Carbon Pulse

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

Backed by philanthropical funders, the 116 nations in the High Ambition Coalition for Nature and People (HAC) are restructuring the group’s governance system to better equip it to help nations implement the Kunming-Montreal Agreement on biodiversity.

The New York Climate Action Council overwhelmingly adopted the state’s final Scoping Plan on Monday, recommending that regulators implement an economy-wide cap-and-invest programme and consider a clean transportation standard in order to hit the state’s GHG reduction targets.

Two more African nations have introduced guidelines and regulations to govern carbon trading, with a view to selling forest credits and other types of offsets to foreign buyers.

The “breathing space” given to emitters in the just-agreed EU carbon market reform package is only set to last until 2027, lawmakers said on Monday, warning that the bloc's industries will face huge difficulties with higher prices if they don’t invest in decarbonisation before then.

Several of the world’s largest banks are gearing up to enable customers to quickly trade voluntary offsets by early next year after piloting new blockchain fintech that aims to be the carbon market equivalent of the SWIFT network, which links financial institutions around the world.

EU energy ministers reached a political agreement on Monday for a market correction mechanism against excessively high gas prices, ending months of wrangling over how to tackle sky-high values after Russia curbed most of its flows into the bloc.

Thin demand and the impending roll of nearby standardised nearby futures contracts continued to weigh on the voluntary carbon market over the past week, although project specific fresher issued nature-based credits were still able to command a hefty premium.

EU carbon market analysts expect policy developments and power sector fundamentals to remain the key drivers of EUA prices in the short-term but that the influence of industrials will grow out to 2030, according to a survey conducted by researchers and published on Monday.

EUA prices were volatile on Monday morning as the market digested the weekend outcome of the EU ETS reform trilogue, while traders looked to complete their trading activity before today's expiry of the December 2022 futures contract.

Investors with combined assets of €1.3 trillion have joined forces with an activist group to call on the world’s biggest oil firms to set more ambitious climate targets that also include Scope 3 emissions.

Delegates from 196 nations in the early hours of Monday reached agreement on a post-2020 Global Biodiversity Framework, though observers were quick to stress that strong national implementation will be crucial to make up for some weaknesses in the text.

The government of Chongqing has released a draft allowance allocation plan under its pilot emissions trading scheme, though the number of permits for 2021 is yet to be decided.

A bill has been introduced into India’s upper house that aims to provide a framework for the world’s third-largest GHG emitter to reach its target of net zero emissions by 2070.

A Japanese government fund on Monday announced investments of 15.9 billion yen ($117 mln) into research aimed at boosting carbon sequestration in agricultural, forestry, and fisheries products.

EU legislators struck a provisional deal on the remaining EU ETS-related bills under the bloc's overarching Fit for 55 climate policy package early Sunday, agreeing to backload efforts until later in the decade but securing a slightly higher 2030 emissions reduction target than originally proposed. 

A handful of thorny issues remain unresolved as delegates at COP15 prepare for the final two days of negotiations in Montreal, even as a steady drip of new funding announcements over the past couple of days have intended to brighten the mood of the talks.

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

An Indian agritech startup has raised over $6 million in its latest funding round, bringing its cumulative investor haul to $13 mln.

A Polish district heating plant has joined the EU ETS exodus, leaving the scheme due to the high cost of carbon allowances.