A UK-based carbon standard is set to launch next week, driven by corporate interest in regenerative agriculture and as interest in existing options for British land-based carbon credits wanes. Meanwhile, European carbon prices fell for a third session on Friday, having recorded a weekly loss of 2.9% as the compliance season neared its end, while energy markets also weakened on the impact of comfortable gas supplies. EU member states have issued about 76% of this year’s maximum of free EUAs over the last four weeks, with some countries yet to issue permits to installations. Canada’s GHG output increased this year, according to government data, driving the country further away from its 2030 Paris abatement pledges. Australian regulator the Clean Energy Regulator has published estimates areas for carbon projects’ implemented under the Safeguard Mechanism legislation, however crucial data to determine the effectiveness of the projects is yet to be produced. Nordic tech firms including Spotify and Klarna are contributing $5m in 2023 to a fund that offers alternatives to carbon offsetting. The fund is designed to capture CO2 from seawater. The International Energy Agency has called on governments to work together to define the emissions intensity of hydrogen to facilitate investment in the sector.
It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...