

EU lawmaker scrutiny of the bloc's proposal for a certification scheme for voluntary carbon removals is taking shape, with senior MEPs already wary about leaving key decisions to Brussels officials and considering how removals would be included in the bloc's ETS.

EU legislators have a delicate task crafting law to eliminate F-gases used in fridges and air conditioners, because the potent climate-heating substances are also found in many of the heat pumps expected to play a critical role in the bloc's efforts to reach net zero emissions.

The RGGI states next month will host the first meeting since 2021 of the cap-and-trade market’s third programme review, intending to assess the successes, impacts, and design elements of the Northeast and Mid-Atlantic US power sector scheme.

Canadian Prime Minister Justin Trudeau’s administration on Tuesday announced that major government suppliers will need to disclose their GHG emissions and implement science-based GHG reduction targets, mimicking a recent proposal south of the border.

The UK government has issued carbon allowances for 2023 to stationary installations and aviation operators in the British carbon market, the market operator said on Tuesday.

Two reinsurance companies have agreed to a $125 million of collateralized reinsurance cover deal that includes a first of its kind carbon offset feature for the environmental impact of rebuilding homes after natural disasters, a press release announced Tuesday.

An investment company has raised £242 million ($293.5 mln) from UK local government pension schemes for the initial close of a new global sustainable timberland plantation fund, far short of its $1 bln target.