Sustainability and carbon market news

The UK government has published its proposed seventh Carbon Budget, targeting an 87% reduction in carbon emissions from 1990 levels during the 2038 to 2042 period. Electric vehicles charging at a modern UK station powered by nearby wind turbines and...

The Council of the European Union has formally approved an amendment to the EU environmental law, setting a legally binding target to reduce net greenhouse gas (GHG) emissions by 90% by 2040 against 1990 levels. The decision marks the final...

The UK Civil Aviation Authority (CAA) has set out a new framework encouraging airlines, travel agents and flight comparison platforms to provide passengers with consistent greenhouse gas (GHG) emissions information at the point of booking. Under the...

European Union officials have reached a landmark political agreement on the bloc’s 2040 environmental framework, setting a collective ambition to cut net emissions by 90% from 1990 levels and defining how international carbon credits may contribute...

China is preparing to overhaul its national carbon market by introducing absolute emission caps in selected industries starting in 2027. The move, announced by the State Council on 25 August, represents a major departure from the current system,...

New Zealand has unveiled its second emissions reduction plan, capping greenhouse gas emissions at 305 million tonnes of CO2 equivalent (tCO2e) for 2026-2030. The government is confident the country remains on track to meet its 2050 net-zero target,...

The 2024 Paris Olympics is committed to significantly reducing its carbon footprint, aiming to cut emissions by half compared to previous Games. This ambitious target will be achieved through a combination of carbon offsets and reliance on renewable...

The Science Based Targets initiative (SBTi) has made a pivotal announcement: the inclusion of Scope 3 emissions in environmental attribute certificates. This means that companies will now be able to compensate for their Scope 3 value-chain emissions...

Germany has initiated the integration of the European Union's Corporate Sustainability Reporting Directive (CSRD) into national law, a move receiving positive reactions from various industry groups. The Federal Justice Ministry's draft, which...

Nestlé, a leader in the global food and beverage sector, is taking significant steps towards environmental sustainability with its latest initiatives to reduce carbon emissions within its cocoa supply chain. In a groundbreaking move, the company has...

In a significant push towards environmental sustainability, Winchelsea, Australia, hosted a key forum on 22 March 2024 focused on addressing carbon emissions in the agricultural sector. The Surf Coast Inland Plains Landcare Network and the Upper...

The Securities and Exchange Commission (SEC) has introduced a groundbreaking rule requiring publicly traded companies to report their direct carbon emissions. This decision, supported by a 3–2 vote, is part of a broader initiative titled The...

Maersk, a global leader in shipping, has announced ambitious plans to drastically reduce its carbon footprint by 2040, focusing on cutting direct and power-related emissions by 96% and indirect emissions by 90% from a 2022 baseline. The company will...

The environmental impact of the Super Bowl, a pinnacle event in American sports, extends beyond the game itself, with a significant carbon footprint. Contrary to expectations, this footprint is not predominantly tied to travel or the event's energy...

Global pop icon Taylor Swift has turned to carbon offsets to mitigate the emissions from her private jet. Known for her significant carbon footprint, Swift, who was labelled the most carbon-polluting celebrity in 2022 (followed by Floyd Mayweather...

The aviation sector's journey towards sustainability marked a significant milestone at the Airline Economics Sustainable Aviation Fuel and Carbon Finance Day, a premier gathering for global aviation professionals. The event, spearheaded by the...

Petrobras, the state-controlled Brazilian oil giant, has taken a momentous step in its battle against carbon emissions with a landmark acquisition of carbon credits. These credits are equivalent to 175,000 tonnes of greenhouse gas emissions avoided...

In its 2023 Environmental, Social, and Governance (ESG) report, Alibaba announced a significant 13% reduction in net carbon emissions from direct operations. This achievement marks a major step towards its ambitious target of becoming carbon neutral...

Japanese forestry company Sumitomo Forestry has spearheaded a groundbreaking initiative by launching a fund worth over $420 million. The fund, a joint effort involving 10 Japanese corporations, aims to manage North American forests and create carbon...

India's groundbreaking Project Tiger, designed to rescue the country's iconic big cat from the brink of extinction, has marked its 50th anniversary in 2023. Prime Minister Narendra Modi announced that India now hosts over 3,000 tigers, representing...

New data released by climate disclosure organisation CDP shows that only 41% of companies that report to them track value chain emissions, and even fewer are aware of their impact on nature. This percentage is surprisingly low given the wide-ranging...

