Voluntary Carbon Market News. 30 October-5 November 2023

Dmitri Avatar

Voluntary Carbon Market News. 30 October-5 November 2023

Hypercharge Launches Carbon Credit Program to Reward EV Charging Station Owners

Hypercharge Networks Corp., a leading EV charging solutions provider, has launched a new Carbon Credit Program in British Columbia. The program rewards property owners with carbon credits for each EV that charges at their stations.

Hypercharge handles all of the administrative tasks related to carbon credits, making it easy for property owners to participate. The program also aggregates energy across all charging sites to boost credit accumulation and secure better prices.

Participants can opt for a cash payout or reinvest their carbon credits in additional Hypercharge EV charging stations. The program is currently available to commercial properties or multifamily buildings with 5 or more units in British Columbia, and will expand across North America in 2024


Pakistan Launches Five-Year Program to Build Capacity for Carbon Markets

Pakistan has launched a five-year program (SPAR6C) to build its capacity to participate in international carbon markets under Article 6 of the Paris Agreement. The program is funded by the German government and implemented by a consortium of partners led by the Global Green Growth Institute.

The program will focus on developing the necessary policy and regulatory frameworks, building national expert know-how, and facilitating access to international carbon finance. It is expected to help Pakistan reduce its greenhouse gas emissions and promote sustainable development.


Australian Businesses Under Investigation for Buying Worthless Carbon Credits

Australian businesses, including Origin Energy, KPMG, and Zoos Victoria, are under investigation for buying carbon credits from a Zimbabwean forest project that is now suspected of selling worthless offsets. The project, Kariba REDD+, promised to reforest a vast tract of land that had been devastated by trophy hunting and subsistence farming. However, a recent investigation by The New Yorker magazine alleged that the credits were overvalued or worthless.

The credits have been used to offset emissions from Queensland electricity generation, housing construction in Brisbane, and “responsible travel” in Tasmania. Australia’s official carbon assessor, Climate Active, has frozen applications from businesses wanting to use Kariba credits to offset their emissions.

The investigation into Kariba REDD+ is a reminder of the importance of due diligence when buying carbon credits. Businesses need to ensure that the projects they support are legitimate and that the offsets they purchase are real and verifiable.


Equinor and Captura Partner to Develop Industrial-Scale Ocean Carbon Removal

Multinational energy company Equinor and Direct Ocean Capture (DOC) company Captura have partnered to develop industrial-scale solutions to remove carbon dioxide (CO2) from the ocean. The partnership will begin with an initial 1,000-ton-per-year pilot plant in Norway, which has the potential to serve as a launchpad for building large-scale, commercial plants in key regions around the world.

The pilot plant will be built onshore and will draw in seawater to remove a measurable stream of CO2. The captured CO2 will be used to commission the Northern Lights facilities, the world’s first open-source CO2 transport and storage infrastructure. This will test how DOC technology can deliver high-quality carbon removal credits that are reliable, safe, and certified. Such removals will be required to meet net-zero targets by counteracting hard-to-decarbonize emissions and can also be used to address emissions from the past.


Coinbase to Delist Moss Carbon Credit Altcoin Over Compliance Concerns

Coinbase, a major cryptocurrency exchange, is delisting the Moss Carbon Credit (MCO2) altcoin on November 14, 2023 due to asset-related issues and non-compliance with listing standards. The token is currently trading at a significant 92% below its all-time high and has a market cap of just $4.55 million.

MCO2 is unique to Coinbase and is not listed on other major exchanges. It operates on an Ethereum-based platform and aims to tokenize companies’ carbon credits. The creators of MCO2 have defended their token’s purpose, emphasizing that they purchase carbon credits from environmental initiatives like the Amazon Forest. However, the token’s performance and compliance issues have led to its upcoming delisting.


Verra Launches Investigation into Kasigau Corridor REDD Project Over Abuse Allegations

Verra, a global carbon accounting and verification standard, has launched an investigation into the Kasigau Corridor REDD Project in Kenya following serious allegations of physical and sexual abuse. The allegations were made by the Kenya Human Rights Commission and the Centre for Research on Multinational Corporations.

Verra has put the project and any further credit issuances on hold until the investigation is complete. The investigation will be conducted in accordance with Verra’s rules and requirements, which provide a path to corrective action when Verra has concerns about a project’s integrity or impact on the integrity of Verra’s programs and the market.

Verra is grateful for the important work of the organizations that brought these allegations to light.


Green Asset Exchange Launches in Africa

The Green Asset Exchange, Africa’s first locally-developed online marketplace for trading environmental assets, has launched. The exchange connects buyers and sellers through an online platform, allowing for a transparent, trusted, and efficient way to get the best economic value from the green economy.

The exchange of green assets is already prevalent in global markets, but the Green Asset Exchange is the first of its kind in Africa. It is the result of three years of collaboration between the founders of the exchange and various market participants, brokers, developers, environmental lawyers, and the top carbon registries in the world.

Nicholas Rowley, Founder and Manager Director of the Green Asset Exchange, explains that the exchange was created to address the need for financial incentives to drive sustainability in large companies. He also notes that the exchange comes at a time when society is increasingly becoming conscious of the impact their choices have on the environment, and companies are taking more responsibility for the externalities caused by their business practices.

Rowley believes that the Green Asset Exchange can act as a “green stimulus” in enabling the protection of the environment and bringing much-needed capital to the African continent. The exchange is currently launching with a diverse asset portfolio and is calling for more producers and buyers of green assets to register, along with brokers, consultants, and project developers.


Leave a Reply

Your email address will not be published. Required fields are marked *

Carbon market news