TAX

European Union countries agree to the world’s first carbon border tariff

The European Union’s 27 economy ministers have reached an agreement pledging to introduce a world-first carbon border levy on imports of highly-polluting goods. Known as a carbon border adjustment mechanism (CBAM), the levy was proposed in 2021 by the European Commission with the aim of protecting EU industry from imports of products coming from countries where it is cheaper to pollute. The levy will target goods such as cement, aluminium, fertilisers, electric energy production, iron and steel with a €150 threshold to reduce administrative complexity. The costs would not kick in until 2026, but a three-year transition phase would begin in 2023. The European Parliament plans to confirm its position by July, meaning negotiations between Parliament and EU countries on the final rules could begin in late 2022.(edie; Al Jazeera)

NATURAL CAPITAL

Singapore’s carbon market launches platform for carbon credit trade

A digital platform allowing businesses to buy and sell carbon credits has been launched by Singapore-based carbon exchange marketplace Climate Impact X (CIX). The Project Marketplace platform will allow firms to discover, compare and purchase carbon credits from various global projects. The marketplace will predominantly feature carbon credits from nature-based solutions such as forest conservation efforts. Currently around 10 to 15 such projects are listed on the platform. CIX chief executive said credits from nature-based solutions typically range from $12 to $17 per credit. The platform will promote high quality credits and transparency through a third-party ratings system, supplemented with satellite monitoring technology data. Other types of carbon credits will also be listed on the platform, such as those that use technology to sequester CO2 from the atmosphere. (The Straits Times)

TECHNOLOGY & INNOVATION

Google pioneers digital tool to monitor renewable electricity usage

Technology giant Google has announced its plans to “fully develop and widely deploy” its ‘Time-Based Energy Attribute Certificates’ digital tool to help governments, businesses and energy system operators to track renewable electricity generation and consumption in real-time. Originally launched last March, The company has released an update, confirming that trial projects are underway in the US, Denmark and Chile. In the US, Google is working with non-profit energy certificate specialist M-RETS and environmental technologies provider APX. These collaborations mean that electricity generators in the US will soon have access to hourly data and rapidly generate certificates. Google expects its tool to support verification of green claims and incentivise investment in clean energy as increasing corporates and governments strive to reach net-zero. (edie)

ENVIRONMENT

Government proposes legally binding targets on nature, air and water

Proposals for 13 long-term environmental targets have been unveiled by the UK government, all of which are set to be made legally-binding under the nation’s Environment Act. The targets cover areas such as water quality, air pollution, biodiversity and waste levels to be achieved within the next 15 to 20 years. Specific targets include halting wildlife decline by 2030 and increasing species populations by 10% by 2042, and increasing England’s tree canopy and woodland cover from 14.5% to 17.5% by 2050. Annual progress reports from the government and the new Office for Environmental Protection (OEP) would also be produced under the legislation. Further non-legally binding interim goals are expected to be unveiled later in 2022 to support the long-term targets. (Business Green)*

SUSTAINABLE INVESTMENT

Microsoft leads a $34 million capital raise for shipping decarbonisation

Multinational technology company Microsoft has led a $34 million financing round for ocean shipping decarbonisation and optimisation solutions start-up Nautilus Labs. The investment will be used to develop new product capabilities to support client decarbonisation and profit maximisation goals, as well as to hire new talent and grow the footprint of its global shipping hubs. Ocean shipping, accounting for an estimated 3% of global GHG emissions, is coming under increased scrutiny as a hard-to-abate sector. Nautilus’ will aim to address ocean shipping inefficiencies and enable emission reductions by allowing collaboration among stakeholders in the ocean supply chain, connecting owners and operators. The solution provides predictive insight into voyage economics, leveraging machine learning, weather patterns, transport times and commercial objectives to reduce fuel waste and emissions while maximising commercial returns. (ESG Today)

*Subscription required

CURRENT OPENINGS

Would you love to work in sustainability, supporting big brands in their responsible business journeys? Click here to see info on our current openings. We can't wait to hear from you