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Regulation – EU – 2024/3012 – EN – EUR-Lex
Table of Contents
- Regulation – EU – 2024/3012 – EN – EUR-Lex
- International carbon pricing and markets diplomacy
- EU Carbon Market Annual Compliance Deadline to Change From 2024
- ASIA PACIFIC
- Summary
- Analysis
- Summary of Key Points
- Revive the Sluggish Market
- Funds Raised
- Clear Things Up
- Americas
- Summary of Recent Legislative Developments
- Interview with Environmental Expert:
- Interview with EV infrastructure Expert:
on a global scale, the reports by the Intergovernmental Panel on Climate Change (IPCC) point towards a decreasing likelihood of limiting global warming to 1.5°C unless rapid and deep cuts in global greenhouse gas emissions occur throughout the remainder of this decade and in the coming decades. The IPCC reports also clearly state that the deployment of carbon dioxide (CO2) removal to …
International carbon pricing and markets diplomacy
Domestic market-based instruments are complemented by regulated international carbon markets, which allow countries to pursue collaborative approaches to reach their climate targets (as set out in article 6 of the Paris Agreement), and voluntary carbon markets, where private actors voluntarily buy and sell carbon credits. These markets have a role to play in contributing to increased ambition …
EU Carbon Market Annual Compliance Deadline to Change From 2024
by Ewa Krukowska. Ewa Krukowska . Bloomberg news.
Under a tentative deal struck last month by representatives of the European Parliament and members of the European Commission, the annual compliance deadline for the EU carbon market will change from 2024. The new deadline will require market participants to settle their carbon dioxide allowances and corresponding adjustments by a specified date each year.
New projections by a federal regulator suggest carbon capture technologies like bioenergy power generation with carbon capture, utilization, and storage (BECSS), and direct air capture (DAC) aren’t yet ready to play a major role in Canada’s net-zero future.
Canada will need to scale up its CO2 removal (CDR) efforts considerably beyond its current net-zero commitments if it is to meet global climate fairness standards, according to a new analysis.
Hybrid direct air capture (HDAC) technology could help drive down the cost of carbon removals (CDR) by capturing both CO2 and water in a single process,the founder and CEO of a California-based firm told Carbon Pulse.
A Florida-based company specializing in converting green waste into biochar-rich products has filed for Chapter 11 bankruptcy protection, according to court documents.
ASIA PACIFIC
The Clean Energy Regulator (CER) minted some 3.35 million Australian Carbon Credit Units (ACCUs) in its final issuance in 2024, as traded volumes and prices sank in January, according to analysis.
The Chinese Carbon Emissions Allowance (CEA) price edged down this week with shrinking market liquidity, a bearish trend market observers said may continue until more policy clarity is provided.
A Japanese project developer has made a second attempt to …
This should cover the content you were looking for.It seems like you have a mix of news articles and event listings related to environmental and carbon markets. HereS a brief summary and some additional context for each section:
- news Articles:
- US Government: President Donald Trump issued an executive order aimed at boosting energy production.This could potentially impact environmental policies and regulations.
– Petrobras: The Brazilian state-owned oil company has created a bioeconomy fund to support climate and nature-focused initiatives, targeting carbon and biodiversity credit projects.
– UK Consultancy: A UK-based consultancy has partnered with a digital environmental marketplace to scale nature markets, rewarding farmers and landowners for biodiversity restoration projects.
- Events:
– Carbon Forward Asia (March 4-5, Singapore): This annual conference brings together experts from Asia Pacific to discuss ASEAN markets, regional opportunities, and developments in carbon pricing.
– North American Carbon World (March 25-27, Los Angeles): This conference addresses pressing issues in climate policy and carbon markets, providing networking opportunities and insights into shaping and scaling carbon markets.
- Premium Job Listings: The text mentions premium job listings, but the link is incomplete. Premium job listings typically refer to high-quality,well-paid job opportunities in a specific field,in this case,likely related to environmental,climate,or carbon markets.
