Carbon Pulse

The UK government is failing to show how it ensures that biomass power and heat generators adhere to sustainability requirements after receiving a total of more than £22 billion of support over 21 years, the National Audit Office (NAO) said on Wednesday. 

Large emitters are getting “nervous” as a result of the mounting compliance schemes and reporting requirements they are facing in 2024, likely to drive investment and participation in carbon markets, a conference heard Wednesday.

Power demand across the EU is forecast to see a slow recovery in 2024, according to an outlook published by analysts on Wednesday, while a recovering economy and electrification will support consumption between 2025 and 2027.

An Indian renewable energy firm has entered into an agreement with a Japanese industrial group for the production of green ammonia in the Indian state of Odisha under a project involving over $5 billion worth of investments that the parties say will reduce emissions by 54 million tonnes of CO2e over the project life time.

China’s vast renewable build out cannot continue forever at its current pace without the risk of over capacity, but it has the ability to shape the global energy transition. In 2023 alone the nation added 200 gigawatts of solar installation, compared to 87GW in 2022.

A South Korean non-profit dedicated to sustainable development is planning to set up an association to facilitate the voluntary carbon market in the country.

An Australian carbon trade company has signed an agreement with a Fijian counterpart to work on credits aligned with Article 6.

Rio Tinto has signed a power purchase agreement to supply 1 GW of renewable electricity to power its smelters and refineries in Gladstone, Queensland, as issuance of Australian Carbon Credit Units (ACCUs) falls.

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

A Tulsa-based technology startup announced Tuesday an agreement to join efforts with a Texas-based carbon, capture, and storage (CCS) firm to develop a direct air capture (DAC) plant on the outskirts of a CO2 storage hub in Oklahoma.

The Environment and Climate Change Canada's (ECCC) Low Carbon Fuels Division has announced the Emission Reduction Funding Program (ERFP) and Credit Clearance Mechanism (CCM) prices for the 2023 compliance period.

The EU needs to mainstream climate action across its policy landscape post-2030 in order to reach net zero emissions by 2050, with strengthened efforts to electrify industry, support low-income and rural households, and raise public funding, according to a report released on Wednesday.

An industrial multinational announced Tuesday a partnership with a European firm specialising in carbon capture technology to tap opportunities in the North American market.

Researchers from a US academic institution have detailed recommendations for developers and buyers of such projects to help ensure quality in the voluntary carbon market (VCM) following their publication Tuesday morning a paper finding over-crediting in cookstove offset projects to be prevalent at a much higher level than previously thought.

The partners behind a US forest carbon crediting programme highlighted their project's use of dynamic baselines in an academic article and interview with Carbon Pulse on Tuesday, hoping to boost environmental integrity in the voluntary carbon market (VCM), with first issuance expected soon.

The removal of the federal goods and services tax (GST) typically applied to Canadian carbon pricing would reduce federal revenues by C$1.0 billion ($741 million) in 2030-31, Canada’s government budget watchdog reported on Tuesday.

The European Investment Bank (EIB) generated more finance towards green projects last year than ever before, thanks to new contracts for climate action and environmental sustainability, according to data published Tuesday.

EU agriculture ministers called on Tuesday for greater measures to protect the agricultural sector, which is battling a number of challenges, but omitted any specific mention of how to tackle the related emissions.

Nature restoration credits are bouncing higher to buck the trend of the general slide in voluntary carbon market prices, a webinar heard Tuesday.