Carbon Pulse

The carbon removals sub-contract forming part of a new hybrid standardised contract for the voluntary carbon market will be initially made up of retired EU ETS allowances until there is sufficient supply for a liquid removals market, the contract's developers said on Thursday.

Revenue from auctioning EU ETS allowances should be earmarked for climate action after countries within the bloc were found using some of the cash to support fossil fuels, and in particular new gas boilers through building retrofitting, according to a study published this week.

The Australian government has officially updated its 2030 nationally determined contribution (NDC) with the UNFCCC, increasing its 2030 emissions reduction target under the Paris Agreement to 43% below 2005 levels.

University researchers that conducted the first ever “onboard” study of methane and CO2 emissions generated from an LNG carrier have reported higher levels of methane emitted during the voyage compared with previous assessments, highlighting the importance of accuracy in collecting GHG data for fossil fuel shipments, especially those that are claimed to be carbon neutral.

An Australian timber company plans to convert millions of fire-damaged trees into biochar, in what it claims will be one of the largest projects of its kind in the world, while earning around A$90 million ($62 mln) through the sales of carbon removal certificates (CRCs).

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

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Saudi Aramco will invest in new renewables projects and blue ammonia production in an effort to slash its GHG output and achieve net zero emissions by 2050.

EU ETS-covered firms in the Netherlands may face greater carbon costs in the coming years as the Dutch government has announced a steeper cut to exemption rights for the policy.

California lawmakers on Tuesday released the updated text of a cap-and-trade market reform bill that would address allowance overallocation and supply vis-a-vis offset usage, while also requiring the publication of banking metrics after a similar bill failed this spring.

The Virginia State Corporation Commission (SCC) on Wednesday approved utility Dominion Energy’s request to suspend its existing rate case so as to recover RGGI allowance costs, ahead of Governor Glenn Youngkin’s (R) widely anticipated plans to severe the state’s RGGI linkage. 

Massachusetts’ power sector Global Warming Solutions Act (GWSA) cap-and-trade system saw its current vintage allowance auction clear over $9 above the previous sale, while the programme’s first ever sale for future permits settled at less than half that price, according to results published Wednesday.

Japanese shipping company Mitsui OSK Lines (MOL) has completed a “carbon offset voyage” for the transportation of cars from Japan to the UK, the company said in a statement on Wednesday.

Nova Scotia’s fifth cap-and-trade auction cleared almost 75% above the 2022 auction reserve price at a record high settlement, rebounding significantly from November’s undersubscribed sale, according to results published Wednesday.

New York state's power generators are joining labour unions and environmental groups in calling for a CO2 charge in the electricity market ahead of the final Scoping Plan publication, a coalition said in public comments released Wednesday.

The UN-backed Race to Zero campaign updated its criteria on Wednesday to ensure credible net zero targets from corporates and financial organisations, aiming to overcome greenwashing concerns while specifying requirements for carbon credit use and other elements.

EU carbon posted a second day of gains as traders took heart from reports that lawmakers had reached a provisional Parliamentary deal on ETS reforms, while energy markets continued to forge ahead amid further cuts in natural gas supplies.

A European oil major and has teamed up with a forestry management firm in Gabon to develop a sustainable forest management model that aims to generate carbon credits from reduced deforestation, conservation, and afforestation, according to a media release on Wednesday.

A forestry project in Canada has been awarded only a low chance of achieving 1 tonne of CO2 avoidance or removal by a carbon credit ratings agency in its latest update.