Liimerick Enterprise Development Partnership (LEDP) announced it will plant 7,000 native Irish woodland trees in County Limerick this March to celebrate National Tree Week. This planting initiative is part of the organisation's commitment to...

On 10 February 2023, the Japanese Cabinet confirmed the Basic Plan for the GX: Green Transformation Policy, aimed to help Japan achieve its climate goals. At the end of 2022, before compiling the final edition, the Ministry of Environment, Trade,...

After the first round of the successful Regional Climate Summit in 2022, the International Carbon Action Partnership (ICAP) announced that it will continue collaborating with the International Emissions Trading Association (IETA) and other...

To create a viable framework for measuring and reporting universities' carbon footprint, a standardised approach towards measuring and reducing greenhouse gas (GHG) emissions is necessary. However, every university has unique factors, making the...

A new European survey on sustainable food was conducted by leading international market research company IPSOS on behalf of Yara. The report provides an overview of consumer-purchasing habits and sustainable food preferences. The survey was...

Scientists estimate that boreal forests store twice as much carbon per area compared to tropical forests due to their size. Boreal forests cover 17% of land compared to tropical rainforests that cover 6%. It is essential to give these forests the...

Citibank has announced its targets to reduce emissions linked to loans for coal mining, steel, auto, and real estate clients by 2030. The bank aims to cut 90% of thermal coal mining emissions, 31% of emissions for auto manufacturing, and 41% for...

New Zealand has one of the highest amounts of greenhouse gas (GHG) emissions coming from agriculture, accounting for over half of its emissions. Mainly these originate from methane (CH4) and nitrous oxides (N2O) produced by livestock and animal...

According to the Electricity Market Report 2023 of the International Energy Agency, nuclear power coupled with clean energy sources, like wind and solar, will supply 90% of the additional electricity demand between now and 2025. With the increase of...

Counteract, a new venture capital (VC) fund solely dedicated to carbon removal technologies, has raised around $42 million in its inaugural fund. The London-based fund, which focuses on bioenergy, direct air carbon capture with storage (DACCS), and...

A vote on the European law to ban the sale of new CO2-emitting cars in 2035 has been postponed until the end of March 2023. A representative for Sweden, now in charge of rotating the European Union (EU) presidency, said ambassadors from member...

Over 20 companies within the carbon-removal industry have launched a coalition to lobby the United States (US) government for new policies to help commercialise carbon-removal technologies. These companies seek to create a unified industry voice to...

Nigeria's National Council on Climate Change (NCCC) has announced that it will introduce a carbon tax policy and budgetary system for the country. It will be in line with the Energy Transition Plan recently approved by President Muhammadu Buhari....

German airline, Lufthansa Group, has announced the launch of its new sustainable travel product, Green Fares, becoming the first airline group to offer a product that includes offsetting carbon emissions. Green Fares will enable passengers to fly...

On 21 February 2023, the price in the European Union's Emissions Trading System (EU ETS)—the ‘cap and trade’ scheme constituting the standard measure used to track the price of carbon credits in Europe—surpassed €100 per tonne. This increase...

New Zealand’s government will contribute for lower-income families to replace fuel cars with hybrid or electric vehicles. As part of a sweeping plan, Wellington will spend 569 million New Zealand dollars ($357 million) on the trial program. The...

Alternative asset manager TPG Rise Climate-backed carbon credit firm Rubicon Carbon announced it would raise $1 billion in capital and be run as a separate entity. The company seeks to source and fund projects that remove carbon and sell the credits...

In an effort to reduce CO2 emissions, the government has officially handed over a letter of authorization to the United Nations Development Programme (UNDP). The Letter of Authorization facilitated the bilateral agreement between Ghana and...

US shipping company Norwegian Cruise Line will increase purchases of verified CO2 reduction credit (VCRC). The global cruise company operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. Its combined fleet of 28...

Eight of the world’s biggest insurance and reinsurance companies formed an alliance to aid in accelerating the shift to a net-zero emissions economy. The aim of the Net-Zero Insurance Alliance (NZIA) is to transition insurance and reinsurance...

The European Union wants to become climate neutral. That was a long time coming, but the climate package presented by the European Commission on Wednesday is becoming a lot more concrete. Twelve special laws are in place to ensure that European...