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Scoop
03-05-2025
- Business
- Scoop
Carbon Market Watch - Latest News [Page 1]
Cookstove Carbon Credits: Recipe For Cooking The Climate Books A new report reveals that cookstove carbon projects eligible for the Korean Emissions Trading System are at risk of issuing 18 times more credits than they should, echoing past EU carbon market mistakes. More >> COP29: Complex Article 6 Rules Pave Way To Unruly Carbon Markets Saturday, 30 November 2024, 11:14 pm | Carbon Market Watch Despite the best efforts of activists and some climate negotiators, the agreement reached on Article 6 carbon markets at COP29 in Baku risks facilitating cowboy carbon markets at a time when the world needs a sheriff. More >> Oxy's Plans For 'Net-zero Oil' And Carbon Removal Offsets Spell Trouble For The Climate – Report Sunday, 5 May 2024, 6:25 am | Carbon Market Watch The net-zero strategy of Occidental Petroleum (Oxy) relies heavily on unproven carbon removal technologies to camouflage its fossil fuel emissions and those of its customers while expanding its oil and gas production, a new investigation reveals. More >> Going For Green: Is The Paris Olympics Winning The Race Against The Climate Clock? Thursday, 18 April 2024, 6:49 am | Carbon Market Watch The 2024 Paris Olympics promises a gold-winning climate performance and to set the pace for future games. Our in-depth assessment reveals that, despite improvement, the carbon footprint of the Olympics remains far too high to be sustainable. This ... More >> COP27: Governments Must Slash Emissions, Not Ambition Thursday, 3 November 2022, 6:01 am | Carbon Market Watch As Carbon Market Watch prepares to attend the COP27 climate conference in Sharm el-Sheikh, we urge the international community to commit to far more ambitious climate action. Negotiators must design effective and fair carbon markets under Article 6 ... More >> Environment Ministers Weaken Emissions Trading System In A Race To The Bottom With European Parliament Thursday, 30 June 2022, 6:37 am | Carbon Market Watch Rather than correct course after the European Parliament's shocking abrogation of responsibility, EU environment ministers have lowered the ambition of the EU's Emissions Trading System (EU ETS) even further. Moreover, the Environment Council ... More >> Carbon Copy: MEPs Vote For Emissions Trading System Reforms They Rejected Two Weeks Ago Thursday, 23 June 2022, 6:22 am | Carbon Market Watch After being recently voted down in the European Parliament, the reform of the EU's Emissions Trading System (EU ETS) was successfully passed today. But there's little cause for celebration: while the changes might appear favourable at first glance, ... More >> EU Parliament Sends Carbon Market Review Back To The Drawing Board Thursday, 9 June 2022, 6:17 am | Carbon Market Watch In an unexpected turn of events in the European Parliament, a watered-down carbon market package was rejected by a majority of MEPs. The review of the EU Emissions Trading System (EU ETS) Directive was referred back to the Environment Committee ... More >> Top Corporations Use Misleading Climate Pledges To Greenwash Image, New Report Thursday, 3 February 2022, 6:52 am | Carbon Market Watch Major global companies are avoiding meaningful climate action and are instead using false, misleading or ambiguous green claims, a new report shows. The first Climate Corporate Responsibility Monitor assesses the pledges made by 25 of the world's ... More >> COP26: Half-baked Carbon Market Rules Fail To Take Heat Off The Climate Sunday, 14 November 2021, 7:21 am | Carbon Market Watch After over five years of dithering and two weeks of intensive negotiations, the world's governments settled on slimmed-down ground rules for carbon markets under the Paris Agreement's Article 6. This deal will provide escape hatches for government ... More >> Selling Net-zero Pipe Dreams – Fossil Fuels Cannot Be Carbon Neutral, New Investigation Shows Tuesday, 19 October 2021, 6:34 am | Carbon Market Watch A growing number of oil and gas companies are selling fossil fuels they market as 'carbon neutral'. A Carbon Market Watch investigation has thoroughly investigated these claims and concluded that they amount to brazen greenwashing. Due out ahead ... More >> New 1bn USD Initiative Raises The Bar For Forest Carbon Credits, But Risk Of Abuse Remains Friday, 