Global Carbon Capture and Removal: A Resilient Tech Sector in 2024
TOP STORY
The carbon capture and removal (CCAR) sector demonstrated remarkable resilience in 2024, despite broader macroeconomic and geopolitical challenges. Strong investments and a robust startup ecosystem fueled optimism for continued growth, signaling a critical role in the global transition to a low-carbon future.
Asia Pacific: Policy and Technology Advances
South Korea: South Korea’s emissions trading scheme roadmap outlines market operations but calls for additional policy updates to address oversupply issues.
Indonesia: The country’s second-phase power sector emissions trading scheme faces ongoing regulatory hurdles, affecting its effectiveness in reducing emissions.
Australia: Following partnership agreements with local miners and a significant venture capital investment, a Canadian CDR firm is advancing its operations in Australia’s mining heartland.
Kazakhstan: A recent report advocates for participants to pay for a portion of their allowances to establish a fair carbon market price.
Australia: Higher Australian Carbon Credit Unit (ACCU) prices resulted from the fourth pilot exit window, indicating long-term supply concerns due to underperforming carbon abatement contracts.
Pakistan: The nation could unlock up to $43 million annually from carbon credits through renewable energy projects, with existing sources of units gradually diminishing.
EMEA: Regulatory Developments and Market Evaluations
EU: New FuelEU Maritime regulation will impose dual carbon levies on ships with deficient ‘compliance balances,’ affecting EU Emissions Trading System (ETS) participants.
Italy: The European Commission will convene a workshop to explore innovative financial and insurance packages for carbon farming, addressing potential smallholder exclusion.
Poland: Failure to plan for lignite plant closures could disqualify Poland from valuable EU funding, as lignite mining becomes increasingly unprofitable by 2030.
UK: Researchers urge the UK government to block future bids for Rosebank and Jackdaw oil and gas fields to align with climate commitments.
Kenya: Stronger market policies are necessary to facilitate effective carbon trading in Kenya, with significant barriers remaining.
European Carbon Market: Despite supportive demand fundamentals, European carbon prices fell as falling gas prices and hopes for a Ukraine peace resolution affected EU Allowances (EUAs).
AMERICAS: Policy Shifts and Technological Innovations
USA: The US government’s decision to retract its 2050 net zero target has reduced the share of the global economy covered by national commitments from 93% to 78%.
REDD+ Projects: Regional entities are advocating for the integration of REDD+ credits in compliance carbon pricing or payments for ecosystem services (PES).
Brazil: The first agroforestry carbon credit program targeting family farmers began with tree planting.
North Dakota: State representatives rejected legislation aimed at regulating carbon capture development.
Arkansas: Legislative efforts seek to transfer permitting authority for CO2 pipelines and injection wells from federal agencies to state authorities.
USA: A US-based non-profit is investing in technology designed to accelerate tree growth and carbon sequestration, aiming to remove millions of tonnes of CO2 over the next decade.
Voluntary Carbon Market Dynamics
High-value trades failed to lift the voluntary carbon credit market out of its bargain-hunting phase, maintaining low prices.
The football industry’s annual carbon footprint is estimated between 64-66 million tonnes of CO2, equivalent to Austria’s emissions.
Sweden’s Ingka Group unveiled a comprehensive net zero transition plan, with commitments to halve emissions by 2030 and achieve net zero by 2050.
Aviation and Biodiversity
ICAO recommends strengthening CO2 standards for aircraft to enhance efficiency and reduce the sector’s climate impact.
The EU Commission is supporting methodologies to measure biodiversity in wetlands and forests, laying groundwork for nature credit markets.
COP16 President Susana Muhamad proposed a compromise on financing at the resuming biodiversity negotiations in Rome.
The UK government’s environmental rule overhaul could negatively impact nature conservation, prompting expert warnings.
Commentary on Brazil’s Carbon Market
Law 15.042/2024 in Brazil establishes the SBCE, marking significant progress in carbon market regulation. However, full implementation will take several years. Until then, international standards are recommended to ensure transparency, credibility, and investor confidence.
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Bite-Sized Updates from Around the World
Shipping
Risky Biofuels: Shipping lines like Hapag-Lloyd and Louis Dreyfus warn against backing crop-based biofuels without legal safeguards, citing deforestation and land use impacts.
Cargo Credits: DP World launches a carbon inset programme rewarding companies with credits for container movements, using UNifeeder’s lower-carbon fuels.
International
Better Insights: UNDP and Sylvera partner to enhance carbon market data access for African countries via the Carbon Data Access Partnership.
EU-Mexico Relations: The EU and Mexico discuss climate cooperation, carbon pricing, and biodiversity across multiple workshops.
ChatNDC: A new AI-powered platform helps users analyze countries’ Nationally Determined Contributions (NDCs) for climate policies and targets.
US Energy Secretary Critique: Chris Wright, US Energy Secretary, criticizes 2050 net-zero goals as delivering “tremendous costs” without benefits.
EMEA
CCS Progress Frustrations: Companies urge UK authorities for clear timelines and funding for CCS projects amid ongoing delays.
Nuclear Clarity Needed: X-Energy threatens to withdraw from UK nuclear projects due to ambiguous financial and regulatory support.
AfD Influence: Rising support for the far-right AfD party in Germany may lower climate ambition in future political debates.
French Agricultural Aid: EU approves a €500 million French scheme promoting small and medium-sized enterprises to adapt farms to climate change.
Luxembourg Manufacturing Aid: The government proposes two types of aid for decarbonizing manufacturing industries, supporting sustainable production.
CBAM Concerns: South African aluminum exports face potential CBAM levies exceeding 50% of their value, threatening competitiveness in the EU market.
Wild Hydrogen Project: Wild Hydrogen plans to establish a demonstrator plant in Stroud, England, producing hydrogen and biomethane from wet biogenic material.
Young Europeans Concerned: A European Parliament survey shows young Europeans prioritize environmental and economic issues, with climate change as a significant concern.
Asia Pacific
India-Nigeria Partnerships: Nigeria seeks collaboration with India for technical assistance in implementing green transition plans.
SE Thailand Progress: The Stock Exchange of Thailand expects over half of listed companies to disclose their carbon footprints by 2025.
Pumped Hydro Power: Electricity Vietnam signs a contract to build Vietnam’s first pumped hydro power plant in Ninh Thuan province.
Carbon Credit Collaboration: Singapore and Mongolia reaffirm commitment to carbon credit collaboration, aiming to sign an implementation agreement.
China’s Offshore CCS: China launches the world’s first offshore oil FPSO with CO2 capture capabilities.
Carbon Credit Project in Japan: A subsidiary of NTT Business Solutions partners with a consultancy to create carbon credits through a forestry project in Kyoto.
Local Sustainability Focus: Charoen Pokphand Group and Mitsubishi Electric Corporation plan initiatives in Thailand focused on carbon neutrality and circular economy without relying on carbon credits.
The Americas
California Waivers: The EPA transmits Biden administration’s rules granting waivers to California on car and truck emissions standards.
Blue Carbon Assessments: The IDB seeks consultants for blue carbon stock assessments in the Caribbean, targeting bankable projects.
Voluntary and Investment Trends
SBTi Director Appointments: SBTi Services appointed three new non-executive directors to support growth and governance.
Seismic Nodes for Carbon Storage: Stryde secures a contract for seismic nodes to enhance CO2 storage project mapping in Denmark.
Soil Carbon Partnership: Steinbrenner Management and Royal Road Carbon Solutions form a partnership to develop carbon-neutral solutions for agriculture and industries.
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