Carbon Pulse

The Nigerian government is set to introduce a carbon pricing system that would see polluters pay the state per tonne of emissions, as well as develop a strategy for credit-generating climate projects for domestic and international use, according to local media sources on Tuesday.

An Australian market outlook has found that up to three-quarters of emissions reductions by facilities covered under the strengthened Safeguard Mechanism could be done at source, while finding the price for Australian Carbon Credit Units (ACCUs) could reach A$54-90 ($37-62) by 2030.

The failure of the review into the Australian carbon market to address fundamental flaws in several key methodologies could undermine the integrity of the government’s overhauled Safeguard Mechanism and flood the market with tens of millions of “junk” credits, according to two new studies released on Wednesday.

EUA prices dropped sharply late on Tuesday morning after the European Parliament approved the REPowerEU package that will see €20 billion worth of EUAs sold into the market through to 2026, while energy markets rallied after gas margins were said to have risen close to fuel switching levels on Monday.

Members of the European Parliament on Tuesday voted to adopt the REPowerEU deal provisionally reached in December, one of the final steps before the legislation can pass into law.

The investment arm of Ingka Group, the largest owner and operator of IKEA, has invested €30 mln in a London-based fund focused on the blue economy, including food security and healthy marine and coastal ecosystems.

With momentum picking up quickly for the emerging voluntary biodiversity credit market, a European business group has set up a three-year working group for members to grapple with its fundamental challenges and opportunities.

Japan is preparing the launch of its domestic voluntary carbon market as a first step towards an emissions trading scheme, but participants are expected to take a wait-and-see approach for now, awaiting clearer market rules.

The Australian government’s Clean Energy Finance Corporation (CEFC) has invested A$9 million ($6.3 mln) in local biotechnology company Loam Bio as part of the start-up’s successful A$105 mln Series B funding round to enhance CO2 removal with its microbial technology for cropping systems, the company announced on Tuesday.

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

A think-tank on Tuesday filed a complaint to Australia’s consumer protection authority, arguing that the government’s Climate Active scheme, which certifies ‘carbon neutral’ companies, activities, and products, may be misleading or deceptive.

A jurisdictional REDD+ programme on Monday announced the formation of a technical committee led by four Indigenous and local community organisations from Latin America and Africa, which will help develop an optional certification for some of the non-carbon benefits of forests.

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RGGI Allowance (RGA) prices retreated over the last five days as warmer weather descended across the region, with a few notably low volume days recorded on ICE.

Members of the European Parliament mostly spoke well of the REPowerEU initiative to speed the bloc's exit from Russian fossil fuels in a debate on Monday, teeing up a vote to approve legislation a day later. 

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A carbon credit ratings agency has downgraded its scores for three Gold Standard-certified water purification projects in Africa as part of a review into the activity. 

A recently retired Washington State Senator has teamed up with an investment executive and a climate strategy advisor and raised $14 million to launch a Seattle-based company to help corporations decarbonise. 

REDD+ avoided deforestation offsets ticked higher over the past week as the market looked to shrug off the recent negative press about widespread over-crediting in the voluntary carbon market, although the end of the week saw another project thrust negatively into the media spotlight.

The shares of EKI Energy Services crashed on India’s BSE stock exchange Monday after the project developer reported a sharp drop in profits and its auditors flagged issues with how it recognised customer revenues.