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South Africa's National Treasury is planning to release proposals for regulating carbon markets in the country in the coming months. The government department intends to publish a consultation paper on the industry around the time of its Medium Term Budget Policy Statement in October. While other African countries have been working to regulate the production and trade of carbon credits, South Africa is unique in that it is both a producer and consumer of these offsets. The Treasury's paper will address the legal nature and treatment of carbon credits, ensuring they are not duplicated or reissued, and will align with international frameworks and South Africa's own carbon tax. [Extracted from the article]

Climeworks AG claims to have made a breakthrough in reducing the cost of removing carbon from the air by up to 50%. However, the cost is still far above the industry's target of $100 per ton for widespread adoption. Climeworks' current costs are closer to $1,000 per ton, while the industry average is around $715 per ton. Some experts believe that reaching the $100 per ton target may be unrealistic due to the low concentration of atmospheric carbon dioxide. Despite this, Climeworks believes it can further reduce costs through technological advancements and scaling up production. While the industry's credibility may be at risk if it fails to meet promised cost reductions, the concrete measurability of direct air capture technology may still make it valuable in cleaning up CO2 already in the atmosphere. [Extracted from the article]

Power production from coal is increasing in Germany due to the declining price of carbon dioxide emissions, which makes coal more competitive with gas-fired plants. The cost of running a lignite-burning plant is largely determined by the European Union's emissions trading system. The falling carbon prices have boosted the profitability of CO2-intensive plants. However, despite the recent increase in coal production, fossil fuels as a whole are still on a downward trajectory in Germany's power grid, with wind and solar making up a significant portion of electricity generation. [Extracted from the article]

Heirloom Carbon, a startup in northwest Louisiana, is constructing a facility that can remove 17,000 tons of carbon dioxide from the atmosphere annually. The plant, set to go online in 2026, has already sold the carbon captured to customers such as Microsoft and a buyer group called Frontier. Heirloom is also working on a larger plant as part of the Biden administration's Direct Air Capture (DAC) Hub, aiming to capture 1 million tons of CO2 by the end of the decade. The company is leveraging the region's oil workers and humid climate to support its operations. The carbon cleanup industry is still in its early stages, with various techniques being explored, and the goal is to scale up and reduce costs to meet the need for removing billions of tons of CO2 by mid-century. [Extracted from the article]

The Biden administration has released guidelines for using carbon offsets to combat climate change. The guidelines recommend that companies be allowed to use carbon credits to offset a portion of their Scope 3 emissions, which are generated by their suppliers and customers. The principles outlined in the guidelines align with those developed by industry-led governance bodies and endorse the potential of voluntary carbon markets to reduce emissions and create economic opportunities. The guidelines aim to address existing challenges and ensure that carbon markets promote best practices and high-integrity carbon credits. The market for offsets could reach $1 trillion by 2050 if rules are eased and their use is expanded. The US government envisions the finance sector playing a role in addressing the challenge of ensuring offsets truly compensate for pollution. The guidelines prioritize making measurable and feasible emission reductions within companies' value chains, with offsets being considered only when it is unreasonable to expect full abatement of supply chain emissions. The United Nations-backed Science Based Targets initiative and the Voluntary Carbon Markets Integrity Initiative have proposed similar approaches to using carbon credits. [Extracted from the article]

The Mammoth plant in Iceland, operated by carbon removal startup Climeworks, has become the world's largest carbon removal facility. Using direct air capture (DAC) technology, the plant is capable of capturing up to 36,000 tons of carbon dioxide annually. The captured CO2 is dissolved in water and injected into basaltic bedrock for permanent storage. While the Mammoth plant's capacity is relatively small compared to global emissions, there is growing consensus among scientists that carbon removal is crucial for mitigating climate change. Climeworks aims to remove 1 million tons of CO2 by 2030 and 1 billion tons by 2050, and is exploring additional DAC projects in Norway, Kenya, and Canada. The cost of DAC technology is currently high, but it is expected to decrease in the future. [Extracted from the article]

