Carbon Pulse

ExxonMobil on Tuesday announced it will hope to reach net zero GHG output from its operations by mid-century, though it continued the trend of American oil majors declining to cover emissions from their products within their climate strategies.

An average carbon price of almost $200 per tonne would be required to decarbonise the global shipping sector by 2050, with the price ultimately hitting heights of $360 in the target year, according to a report by an industry coalition published on Tuesday. 

Integrated carbon services firm South Pole has expanded its business in Africa through its acquisition of Carbonsink, an Italian-based consultancy with more than 30 carbon-cutting projects on the continent.

EUAs drifted lower on Tuesday morning as trading volumes picked up compared to recent days, while energy markets were flat to firmer as gas supplies from Norway dropped.

The climate goals of US oil and gas companies are less ambitious compared with their European counterparts as they avoid firm commitments to address full lifecycle emissions and set targets that enable their absolute greenhouse gas output to rise.

Emissions from China’s car making industry are set to plateau after peaking in 2027, putting the sector off track for a 2060 net zero pathway, according to an analysis by a green group released on Tuesday.

Australian companies doubled the number of carbon credits they retired voluntarily from the national registry last year, though the growth was far higher for cheap, plentiful UN-issued credits than the expensive, less-available domestic units.

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

Energy Changes Projektentwicklung requires a manager to develop and manage GHG emission reduction projects, including screening, preparing project design documents, MRV support, and assisting in the validation and verification processes according to various international carbon standards such as VCS, GS, GCC, ISO and other upcoming carbon schemes.

UN Secretary General Antonio Guterres told the World Economic Forum (WEF) on Monday that there is no sign that governments are planning to effectively manage climate risks, urging the private sector to step up efforts and avoid greenwashing well ahead of November's COP27 UN climate talks in Egypt.

EU member states should pursue emissions-cutting efforts in non-ETS sectors without resorting to flexibilities that may keep longer term targets out of reach, according to the lead parliamentarian for the bloc's revised Effort-Sharing Regulation (ESR).

Standardised nature-based voluntary emissions reductions (VER) prices found strength this week while technology-based CORSIA-eligible credits and others generally flatlined or sank.

Fund manager Carbon Cap's World Carbon Fund closed 2021 with a 59% annual gain, as allowances prices in the five main cap-and-trade systems rose to an average of $60/tonne, the company said on Monday.

EUA prices dipped in line with weaker gas and power markets on Monday morning amid forecasts for milder weather, as demand for EUAs remained modest and trading activity was very limited.

China’s domestic carbon price could rise 400% above current levels by 2030 and kick on from there as part of the country’s efforts to decarbonise by 2060, oil major Shell said in a report Monday.

New Zealand carbon allowances hit a new record again on Monday, as the market continues to anticipate rising prices in the year ahead.

China’s thermal power generation rose 8.4% in 2021, government data showed Monday, with the nation’s Covid recovery causing a surge in carbon emissions.

The green energy arm of Australian iron ore mining giant Fortescue Metals Group, has added another green hydrogen deal to its list by signing a supply agreement with Covestro, a German chemicals company, FFI announced on Monday.

Virginia Governor Glenn Youngkin (R) on Saturday issued an executive order to assess and ultimately sever the state’s RGGI-linked cap-and-trade regulation, though it is uncertain when or even if the new leader can end Old Dominion’s membership in the power sector carbon market without new legislation.

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