23 April 2021, 6:02 am | Carbon Market Watch A joint reaction by Carbon Market Watch and the Rainforest Foundation Norway to the announcement of a new coalition to finance forestry climate projects BRUSSELS/OSLO 22 April 2021 In the context of the US President Biden's 'Leaders' Summit', ... More >> EU Leaders' 2030 Target Deal Ignores Europe's Climate Responsibility Saturday, 12 December 2020, 6:24 am | Carbon Market Watch EU leaders have agreed a net 55% emissions reduction goal for 2030. While this replaces the outdated 40% goal, the target is not in line with the Paris Agreement[1] and Europe's historic responsibility to cut emissions. Relying on forests and land ... More >> EU Commission's Climate Plan Two Steps Forward, One Step Backwards Friday, 18 September 2020, 8:23 am | Carbon Market Watch The European Commission's 2030 Climate Target Plan reiterates positive elements from the European Green Deal such as strengthening the EU carbon market and reducing free pollution permits to airlines. But the plan to rely on carbon sinks to reach ... More >> EU Lawmakers Support The Expansion Of Europe's Carbon Market To Shipping As Global Talks Are Adrift Wednesday, 16 September 2020, 7:51 am | Carbon Market Watch The European Parliament has voted to extend the EU carbon market to cover international shipping, to establish a maritime decarbonisation fund and to set a mandatory reduction target for the carbon intensity of shipping. Carbon Market Watch welcomes the decision ... More >> Airline Bailouts Set To Double To €26bn As Countries Fail To Impose Binding Green Conditions Thursday, 30 April 2020, 6:22 pm | Carbon Market Watch Brussels, 30 April 2020 Airline polluters are now seeking more than €26 billion in taxpayers' money - double the amount of just a week ago - according to the European airline bailout tracker compiled by Carbon Market Watch, Greenpeace and Transport ... More >> ICAO Decision On Aviation Carbon Market Rules A Step In The Right Direction Sunday, 15 March 2020, 1:06 pm | Carbon Market Watch ICAO decision on aviation carbon market rules a step in the right direction but fails to exclude all junk credits MONTREAL/BRUSSELS, 14 March 2020. The UN aviation body ICAO's Council has agreed to recognise carbon offsets from six existing offset ... More >> COP25: No deal on UN carbon markets Monday, 16 December 2019, 8:39 am | Carbon Market Watch MADRID 15 DECEMBER 2019 Governments at the UN climate talks (COP 25) postponed decisions on future carbon market rules - article 6 of the Paris Agreement - after no agreement was reached on the most contentious issues such as the fate of old credits and measures ... More >>
Scoop
03-05-2025
- Business
- Scoop
Cookstove Carbon Credits: Recipe For Cooking The Climate Books
A new report, 'Recipe for Greenwashing', commissioned by Korean NGO Plan 1.5 and co-authored by Carbon Market Watch and Director of the Berkeley Carbon Trading Project Barbara Haya, has revealed that the climate credentials of the Korean Emissions Trading Scheme (K-ETS) risk being significantly undermined by its inclusion of international carbon credits. The report analyses a sample of 21 clean cookstove projects that have supplied South Korean companies with carbon credits for use under the K-ETS, finding that on average they are likely generating 18.3 times more credits than they should. The analysis finds that the 9.7 million credits (representing 9.7 million tonnes of emissions reductions) likely have a climate impact of only approximately half a million tonnes of carbon dioxide equivalent (531,979 tCO2e), the equivalent of 18 times more credits than are justified. Cookstove projects constitute the majority of international credits used by companies complying with the K-ETS. Companies under the K-ETS are entitled to match their emission reduction obligations with the purchase of international credits, as long as they exceed no more than 5% of the company's compliance obligation. Break the mould The analysis highlights that reliance on international credits undermines the effectiveness and credibility of the K-ETS. It mirrors the now-abandoned practice in the European Union Emissions Trading System (EU ETS), where such credits led to an inflation in supply, price crashes, and delayed domestic decarbonisation. While the EU has banned international credits from its ETS since 2021, the Korean government appears