Climate Finance, Carbon Removal & more - January 7
EU uses ETS revenues for clean energy projects; World Banks AUD 1.75 billion bond to fund sustainable development; 1st Enhanced Rock Weathering carbon credits delivered; Morgan Stanley VCM Disclosure
Climate Finance
NDB approves loans for multiple sustainable development projects
Chile Receives Funds for Carbon Emission Reduction
World Bank issues AUD 1.75 Billion Sustainable Development Bond
GEF Funds UNDP Climate and Nature Projects
Carbon Removal
World’s First Enhanced Rock Weathering Carbon Credits Issued
Washington State Meets 2020 Emissions Goal, Despite 2021 Rise
Morgan Stanley's California Voluntary Carbon Market Disclosure
UAE launches digital platform for implementing CORSIA
EU invests €2.7 Billion from ETS revenues in clean energy projects
News from Governments
Biden Protects Millions of Acres of US Ocean from Offshore Drilling
UK Government Launches Steel Council for Industry Revitalization
Indonesia becomes a full member of BRICS
EPA Grants California Waivers for Clean Car and Low-NOx Regulations
Research
Governing Carbon Dioxide Removal for Climate Policy
Climate Change to Reduce Arctic Ocean Carbon Sequestration by 2100
African Farmers' Adaptation to Climate Change Impacts
Climate Finance
NDB approves loans for multiple sustainable development projects
(January 06)
NDB has approved loans totaling approx. USD 776 million for four projects aimed at enhancing sustainable infrastructure and clean energy in India and Brazil. The projects include
improving state highways in Madhya Pradesh (India)
upgrading the public lighting system in Brasilia (Brazil) to use solar lights
a new solar power project in Andhra Pradesh (India)
support for financing sustainable commercial vehicles in India
Chile Receives Funds for Carbon Emission Reduction
(January 06)
Chile has received $5.1 million from the World Bank’s Forest Carbon Partnership Facility (FCPF) for reducing 1.03 million tons of carbon emissions from deforestation and forest degradation. This is the first payment under Chile’s Emission Reductions Payment Agreement (ERPA) with FCPF, which provides up to $26 million for reducing 5.2 million tons of emissions. The program spans six regions covering almost half of Chile’s forested area and helps restore ecosystems while supporting communities to build climate resilience. The program also benefits from over $60 million from the Green Climate Fund.
World Bank issues AUD 1.75 Billion Sustainable Development Bond
(January 03)
The World Bank issued an AUD 1.75 billion 5-year bond to finance green and social projects in IBRD member countries. The bond, which supports the Sustainable Development Goals, received over 70 orders totaling more than AUD 3.1 billion.
GEF Funds UNDP Climate and Nature Projects
(December 23)
The Global Environment Facility (GEF) approved US$204.3 million for UNDP’s support of 121 countries in projects, leveraging an additional $1.9 billion in co-financing. This funding will benefit over 9.4 million people and restore thousands of hectares of land, with a further three million hectares set to benefit from improved stewardship. The GEF Small Grants Programme (SGP) will receive $71.3 million, adding to the $137.5 million already approved. Other initiatives will reduce greenhouse gas emissions and eliminate harmful chemicals.
Carbon Removal
World’s First Enhanced Rock Weathering Carbon Credits Issued
(January 06)
Brazil-based InPlanet and Isometric announced the world’s first delivery of verified Enhanced Rock Weathering (ERW) carbon removal credits. The credits, corresponding to InPlanet’s Serra da Mantiqueira project in São Paulo, were verified by Isometric and delivered to Adyen, facilitated by ClimeFi. This milestone introduces a new, high-quality, permanent carbon removal credit format to the voluntary carbon market.
Washington State Meets 2020 Emissions Goal, Despite 2021 Rise
(January 06)
Washington state's greenhouse gas emissions decreased by 13.8% in 2020, meeting the legal limit. However, emissions rose by 8.8% in 2021, primarily due to increased transportation sector activity post-pandemic. Despite this, 2021 emissions remained below 2019 levels. Positive trends in renewable energy and clean vehicle adoption were observed. The state aims to reduce emissions by 45% below 1990 levels by 2030.
State of Washington (USA) | Washington State Greenhouse Gas Emissions Inventory: 1990-2021 (PDF)
Morgan Stanley's California Voluntary Carbon Market Disclosure
(January 01)
US-based Morgan Stanley has disclosed its activities in the California voluntary carbon market, including its commitment to carbon-neutral operations (achieved in 2022 and 2023) and net-zero financed emissions by 2050. The company also detailed its use of VCOs from various registries (Verra, Gold Standard, Climate Action Reserve, American Carbon Registry) for carbon neutrality and provided links to relevant project information.
