Carbon Pulse

Singapore has added a third global carbon offset standard to supply carbon credits that domestic companies can buy to count towards their carbon tax obligations.

Verra, the largest certifier body in the voluntary carbon market, will pilot a digital monitoring, reporting and verification (MRV) platform that promises to slash the time and cost of traditional carbon accounting methods, it announced at COP27 on Wednesday.

G20 leaders agreed to pursue efforts to limit the global average temperature to 1.5C at this year’s summit in Bali, with the world’s largest economies also agreeing to address the issue of loss and damage from climate change and reaffirming broadly-termed commitments to phase down unabated coal use and phase out fossil fuel subsidies, in moves that were generally welcomed by climate groups on Wednesday.

China is likely to bring in the petrochemical sector into its national emissions trading scheme (ETS) in 2024, a move that would add around 2,300 companies to the world's biggest compliance market, according to a top official at the national industry association.

It’s Wednesday - Biodiversity Day - of week two at COP27 in Sharm el-Sheikh, and Carbon Pulse rounds up today's other news and announcements from the summit. Timestamps in local time (EEST, GMT+2).

Singapore and Ghana have concluded negotiations on an implementation agreement to cooperate on carbon credits in alignment with guidelines set out in Article 6, the Singaporean ministry of trade and industry has announced while the island state is eyeing a separate market collaboration partnership with Papua New Guinea.

A global food and drink conglomerate has partnered with project developers to plant a biodiverse mix of 10 million trees in Australia by 2025.

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

It’s Tuesday of week two at COP27 in Sharm el-Sheikh, and Carbon Pulse rounds up today's other news and announcements from the summit. Timestamps in local time (EEST, GMT+2).

Market participants’ expectations have coalesced around a narrow range for the last WCI cap-and-trade market auction of the year on Wednesday, with few expecting the sale to result in a surprise clearing price reminiscent of either last quarter or Nov. 2021.

The EU’s climate chief Frans Timmermans to the COP27 summit on Wednesday that the 27-nation bloc will be able to increase the ambition of its NDC, confirming a stance set out by ministers last month.

The new premier-designate of British Columbia (BC) could boost carbon offset generation from protecting old growth forests, but doing so would run up against questions about buyer demand and environmental integrity, experts told Carbon Pulse.

California Low Carbon Fuel Standard (LCFS) credit prices on Tuesday receded back to the lowest since 2017, which traders attributed to the market’s large oversupply and a massive credit sale by utility Pacific Gas & Electric.

The EU’s proposed carbon border measure was discussed at several events on the sidelines of the COP27 UN climate negotiations on Tuesday, with experts debating whether the policy aligns to the multilateralism spirit of the Paris Agreement.

The newly appointed Italian minister of the Environment and Energy Security, Gilberto Pichetto, has declared his goal to accelerate the country's green transition in his first appearance at a climate UN summit.

The Colombian legislature is poised to pass into law sweeping changes to the nation’s roughly $4/tonne carbon fee as part of a historic tax reform package, with provisions to sharply curb the use of offsets in the compliance market and expand the scope of coverage to include coal.

A major project developer is considering ditching a site specific static methodology for a 21-year old REDD+ project in Africa that sparked an online spat last week over the prickly issue of over-crediting.

New Zealand will look to secure bilateral partnerships with Asia Pacific nations for the purchase carbon credits to count towards its national climate targets in a move that could see the country source as many as 100 million credits under such agreements, but its climate minister says arrangements are still in the early stages.

The Bahamas could sell up to 9 million blue carbon credits by 2030, but the country's route to market will need to change as it has previously planned to sell units on now-collapsed cryptocurrency exchange FTX.

China, Europe and the US could decarbonise most of the shipping emissions in the world without measures from the International Maritime Organisation (IMO), according to fresh analysis that points to a bypassing of the UN shipping body in taking climate action for the sector.