Massive wildfires in Texas during January and February of 2024 released a total of 920,000 metric tons of carbon dioxide, making it the second-largest release on record for that period. In January, 120,000 tons of carbon emissions were emitted, while February saw even more fire activity, with 800,000 tons of carbon emissions released. These emissions account for approximately 28% of fire-driven carbon emissions in the United States. The fires have also caused significant damage, including the loss of over 7,000 livestock animals and destruction of ranches and homes. The Smokehouse Creek Fire, which was likely ignited by Xcel Energy Inc. equipment, has burned over 1 million acres in Texas and Oklahoma. [Extracted from the article]

The article discusses the challenges faced by chief sustainability officers in reducing a company's emissions and finding credible options to offset the remaining emissions. The purchase of cheap offsets is no longer a viable solution due to investigations, regulatory crackdowns, and greenwashing claims. The Science-Based Targets initiative proposes a new strategy that involves setting a net-zero plan, applying a carbon fee to current emissions, and using the collected money for climate initiatives. Microsoft is cited as an example of a company that has successfully implemented an internal carbon fee. The article emphasizes the importance of companies taking action to enhance their brand and reputation while making a positive impact on the environment. [Extracted from the article]

Delta State, a Nigerian oil-producing region, has granted UK-based company Serendib Capital the rights to develop projects on 9% of its land to generate carbon credits by restoring degraded mangroves. The project aims to sequester 5.32 million tons of carbon annually, prevent deforestation of 250,000 hectares, and replant 20,000 hectares. Oil majors such as Royal Dutch Shell, Eni, Chevron, TotalEnergies, and ExxonMobil, who have historically caused damage to the region's wetlands and farms, could potentially become buyers of carbon offsets. However, critics argue that polluters should take direct responsibility for cleaning up their mess. [Extracted from the article]

(Bloomberg) -- China published new regulations for its national carbon market that are unlikely to reduce an oversupply of allowances keeping trading activity constrained and prices low. The government initially gave out so many allowances, though, that market participants ended up with a surplus, suppressing trading and leaving prices at just a fraction of what they are in the more mature and active European carbon market. [Extracted from the article]

The European Union (EU) aims to capture emissions equivalent to those of Poland and Denmark combined in order to achieve its climate targets. By 2050, the EU will need to capture around 450 million tons of carbon dioxide annually, compared to the global capacity of 50 million tons in 2022. This shift towards sustainability will impact all sectors of the economy, requiring changes in consumer behavior, business practices, and agriculture. The EU plans to publish a draft industrial carbon management strategy on February 6, which outlines the roadmap for achieving climate neutrality by 2050. The strategy includes capturing carbon from the atmosphere, storing it, and using it in synthetic products or fuels. The EU acknowledges that the technology for carbon capture is available, but it needs to be implemented on a larger scale. [Extracted from the article]

A report from Lawrence Livermore National Laboratory suggests that the US has the potential to remove 1 billion tons of carbon from the atmosphere annually by midcentury using existing technologies. The report highlights biomass carbon removal and storage (BiCRS) as the most promising method, accounting for about 70% of the US's carbon removal potential. However, financing is needed to build facilities capable of transforming waste biomass into new materials that effectively lock up the CO2. The report estimates that reaching this capacity could cost $130 billion, which is a small fraction of the US's GDP and current spending on solid waste management. While relying on biomass has risks, such as ensuring only waste is used and not healthy forests, the report suggests that growing the carbon removal industry could create over 440,000 new jobs. [Extracted from the article]

A new report released at the COP28 climate talks in Dubai highlights the urgent need for major cuts to fossil fuel use in order to prevent the planet from surpassing the 1.5C warming threshold. Without these cuts, the world may have to rely on unproven carbon dioxide removal technologies to reduce global temperatures. The report emphasizes that radical transformations are necessary to prevent Earth from exceeding the warming limit. The hottest year on record, with temperatures 1.4C above pre-industrial levels, further underscores the need for action. The report also stresses the importance of a rapid transition away from fossil fuels and the need to increase carbon removal capacity. However, carbon removal should not be seen as a replacement for emissions reductions. The report concludes that while carbon removal technologies are still in their early stages, they will be an important tool in the fight against climate change. [Extracted from the article]

