Carbon Pulse

Voluntary carbon market business association ICROA will be “soft launching” its accreditation programme for non-IETA members, aiming to maintain relevancy amid a swathe of new entrants.

South Korea’s greenhouse gas emissions rose 3.5% in 2021 as the economy begun its post-Covid recovery, but remained significantly below the levels seen before the pandemic.

Australia’s energy and climate minister has announced the government will introduce a Climate Change Bill when parliament resumes next month, while outlining his priorities surrounding domestic and international offset use to meet the country’s nationally determined contributions (NDCs).

Singapore-based Climate Impact X (CIX) has formed a strategic technology-based partnership with US exchange operator Nasdaq to enable price transparency and liquidity in its voluntary carbon market operations, it was announced on Wednesday.

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

Canada is set to release its final Clean Fuels Standard (CFS) regulation on July 6 that targets reducing the carbon intensity (CI) of transportation fuels, and omits carbon credit eligibility from DAC and EOR, the ministry said in an update on Tuesday, retaining the compliance start date as July 1, 2023.

The UK's legislative framework is insufficient to meet its emissions targets and has "shocking" shortcomings on energy efficiency, the government's expert advisors said in a report published Wednesday.

Spanish police have arrested 27 people and seized €11 million worth of smuggled F-gases in a major bust of a criminal network.

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A carbon credit rating agency has downgraded a REDD forest protection project in its latest update, but also left the activity open for further review.

CME Group is adding two new voluntary carbon market futures contracts to cover vintages no longer eligible for delivery on its existing rolling contracts, the exchange operator announced Tuesday.

A firm specialising in building and operating direct air capture (DAC) facilities has said it will build its largest plant following a large equity raise earlier this year, as it targets multi-million tonnes of carbon removal capacity by 2030.

G7 leaders wrapped up their three-day summit on Tuesday with German ​​Chancellor Olaf Scholz touting an agreement on a new international climate club, while leaders also noted the requirement for greater fossil investment in the face of Russia’s invasion of Ukraine.

A comeback in coal demand last year pushed global CO2 emissions from energy perilously close to 2019 levels, even though there was a surge in renewable power and economies were still battered by the Covid catastrophe, oil major BP said in its annual statistical review on Tuesday.

EUAs rallied after a weak opening on Tuesday morning as the market awaited a united position among member states on ETS reforms, while energy prices sagged as the EU sought more ways to cut gas consumption.

EU environment ministers were bracing for talks to run late into Tuesday evening to reach a united position on several Fit for 55 (FF55) climate policy reform proposals, with opening exchanges suggesting that several thorny issues are outstanding.

The world’s publicly listed companies must reduce their carbon intensity by an annual average of 8-10% every year until 2050 if the target to limit warming to 1.5C is to be met, although only 39% of companies have managed to reduce their emissions intensity at that rate over 2019-20, research has found.

South Korea will increase the share of CO2 allowances in its emissions trading scheme that is auctioned instead of handed out for free, saying the current allocation of 10% is insufficient.

Two New Zealand companies have teamed up to offer landholders an opportunity to develop and sell the country’s first AI-enabled voluntary offsets via a new carbon exchange.

Oil and gas heavyweights Shell and ExxonMobil have teamed up with Chinese national oil company giant CNOOC to explore the feasibility of establishing a large-scale offshore CCS hub in southern China, they announced on Tuesday.