Carbon Pulse

Private sector leaders, climate experts, not-for-profits, and other observers on Tuesday threw their weight beyond an initiative seeking to build credibility and trust around net zero commitments made by non-state actors.

An Africa-focused carbon removals certification body aims to launch by registering carbon credit-generating biochar facilities in December, the initiative's representatives told a panel at COp27 on Tuesday as experts touted the continent's potential to generate removals at scale.

A senior investment banking executive has joined an Australian fund management company to help launch a new carbon credit fund.

Gabon has flagged the potential for a partnership with South Korea, whereby the African nation would provide carbon credits that is said could be used under Article 6.2 of the Paris Agreement to help meet climate goals.  

A major carbon project originator as struck a three-year deal to supply a European origination firm with offsets resulting from the rollout of hundreds of thousands of electric motorbikes in Africa.

A UN-appointed group released its highly-anticipated report on Tuesday at COP27, providing recommendations on how to bolster the credibility of net-zero emissions commitments, cracking down on greenwashing from non-state actors, such as corporations, investors, and cities.

A new initiative intends to put Africa centre stage for the anticipated explosion in voluntary carbon market offset supply, with ambitious plans for the continent to produce 300 mln offsets a year by 2030 and between 1.5-2.5 bln a year by 2050.

European carbon prices gave up Monday's modest gains in early Tuesday trading as volatility began to dry up in anticipation of political discussions beginning later in the week, while gas prices were higher after the EU appeared to abandon efforts to put a temporary cap on prices.

It’s Tuesday - Finance Day - at COP27 in Sharm el-Sheikh, and Carbon Pulse will keep you updated with developments throughout the day. Timestamps in local time (EEST, GMT+2).

The First Movers Coalition, a global initiative launched last year to spur the decarbonisation of heavy industry and the long-distance transport sector, has expanded its coverage into two new energy-intensive sectors and will allocate $12 billion in green technology purchase commitments, US climate envoy John Kerry and the World Economic Forum announced on Tuesday.

The World Bank has launched an a umbrella fund at COP27 that will help countries to access carbon markets by providing results-based grant payments via pooled cash from donor countries, the private sector, and foundations for projects that reduce emissions, including the monetising of credits from the acceleration of coal phaseouts, a senior member behind the project told Carbon Pulse.

China’s cabinet has released an implementation plan for the country’s building materials sector, with a special focus on cement production, as part of a broader commitment to peaking carbon dioxide emissions by 2030.

The total number of Australian Carbon Credit Units (ACCUs) issues has now surpassed 120 million despite consistent criticism over some methodologies, while the Labor government has signed up to international forestry and shipping climate initiatives at COP27 in Egypt.

The most widely used climate-related disclosure platform said on Tuesday that it will apply an upcoming international standard to its reporting requirements, including Scope 1-3 emissions reporting and carbon offset use by corporates.

A carbon credits trading firm based in Massachusetts has signed a Memorandum of Understanding (MoU) with a regional government in the Democratic Republic of Congo (DRC) that aims to attract revenue locally to develop agricultural projects and implement regenerative farming practices.

Singapore bank DBS launched has launched with a host of partners the second cycle of the Sustaintech Xcelerator initiative, a funding programme kickstarted last year that aims to accelerate the development of climate tech solutions to help businesses reduce their GHG emissions, it was announced on Tuesday.

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EU legislators must consider making more radical changes to EU ETS reform and CBAM legislation than are currently on the table, climate NGOs and industry representatives said in a joint letter on Monday ahead of negotiations on the bills due this week. 

The EU must adopt a more stringent way of reporting its climate spending to ensure funding is targeting emissions cuts and to avoid ‘greenwashing’, several cross-party committees of the European Parliament said on Monday.