(Bloomberg) -- India's national emissions trading system should begin operating within two years and could cover about 15% of the country's emissions by 2030, according to an official involved in the preparations. Emissions trading will build on an existing system run by the bureau, where companies can trade energy savings beyond a prescribed mark, Bakre said. [Extracted from the article]

(Bloomberg) -- JPMorgan Chase & Co. made waves in May when it announced it would purchase $200 million of carbon dioxide removal. JPMorgan "Trying to Lead" In Carbon Removal, Bank Says Bloomberg Green spoke with DiMarino about carbon removal pathways he's most excited about, other climate technologies JPMorgan is relying on as part of its decarbonization journey, as well as emissions associated with its investment and lending activities. [Extracted from the article]

While corporate buyers and governments are pouring billions into the carbon removal industry, individuals like Wesly have opened their wallet, too. Other carbon removal companies, from Undo Carbon in London to Noya in San Francisco, have also started selling services to individuals. Wesly turned to Climeworks AG, a Swiss company that has developed technology that does the former, paying the firm about €880 ($930) to remove nearly 700 kilograms (1,500 pounds) of carbon pollution from the atmosphere. [Extracted from the article]

But the technology is drawing opposition from the environmental justice community who say the DAC hubs conflict with Biden's vow to improve and prioritize the lives of marginalized communities hit hardest by toxic pollution and climate change. (Bloomberg) -- Roishetta Ozane knows a thing or two about pollution. Neighbors Don't Want to be "Test Dummies" For Biden's Carbon Removal Hubs. [Extracted from the article]

The startup is aiming to sell ocean alkalinity-based removal credits in 2024 and macroalgae in 2025, according to senior vice president Jordan Breighner. (Bloomberg) -- Ocean carbon removal startup Running Tide has delivered its first-ever carbon removal credits to inaugural buyer Shopify Inc., the companies announced Wednesday. [Extracted from the article]

The decline in carbon permits has accelerated since early July, when the government unveiled its plans for reforming the country's emissions market. (Bloomberg) -- The cost of UK pollution rights slumped to a two-year low, with prices now almost half those of their European Union counterparts. [Extracted from the article]

In 2022, Charm collaborated with carbon management firm Carbon Direct and consulting firm EcoEngineers to publish a prototype protocol to help inform MRV standards for the type of carbon removal the startup performs, called bio-oil sequestration. (Bloomberg) -- Last year, a group of Norwegian auditors touched down in a remote corner of Iceland to meet with Climeworks, a Swiss company that built the world's largest plant of its kind. Frontier, a major carbon removal buyers club led by Stripe with over $1 billion at its disposal, has also made robust MRV a major component in how it's evaluating CDR companies applying for funding. [Extracted from the article]

In 2022, Charm collaborated with carbon management firm Carbon Direct and consulting firm EcoEngineers to publish a prototype protocol to help inform MRV standards for the type of carbon removal the startup performs, called bio-oil sequestration. (Bloomberg) -- Last year, a group of Norwegian auditors touched down in a remote corner of Iceland to meet with Climeworks, a Swiss company that built the world's largest plant of its kind. Frontier, a major carbon removal buyers club led by Stripe with over $1 billion at its disposal, has also made robust MRV a major component in how it's evaluating CDR companies applying for funding. [Extracted from the article]

(Bloomberg) -- A type of charcoal first used by Amazonian tribes thousands of years ago is becoming a key component of net-zero goals set by Microsoft Corp., JPMorgan Chase & Co. and other blue chip companies eager to offset their carbon emissions. It's a "true carbon removal solution at scale", according to Microsoft, and the tech giant along with BlackRock Inc. and JPMorgan are among those that have bought biochar credits. [Extracted from the article]