Here’s a snapshot of the company’s 2030 interim targets for different sectors, as of October 2024:
Morgan Stanley | Morgan Stanley’s 2030 Interim Financed Emissions Targets, October 2024 (PDF)
UAE launches digital platform for implementing CORSIA
The General Civil Aviation Authority (GCAA), has launched the region’s first digital platform dedicated to implementing the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). GCAA Tweet
EU invests €2.7 Billion from ETS Revenues in Clean Energy Projects
(December 18)
The European Commission and the European Investment Bank disbursed €2.7 billion from emissions trading revenues to support 39 clean energy projects in eight EU countries. This brings the total Modernisation Fund investment to €15.45 billion since 2021, supporting the clean energy transition and helping lower-income countries meet their climate targets. The projects focus on renewables, energy network modernization, energy efficiency, and coal replacement.
News from Governments
UK Government Launches Steel Council for Industry Revitalization
(January 07)
UK Government has launched a new Steel Council to revitalize the steel sector, bringing together industry leaders and experts. The initiative includes up to £2.5 billion of investment to secure growth and sustainability in the steel industry.
Biden Protects Millions of Acres of US Ocean from Offshore Drilling
(January 06)
The Biden-Harris Administration has protected over 625 million acres of the U.S. ocean from offshore drilling, preventing environmental and economic risks. This action safeguards the Atlantic, Pacific, and Gulf coasts, and the Northern Bering Sea, building on previous conservation efforts and exceeding the land and water conservation of any other U.S. president.
Indonesia becomes a full member of BRICS
(January 06)
Brazilian government has formally welcomed Indonesia as a full member of BRICS, emphasizing the country's significant role as the largest economy in Southeast Asia and its alignment with the goals of sustainable global governance.
EPA Grants California Waivers for Clean Car and Low-NOx Regulations
(December 18)
The U.S. Environmental Protection Agency (EPA) granted two waiver requests from the California Air Resources Board (CARB) to implement its Advanced Clean Cars II (ACC II) regulations and its “Omnibus” low-NOx regulation. The ACC II program will reduce smog and soot-causing pollutants, greenhouse gases, and toxic air pollutants. CARB projects that its Low-NOx standards will protect communities from dangerous NOx pollution.
US Environmental Protection Agency
Research
Governing Carbon Dioxide Removal for Climate Policy
(January 07)
The research reviewed the nascent economic literature on the governance of carbon dioxide removal (CDR) and discussed policy design and institutions. It assessed CDR's role in climate policy portfolios and highlighted cost-saving technological progress that could make CDR a game changer. The research also addressed challenges in CDR governance, such as non-permanence of carbon storage and default risks.
Climate Change to Reduce Arctic Ocean Carbon Sequestration by 2100
(January 06)
A study using a high-resolution ocean biogeochemistry model projected a 40% reduction in the efficiency of the Arctic’s biological carbon pump by 2100 due to climate change, with terrigenous inputs contributing 10%. This will reduce the Arctic Ocean’s carbon sink by at least 10% (33 TgC yr−1).
African Farmers' Adaptation to Climate Change Impacts
(January 06)
Researchers interviewed 1,500 farmers across ten African mountain regions to investigate perceived climate change impacts and adaptation responses. They found that farmers perceive multiple impacts and mostly respond by intensifying farming practices and using off-farm labor. Adaptation was mostly incremental, but some sites showed more transformational adaptation due to factors like social capital.
Australian Energy Certificate Market Update: December 20, 2024
(December 20)
Australian Ecovantage provided a weekly market update on energy certificates, including VEECs, STCs, ESCs, LGCs, ACCUs, and PRCs. The report detailed price fluctuations and creation metrics for each certificate type, noting impacts of policy changes like IPART’s decision to exclude heat pumps from the PDRS scheme. Low VEEC supply caused price increases, while STC and ESC markets showed moderate activity. LGC creation was higher in December, and ACCU prices trended downwards. The PRC market reacted to the IPART announcement, jumping to $2.51 before settling at $2.50.
Germany to build new Polarstern research icebreaker
(December 19)
Germany has awarded a contract to thyssenkrupp Marine Systems to build a new research icebreaker, Polarstern II, for €1.185 billion. The ship, expected to be delivered in 2030, will be equipped with advanced technologies for climate research and will support the UN Decade of Action for Cryospheric Sciences and the International Polar Year. Reederei F. Laeisz will manage the ship for the first ten years.
You can also follow Telborg.com on Twitter & LinkedIn.
Thanks for reading, have a nice day!
