Cop: SE Asian nations to form common carbon framework

Spanish Market: Emissions
18/11/24

Representatives from Asian carbon market associations today signed an agreement to collaborate on a Common Carbon Framework (ACCF) between Asean countries, at the UN Cop 29 climate summit in Baku, Azerbaijan.

Representatives from the Malaysia Carbon Market Association, Asean Alliance on Carbon Market, Singapore Sustainable Finance Association, Thailand Carbon Market Club and Indonesia Carbon Trade Association signed a two-year agreement aimed at unlocking the potential of carbon project opportunities in Asean and promoting regional collaboration to reduce the costs of implementing carbon initiatives. Asean countries include Brunei Darussalam, Malaysia, Vietnam, Singapore, Cambodia, Indonesia, Lao PDR, Myanmar, Philippines, Thailand and Vietnam.

The framework is also aimed at fostering interoperability among the Asean carbon markets to increase market liquidity. This comprehensive carbon framework will serve as a catalyst for discourse, said Malaysia's minister of natural resources and environmental sustainability Nik Nazmi Nik Ahmad. It is an important step in achieving carbon market growth across Asean, to achieve a unified approach in establish an integrated carbon market and accelerate low-carbon investments, he added.

Malaysian exchange Bursa Malaysia introduced the concept of the ACCF last month at the Asean Carbon Forum, stating that the framework aspires to unlock projects unique to the southeast Asian region and create a stronger demand signal by creating interoperable carbon markets in the region to create a bigger market of supply and demand.

A number of southeast Asian countries, in particular Singapore, Malaysia, Indonesia and Thailand have been working on developing carbon markets. One aspect to explore under this framework is establishing areas mutual recognition on carbon methodologies, said Renard Siew, president of the Malaysia Carbon Market Association. If the framework proves to be successful, it will also catalyse the development of a pool of validators and verification bodies, he added. Leveraging on the Asean carbon market associations will also help in capacity building across the region.

The framework needs to be an effective market signalling vehicle to show the region is applying the highest integrity when developing carbon projects, said Natalia Rialucky Marsudi, deputy chair for intra-Asean Affairs at the Asean Alliance on Carbon Market. It will also advocate for a methodology that is "Asean-specific," and address the challenge of how to develop more trust in southeast Asian methodologies, she added.

By Prethika Nair

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18/11/24

G20 takes climate spotlight as Cop 29 stalls

Rio de Janeiro, 18 November (Argus) — A top UN climate official is urging G20 leaders to step up the pace of developing new climate finance goals, as talks on the topic have stalled at the UN Cop 29 climate talks in Baku, Azerbaijan. "Climate finance progress outside of our process is equally crucial, and the G20's role is mission-critical," said UN climate body chief Simon Stiell in a letter to the G20 leaders, who start two days of meetings today in Rio de Janeiro. "[The summit] must send crystal-clear global signals." Leaders at the G20 summit have already promised to discuss terms of a fair energy transition, as Brazil — which is holding the group's presidency this year — picked the topic as one of its three goals, along with combating hunger, poverty and inequality and the reform of global governance. The leaders will present a joint statement on the energy transition on Tuesday and on the other two goals on Monday. Brazilian president Luiz Inacio Lula da Silva and UN secretary general Antonio Guterres already met over the weekend at the end of the G20 Social, a Brazilian initiative parallel to the G20 meetings that seeks to "broaden the dialogue between countries and society" to discuss climate and environmental crises. Lula and Guterres discussed the need for a "coordinated international response to mitigate the effects of climate change, promote adaptation and protect the most vulnerable populations," according to a statement from the Brazilian environmental ministry. They also agreed that increasing international financing for climate action in developing countries is "urgent." The leaders discussed the increase in global climate ambitions through new Nationally Determined Contributions, aligned with the 1.5°C target of the Paris Agreement and in line with the scientific recommendations of the Intergovernmental Panel on Climate Change. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Australian IPL earns over 60,000 safeguard carbon units

18/11/24

Australian IPL earns over 60,000 safeguard carbon units

Sydney, 18 November (Argus) — Australian chemicals and fertilizer producer Incitec Pivot (IPL) has earned 63,529 Safeguard Mechanism Credits (SMCs) with its Moranbah ammonia facility in Queensland for the 2023-24 compliance year that ended in June, which it plans to hold for future surrender requirements from another facility. The SMC figure was formally disclosed by the Clean Energy Regulator (CER) in the Moranbah facility's safeguard position statement early this month, following IPL's National Greenhouse and Energy Reporting (NGER) data submission, the company told Argus on 18 November. This is as Moranbah reported scope 1 greenhouse gas (GHG) emissions below its baseline, the company said. "The site is therefore eligible to apply for SMCs to be issued in February," it told Argus . IPL's Phosphate Hill facility, on the other hand, exceeded its baseline by 40,841t of CO2 equivalent (CO2e). But it will apply for a Trade Exposed Baseline Adjustment , which, if successful, will reduce that excess, the company said in its 2024 climate change report released on 18 November. "It is planned that SMCs earned at Moranbah will be surrendered to settle the Phosphate Hill liability when it becomes due in the 2025 IPL financial year" to 30 September 2025, the company added. The safeguard mechanism applies to facilities that emit more than 100,000t of CO2e in a fiscal year. Emissions must be reported by 31 October, and facilities must manage any excess emissions by the compliance deadline of 31 March 2025 by surrendering Australian Carbon Credit Units (ACCUs) or SMCs — which the CER will start to issue for the first time in early 2025 . IPL's Moranbah surrendered 15,482 ACCUs in the July 2022 to June 2023 fiscal year . It was one of 44 facilities that surrendered carbon credit units out of the total 219 covered under the mechanism that year. Phosphate Hill's reported emissions in 2022-23, at 509,491t of CO2e, were just below its baseline of 512,235t of CO2e. The shift in the 2023-24 compliance period comes as IPL finished installing tertiary nitrous oxide (N2O) abatement at Moranbah in March this year. "Since its installation, the unit has been performing well and is abating up to 99pc of N2O process emissions, which are created during nitric acid manufacture," it said in its climate change report. The abatement unit is expected to have a lifespan of 20 years and will abate around 200,000 t/yr of CO2e, reducing emissions to a level below the facility's baseline in the near term. But as the baseline will decline under the safeguard mechanism, "this benefit will reduce," the company added. By Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Trump taps oil services head as US energy secretary

17/11/24

Trump taps oil services head as US energy secretary

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Cop: US house delegation insists diverse energy mix

16/11/24

Cop: US house delegation insists diverse energy mix

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Cop: US democrats flag looming Chinese climate lead

16/11/24

Cop: US democrats flag looming Chinese climate lead

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