For more detailed information, you woudl need to visit the provided links or consult the respective organizations’ websites.The UK government’s decision on the Rosebank oil field site developed by Shell and Equinor highlights the complex balance between economic growth and reducing greenhouse gas (GHG) emissions. Here are some key points to consider:
- Economic Benefits: Equinor estimates that the project would attract £6.6 billion of direct investment to the UK and create 2,000 jobs during progress, and also 525 full-time jobs during the field’s lifetime. This could provide a significant boost to the UK’s economy, particularly in the North Sea region.
- Environmental concerns: The project has faced criticism due to its potential impact on GHG emissions. A court ruled that the environmental permits need to be re-evaluated to consider the impact of burning oil and gas from the fields. This underscores the UK’s commitment to reducing emissions and meeting its climate goals.
- Government Stance: Prime Minister Keir Starmer has indicated that the government won’t interfere with exploration licenses already granted. However, Energy Secretary ed Miliband has criticized the project in the past, highlighting the internal debate within the government.
- CORSIA Consultation: The UK government has extended the deadline for its consultation on implementing CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation). This consultation seeks public feedback on the UK’s proposed approach to enacting CORSIA, including offsetting requirements and enforcement provisions.
- CBAM Impact: The EU’s Carbon Border Adjustment Mechanism (CBAM) is leading aluminium and steel producers in the UAE to reconsider the energy that powers their production. This mechanism aims to prevent carbon leakage by ensuring that imports into the EU are subject to a carbon price equivalent to the EU’s carbon price.
the UK government faces a challenging task of balancing economic growth with environmental sustainability. The decision on the Rosebank oil field is a critical test case for this balancing act.Certainly! Here’s a summary and analysis of the provided text:
Summary
- Wind Energy Expansion in Germany:
- Germany is on track to exceed its target of 115 GW of installed wind capacity by 2030, potentially reaching 118 GW.- Over 50 GW of planned wind capacity is awaiting approval or is already under installation, contributing about 60% of the additional capacity needed to meet the 2030 target.
- The rapid expansion of wind energy is crucial for the decarbonization of the steel sector and achieving Germany’s goal of climate neutrality by 2045,including a 65% reduction in emissions by 2030.
- Baltic States Joining EU Electricity Grid:
– Estonia, Latvia, and Lithuania will disconnect from the Brell system (which links them to Russia and Belarus) and with the EU’s electricity network on Sunday.
– This move is symbolic and historical, ending a long-standing energy tie with Russia.
– Despite no electricity trade with Russia since the 2022 invasion of Ukraine, the Brell system has been essential for balancing regional consumption and production.
– There are concerns about potential sabotage to critical cables and disinformation campaigns that could cause price spikes and blackouts.
– Estonia will deploy soldiers to protect land connectors and power stations during the synchronization process.
- EU Mandate for Corporate Fleet electrification:
– An EU law mandating the electrification of corporate car fleets is expected to deliver 2 million electric vehicle (EV) sales by 2030.
– This represents half of what carmakers need to meet their emissions targets by 2030.
Analysis
- Wind Energy:
– The rapid expansion of wind energy in Germany is a positive development for achieving climate goals. Though, the country must address the challenges in the approval process to ensure timely installation of wind farms.
– The excess capacity (3 GW) indicates a robust and forward-thinking approach to renewable energy, which is essential for the decarbonization of energy-intensive sectors like steel.
- Baltic States’ Grid Synchronization:
- The move to join the EU electricity grid is a significant step towards energy independence and security for the Baltic states.
– The potential risks of sabotage and disinformation campaigns highlight the geopolitical tensions and the need for robust security measures.
– The synchronization is expected to have minimal impact on electricity prices, but any incidents could lead to price spikes, particularly in the Baltic region.
- Corporate Fleet Electrification:
– The EU mandate for corporate fleet electrification is a substantial step towards reducing emissions from the transportation sector.
– The expected 2 million EV sales by 2030 will significantly contribute to meeting the emissions targets set by carmakers, demonstrating the effectiveness of regulatory measures in driving the transition to electric vehicles.
the text highlights significant strides in renewable energy expansion, energy independence, and regulatory measures to reduce emissions, all of which are crucial for achieving climate goals.
