Carbon Pulse

The IUCN Red List of Threatened Species is incomplete, partially outdated, and has several other limitations suggesting it should not play the critical role it does in determining conservation policy-making and funding for governments, NGOs, and philanthropists, a new study has claimed.

California Carbon Allowance (CCA) prices seesawed ahead of Q4 WCI auction results published on Wednesday as transactions of hit peak volume just before US Thanksgiving, while Washington Carbon Allowances (WCAs) saw a rise in both price and volume, seemingly unaffected by WCI auction results.

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

A second physical carbon exchange-traded commodity (ETC) that tracks EU Allowances has launched in Europe.

Certifier Verra has given the green light for carbon credit issuance from a huge soil carbon project in Africa to restart following a quality control review, although detractors of the venture have called the investigation a “shocking whitewash” that failed to address methodological flaws.

Countries are already advancing plans to trade emissions reductions from forest carbon activities under Article 6.2 of the Paris Agreement, yet a decision on the eligibility of such initiatives under the Paris pact's Article 6.4 centralised carbon crediting mechanism is not imminent, a potential misalignment that has experts at odds.

The EU and Canada established on Friday a Green Alliance to strengthen their climate cooperation, including an aim to cover over half of global emissions with carbon pricing policies.

EU member states could avoid spending billions on climate change-related costs by the end of this century if they spend roughly 4% of their GDP per year on measures to reduce emissions 90% by 2040, according to a study by a Dutch consulting firm.

A Dutch company plans to reforest degraded cattle lands in Paraguay to sequester 30 million tonnes of CO2e over the project’s 30-year lifetime, one of the largest ARR projects of its kind to be registered by Verra, it announced on Friday while flagging co-benefits of creating seedcake for cows and biofuel for planes and vehicles.

Tanzania has urged East African heads of state to take a common stance ahead of COP28 in opposing the dominance of foreign firms in the region’s carbon trading activities, according to domestic media sources.

The European Commission will put forward an action plan for upgrading the bloc's electricity grids in which it estimates €584 billion in investments are necessary by 2030 to deal with the influx of renewable energy, according to a leaked document seen by Carbon Pulse.

The Philippines has signed a memorandum of understanding (MoU) with a local climate tech firm which will help the nation to build an ITMO registry, setting the stage for the country to enter the carbon market, local media reported Friday.

The Global Investor Commission on Mining has been backed by 82 investors with over $11 trillion in assets collectively under management, with the aim of making the sector more socially and environmentally responsible by 2030.

European carbon prices advanced for a second day, giving rise to speculation that the month-long decline fuelled by speculative selling may have come to an end as the expiry of the December contract approaches, while energy markets were slightly weaker as the weather outlook remained uncertain.

Trading volume in China's carbon market plunged over the past week despite stable allowance prices, as most major Chinese emitters have fulfilled their obligations now that the primary compliance deadline set by the government has passed.

Revenues from carbon pricing mechanisms reached $93 billion last year, slightly lower than the prior year, with more than half of this total specifically redirected towards climate activities, according to a report from a group of climate economics researchers.

South Korea may push back the timeline for the release of a basic plan underpinning the next phase of the domestic carbon market, which has been hampered by an oversupply of emissions permits, local media reported. 

The federal government of Pakistan is considering a cap-and-trade model for its imminent carbon market, an official said according to local media.

A Japanese university will invest in a direct air capture (DAC) venture that aims to begin capturing CO2 via nano-separation membranes later this decade.

A Swedish drone firm has been granted a €2.7-million grant by the government for a three-year project to refine forest-thinning technology it says will reduce the need for energy intensive, habitat-wrecking heavy machinery on the ground.