German China UER probe involves 6mn t CO2e

: Biofuels, Emissions
24/09/16

The German Federal Environment Agency (UBA) said today its investigation into possible fraud in the upstream emission reduction (UER) market involves certificates for around 6mn t of CO2 equivalent (CO2e), of which two thirds could be recovered if needed.

The UBA has been investigating UER projects in China since September 2023 on suspicion that many either do not exist or cannot generate the appropriate amount of certificates to be counted towards the greenhouse gas (GHG) emission reduction quota. This has almost completely halted trade in UER credits.

The UBA has identified 45 projects with certificate capacity of around 6mn t CO2e. Of these, 1.3mn t CO2e have not been issued, and 2.6mn t CO2e have been issued but can theoretically be recovered. The remaining 2.1mn t CO2e are associated with completed projects that cannot be recovered or deleted.

The latter would be "cases for the public prosecutor's office," the UBA said.

Any reclaim procedure is dependent on irregularities being proven, and will mean the UER certificates are deleted, the UBA said. An issuer must purchase new certificates to compensate for its missing GHG savings or pay a penalty of €600/t CO2e.

But retrieving certificates that have been traded involves proving that the buyer, typically a fuel supplier, has intentionally acquired fraudulent certificates, the Federal Environment Ministry (BMUV) told Argus.

The UBA is examining 35 new project entries for 2024. It is unclear how many certificates will be available on the market in 2024 and 2025. The application for new projects ended on 1 July, and the crediting period for UER evidence ends on 1 September 2025, according to the UER regulation.

by Nik Pais dos Santos

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25/04/25

NYC comptroller sets net zero investment standards

Houston, 25 April (Argus) — New York City's top financial officer this week issued standards that will be used to evaluate investment plans for the city's retirement systems that aim to meet net zero goals. Comptroller Brad Lander adopted a "Net Zero Implementation Plan" in 2022 requiring public markets asset managers, who manage funds for New York City's retirement systems, to submit investment plans that work towards achieving net zero by 2040 to his office by 30 June. Earlier this month, his office announced that the city's pension systems lowered their greenhouse gas (GHG) emissions by 37pc and achieved their interim climate goals one year early , with much of that decline driven by divestment of fossil fuel reserve owners. Under the standards released on 22 April, asset managers should take into account climate-related investment risks in their decision-making and work with portfolio companies to promote "real economy decarbonization." In addition, asset managers must require portfolio companies to report and set goals to reduce their scope 1 and 2 emissions — direct emissions from sources owned by the company and from electricity purchases, respectively — as well as scope 3 emissions, or indirect supply chain emissions. Investment plans must also include short-, medium-, and long-term goals to reach net zero and ensure that future capital expenditures and lobbying align with those goals. For plans that do not meet those standards, Lander will recommend to "put those managers' investment mandates out to bid , " or begin a lengthy procurement process to contract new asset managers to manage those funds. "Our new standards demand that the retirement systems' managers strengthen their Net Zero plans consistent with their fiduciary duty — or we will find new asset managers who will," Lander said. The New York City Comptroller oversees five public pension funds which together form the fourth largest public pension plan in the US, with about $285bn in assets that are managed by external investment managers contracted by the city. Lander said that threats from the federal government, including efforts to halt offshore wind , as well as President Donald Trump's executive order targeting state and local climate policy, would affect the city's ability to lower emissions and were a major reason for issuing the net zero standards. New York City's pension systems have goals of investing $1.8-19bn in "climate change solutions" by 2035. By Ida Balakrishna Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazilian wildfires burn 70pc less area in 1Q

