Carbon Pulse

The Thai government has released a draft sustainable finance taxonomy that bars gas from being classified as green, and will use a traffic light system to categorise its environmental considerations.

State-owned China Forestry Group Corporation (CFGC) has recently formed partnerships with two regional authorities in China, the latest in a growing line of similar government-led collaborations to explore the potential of forestry projects.

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

Additional emissions abatement actions modelled in Canada’s Fifth Biennial Report show the country still falling short of meeting its enhanced Paris Agreement Nationally Determined Contribution (NDC) of a 40–45% GHG reduction below 2005 levels by 2030, Environment and Climate Change Canada (ECCC) figures showed Tuesday.

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Brazilian President Luiz Inacio Lula da Silva reopened the country’s Amazon Fund at his inauguration on Sunday, prompting a release of forest protection funds from Norway and Germany while Britain suggested it could join.

A Dutch carbon project developer that has quickly expanded to seven nature-based projects forecasts that credit prices will inflate by up to 15% a year until 2035.

A tech company has launched an exchange for trading UK woodland and peatland carbon credits in expectation of a leap in demand for the British units.

Standardised carbon credit prices rose over the holiday period as corporates rushing to fulfil end of year compliance obligations caused a jump in retirements, but the rally still failed to move the demand needle significantly from 2021 levels as the market nurses the headache of an increasing credit overhang.

Norwegian company Blastr Green Steel is planning to build a new €4 billion steel plant in Finland sourcing green hydrogen, the company announced on Tuesday in a move defying fears that heavy industry could opt to invest outside the EU amid high energy and carbon costs.

Turkey's ministry of energy has announced a national energy plan through 2035 as part of a 2053 net-zero target, focusing on ambitious solar expansion targets to meet expected strong energy demand growth, nuclear growth, as well as a 4 GW buildout of coal plants.

Low liquidity, bearish fundamentals, and the periodic break from spot auctions saw a volatile and bearish end to 2022 and start to 2023, with the EUA market extending last week's weakness on Tuesday as the benchmark Dec-23 contract traded down more than 4% at midday.

One of China's major forestry groups has agreed to cooperate with a Hong Kong-listed investment bank to develop forest carbon sink projects, as part of its plan to further tap into the emissions market.

Shanghai sold only around half of the 3 million CO2 allowances on offer at its latest auction, which was held for emitters still needing to acquire units for 2021 compliance, with the sale clearing at the floor price.

Scope 1 emissions from existing coal and gas facilities alone could exceed their entire emissions budget in Australia’s Safeguard Mechanism by 2030, according to a research report.

Shanghai sold only around half of the 3 million allowances on offer at Friday’s auction, which was held for emitters still needing to acquire units for 2021 compliance, with the sale clearing at the floor price.

AirCarbon Exchange (ACX) has successfully closed its latest funding round, with Singapore-based decarbonisation investor TRIREC leading the capital injection.

The number of registrants in the California cap-and-trade programme set a new all-time high in the fourth quarter amid a continued influx of financial players, according to data published Friday.

Regulated parties built up their California Carbon Allowance (CCA) net length but pared back their RGGI Allowance (RGA) position this week, as financial players trimmed their overall WCI holdings as the Dec-22 contract went to expiry and fell below a reporting threshold, according to US Commodity Futures Trading Commission (CFTC) data published Friday.

A carbon project developer and technology services firm on Thursday announced it has purchased a South African agriculture group and formed a joint partnership with a New York-based biomass company, as it prepares to launch a product next year that will “leapfrog” traditional carbon credit generation approaches.