Carbon Pulse

The Costa Rican government has launched on Tuesday a national blue carbon strategy that it says will help the country meet its Paris Agreement climate goals, and reportedly will seek to develop guidance and criteria for registering projects in the next several years.

The International Emissions Trading Association (IETA) on Tuesday announced the publication of standardised purchase agreements for bilateral transactions in primary and secondary carbon markets, and launched a new working group chaired by industry veterans in an effort to bring clarity to the voluntary carbon market (VCM).

A massive ramp-up in EU renewable power build-out in the wake of Russia's invasion of Ukraine means the bloc is likely to achieve even the most ambitious 2030 clean power target being considered by legislators, while also easing carbon costs for emitters.

The largest reforestation project developer in the US, soon to auction carbon credits on the ICE exchange, is branching out globally with a new platform to advertise its expertise and attract new project developers into the nature-based removal market. 

The UN's Development Programme and Switzerland have defended the rice farming methodology behind the first authorised emissions transfer under the Paris Agreement, with a senior official emphasising key differences to the Verra protocol that was halted last week over integrity concerns. 

A carbon credit technology firm and litigation support company on Tuesday announced a strategic partnership that will perform “boots-on-the-ground” checks and other auditing services to ensure the integrity of offset projects.

Global carbon markets expanded for a fourth straight year in 2022, reaching €865 billion ($924 bln) in value despite a near-20% drop in the number of transactions as prices in the main markets reached their highest ever levels, according to analysts in a report published on Tuesday.

A blockchain carbon marketplace which secured a deal last month to supply credits worth up to €50 mln has integrated its systems with a standards body as it gears up to sell tokenised carbon removal credits for the first time.

Although the EU biodiversity strategy recognises the importance of funding in addressing the biodiversity crisis, a number of significant barriers and bottlenecks at the national level could prevent the efficient use of available financing for nature, according to a new report published on Tuesday.

Oil and gas major BP reported record annual profits in quarterly results published on Tuesday, as it announced it would also water down its 2030 climate targets relating to reducing fossil output.

UK Prime Minister Rishi Sunak on Tuesday announced the disbanding of the government's Department of Business, Energy and Industrial Strategy (BEIS) and its replacement by three new departments, as part of a cabinet reshuffle that shifts responsibility for climate action.

EUA prices moved in their narrowest range for more than a week on Tuesday morning as activity calmed ahead of a key European Parliament market reform vote later this week, and as energy prices continued to decline as the gas supply outlook suggested storages will be fully replenished in the summer.

Carbon markets can be an incredibly important tool to finance nature-based solutions at the scale required to be meaningful on a global scale, however, there are some serious questions which must be resolved as soon as possible if verified (not just voluntary) carbon markets are to deliver their full potential for nature, writes Ed Hewitt of Respira.

The sustainability-linked loan (SLL) market has emerged rapidly on the green scene in recent years as an increasing number of banks and corporations use such loans as part of their decarbonisation strategies, prompting calls to enhance transparency and industry efforts to counter accusations of greenwashing.

China’s environment ministry has circulated a set of updated management guidelines for emissions reports submitted by power generation facilities under the national ETS, asking regional authorities to enhance day-to-day monitoring of power companies' data reporting activities as regulators seek to avoid further carbon market data fraud.

Aviva Investors has named nature loss and climate change as two of its three main focus areas for 2023, and has written a letter to the 1,600 companies it has invested in, outlining the actions it expects them to take on these issues.

Australia’s Coalition opposition party has formally agreed to oppose the government’s reformed Safeguard Mechanism policy, meaning Labor will be forced to seek crossbench support in the Senate to pass the legislation.

UK-based nature platform provider Natcap will seek to accelerate product development and commercialise its technologies after successfully closing a £2.5 million seed round.

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

The Indonesian government recently partnered with a local mining company to plant 30,000 mangrove seedlings and releasing 20,000 clams in North Sumatra, as the government earmarked the region as an ideal area for mangrove restoration.