Carbon Pulse

Oman plans to plant 100 million mangrove trees in order to generate $160 million in carbon credits, as the government increasingly recognises the economic benefits posed by environmental restoration and seeks to position itself as a global leader on international emissions trade.

Only four major economies are on track to meet what would have been their Paris Agreement goals under "fair share" criteria laid out by an international group, a report said this week.

European carbon declined for a second day on Tuesday amid further losses across the energy complex, with EUAs falling to their lowest in more than a week amid sustained selling pressure.

Environmental organisation IUCN has called for an increase in financing to stem species loss alongside releasing an action plan to address species decline, but provided little detail on the mechanisms needed to do so.

Zambia has established the eligibility criteria and the approval process for carbon projects under a strengthened guidelines for Article 6, providing a roadmap for the country's participation in international carbon markets that aims to give investors more clarity for development in the country.

A local joint venture between Italy’s Eni and BP based in Angola are trialling a new form of carbon capture and storage aboard their oil vessel.

South Korea is seeking to expand the number of market makers in its emissions trading scheme (ETS) in a bid to boost trading activity as the domestic carbon market has been stagnant due to lasting oversupply issues.

Australia could be a global giant in green steel manufacturing as it is now a behemoth in iron ore production, provided the government incentivises investment and business commits to a great focus on emissions, according to a paper released Tuesday.

Global management consultancy Roland Berger on Tuesday announced it will work with a Swiss foundation to develop blockchain technology for a Voluntary Recycling Credit (VRC) that will be presented at COP28 in Dubai.

A South Korean project developer has teamed up with a government-backed research institute to promote a microbial technology that can alleviate tree droughts and help generate carbon credits.

The Australian government has committed A$25 million ($15.8 mln) to fund conservation work on privately held land, as the minister for environment on Tuesday laid out details on the consultation process for its environmental law reforms.

As the shipping sector faces an increased need to account for its carbon emissions, from inclusion in the EU ETS to new carbon indexation rules, ship owners are looking for innovative ways to cut CO2, with some returning to the traditional method of sail power to reduce fuel consumption.

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

Investment in climate tech is down 40% on the year as economic uncertainty and geopolitical tensions dent investor confidence, according to research published Tuesday, though the report found that this is more a reflection of overall market conditions than a move away from climate tech.

Environment ministers from the 27 EU member states on Monday agreed on a negotiating mandate for the year-end COP28 UN climate talks with an updated nationally determined contribution (NDC), while settling on a collective position on a directive to revise up CO2 targets for heavy-duty vehicles. 

As EU ministers try to reach a united position on the bloc's divisive electricity market design reforms this week, provisions for the bloc's heavy industry are increasingly featuring in the talks alongside efforts to shield citizens from higher costs and make prices less dependent on fossil fuels. 

RGGI Allowances (RGAs) held steady once again over the week amid a continued dearth of volatility, with market participants reporting uncertainty from numerous directions, though they expressed a split over whether a pre-Q4 auction lull was hindering further gains.

The Brazilian Amazon is seeing greater numbers of wildfires this year despite lower deforestation rates, threatening progress to conserve the biome, researchers said in a letter published Monday.

Holding global temperature increases to below 1.5C would save hundreds of trillions of dollars in benefits, while nearly 1 quadrillion in climate damages would result if Paris Agreement targets are not met, according to analysis published Monday.

Record-setting wildfires in Canada this year have released significant volumes of CO2 into the atmosphere, but experts gave Carbon Pulse different opinions as to whether the country should alter its existing emissions reporting practices to account for this.