Under the deal, the innovation fund will be replenished with allowances from the EU Emissions Trading System's stability reserve to compensate for 10% of the financing package. (Bloomberg) -- European Union policymakers agreed to raise €20 billion ($21.3 billion) from the region's carbon market to help finance the bloc's strategy to wean itself off Russian natural gas, in a deal that is set to involve the use of some permits currently withdrawn from the system. EU Agrees to Tap Carbon Market for €20 Billion in Energy Pivot. [Extracted from the article]

(Bloomberg) -- Former US Energy Secretary Ernest Moniz called for creating a federal authority to pay for removing vast amounts of carbon from the atmosphere, saying the approach was needed to scale up an industry he called essential to fighting climate change. Moniz's Energy Futures Initiative think tank proposed establishing a National Carbon Removal Authority that would treat extracting carbon from the air as a public benefit, paid for with public money. [Extracted from the article]

Over the coming years, the EU will lay out how solutions from planting forests to directly sucking CO2 out of the air can qualify for the bloc's gold stamp. (Bloomberg) -- The European Union unveiled plans to ensure that projects to scrub carbon dioxide from the atmosphere -- seen as critical to keeping global warming below 1.5 degrees Celsius -- really do help tackle climate change. [Extracted from the article]

(Bloomberg) -- The European Union unveiled plans to ensure that projects to scrub carbon dioxide from the atmosphere -- seen as critical to keeping global warming below 1.5 degrees Celsius -- really do help tackle climate change. Over the coming years, the EU will lay out how solutions from planting forests to directly sucking CO2 out of the air can qualify for the bloc's gold stamp. [Extracted from the article]

(Bloomberg) -- The market for removing carbon from the atmosphere to limit global warming will take off within five years as industries rush to cause less pollution and the technology improves, according to a Nasdaq Inc. executive. Last year it acquired Puro.earth, a marketplace for carbon removal, which offers tradable instruments to clients like Microsoft Corp. and Swedish bank SEB AB. [Extracted from the article]

Carbon markets in particular require stability and visibility uncommon in places where land ownership can change hands quickly and violence can disrupt life. Carbon Markets May Soon Free Billions for Investment. Well-constructed carbon markets can slow deforestation, channeling investment into areas where cutting trees has been the only development option. [Extracted from the article]

Last week, a new fund went public with its plans to support carbon dioxide removal technologies. This fund's premise - an "advance market commitment" to purchase carbon removal from startups honing various technologies - is unusual in climate circles because it guarantees a market rather than subsidizing assets. [Extracted from the article]

(Bloomberg) -- Trading activity in China's nascent national carbon market has all but flatlined as power firms await policy clarity amid soaring commodity prices and government concerns about energy security. Read more: China's Weak Carbon Market Hits a New Roadblock -- Data Fraud Policy progress is being delayed as the MEE focuses on cracking down on negligence and fabrication among firms involved in verifying and submitting emissions data. [Extracted from the article]

(Bloomberg) -- The deepest overhaul of the European Union's carbon market should be adapted to the drastically changed energy landscape caused by Russia's invasion of Ukraine, according to Jos Delbeke, a key architect of the bloc's cap-and-trade system. Fast Track The EU Parliament cast its first vote on the carbon market overhaul last week, backing a fast-track proposal to bolster the Market Stability Reserve. [Extracted from the article]

The United Nations Intergovernmental Panel on Climate Change's latest report sent a stark alert about the world's current emissions and temperature trajectory. Within the document is a complex chart that maps out dozens of technologies or practices which can reduce emissions, their potential to do so this decade, and the economics of deploying them. [Extracted from the article]

"What is important, and what we expect the commission will also be looking at, is how we can limit the effect of the speculation on the price", Eickhout, vice-president of the Greens group in the EU Parliament, told reporters. (Bloomberg) -- The Greens in the European Union want to bolster the region's carbon market so that the price on pollution triples by the end of the decade while limiting the role of financial investors in the cap-and-trade program. [Extracted from the article]

