Carbon Pulse

South Africa’s blue carbon ecosystems can be leveraged to help meet its NDC goals, the first ever blue carbon sink assessment completed for the country has found, despite the fact that mangroves, salt marshes, and seagrasses collectively account for only a limited share of the large African economy’s land area.

The spot price for Australian Carbon Credit Units (ACCUs) rose 2% Wednesday amid market expectations that the changes made to the Safeguard Mechanism will have a bullish impact on price, as the debate on the merits of the Labor government's proposal continues to rage.

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

A major carbon credit provider has published an updated 2023 version of longstanding blueprint designed to help companies to set near-term voluntary climate goals, but not requiring firms to establish a science-based emissions reduction target.

California Governor Gavin Newsom (D) on Tuesday aimed to mitigate budget cuts to climate programmes and other initiatives by proposing to allocate proceeds from the state’s quarterly carbon market auctions.

A US-based conservation group announced on Tuesday a landmark $2.5 million State Revolving Fund (SRF) loan guarantee through the Maryland Department of Environment (MDE) for financing a family forest conservation offset programme in the state.

New York Governor Kathy Hochul (D) on Tuesday announced state agencies will immediately begin developing a cap-and-invest programme with rebates, aiming to regulate economic activities not already covered by the power sector RGGI scheme and with an eye to linking with other markets.

US GDP growth outpaced GHG emissions in 2022 for the first time since 2019, as electricity generation was less reliant on coal than renewables but natural gas still took the biggest share, according to a report released Tuesday.

The potential repercussions of the US Inflation Reduction Act (IRA) on the EU have been high on the political agenda in recent weeks, with EU policymakers looking to respond by reshaping state aid rules and bolster industrial policy while navigating arguments that nearly torpedoed the IRA's passage into law.

Auction volumes offered at RGGI’s first quarterly auction for the year dropped again quarter-on-quarter, but are fairly in line with last year’s Q1 auction that also excluded Pennsylvania, the cap-and-trade scheme’s Tuesday notice showed.

Argentina cut CO2 output from deforestation by more than 50% over the 2017-18 period compared to historical levels, with the pace roughly in line with reductions earlier in the decade for which the country received international payments, according to data published by the UN on Monday.

Voluntary carbon market (VCM) retirements will rise sharply to 240 Mt in 2023 while issuances will hit 354 Mt, according to projections by a data aggregator published on Tuesday.

EUAs trimmed some of Monday's 5.3% gain in early trade on Tuesday with some participants suggesting the market had 'overshot' in the previous session, while energy markets were mixed as gas fell in the absence of any signals on Asian LNG demand and amid continued mild temperatures.

Current and planned renewable capacity worldwide will be sufficient to displace current operating coal capacity by 2030, but fall short of a net zero-aligned growth pathway, according to updated estimates from NGO-managed wind and solar power trackers. 

A government-commissioned review of Australia’s carbon credit system published this week recommended ditching the nation’s avoided deforestation methodology over baseline issues, a move that could create challenges for such projects in finding a place in the country’s emerging biodiversity market.

Taiwanese lawmakers on Tuesday passed a revised climate bill that includes the legislation of the island's 2050 net zero target and the introduction of a long-awaited carbon pricing scheme, which is set to be launched in 2024 at the earliest.

Non-profit Inevitable Policy Response (IPR) has released a first integrated climate and nature policy scenario for investors, predicting that on top of nature-based carbon projects a biodiversity credit market is set to emerge that could we worth $18-43 billion by mid-century.

Groups have welcomed the Australian government’s final policy proposal of the Safeguard Mechanism, saying it vastly improves the existing framework, however concerns remain about facilities’ unlimited access to carbon credits to offset emissions and a failure to deal with Scope 3 emissions.

Two regional governments in China have become the latest to announce plans to develop forest carbon sink programmes, despite a lack of policy clarity due to the years-long suspension of the national offset scheme.

The Australian government has launched a consultation on its final proposed policy framework for its overhauled Safeguard Mechanism, designed to cut emissions from the country’s most polluting facilities.