Indonesia-Exxon, CORSIA credit sale, Egypt VCM - Carbon Removal Roundup
Bloomberg to cover funding gap for UNFCCC; Indonesia-ExxonMobil partner on CCS; IATA closes Phase 1 CORSIA credits sale; Hempalta seeking $1.5m in funding; Egypt Advisory Group for Carbon Markets
This was the most interesting news today:
Lixea to build large-scale biomass processing plant
(January 22)
UK-based Lixea, a sustainable chemistry spinout from Imperial College London, is building a 25,000 tonne/year biomass processing plant to produce commercial volumes of novel materials.
Lixea’s unique, proprietary ionic liquids are less harsh and more recyclable than volatile organic solvents, creating a cost-efficient and highly sustainable approach that could underpin a biomaterials economy in which everything from packaging materials to adhesives and plastics are built from biomass rather than fossil feedstocks.
The company has received a grant from the European Commission’s Innovation Fund and has developed a highly efficient process using ionic liquids, a novel green solvent. This will be the largest ionic liquid extraction process globally upon completion.
In this newsletter:
Indonesia-ExxonMobil CCS and Petrochemical Investment
IATA: CORSIA Phase 1 credits sold for $21.7/tonne
CEFC and Rabobank Invest in Australian farming carbon credits scheme
Australia seeks feedback on draft Audit Thresholds Instrument for ACCU Scheme
Bloomberg ensures US meets Paris Agreement commitments
Hempalta Corp focuses on hemp-based carbon credits
Egypt Forms Advisory Group for Carbon Markets
Indonesia’s First Carbon Exchange
Enhancing Article 6.2 for Accelerated Climate Action in Asia
Verra Compensates for Rejected Chinese Rice Cultivation Projects
Indonesia-ExxonMobil CCS and Petrochemical Investment
(January 22)
Indonesia and ExxonMobil have agreed on a USD10 billion investment to develop the petrochemical sector and Carbon Capture and Storage (CCS) technology. The CCS project is expected to reduce CO2 emissions by 90% and create jobs. ExxonMobil will also train Indonesian workers.
IATA: CORSIA Phase 1 credits sold for $21.70/tonne
(January 22)
The International Air Transport Association (IATA) held a successful CORSIA EEU procurement event in Guyana, where 11 airlines purchased CORSIA Phase 1 EEUs for $21.70/tonne. IATA plans to host quarterly events in 2025, addressing the challenge of EEU availability to meet airline demand. The event involved 32 airlines, with the purchased EEUs being Jurisdictional REDD+ ART Trees Guyana credits, usable for 2024-2026 offsetting obligations.
New Ocean Alkalinity Enhancement Data Protocol Released
(January 23)
US-based Carbon to Sea, NOAA, and Submarine Scientific released a draft Ocean Alkalinity Enhancement (OAE) Data Management Protocol, open for public comment until March 7, 2025. The protocol aims to improve data management and sharing in ocean-based carbon dioxide removal (oCDR) research, enhancing the impact of scientific findings. It was developed with input from experts and organizations across sectors.
CEFC and Rabobank Invest in Australian farming carbon credits scheme
(January 21)
Australia's CEFC and Rabobank Australia launched a $200 million program to reduce upfront costs for farmers undertaking Environmental Planting projects under the Australian Carbon Credit Units (ACCU) Scheme. The program offers a 1% loan discount to eligible Rabobank customers, with Rabobank adding up to 0.15%. The initiative aims to support carbon sequestration, biodiversity, and improved soil quality, contributing to Australia's net-zero goals.
Australia seeks feedback on draft Audit Thresholds Instrument for ACCU Scheme
(January 22)
Australia is seeking feedback on the draft Audit Thresholds Instrument 2025 for the Australian Carbon Credit Unit (ACCU) Scheme. The current Audit Thresholds Instrument will sunset on April 1, 2025. Submissions are due by 5 pm AEDT February 5, 2025.
Bloomberg ensures US meets Paris Agreement commitments
(January 23)
US-based Bloomberg Philanthropies will ensure the United States meets its global climate obligations by covering the funding gap to UN Climate Change (UNFCCC) and upholding reporting commitments. This follows the federal government’s second withdrawal from the Paris Agreement. Bloomberg will also continue supporting America Is All In, a coalition working to reduce emissions 61-66% below 2005 levels by 2035.
Hempalta Corp focuses on hemp-based carbon credits
(January 21)
Canadian Hempalta Corp. announced an enhanced strategic focus on nature-based carbon credit solutions through its subsidiary, Hemp Carbon Standard Inc. They also announced a proposed non-brokered private placement of up to 30,000,000 units at $0.05 per unit for aggregate gross proceeds of up to $1,500,000. Proceeds will be used to scale the HCS platform, market carbon credits, and for general working capital.
Egypt Forms Advisory Group for Carbon Markets
Egypt's General Authority for Financial Audit formed a 13-member advisory group for the Supervision and Oversight Committee on Carbon Emission Reduction Units. The group aims to enhance Egypt’s voluntary carbon market, ensure transparency, and implement international standards. Efforts include regulating carbon credits, approving projects, and recording over 145,000 certificates across 21 projects.
Indonesia’s First Carbon Exchange
Indonesia launched its first international carbon exchange through the Indonesia Carbon Exchange (IDXCarbon) on Monday, January 20, 2025. This international carbon trading marks a significant milestone in efforts to reduce carbon emissions, address the challenges of climate change, and support sustainable business practices.
Indonesia Stock Exchange on LinkedIn | More here
Enhancing Article 6.2 for Accelerated Climate Action in Asia
(January 23)
The Asian Development Bank Institute (ADBI) published a policy brief proposing an accelerated framework for enhancing Article 6.2 of the Paris Agreement in Asia and the Pacific. The brief highlights opportunities to enhance climate action in the region, addressing financial and technological challenges. Recommendations include streamlining processes, standardizing methodologies, and establishing robust governance mechanisms.
Verra Compensates for Rejected Chinese Rice Cultivation Projects
(January 09)
Verra announced the compensation for 480,000 Verified Carbon Units (VCUs) from 5 rice cultivation projects in China, out of 37 rejected projects with 4,080,000 outstanding credits. Sanctions were imposed on project proponents and validation/verification bodies. Verra suspended the registry account of Search CO2 and moved 10 projects to an administrative account due to non-compensation.
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