EU pledges €20mn to Brazil's Amazon fund

Spanish Market: Emissions
23/07/24

The EU has signed a letter of intent with Brazil's Bndes development bank to donate €20mn ($21.7mn) to the Amazon fund as part of broader efforts by Europe to support sustainable development in Brazil.

The fund is the world's largest to use the REDD+ framework, which aims to reduce emissions from deforestation and forest degradation and promote sustainable forest management. It has R3.9bn under management and has supported 114 projects to date.

The European Investment Bank also agreed to finance €300mn in Brazilian energy transition, green economy and digital transition projects under "very favorable" conditions, it said.

The Amazon fund resumed operations last year, after suspending operations for four years during the government of former President Jair Bolsonaro. It attracted R726mn ($130mn) in 2023.

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14/11/25

Cop: 10 countries pledge to align transport with 1.5ºC

Belem, 14 November (Argus) — A group of 10 countries led by Chile called for a global effort to cut energy demand from the transport sector by 25pc by 2035, aligning it with the Paris Agreement goal of limiting global warming to 1.5°C above pre-industrial levels. The coalition was formed at the UN Cop 30 climate summit, which is underway in Belem, northern Brazil. Brazil, Colombia, Costa Rica, the Dominican Republic, Honduras, Norway, Portugal, Slovenia and Spain are the other signatory countries so far. "We are committed to making transport a key pillar of climate action, agreeing a shared framework for resilient and low emissions transport systems", Chile's transport minister Carlos Abogabir told journalists at Cop 30. Cutting energy demand from transport — the second-largest emitting sector — allows for "a clear measurable direction towards a net zero scenario in the transport sector in 2050", he added. Chile is a natural leader for the coalition as it is a global leader in efforts to electrify its public transport fleet. The country's capital Santiago is the city with most electric buses outside of China, Abogabir said. It had around 3,000 electric buses in 2024, according to a report by Agora Verkehrswende, a non-governmental organisation focused on climate neutrality in transport. But it will have 4,400 by March, Abogabir added. The coalition will now work to create a roadmap to reach the pledge's goal and measure progress for future Cops, according to Slocat, a global partnership that promotes sustainable, low-carbon transport. Sustainable fuels, renewable sources Although the pledge will heavily rely on electrification, it also calls on countries to shift one-third of energy powering transport to sustainable biofuels and renewable sources. Brazil is the second-biggest biofuel producer globally, trailing only behind the US. But it will consider any route that both decarbonizes its fleet and drives national industry, Brazilian minister of cities Jader Barbalho Filho told Argus , mentioning specifically liquid nitrogen and biomethane. Including existing and expected projects, Brazil could have 2.4mn m³/d of biomethane capacity by 2027, data from hydrocarbons regulator ANP show. The shift to sustainable biofuels and renewables sources plays well into Brazil's Belem 4x pledge , which calls for a global effort to quadruple global output and use of sustainable fuels by 2035, Filho added. "The Chilean government looked for us [to present the transport pledge] exactly because we already have [Belem 4x]", he said. The Belem 4x pledge now has 23 country signatories, Cop 30 chief executive Ana Toni said today. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

More oil, gas firms have emissions action plans: OGDC

14/11/25

More oil, gas firms have emissions action plans: OGDC

London, 14 November (Argus) — Oil and gas firms that are signatories to the Oil and Gas Decarbonisation Charter (OGDC) have increasingly set out plans to address their operational emissions, methane emissions and flaring, a report from the OGDC said today. Of the companies signed up to the charter in 2024, 36 reported having "interim action plans" for scope 1 and 2 emissions reductions for 2030, 31 reported that they had methane action plans and 33 reported having flaring action plans — up from 31, 20 and 22, respectively, in 2023. Of the signatories, 36 have third-party verification systems in place, the report found. The charter was signed at Cop 28 in 2023 and now has 55 signatories, representing around 40pc of global oil production and around 35pc of global oil and gas output. Of the signatory companies, around two-thirds are state-owned. OGDC signatories produced nearly 59mn b/d of oil equivalent (boe/d) in 2024. The OGDC estimated that total operated scope 1 and 2 emissions for all charter signatories stood at around 1bn t/CO2 equivalent (CO2e) in 2024. The estimate was based on submissions for operated scope 1 and 2 emissions from 41 signatories, which totalled just above 800mn t/CO2e in 2024. Scope 1 and 2 emissions usually make up a minority of oil and gas producers' total emissions. But scope 3, or end-use, emissions represent the vast majority of oil and gas producer emissions, with estimates in the range of 80-95pc of the total. A report from a group of more than 130 scientists on 13 November found that emissions from fossil fuels are projected to reach a record high of 38.1bn t/CO2 this year. Global emissions from "human activities" stood at 53.2bn t/CO2 equivalent (CO2e) in 2024, without factoring in emissions from land use, land use change and forestry, the EU's Edgar programme found in September. Charter signatories invested around $32bn in "low-carbon solutions" which include renewables, carbon capture, hydrogen and "low-carbon fuels" in 2024, according to the report. Signatories agree to aim for net zero operations by 2050, "near-zero upstream methane emissions" by 2030, zero routine flaring by 2030 and to "set and share" a 2030 goal for scope 1 and 2 emissions. TotalEnergies, a signatory to the charter, today committed $100mn to a fund which supports technologies to cut emissions "across the oil and gas value chain". The fund — Climate Investment — is partnered with the charter and will help signatories "on their decarbonisation path", within the charter's scope, TotalEnergies said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Cop: US lawmaker pushes for CBAM support