Summary of Key Points
- DC Tuas Data center development:
– A new 58MW data centre is being developed in Tuas.
– It has achieved Green Mark Platinum certification, the highest level for green buildings.
– Features an efficient liquid cooling system.
– expected to be operational by 2026.
– Data centres globally consume about 1% to 2% of total power, with demand projected to grow by 160% by 2030.
- Potentia Energy Acquisition:
– Potentia Energy, a joint venture between Italy’s Enel Green Power and Japan’s Inpex, is acquiring a controlling stake in 1 GW worth of renewable energy projects in Australia.
– The acquisition includes 700 MW of wind and solar assets and 430 MW of battery energy storage projects under development in South Australia and Queensland.
- Thai Government’s Carbon Tax Awareness Campaign:
– The Thai government, in collaboration with a university and two oil firms, is raising awareness about an upcoming carbon tax.
– Consumers will see real-time carbon emissions data during fuel purchases at PTT stations.
– Bangchak’s “Green Miles” app will track carbon reductions and tree equivalents.
– A study by Chulalongkorn University will assess the campaign’s impact on 3,500 consumers.
– The carbon tax is set at 200 baht ($5.90) per tonne of carbon and is expected to be implemented in February, potentially reducing emissions by up to 30%.
- Vietnam’s Nuclear Energy Plans:
- Vietnam is planning to develop nuclear energy as part of its energy strategy.
These points highlight significant developments in sustainable energy, green building practices, and carbon emission reduction strategies globally.Here’s a cleaned-up and organized version of the text:
Revive the Sluggish Market
effective Feb.7, the government has amended relevant rules to allow financial institutions such as asset managers and insurers to participate in the emissions market.
Funds Raised
Australian soil nutrient company RLF Agtech announced it has raised A$2.4 mln ($1.5 mln) on the Australian Securities Exchange.The company raised the cash via an entitlement issue, with the outcome representing a take-up of 64%, as well as a heavily oversubscribed shortfall placement. RLF will use the funds to build its team and resources to roll out its Australian business strategy and negotiate further distribution agreements. Last year, the company formed a strategic alliance with Carbon Ag Solutions to develop the company’s Accumulating Carbon in Soil System Plus tech, which it hopes to implement to generate carbon credits.
Clear Things Up
South Korean government agency Korea Forest Service (KFS) has invited businesses to apply for a share of $207,000 to help reduce the administrative burden of organizations carrying out carbon offset projects.The agency said it would support business plans by dividing them into absorption, storage/reduction, and information and communication technology categories, with further sub-categories therein. Successful applicants can receive support for administrative costs required for writing business plans and monitoring verification.
Americas
Retreat & Regroup
US Democrats, still reeling from their electoral losses, are refining their messaging to focus on “climate populism” – framing climate policies as benefiting working families while portraying Republicans as aligned with wealthy interests.
Sources:
here’s a summary of the key points:
- DOE Changes:
– The U.S. Department of energy (DOE) Secretary, Ingrid Kolb, has suspended the requirement for grant recipients to submit community benefit plans.
– The Justice40 initiative, which aimed to direct 40% of federal program benefits to disadvantaged communities, has been paused.
- SCOTUS Watch:
- The U.S. Supreme Court denied the Trump administration’s request to delay environmental cases, including Diamond Choice Energy vs. EPA, which challenges California’s authority to set stricter vehicle emissions standards.
– The court’s decision allows litigation to continue, with government briefs due by February 26. The case concerns California’s Clean air Act waiver, which the Biden administration reinstated in 2022.
– The court also declined to pause other Clean Air Act cases involving biofuels policy and cross-state ozone pollution regulations.
- EV Plans Suspended:
- the U.S. Federal Highway Administration (FHWA) has suspended approval of all State Electric Vehicle (EV) Infrastructure Deployment plans under the National EV Infrastructure (NEVI) Formula Program.
– This decision follows a review by the new Department of Transportation leadership, which has rescinded existing NEVI guidance and plans to update it based on new policy priorities.