to be taking the opposite approach. Alarmingly, the government is considering raising the limit from 5% of a company's emissions threshold to 10% in the fourth period of the K-ETS (2026-2030). Doubling the share of an already problematic decision will likely have detrimental consequences for the environmental integrity of the policy. The South Korean government also plans to use international credits to reach its United Nations climate target for 2030 by including 37.5 million international credits into its nationally determined contributions. The projects analysed in the report use methodologies AMS-I.E and AMS-II.G to generate carbon credits. Generally, the number of credits a carbon credit project issues under these two methodologies is determined by a number of factors, including actual stove usage, drop-outs, fuel consumption patterns, and many more. Research, as well as a decision by the Integrity Council for the Voluntary Carbon Market (ICVCM) in March, has determined that both methodologies lead to over-crediting because these methodologies rely on outdated assumptions that allow a high, and inflated, volume of credits to be generated. Both methodologies were rejected from attaining the ICVCM's Core Carbon Principles label. The wrong path The report calls on the South Korean government to ban international credits from use under the K-ETS, strengthen caps and focus on domestic emissions reductions.
Jordan Times
10-04-2025
- Business
- Jordan Times
Papua New Guinea lifts ban on forest carbon credits
Papua New Guinea will 'immediately' lift a ban on forest carbon credit schemes, the Pacific nation's climate minister said, opening up its vast wilderness to offset global emissions (AFP photo) SYDNEY — Papua New Guinea will "immediately" lift a ban on forest carbon credit schemes, the Pacific nation's climate minister told AFP on Thursday, opening up its vast wilderness to offset global emissions. The island of New Guinea is cloaked in the world's third-largest rainforest belt, helping the planet breathe by sucking in carbon dioxide gas and turning it into oxygen. Foreign companies have in recent years snapped up tracts of forest in an attempt to sell carbon credits, pledging to protect trees that would otherwise fall prey to logging or land clearing. But a string of mismanagement scandals forced Papua New Guinea to temporarily shut down this "voluntary" carbon market in March 2022. Environment Minister Simo Kilepa told AFP that, with new safeguards now in place, this three-year moratorium would "be lifted immediately". "Papua New Guinea is uplifting the moratorium on voluntary carbon markets," Kilepa said. "We now have carbon market regulations in place and... guidelines to administer and regulate the carbon market." Papua New Guinea has ambitions to become a "key player in international carbon markets", officials from the national climate body told a briefing last week. Carbon credit schemes are seen as a crucial tool in halting the destruction of Papua New Guinea's steamy rainforests, which are thought to shelter around seven percent of global biodiversity. Before the 2022 moratorium, foreign-backed syndicates were able to sign carbon credit deals directly with village elders. In essence, they paid landowners so that tracts of rainforest would not be cleared for crops, sold for mining, or chopped down and turned into logs. By protecting jungle that would have disappeared, these companies generated carbon credits they could sell on international markets. 'Carbon cowboys' The scale of some proposals was immense, one carbon trading scheme to be based on Papua New Guinea's northern coast would have ranked among the biggest in the world, according to Carbon Market Watch. But Papua New Guinea's carbon market was mired in controversy, with one regional governor alleging some foreign firms were little more than "carbon cowboys" out to make quick cash. An investigation by Australian national broadcaster ABC alleged logging was still taking place in rainforests set aside for carbon credits. And some landowners complained the lucrative promises of their foreign partners went largely unfulfilled. "Attempts to establish projects have resulted in land disputes and the emergence of 'Carbon Cowboys'," wrote Australian environmental consultants Sustineo. Carbon credit schemes around the world have been marred by a litany of similar