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The annual reduction in EU carbon allowances for 2024-25 through the Market Stability Reserve will be the smallest yet, reflecting a slight decrease in the market's overall supply in 2023, according to a poll of analysts.

A US-headquartered consultancy launched this week to bolster and expedite funding towards nature-based solutions (NbS) and blue carbon, planning to engage in the nascent biodiversity credit market.

The carbon offset controversy at Science Based Targets initiative (SBTi) has detrimental consequences for the nascent voluntary biodiversity credit markets, which are paralysed by confusion, a legal expert has said.

The UK government has lost a second case brought by environmental campaigners for not doing enough to meet its targets for cutting greenhouse gas emissions.

Corporates are keen to support customised waste collection and recycling programmes that equate to their waste production footprint and potentially tie back to their own supply chain, with the plastic credit model not suited to all circumstances, say market stakeholders.

European carbon prices consolidated the steep gains made over the course of the last five days, and were headed towards a 9% weekly increase as traders eyed a reduced auction programme next week, while gas prices struggled to keep pace with the continued strength in EUAs.

Activists argued that the plan for cutting emissions would not meet the UK's climate targets.

Insufficient funding as well as vaguely formulated and conflicting targets have largely hampered the integration of biodiversity into decision-making across different sectors, a paper has said, calling for more consistent and coherent policies to be established.

Environmental campaign groups took joint action against decision to approve carbon budget delivery plan

The UK government’s climate action plan is unlawful, the high court has ruled, as there is not enough evidence that there are sufficient policies in place to reduce greenhouse gas emissions.

The energy secretary, Claire Coutinho, will now be expected to draw up a revised plan within 12 months. This must ensure that the UK achieves its legally binding carbon budgets and its pledge to cut emissions by more than two-thirds by 2030, both of which the government is off track to meet.

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South Korea could see its industrial emissions targets well on track if more policy incentives are provided to boost domestic demand for low carbon steel and cement products, according to researchers.

Researchers find many countries unprepared for influx of new species and will be vulnerable to bites

Climate breakdown is likely to lead to the large-scale migration of venomous snake species into new regions and unprepared countries, according to a study.

The researchers forecast that Nepal, Niger, Namibia, China, and Myanmar will gain the most venomous snake species from neighbouring countries under a heating climate.

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Airlines within the Lufthansa Group are among 20 carriers currently under investigation by the European Commission over potential greenwashing practices, including the use of voluntary carbon credits.

EV-maker Tesla has obtained approval from the Korean government to generate and trade carbon credits in the country, expanding the coverage of its automotive regulatory credit-based business model beyond the US and China.

A UK trading house will launch a carbon trading platform in New Zealand soon, with several staff members of a major NZ market player joining the newcomer, according to local media.

One of the world’s largest iron ore producers has plans to send 100 million tonnes of green iron to China, using vast amounts of clean hydrogen created in the Australian desert, and says it will ultimately cut 220 million tonnes in CO2 emissions per year in the process.

An Ulaanbaatar-based non-profit has launched a domestic voluntary forest carbon credit scheme, targeting domestic emitters, particularly in Mongolia’s booming mining sector, as well as foreign buyers.

The best of this week’s wildlife photographs from around the world

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Researchers at Yale University have launched an initiative to design three biodiversity credit methodologies for agroforestry projects at smallholder farms in Latin America, Carbon Pulse has learned.

The Australian government has put forward options to rework the landfill gas carbon credit methodology, proposing to increase current baselines marginally and gradually raising them on an annual basis, according to a consultation.

As Brazil, the Middle East and Africa position themselves to lead the green iron race, Australia is at a fork in the road.

The post Australia has huge global green iron potential, but if we blink we’ll miss it appeared first on RenewEconomy.