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News and intelligence on carbon markets, greenhouse gas pricing, and climate policy
Updated: 29 min 1 sec ago
ICAO says airline passenger demand to eclipse 2019 levels this year
UN body ICAO on Wednesday said airline passenger demand is expected to completely rebound from the COVID-19 pandemic this year and rise above 2019 levels, which suggests that carriers could accrue some pilot phase compliance obligations under the CORSIA offsetting scheme.
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Judge in Pennsylvania RGGI lawsuit favours arguments by power generators
The Pennsylvania Department of Environmental Protection (DEP) on Wednesday sparred with three natural gas-fired power generators in their lawsuit against the state’s RGGI-modelled cap-and-trade regulation, with one Commonwealth Court judge appearing to side with the fossil fuel companies’ argument that the power sector scheme will cause emissions leakage.
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*Manager, Financial Industry Innovation, Verra – Remote (Worldwide)
*PREMIUM LISTING - As the preeminent standard setter for greenhouse gas emission reduction and removal projects, Verra is establishing a new role: Manager, Financial Industry Innovation. This role will lead the development and implementation of financial-industry-related standards for scaling up climate action and sustainable development.
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California offset issuance dives to 7-mth low, DEBs total plummets
California granted the fewest number of compliance offsets since July over the past two weeks, with only a tiny portion of these accruing direct environmental benefits (DEBs) to the state, according to data from regulator ARB published Wednesday.
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Startup attracts French multinationals to be part of €11 mln biochar venture
A startup has raised €11 million for its biochar carbon removals venture, the company said on Wednesday, attracting three major French firms to be part of what is claimed as Europe’s largest Series A round in climate tech.
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FEATURE: Sailing away – rising emissions from luxury yachts continue to evade EU ETS coverage
The EU's recently agreed Fit for 55 climate package will expand the scope of the bloc's emissions trading scheme (ETS) in both ambition and across new sectors such as shipping, but will continue to exclude polluting yachts that are estimated to emit over a million tonnes of CO2 a year and rising.
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Ratings firm downgrades three Brazilian hydropower projects in latest update
A rating agency has downgraded three Verra-credited hydropower projects in Brazil to a low likelihood of achieving stated carbon avoidance claims, and continued to keep the projects on watch for further review.
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South Pole explores ways to keep Kariba REDD+ scheme viable amid credit price slump
South Pole is exploring additional ways to support the Kariba REDD+ project in case it receives low revenue through the carbon market going forward, the company told Carbon Pulse.
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Forestry Carbon Analyst, Blue Carbon – Dubai/Remote
The Forestry Carbon Analyst will be working to provide technical expertise and will be involved in developing project registration for different projects across different methodologies (both voluntary and compliance).
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Bank-led carbon credit transaction network prepares to move beyond pilot trades
Nine global banks invested $45 million in a new carbon credit transaction network on Wednesday, providing details on plans to expand the platform beyond pilot deals to help scale the voluntary carbon market and make it easier for their customers to participate.
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Euro Markets: Midday Update
European carbon prices were slightly higher on Wednesday morning amid very light volume attributed to the fortnightly EUA auction pause ahead of the afternoon's UKA sale, while energy prices declined for a fourth day as coal values have declined, lowering the switching levels for cleaner power generation.
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EU nations signal backing for ETS reforms, lead lawmaker sees Parliament following suit
A strong majority of EU nations on Wednesday signalled their approval of the provisional deal on ETS reforms, while the Parliament's lead lawmaker on the issue expects similar levels of backing from MEPs.
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Traders back rice offset suspension as China’s market downturn drags on
Carbon traders have expressed a lack of surprise at Verra’s suspension of the UN rice farming methodology and back whistleblower concerns, but say the issue will have limited repercussions for the wider voluntary carbon market and instead primarily adds to woes in the Chinese market.
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SK Market: Korean auction price continues to fall amid dwindling buy interest
South Korea on Wednesday sold fewer than 70% of the permits on offer at its monthly KAU auction, with the clearing price continuing to fall as the national carbon market has been hampered by the oversupply of CO2 units.
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Companies more likely to prepare climate transition plans but full disclosure lags -report
Less than 1% of nearly 19,000 companies involved in a survey had fully disclosed information on all indicators that benchmark their progress on meeting climate goals, according to a report from non-profit climate disclosure group CDP, on Wednesday.
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Analysis finds Safeguard Mechanism fair and effective, but technical and political questions remain
An advisory firm has found the Australian government’s overhauled Safeguard Mechanism policy to be “balanced, fair, and effective” and will create strong demand for Australian Carbon Credit Units (ACCUs), but noted several crucial sticking points in the proposed policy that remain to be addressed.
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Power sector CO2 emissions hit new high in 2022 but possible tipping point ahead due to renewables growth, IEA says
Global CO2 emissions from power generation reached an all-time high in 2022, mainly on the back of growth in fossil fuel-fired generation in the Asia-Pacific and worldwide power demand edging up, but aggressive renewables capacity build-out means that electricity emissions will stabilise at around the same level over the next three years, the International Energy Agency (IEA) reported on Wednesday.
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Hotly anticipated ACCU method left in the lurch in wake of Chubb review
A game-changing Australian methodology that was on the cusp of being implemented has been left in limbo in the wake of the independent review into the country’s carbon market, with its developers unclear on when the method will be finalised.
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COMMENT: Voluntary carbon markets – still broken but signs of a breakthrough?
Voluntary carbon markets have come under fire in recent weeks with questions raised of the merits of a range of projects across the world. While the headlines are of course disappointing and knock confidence in the sector as a whole, the greater scrutiny is welcomed to ensure carbon credits deliver the climate impact they are designed to offer and to provide sufficient return on capital to carbon-reducing projects to stimulate more such projects, writes Louis Redshaw of Redshaw Advisors.
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CP Daily: Tuesday February 7, 2023
A daily summary of our news plus bite-sized updates from around the world.
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