The price has been bolstered by rising costs for gas, which make it more profitable for generators to burn dirtier coal to produce power. (Bloomberg) -- The price of polluting across Europe is rising as traders bet generators will keep burning coal instead of expensive natural gas. [Extracted from the article]

(Bloomberg) -- The European Union's carbon price gained nearly 150% last year to a record, and some hedge funds profiting from the surge say that level will be smashed in 2022. "We're still very much in a fundamental shortage of carbon emission permits between now and 2030", said Ulf Ek, chief investment officer at Northlander, where carbon bets likewise led a nearly 150% gain for the fund last year. [Extracted from the article]

Read More: EU Leaders Fail to Agree on Energy Amid Carbon Price Dispute The Commission wants to raise to 4.2% from the current 2.2% the rate at which the pollution cap shrinks each year, known as the Linear Reduction Factor. (Bloomberg) -- The lead lawmaker steering the overhaul of the European Union's carbon market is set to propose some temporary opt-outs from a planned extension of the cap-and-trade program as soaring energy prices send shockwaves through the region's economy. [Extracted from the article]

How a Global Carbon Market Could Accelerate Net-Zero:QuickTake Talks on carbon trading collapsed at the previous summitin Madrid in 2019, with Brazil and the European Union atodds over how to avoid the double counting of emissionsreductions by countries and companies. (Bloomberg) -- A new proposal on international carbonmarkets released at the COP26 climate summit triggeredwarnings from environmental activists that bad designchoices during these final stages of negotiations couldlead to greenwashing instead of cleaner air. [Extracted from the article]

Dow Inc., Chevron Corp., Phillips 66 and Calpine Corp. were among 11 companies who agreed to "begin discussing plans" on a project first floated by Exxon Mobil Corp. earlier this year, they said in a joint statement Thursday. (Bloomberg) -- An ambitious project aimed at capturing millions of tons of carbon emissions along the U.S. Gulf Coast in Texas garnered the support of some of the world's biggest refiners and chemical manufacturers. [Extracted from the article]

(Bloomberg) -- The mining industry is falling short on cutting greenhouse-gas emissions enough to limit global warming, even after stepping up efforts to help combat climate change. "Having carbon-reduction goals is important to aluminum companies because they're more carbon-intensive than most other metals", Shaheen Contractor, a Bloomberg Intelligence analyst, said. [Extracted from the article]

When the IPCC discusses carbon dioxide removal, it refers not only to carbon capture and storage, the process by which carbon coming from an industrial smokestack in high concentrations is trapped through chemical reactions and stored underground. The latest scientific assessment from the United Nations Intergovernmental Panel on Climate Change generated plenty of grim headlines on Monday, but at least one of its most important findings went largely unremarked upon. [Extracted from the article]

Prices closed at 51.23 yuan a metric ton at the end of trading Friday, with 4.1 million tons of trades conducted, according to the official WeChat account of the carbon market. Keywords: 386@HK; 836@HK; 857@HK; VRSK; ALTNRG; ASIA; BASIC; BUSINESS; CHINA; CHM; CLIMATE; CMD; COS; ELC; EUROPE; GOV; HK; INDUSTRIES; MARKETS; NRG; OIL; UTI; WORLD EN 386@HK 836@HK 857@HK VRSK ALTNRG ASIA BASIC BUSINESS CHINA CHM CLIMATE CMD COS ELC EUROPE GOV HK INDUSTRIES MARKETS NRG OIL UTI WORLD China's national carbon market opened with a flurry of trades that sent prices surging, yet it'll be years before the system helps the top polluting nation curb its emissions. [Extracted from the article]

