Market Updates
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© Copyright – Welhunt Materials Enterprise Co. Ltd.
Disclaimer/Terms conditions
Market Updates
© Copyright – Welhunt Materials Enterprise Co. Ltd. | Disclaimer/Terms conditions
© Copyright – Welhunt Materials Enterprise Co. Ltd.
Disclaimer/Terms conditions
Carbon Market Coalition Welcomes 18 Member Countries at COP30
Brazil has launched an Open Coalition on Compliance Carbon Markets at COP30, now backed by 18 countries including Brazil, China, the EU, UK, Canada, Chile, Germany, Mexico, Singapore and Norway. The coalition aims to create shared standards and a common carbon pricing framework by linking national compliance markets, harmonizing MRV and accounting rules, and ensuring environmental integrity and just transition. Officials emphasize that regulated carbon markets are a key tool to phase down fossil fuels in an orderly, equitable way and to increase liquidity, predictability and transparency in carbon trading.
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#COP30 #CarbonMarket #Coalition #Compliance #Article6 #MRV #JustTransition #InternationalCooperation
Ørsted Becomes First Energy Major to Complete Full Green Transition
Danish utility Ørsted has become the first major energy company to complete a full green transition, reducing its Scope 1-2 greenhouse gas emissions by over 98% from its 2006 baseline and achieving 99% renewable energy share. The company closed its last coal-fired plant in 2024 and has built over 18 GW of renewable capacity, mainly offshore wind. Ørsted’s science-based targets are validated by SBTi, with a net-zero value chain goal set for 2040. The company now focuses on cutting Scope 3 emissions in its supply chain and collaborating for low-carbon materials and shipping solutions. This transition sets a benchmark for the global energy sector ahead of COP30.
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#Ørsted #Denmark #GreenTransition #RenewableEnergy #NetZero #SBTi #OffshoreWind
SBTi’s latest draft standard proposes flexible, scope-specific target setting
The Science Based Targets initiative (SBTi) released a draft update to its Corporate Net-Zero Standard on Nov. 6, introducing more flexible scope-specific target-setting methods. The update includes three approaches for scope 1, clarity on scope 2 and low-carbon electricity purchasing, and a developed scope 3 framework. It also offers companies options for progressive responsibility of ongoing emissions and a cyclical validation process. Large companies in high-income countries face stricter requirements, including addressing residual emissions with carbon removals by 2035. The final standard is expected in 2026, effective from 2028.
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#SBTi #NetZero #TargetSetting #CorporateESG #Scope1 #Scope2 #Scope3 #ClimateStandard
Singapore Names Three Carbon-Rating Firms to Enhance Integrity of International Carbon Credits
Singapore’s National Environment Agency (NEA) has appointed three firms—BeZero Carbon Ltd, Calyx Global, Inc, and Sylvera Ltd—to provide independent assessments of carbon-credit methodologies and projects under its International Carbon Credit (ICC) Framework. This supports the ICC Framework, allowing companies to offset up to 5% of taxable emissions using eligible credits from 2024. The ratings panel will enhance governance and integrity in cross-border carbon credits, reinforcing investor confidence and Singapore’s leadership in Article 6 markets. This initiative highlights Singapore’s commitment to rigorous oversight and global carbon market governance.
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#Singapore #CarbonCredits #ICC #Article6 #CarbonRating #Governance #Integrity
PETRONAS CCS Ventures Sdn Bhd Receives Malaysia’s First Offshore Assessment Permit for Carbon Capture and Storage
Petronas CCS Ventures Sdn Bhd (PCCSV), a wholly owned unit of Petronas, has received Malaysia’s first offshore assessment permit for carbon capture and storage (CCS) at the Duyong field offshore Peninsular Malaysia. The permit, granted by the Malaysia Carbon Capture, Utilisation, and Storage Agency (MyCCUS) under the newly enacted Carbon Capture, Utilisation, and Storage Act (CCUS Act 2025), allows geological assessment to confirm the site’s feasibility as a carbon storage site. PCCSV collaborates with TotalEnergies and Mitsui under a Key Principles Agreement to advance technical studies with plans to move into front-end engineering design, aiming to establish a commercially viable CCS hub by 2029. This milestone positions Malaysia as a regional leader in CCS and supports national carbon reduction goals aligned with its Net Zero target for 2050.
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#PETRONAS #Malaysia #CCS #CarbonCapture #Offshore #NetZero #CCUSAct2025 #Partnership