Carbon Pulse

Indonesia has updated its national REDD+ strategy and plans to submit it to the UNFCCC next week, a government official told a panel discussion at COP27, as a UN REDD Programme report pushes for greater investment in forest-rich nations.

EU negotiators have agreed a united position on an EU ETS price spike measure and market oversight provisions but failed to make much headway on major sticking points during trilogue negotiations this week, the European Parliament's lead negotiator Peter Liese said on Friday.

Timor-Leste will focus on ‘nature-positive growth and transition’ as one of four key climate policy commitments, and will seek international cooperation under Article 6 guidelines in developing local carbon markets, according to its NDC submitted to the UNFCCC this week.

Allowance prices in China’s national emissions trading scheme remained stable over the past week despite the update on the long-awaited allowance allocation plan, while the offset market saw a plunge in trading volume amid severely limited supply due to policy uncertainty.

Singapore has set up a S$15 million ($10.9 mln) project to support the establishment and monitoring of high-quality nature-based carbon projects across Southeast Asia, it announced.

EU legislators early on Friday struck a provisional deal to deepen cuts in land use (LULUCF) emissions in line the the bloc's overall 2030 climate target, enabling ministers to head to COP27 UN climate talks next week with three major elements of their flagship Fit for 55 climate package in place. 

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

Global CO2 emissions from fossil fuel use are estimated to increase by 1% in 2022 to 36.6 billion tonnes, reaching a new record and reflecting a full rebound from the pre-COVID-19 levels in 2019, research released early Friday shows.

Analysts have cut their short- and medium-term EU carbon price forecasts over a mix of bearish factors including Europe’s energy crisis, the continent’s worsening economic outlook, and increased allowance sales through the bloc’s REPowerEU plan.

California Carbon Allowance (CCA) and RGGI Allowances (RGA) prices traded lower through the US midterm election week and shrugged off a cooler US Consumer Price Index (CPI) reading, as market participants geared up for the Q4 WCI auction and look to guidance from Pennsylvania's governor-elect on the state's RGGI future.

California regulator ARB on Thursday announced an investigation into a Wisconsin-based livestock project, coming just two years after the agency invalidated offsets from the same dairy digester for non-compliance with state permit requirements.

The asset management arm of a Swiss bank has launched a new fund to capitalise on “inefficiencies” in the carbon markets.

US President Joe Biden on Thursday at COP27 proposed a GHG emissions disclosure rule for federal contractors that would also require major suppliers to set science-based targets to cut their carbon output.

Verra is overhauling internal processes in a bid to clear an “unprecedented” surge of often poorly documented project requests that threatens to stifle the rapid expansion of the voluntary carbon market (VCM).

A global offset project developer and carbon market investor at COP27 on Thursday announced a memorandum with a Senegal government-backed company under Article 6.2 of the Paris Agreement, in what is billed as the world’s first private sector ‘ITMO’ partnership.

A rating agency has slightly downgraded its scores for two Verra-accredited hydropower projects in India, although both grades still give a moderate chance of achieving or removing a tonne of CO2 per credit.

Next year’s WCI-linked cap-and-trade auction reserve price is unofficially set as October inflation fell below 8% for the first time since February, according to federal data published Thursday.

Verra is creating the new role of Senior Program Officer, Supply Chain Innovation, to support the development and implementation of a new Verra Scope 3 Program that will incentivize corporate GHG abatement activities.

European utilities and energy firms have reported a significant rise in fossil fuel generation that is covered by the EU ETS over the first nine months of 2022, according to multiple company results published Thursday.

EUAs rallied late on Thursday morning after an early sharp fall that saw prices tumble by more than €2 in less than an hour, as traders waited for news of the European Parliament's vote on proposals to sell EU carbon allowances to fund the bloc's transition away from fossil fuels.