complaints. No common set of rules governs these trades, and many projects have been accused of selling essentially worthless credits. Governments often force heavy polluters to offset emissions through mandatory carbon credit schemes. But firms, charities and individuals can also choose to buy credits on so-called voluntary carbon markets. Papua New Guinea's voluntary scheme falls under an international framework known as REDD, or reducing emissions from deforestation and forest degradation in developing countries. Papua New Guinea has been hammering out a bilateral deal which could see it produce carbon credits for city-state Singapore. In 2023, Papua New Guinea signed a memorandum of understanding with Dubai-based firm Blue Carbon, which has been securing swaths of land across Africa for carbon credits. Page 2
Yahoo
10-04-2025
- Business
- Yahoo
Papua New Guinea lifts ban on forest carbon credits
Papua New Guinea will "immediately" lift a ban on forest carbon credit schemes, the Pacific nation's climate minister told AFP on Thursday, opening up its vast wilderness to offset global emissions. The island of New Guinea is cloaked in the world's third-largest rainforest belt, helping the planet breathe by sucking in carbon dioxide gas and turning it into oxygen. Foreign companies have in recent years snapped up tracts of forest in an attempt to sell carbon credits, pledging to protect trees that would otherwise fall prey to logging or land clearing. But a string of mismanagement scandals forced Papua New Guinea to temporarily shut down this "voluntary" carbon market in March 2022. Environment Minister Simo Kilepa told AFP that, with new safeguards now in place, this three-year moratorium would "be lifted immediately". "Papua New Guinea is uplifting the moratorium on voluntary carbon markets," Kilepa said. "We now have carbon market regulations in place and... guidelines to administer and regulate the carbon market." Papua New Guinea has ambitions to become a "key player in international carbon markets", officials from the national climate body told a briefing last week. Carbon credit schemes are seen as a crucial tool in halting the destruction of Papua New Guinea's steamy rainforests, which are thought to shelter around seven percent of global biodiversity. Before the 2022 moratorium, foreign-backed syndicates were able to sign carbon credit deals directly with village elders. In essence, they paid landowners so that tracts of rainforest would not be cleared for crops, sold for mining, or chopped down and turned into logs. By protecting jungle that would have disappeared, these companies generated carbon credits they could sell on international markets. - 'Carbon cowboys' - The scale of some proposals was immense -- one carbon trading scheme to be based on Papua New Guinea's northern coast would have ranked among the biggest in the world, according to Carbon Market Watch. But Papua New Guinea's carbon market was mired in controversy, with one regional governor alleging some foreign firms were little more than "carbon cowboys" out to make quick cash. An investigation by Australian national broadcaster ABC alleged logging was still taking place in rainforests set aside for carbon credits. And some landowners complained the lucrative promises of their foreign partners went largely unfulfilled. "Attempts to establish projects have resulted in land disputes and the emergence of 'Carbon Cowboys'," wrote Australian environmental consultants Sustineo. Carbon credit schemes around the world have been marred by a litany of similar complaints. No common set of rules governs these trades, and many projects have been accused of selling essentially worthless credits. Governments often force heavy polluters to offset emissions through mandatory carbon credit schemes. But firms, charities and individuals can also choose to buy credits on so-called voluntary carbon markets. Papua New Guinea's voluntary scheme falls under an international framework known as REDD, or reducing emissions from deforestation and forest degradation in developing countries. Papua New Guinea has been hammering out a bilateral deal which could see it produce carbon credits for city-state Singapore. In 2023, Papua New Guinea signed a memorandum of understanding with Dubai-based firm Blue Carbon, which has been securing swaths of land across Africa for carbon credits. sft/djw/sco
