Carbon Pulse

An alliance set up to bring clarity and scale a biodiversity crediting market, supported by the United Nations Development Programme (UNDP) and International Institute for Environment and Development (IIED), will formally launch at a side event at the UN's biodiversity summit in Montreal on Friday, a member told Carbon Pulse.

A large group of developing countries walked out of COP15 UN biodiversity negotiations in the early hours of Wednesday morning, pointing to continued struggles related to money.

Over-the-counter (OTC) deals for project-specific, nature-based voluntary carbon credits are maintaining a healthy premium over standardised future contracts despite the recent slump in underlying prices, market sources told Carbon Pulse Wednesday.

The December Nova Scotia cap-and-trade auction cleared roughly in the middle of the scheme’s price floor and all-time high settlement, according to results published Wednesday, though companies are reportedly still very short as the Canadian province’s carbon market gets ready to wind down at year-end.

EUAs rallied after dropping to their lowest in ten days on news that co-legislators agreed to use some EUAs from the market stability reserve to help fund the EU's efforts to shift away from Russian fossil fuels, while December options contracts expired quietly.

A group of rich industrialised nations will provide Vietnam with $15.5 billion to aid the country's transition away from coal and save an estimated 500 million tonnes of CO2 by 2035, as part of the third Just Energy Transition Partnership (JETP) deal that was agreed on the sidelines of the EU-ASEAN Commemorative Summit on Wednesday.

Japan’s Ministry of Economy, Trade, and Industry (METI) on Wednesday proposed to start taxing fossil fuel imports and some other carbon-related activities two years earlier than its previous proposal, as the government continues to work on its plan to gradually roll out a comprehensive carbon pricing system this decade.

The Australian Greens Party has thrown its support behind the government’s energy price control legislation, in exchange for an electrification package it says will accelerate the country’s decarbonisation efforts.

An industry association for China’s iron and steel sector has released a set of draft requirements for emissions accounting and reporting,  as the ETS-destined industry is gearing up for its participation in the national carbon market.

Only four companies participated at Wednesday’s monthly KAU auction, with the clearing price dropping to a record low as traders await clarity on when the Korean carbon market will be aligned with the nation’s increased ambition under the Paris Agreement.

A group of 150 financial institutions with more than $24 trillion in assets under management on Tuesday called for delegates at COP15 in Montreal to secure an ambitious Global Biodiversity Framework for the post-2020 period, with clear targets to halt and reverse nature loss.

EU legislators reached a provisional deal early Wednesday on the REPowerEU package to accelerate the bloc's exit from Russian fossil fuels, agreeing that the €20 billion tranche financed from ETS auctions will come from a mix of the Innovation Fund and frontloaded member state-designated allowances but also involving an intervention with the supply-balancing MSR, according to two senior MEPs including Peter Liese.

South Korea should use its influence as a global maritime leader to accelerate decarbonisation of the sector with a raft of policy measures that include expanding the scope of its own emissions trading scheme to include shipping, a joint report from two green policy think-tanks released on Wednesday said.

A global carbon exchange traded fund (ETF) began trading on Australia’s local bourse Wednesday, part of larger trend of companies wanting to track allowance prices in the world’s emissions trading schemes.

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

As an associate, you will advise clients on the development of agricultural land carbon offset projects around the world. You will report to TerraCarbon’s Senior Manager of Agricultural Land Management. Your work will help drive funding to small and large agricultural producers to adopt agricultural practices that improve soil health, increase carbon storage, and build resilience to climate change.

Ministers and other top delegates have started to arrive at the UN’s COP15 negotiations ahead of the Dec. 15-17 high-level segment that is meant to polish off a new global agreement on biodiversity.

The Quebec environment ministry (MELCC) on Tuesday said the government now recognises carbon offsets from privately-owned afforestation and reforestation projects under the state’s cap-and-trade programme, with the province’s approach having several differences from WCI partner California’s forestry protocol.

The Washington State Department of Ecology (ECY) plans on issuing a guidance document concerning double compliance obligations for cap-and-trade regulated power exporters to California before the end of the year, the department told Carbon Pulse.

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