– No new obligations under the NEVI program will be approved until revised guidance is issued, though reimbursement for existing commitments will continue.
– The updated draft guidance is expected to be released for public comment in the spring before final adoption.Certainly! here is a continuation and summary of the provided information:
Summary of Recent Legislative Developments
Hawaii’s HB 760: Tax-and-Dividend Model for Sustainability
Hawaii’s House Bill 760 (HB 760) proposes a progressive tax-and-dividend model aimed at enhancing food security and promoting sustainable practices.Key features include:
- Funding Allocation: At least $3 million directed toward food security and $1 million for a cashback program.
- Reporting Requirements: the Department of Taxation must submit annual reports on tax revenues and credit distributions, with a comprehensive review scheduled for 2035.
- Alignment with Zero-Emissions Target: The bill aligns with Hawaii’s zero-emissions target under Act 15 (2018).
- Debate and Impact: Supporters highlight potential benefits to food security and sustainability, while critics question financial impact on taxpayers and effectiveness. Economists suggest it could raise public awareness about carbon emissions and food security, fostering a more sustainable agricultural sector.
HB 760 has been referred to the House Standing Committee for Economic Development & Technology for further consideration.
Alberta’s EV Fee: Ensuring Fair Road Maintenance Contributions
Effective February 13, Alberta will introduce a C$200 ($140) annual tax for electric vehicle (EV) registrations, mirroring the fuel tax paid by internal combustion engine vehicle owners. This measure, introduced through Budget 2024 and passed in the Alberta Legislature last year, aims to ensure fairness in road maintenance contributions among all drivers. exemptions apply to:
- Electric motorcycles
- Off-highway vehicles
- Hybrids
- Certain groups, including the federal government, diplomats, and First Nations individuals with a registered reserve address
British Columbia’s Clean Energy Legislation: Streamlining Renewable Energy projects
The British Columbia government announced plans to introduce new legislation to expedite clean energy projects. Key points include:
- Streamlined Approval Process: The BC Energy Regulator (BCER) will be granted authority over renewable energy projects, acting as a ”one-window regulator” for permits supporting major electricity transmission projects, such as the North Coast transmission line.
- Economic and environmental Benefits: The legislation aims to accelerate renewable energy development, contributing to both economic growth and environmental sustainability.
- Reconciliation with First Nations: the announcement follows recent partnerships with First Nations and emphasizes the role of clean energy in reconciliation efforts.
- Fast-Tracked Projects: The legislation builds on the fast-tracking of 18 critical mineral and energy projects, including Cedar LNG and the NEBC Connector, in response to tariff threats.
The new legislation is set to be introduced when the Legislative Assembly returns this month.
These legislative developments reflect a broader trend towards sustainable practices and economic fairness, with each jurisdiction addressing specific challenges through targeted policy measures.Certainly! Here is the cleaned-up and formatted version of the text:
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More details here to precede the auction, which will take place on Feb.12.
VOLUNTARY
Biochar consultation – Isometric has released an update to the ‘Biochar Production and Storage Protocol and Biochar Storage in Agricultural Soils Module’ for public consultation over a 30-day period. The protocol outlines monitoring, verification, and reporting (MRV) best practices for high-quality carbon removal through biochar production and storage, with the module outlining the durability and monitoring needed for biochar applied to agricultural soils. These updates were developed in line with the Isometric Standard and created by Isometric’s in-house science team. More details here.
AND FINALY…
Straw wars – President Trump announced plans to issue an executive order (EO) next week to reverse the Biden administration’s policy to phase out single-use plastics in US federal agencies by 2035. Trump made the announcement on Truth Social, a social media platform, stating that he will be “ending ridiculous Biden push for paper straws, which don’t work”. The policy,signed by former President biden last summer,aimed to eliminate single-use plastic products in federal food service,packaging,and events by 2027,with a full phase-out across federal agencies by 2035. It remains unclear if any additional policies may be rescinded under the proposed EO. The latest announcement follows a series of EOs recently signed by Trump aimed at rolling back environmental initiatives implemented under the Biden administration.
