– The US government on Tuesday rejected a request from the operator of California’s Diablo Canyon Power Plant to reopen an earlier application that would extend the facility’s lifespan, saying that the nuclear energy installation had not submitted the information necessary to proceed with a review. Pacific Gas & Electric Co. had asked the Nuclear Regulatory Commission to reopen an application it had submitted in 2018 to extend the plant’s operating license, which is set to expire in 2025, because of the “unanticipated change” in the state’s energy landscape. CP Daily is Carbon Pulse’s free daily newsletter, providing a snapshot of the latest news and developments in the carbon markets, as well as other key climate and energy issues. It includes a summary of the latest news from Carbon Pulse and around the world, plus bite-sized updates from around the world, and job listings. Carbon Pulse’s CP Daily newsletter provides a summary of the latest news and developments in the carbon markets, as well as other key climate and energy issues. It includes a summary of the latest news from Carbon Pulse and around the world, plus bite-sized updates from around the world, and job listings. The EU has pushed back the deadlines for member states to hand out free EUAs and for installations to surrender allowances each year, acknowledging that the process of calculating allocations has been made more complicated by the need to adjust handouts according to individual installations’ output levels. This is part of the EU’s Emissions Trading System (ETS), which is the world’s largest carbon trading scheme. The ETS is designed to reduce emissions from the power sector and industry by setting a cap on emissions and allowing companies to buy and sell allowances to meet their emissions targets. Standards body Verra has mounted a robust defence of REDD in the wake of damning reports of widespread over-crediting of projects it has accredited in the sector, promising on Tuesday that its new consolidated methodology for avoided deforestation will be released in the second quarter. The Integrity Council for the Voluntary Carbon Market (IC-VCM) has clarified that its labelling of high-integrity carbon credits will extend to past issuances, aiming to help clean up the considerable surplus of older-vintage credits. A broking house is launching a new price assessment for REDD+ contracts based on the daily auction price of three well-known projects, at a time when the avoided deforestation market has been thrown into disarray by the publication of damning reports about widespread over-crediting. The head of a US financial market regulator said in comments Monday that the agency is vested with the authority to oversee the voluntary carbon market (VCM). Carbon credit project developer focused on decarbonising the oil and gas sector has become the thirtieth investment for an oil major-owned climate fund’s $1 billion-plus portfolio. In the wake of damning reports of widespread over-crediting of projects in the avoided deforestation sector, the EU has pushed back the deadlines for member states to hand out free EUAs and for installations to surrender allowances each year. This is part of the EU’s Emissions Trading System (ETS), which is the world’s largest carbon trading scheme. In response, standards body Verra has promised to release its new consolidated methodology for avoided deforestation in the second quarter. The Integrity Council for the Voluntary Carbon Market (IC-VCM) has clarified that its labelling of high-integrity carbon credits will extend to past issuances, aiming to help clean up the considerable surplus of older-vintage credits. A broking house is launching a new price assessment for REDD+ contracts based on the daily auction price of three well-known projects. The head of a US financial market regulator said in comments Monday that the agency is vested with the authority to oversee the voluntary carbon market (VCM), and a carbon credit project developer focused on decarbonising the oil and gas sector has become the thirtieth investment for an oil major-owned climate fund’s $1 billion-plus portfolio. In addition, the World Bank has paid Ghana nearly $4.9 million for reducing 973,500 tCO2e over June-Dec. 2019 through its Cocoa Forest REDD+ forest protection project. Portugal has signed an agreement to swap Cape Verde’s debt for investments in an environmental and climate fund that is being established by the archipelago nation off West Africa’s coast. The US is also on course to more than double its gas liquefaction capacity over the next five years, and the introduction of a so-called climate premium to return the revenues from Germany’s national carbon price on transport and heating fuels to citizens is being discussed. Meanwhile, the US is joining the high-ambition coalition on Biodiversity Beyond National Jurisdiction (BBNJ), the EU kicked off ‘a new deal for pollinators’, and Australia’s environment protection and biodiversity conservation (EPBC) legislation failed to have any impact on halting species decline and habitat loss over a 15-year period. Carbon Pulse has teamed up with CME Group to provide its clients with regular updates on the global carbon markets, and Amazon has announced it is investing €3 million in CDC Biodiversity’s Fonds Nature 2050 that will support nature and wildlife restoration in France. In conclusion, the voluntary carbon markets needs to continue developing the necessary infrastructure to increase the supply of credible projects and incentivise market participation in order to achieve its goals.
The EU has pushed back the deadlines for member states to hand out free EUAs and for installations to surrender allowances each year, acknowledging that the process of calculating allocations has been made more complicated by the need to adjust handouts according to individual installations’ output levels. This is part of the EU’s Emissions Trading System (ETS), which is the world’s largest carbon trading scheme. In response, standards body Verra has promised to release its new consolidated methodology for avoided deforestation in the second quarter. The Integrity Council for the Voluntary Carbon Market (IC-VCM) has clarified that its labelling of high-integrity carbon credits will extend to past issuances, aiming to help clean up the considerable surplus of older-vintage credits. A broking house is launching a new price assessment for REDD+ contracts based on the daily auction price of three well-known projects, and the head of a US financial market regulator said in comments Monday that the agency is vested with the authority to oversee the voluntary carbon market (VCM).
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