25/04/23

Brazilian wildfires burn 70pc less area in 1Q

Sao Paulo, 23 April (Argus) — Wildfires in Brazil scorched an area almost equivalent to the size of Cyprus in January-March, but still 70pc less than in the same period in 2024 as the rainy season was above average in most of the north-central part of the country this year. The wildfires spread out over 912,900 hectares (ha) in the first three months of 2025, down from 2.1mn ha in the same period of 2024, according to environmental network MapBiomas' fire monitor researching program. The reduced burnt areas are related to the rainy season in most of the country, but still-high wildfire levels in the Cerrado biome showed that specific strategies are necessary for each biome to prevent further climate-related impacts, researchers said. The Cerrado lost 91,700ha to wildfires in the first quarter, up by 12pc from a year before and more than double from the average since 2019. Burnt areas in the Atlantic forest also increased 18,800ha in the period, up by 7pc from a year earlier. Wildfire-damaged areas in the southern Pampa biome, or low grasslands, grew by 1.4pc to 6,600ha. The Amazon biome lost over 774,000ha to wildfires in the first quarter of 2025, a 72pc drop from a year earlier, while it accounted for almost 52pc of burnt areas in March. The loss represented 84pc of the total burnt land in the period. Burnt areas in the central-western Pantanal biome, or tropical wetland, fell by 86pc in the first quarter to 10,900ha. The northeastern Caatinga biome, or seasonally dry tropical forest, lost around 10,000ha in burnt areas, down by 8pc from the same period in 2024. Reductions may not persist as a drought season will begin in May and is expected to be severe, according to Mapbiomas. Last year, an extended drought season prompted burnt areas to grow by 79pc from 2023. Northern Roraima state was the state to suffer the most from wildfires in the period, with 415,700ha lost to wildfires during its distinct drought season in the beginning of the year, while other states faced a rainy season. Northern Para and northeastern Maranhao followed, with 208,600ha and 123,800ha of burnt areas, respectively. Wildfires hit over 24,730ha of soybean fields in the period, a 29pc decrease from a year earlier, while burnt areas in sugarcane fields fell by 31pc to around 7,280ha. Wildfires hit 106,600ha of the country in March, a 86pc decrease from 674,900ha a year earlier. By João Curi Burnt areas in March ha 2025 2024 Amazon 55,172 732,929 Cerrado 37,937 20,995 Atlantic Forest 9,262 4,509 Caatinga 2,296 755 Pampa 1,514 127 Pantanal 562 21,799 Total 106,641 781,114 — Mapbiomas - Monitor do fogo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US wants IMF, World Bank to drop climate focus

25/04/23

US wants IMF, World Bank to drop climate focus

Washington, 23 April (Argus) — US president Donald Trump's administration today called on the IMF and the World Bank to focus resources away from climate action and energy transition and to make lending available to fossil fuels programs. The IMF "devotes disproportionate time and resources to work on climate change, gender, and social issues," US treasury secretary Scott Bessent said in remarks today timed to coincide with the two international lending institutions' annual meeting in Washington. "Like the IMF, the World Bank must be made fit for purpose again," he said, during an event hosted by trade group Institute of International Finance. The IMF and the World Bank in recent years have followed the preferences of their largest shareholders — the US and European countries — in incorporating the effects of climate change in their analysis and to facilitate energy transition in the emerging economies. The World Bank, together with other multilateral development banks globally, announced at the UN Cop-29 climate conference last year that they could increase climate financing to $170bn/yr by 2030, up from $125bn in 2023. "I know 'sustainability' is a popular term around here," Bessent said. "But I'm not talking about climate change or carbon footprints. I'm talking about economic and financial sustainability." Bessent urged the World Bank to "be tech neutral and prioritize affordability and energy investment," adding that "in most cases, this means investing in gas and other fossil fuel based energy production." "In other cases, this may mean investing in renewable energy coupled with systems to help manage the intermittency of wind and solar," Bessent said. The US is the largest shareholder at both the IMF and the World Bank, with a 16pc stake in both institutions. The Trump administration, which has slashed climate programs at US government institutions and withdrew the US from climate-focused international efforts, has so far refrained from interfering in the operations of the IMF and the World Bank. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU will submit climate plan ‘in time’ for September

25/04/23

EU will submit climate plan ‘in time’ for September

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Bio-bunker sales in Rotterdam down in 1Q

25/04/23

Bio-bunker sales in Rotterdam down in 1Q

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