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- SCOTUS watch:
- The U.S. Supreme Court denied the Trump administration’s request to delay environmental cases, including diamond Choice Energy vs. EPA, which challenges California’s authority to set stricter vehicle emissions standards.
- The court’s decision allows litigation to continue, with government briefs due by February 26. The case concerns California’s Clean Air Act waiver,which the Biden administration reinstated in 2022.
- The court also declined to pause other Clean Air Act cases involving biofuels policy and cross-state ozone pollution regulations.
Interview with Environmental Expert:
Editor: Can you walk us thru the recent Supreme Court decision regarding the environmental cases delayed by the Trump administration?
Expert: The Supreme Court recently denied the Trump administration’s petition to delay several key environmental cases.Notably, in the diamond Choice Energy vs. EPA case, the court allowed the case to proceed, challenging california’s authority to set stricter vehicle emissions standards. This decision signifies the court’s refusal to pause critically important litigation that impacts environmental regulations,especially concerning the Clean Air Act.
Editor: What are the implications of this court decision for California’s Clean Air Act waiver?
Expert: The court’s refusal to delay the case allows the Biden administration to defend the Clean Air Act waiver for California, which it restored in 2022. This waiver allows California to set its own more stringent vehicle emissions standards, which coudl have meaningful ramifications for both climate change mitigation and public health.
Editor: Besides the Diamond Choice Energy case, what other environmental cases did the court decline to pause?
Expert: The Supreme Court also declined to pause other Clean Air Act cases, including those involving biofuels policy and cross-state ozone pollution regulations. these cases are critical for maintaining robust environmental protections and are part of ongoing efforts to address climate change and air quality issues.
Editor: How does the current administration’s stance on these environmental regulations compare to the Trump administration’s?
Expert: The Biden administration has shown a strong commitment to adhering to and reinforcing existing environmental regulations, in contrast to the Trump administration’s efforts to roll back or delay these protections. This recent decision aligns with the Biden administration’s broader environmental agenda, which aims to strengthen policies related to climate change and air quality.
- EV Plans Suspended:
- the U.S. Federal Highway Administration (FHWA) has suspended approval of all State Electric Vehicle (EV) Infrastructure Deployment plans under the National EV infrastructure (NEVI) Formula Program.
– This decision follows a review by the new Department of Transportation leadership, which has rescinded existing NEVI guidance and plans to update it based on new policy priorities.
- No new obligations under the NEVI program will be approved until revised guidance is issued, though reimbursement for existing commitments will continue.
– The updated draft guidance is expected to be released for public comment in the spring before final adoption.
Interview with EV infrastructure Expert:
Editor: Can you explain the significance of the Federal Highway Administration’s recent suspension of EV infrastructure deployment plans?
Expert: The suspension of EV infrastructure deployment plans by the Federal Highway Administration (FHWA) signifies a shift in policy priorities for electric vehicle infrastructure under the new Department of Transportation leadership. This move allows for a reevaluation of the National EV Infrastructure (NEVI) Formula Program, which aims to establish a thorough network of EV charging stations across the country.
Editor: What motivated this decision to suspend new obligations under the NEVI program?
Expert: the suspension stems from a comprehensive review by the new DOT leadership. They aim to update the NEVI guidance to better align with new policy priorities, promoting a more cohesive and effective EV infrastructure strategy moving forward.
Editor: How will this suspension affect existing commitments and future approvals for EV infrastructure?
Expert: While no new obligations will be approved until the new guidance is issued, reimbursement for existing commitments will continue. This ensures that previously approved projects remain funded, maintaining progress on EV infrastructure.Though, future plans will need to comply with the updated guidelines expected to be released for public comment in the spring before final adoption.
editor: What are the key areas that the updated NEVI guidance might focus on?
Expert: The updated guidance will likely focus on improving the efficiency and effectiveness of EV infrastructure deployment, ensuring it meets the evolving needs of the EV market. This may include enhancements in charging station technology, strategic placement of chargers, and increased support for diverse populations and regions.
SCOTUS Watch:
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