Carbon Pulse

The Philippines’ Department of Environment and Natural Resources (DENR) has signed an MoU with a large domestic infrastructure company to reduce carbon emissions and manage biodiversity through a 1,800-hectare reforestation project.

Indonesia’s Ministry of Energy and Mineral Resources on Wednesday launched its planned power sector carbon trading scheme, as part of its efforts to cut the country’s greenhouse gas emissions.

The EU has avoided €12 billion in gas costs due to its rapid growth in wind and solar power generation in the year since Russia invaded Ukraine, according to a report published by an environmental think-tank on Wednesday.  

Issuance of Australian Carbon Credit Units (ACCUs) increased this week, a regulatory update showed, while the Greens party voiced its outrage over the government’s approval of a new gas development in Queensland.

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

The Canadian government should offer a carbon contract for differences (CCfD) programme to help level the playing field with the numerous clean energy tax credits provided in the US Inflation Reduction Act (IRA), according to a working paper published Tuesday.

The Washington Department of Ecology (ECY) asked a federal court to throw out a lawsuit against the state’s WCI-modelled cap-and-trade programme, arguing a gas-fired power producer’s claims of discrimination under the regulation are fatally flawed.

California regulator ARB on Tuesday said a near-term step change in the carbon intensity targets of the Low Carbon Fuel Standard (LCFS) may be necessary to ensure price support and drive climate ambition, while it seeks to move forward with phasing out the ability of renewable natural gas (RNG) to generate credits.

A carbon credit ratings agency has put six projects on watch for a potential changes in their scores as part of portfolio reviews, while upholding the majority of grades in its latest round.

Front-December EUAs rose above €100/tonne for the first time in the European market's 18-year history amid a determined flurry of buying on Tuesday morning, as traders appeared to reject the short-term impact of the EU's plan to frontload auction sales to fund the pivot away from Russian fossil fuels.

EU nations on Tuesday formally adopted the REPowerEU deal, clearing one of the last hurdles for the legislation to pass into law and paving the way for officials to bring forward EUA auctions to raise an additional €20 billion to fund the package.

Power generation covered by the EU ETS rose 8% last year across Engie's European portfolio, the company announced in full-year results on Tuesday, driven by a drop in hydro and nuclear output that saw its gas assets produce 10% more electricity year-on-year despite record high energy prices.

Japanese low-cost airline ZIPAIR will begin offsetting emissions through the purchase of CORSIA eligible credits and the use of domestic J-Credits, it announced on Tuesday, bucking the emerging trend of airline companies shying away from carbon credits.

Global methane emissions from energy-related activity increased slightly in 2022 to reach nearly 135 million tonnes per year, gradually inching back towards pre-Covid levels and reflecting that output of the potent greenhouse gas is stubbornly not on track with the International Energy Agency’s (IEA) net zero emissions by 2050 scenario, the Paris-based organisation stated on Tuesday.

India’s publishing of a list of carbon credit activities that can be traded under Article 6.2 has been welcomed by local market observers as a further step in developing the country’s carbon market infrastructure with global links, while policy analysts posited that the Indian government could now outline specific roadmaps for each mitigation activity that was designated under the Paris Agreement provision.

A rule change in New Zealand’s ETS that came into effect on Jan. 1 has spared foresters from potentially massive financial losses from damage caused from Cyclone Gabrielle, though the cyclone may still have significant impact on the market as affected carbon foresters will have to stop their accounting and NZU issuance until their forests have recovered.

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

The EU's aim to reduce greenhouse gas emissions by at least 55% by 2030 is being undermined by methane emissions associated with fossil fuel imports, according to researchers in a report published on Tuesday.

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UK academics have joined with remote sensing and blockchain specialists to develop an assessment tool that aims to compare nature-based carbon credit projects on a like-for-like basis with any other offset project type.