Keywords: 386@HK; 836@HK; 857@HK; VRSK; ALTNRG; ASIA; BASIC; BUSINESS; CHINA; CHM; CLIMATE; CMD; COS; ELC; EUROPE; GOV; HK; INDUSTRIES; MARKETS; NRG; OIL; UTI; WORLD EN 386@HK 836@HK 857@HK VRSK ALTNRG ASIA BASIC BUSINESS CHINA CHM CLIMATE CMD COS ELC EUROPE GOV HK INDUSTRIES MARKETS NRG OIL UTI WORLD China's national carbon market opened with a flurry of trades that sent prices surging, yet it'll be years before the system helps the top polluting nation curb its emissions. Prices closed at 51.23 yuan a metric ton at the end of trading Friday, with 4.1 million tons of trades conducted, according to the official WeChat account of the carbon market. [Extracted from the article]

The decision to prioritize a carbon market over more stringent targets for industrial polluters reflects China's efforts to balance climate ambitions and growth. Keywords: 386@HK; 836@HK; 857@HK; VRSK; ALTNRG; ASIA; BASIC; BUSINESS; CHINA; CHM; CLIMATE; CMD; COS; ELC; EUROPE; GOV; HK; INDUSTRIES; MARKETS; NRG; OIL; UTI; WORLD EN 386@HK 836@HK 857@HK VRSK ALTNRG ASIA BASIC BUSINESS CHINA CHM CLIMATE CMD COS ELC EUROPE GOV HK INDUSTRIES MARKETS NRG OIL UTI WORLD China's national carbon market opened with a flurry of trades that sent prices surging, yet it'll be years before the system helps the top polluting nation curb its emissions. [Extracted from the article]

A BNP Paribas Asset Management fund with more than 3 billion euros ($3.6 billion) under management closed some of its bets on rising carbon prices after a gain of more than 100%, according to its co-manager Edward Lees. (Bloomberg) -- Speculators have helped drive the cost of polluting to a record in Europe, the world's largest emissions market. [Extracted from the article]

Record Carbon Price in Europe Will Bolster Government Budgets EU leaders are due to debate enacting the stricter pollution target for the next decade at an extraordinary summit in Brussels on May 23. (Bloomberg) -- The cost of pollution in Europe has surged more than 50% this year, signaling that the region's tougher climate policies are starting to make a difference. But the multibillion-euro price tag that the EU plans to pay for its climate goals will also be eased by the soaring carbon price. [Extracted from the article]

(Bloomberg) -- The cost of pollution in the European Union exceeded 50 euros ($60) per metric ton for the first time in the market underpinning the region's energy transition. Carbon's run of records in the past year has mirrored the EU's resolve to ramp up its climate ambition. "Fundamentally, we believe prices can go higher than that, but also expect some tough political discussions on our way to 100+ prices which may turn sentiment at some point.". [Extracted from the article]

Robert Bonnie,Vilsack's main climate adviser, posed a scenario in a transition memo inwhich a USDA carbon bank might spend $1 billion a year to buyfarm-related credits. (Bloomberg) -- President Joe Biden's green push is fueling a gold rushacross America's farm country as companies seek to profit from a nascentmarket for pollution offsets. Butter maker Land O'Lakes and agri-tech firms Indigo Ag and Nori LLChave all set out to sell carbon credits, produced when farmers adoptpractices that reduce emissions. [Extracted from the article]

"A U.K. only emissions trading system risks exposing U.K. manufacturers to much higher costs than those in other European countries", said Steve Elliott, chief executive officer of the Chemical Industries Association. (Bloomberg) -- Groups representing traders and the biggest industrial and energy companies in the U.K. and Europe called on British Prime Minister Boris Johnson to establish a link between the country's nascent emissions trading program and that run by Brussels. [Extracted from the article]

(Bloomberg) -- A European startup has started sellingcarbon credits for cattle raised on a feed supplementthat reduces the amount of heat-trapping greenhouse gasthey release. Nestle SA and Barry Callebaut AG have partnered with U.S.dairy farmers to use a feed additive that cuts methaneemissions from cattle. [Extracted from the article]

(Bloomberg) -- A European startup has started selling carbon credits for cattle raised on a feed supplement that reduces the amount of heat-trapping greenhouse gas they release. Nestle SA and Barry Callebaut AG have partnered with U.S. dairy farmers to use a feed additive that cuts methane emissions from cattle. [Extracted from the article]