Carbon Pulse

California Low Carbon Fuel Standard (LCFS) values faded to a two-month low this week that traders attributed to surging volumes of biomass-based diesel and financial players taking a breather.

A platform being developed by Bloomberg Philanthropies to bring greater standardisation and transparency to climate data will launch its pilot before year-end COP28 UN climate talks, with information on carbon credits to be included in 2024, a senior member of the project told the Paris Summit for a New Global Financing Pact on Thursday.

A Greek cement producer is urging the EU to add export provisions to its carbon border adjustment mechanism (CBAM), with the nation's export-focused sector left acutely exposed at the EU's south-eastern edge.

Some EU shipowners may opt for their vessels to steer clear of European waters in the early stages of their inclusion in the bloc's carbon market next year due to their lack of preparation, a conference heard on Thursday. 

Senegal has inked a deal with members of the European Union, the UK, and Canada in which the West African country will receive €2.5 billion to help it achieve a target of 40% of installed electricity capacity from renewables by 2030, the country's president announced at the Paris Summit for a New Global Financing Pact on Thursday.

A coalition of consumer advocacy groups has lodged a formal complaint to the European Commission and consumer protection authorities against 17 airlines, including major carriers such as Ryanair, Lufthansa, and Air France, over their sustainability claims.

European carbon prices clawed back early losses after the market had started the day by extending Wednesday's decline and the daily auction cleared at a sizeable discount, before speculative buyers emerged to fuel a rally towards midday, while energy markets were weaker for a second day.

European Commission President Ursula von der Leyen has proposed the world moves towards a global carbon pricing system to close the gap in climate finance and channel funding to developing economies and those to be the most impacted by global warming, speaking at the Paris Summit for a New Global Financing Pact.

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France and the UK announced on Thursday they are initiating a broad consultative process for the creation of an international biodiversity market with the intention of having a framework ready by the UN's COP16 summit in Turkey next year.

A think-tank has called for the UK to set up a new office for carbon removals, which it says will be key to the effective governance of scaling technologies considered crucial for net zero goals.

Plans to launch a $1.5 billion public and private climate finance platform were proposed on Thursday at the opening of the Paris Summit for a New Global Financing Pact as talks started of easing the flow of investment from the Global North to the Global South.

Anglo-Australian miner BHP has limited technologies at its disposal to reduce its Scope 1 emissions, but its compliance obligations to the government’s reformed Safeguard Mechanism are modest, a company official has told investors.

An Australia-headquartered global investment manager on Thursday announced it has purchased a 19,000-acre forest in California, in which it plans to generate carbon credits eligible for the state’s cap-and-trade scheme.

The lower house of Australia’s parliament passed the nature repair bill on Wednesday evening after independent MPs had ensured several key amendments to improve the proposed biodiversity market, but the government still lacks the support required to get the legislation through senate in August.

Foresters who voluntarily joined a government working group to redesign the New Zealand ETS permanent forestry category say they have been left in the dark about why it was disbanded, and the policy options raised in a new consultation document did not reflect the views that were raised in the group’s first discussions.

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The spot price for NZUs hit a two-year low in Thursday morning trade, and is likely to fall "much lower" as the release of the government’s ETS review consultation created further uncertainty in the market, according to market participants.

A startup carbon removal marketplace has raised $13 million in Series A funding after claiming a substantial share of the high-value deals seen to date in the nascent sector.

A Berlin-based climate tech startup has raised €3.5 million in funding to help it develop its precise carbon footprint calculation and compensation tool for travel and logistics emissions.