14/11/25

Cop: US lawmaker pushes for CBAM support

Belem, 14 November (Argus) — A senior US lawmaker is hoping to convince delegates at the UN Cop 30 climate summit to preserve the use of a carbon boarder adjustment mechanism (CBAM) in global efforts to reduce greenhouse gas (GHG) emissions. US senator Sheldon Whitehouse (D-Rhode Island) arrived at the conference in Belem, Brazil, on Friday, the sole US federal official to attend the talks so far. Whitehouse said that one of the main messages he wants to convey to delegates is that the CBAM, a carbon fee for imports that do not meet certain emissions benchmarks, may be "our last lifeboat" to avoid severe consequences from climate change. "There is no pathway to climate safety without CBAM, and we must protect that pathway at all costs", he said. While US lawmakers have yet to give serious consideration to creating a CBAM-type mechanism, there have been signs of some bipartisan interest in the idea. Some Republicans view the policy as one way to limit imports from China. Whitehouse, the senior Democrat on the US Senate Environment and Public Works Committee, has also sponsored his own legislation for carbon border fee. The CBAM originated with the EU, which adopted it in 2023, and will launch next year. But countries outside the bloc also plan to enact their own border fees, something Whitehouse said he hopes will encourage others to follow suit. "The fact that the UK is lining up to join and Australia is lining up to join and others could come along behind them is a good signal", he said. The UK plans to introduce its CBAM from 1 January 2027 . The issue of trade measures has been a major one in Belem, one of four non-agenda items that are the focus of ongoing discussions across the first week. Some developing countries have expressed concern that unilateral trade measures, including the CBAM, will harm their ability to fulfil their climate policy goals. Whitehouse questioned the authenticity of some of the opposition, some of which has come from major oil producing countries, attributing it mainly "to the fossil fuel industry." "If we don't do the CBAM, if we don't get a pathway to climate safety, the consequences for many countries will be far worse than anything that can come from CBAM", he said. Whitehouse also said he wants to use his time at the Cop to let other countries know that the policies of President Donald Trump's administration do not reflect the views of most Americans when it comes to climate change. "In fact, they're not even close. What they represent is the fossil fuel industry," he said, echoing comments made at the Cop earlier in the week by California governor Gavin Newsom (D). By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

API pitches revamp of biofuel exemptions: Update

13/11/25

API pitches revamp of biofuel exemptions: Update

Updates throughout New York, 13 November (Argus) — The American Petroleum Institute (API) is pitching the White House and biofuel groups on a total revamp of how the US exempts oil companies from a program that requires biofuel blending, according to three people familiar with the lobbying group's work. API recently withdrew its support for a bill that would authorize 15pc ethanol gasoline (E15) year-round on its frustrations with changes to biofuel policy this year that oil companies see as too friendly to farmers and to some small refining competitors. The US for instance recently granted small oil refiners generous hardship waivers from a biofuel blend mandate and proposed requiring larger companies to blend more biofuels in future years as an offset. API's pitch — shared at a White House meeting this week — would require that companies seeking program exemptions must show that economic hardship stems directly from the biofuel program, a more stringent requirement than today, according to two of the people familiar with the group's work. Exemptions would also be restricted to companies with limited collective refining capacity, cutting off larger enterprises like Delek and Par Pacific that own multiple small units that qualify now. Smaller companies like Ergon and Kern Oil could still request waivers, but the total pool of potentially exempted gas and diesel volumes would be far lower. The oil group then wants the US to prohibit hiking other oil companies' blend requirements to offset those exemptions, a tougher sell to biofuel and crop groups that fear unchecked program waivers curb demand for their products. Larger merchant refiners that do not qualify for small refinery relief have also long pushed lawmakers for updates to the program and would not benefit from this proposal. API's idea is to pass legislation pairing updates to the small refinery exemption program with year-round authorization of E15, generally prohibited in the summer without emergency waivers because of summertime fuel volatility restrictions that do not apply to typical 10pc ethanol gasoline. That's a top priority for ethanol companies, otherwise at risk from an increasingly efficient and electric light-duty vehicle fleet. Congress last year nearly passed narrower E15 legislation, which API supported at the time but no longer does without more changes. Courts have struck down past attempts by federal officials to authorize E15 without emergency declarations and to drastically restrict biofuel exemption eligibility, likely limiting what President Donald Trump's administration can do without new legislation. API made the pitch to the White House this week, the sources familiar with API's work said. The White House is hosting other groups for meetings on fuel policy, including another one on Thursday on E15 that featured biofuel groups. Officials from across Trump's administration, including the US Department of Agriculture, have attended. "Administration officials hosted listening sessions with biofuel groups, agriculture and oil refiners to discuss their proposals on year-round E15", a source familiar with the matter said. It is not clear that biofuel advocates, insistent that the Trump administration entirely offset the impact of recent refinery exemptions, are open to the attempted compromise. The ethanol group Renewable Fuels Association declined to comment on E15 talks. Regulatory tweaks to boost ethanol supply would also do little on their own to help producers of other biofuels like renewable diesel. API declined to elaborate on what was discussed at any meetings with the Trump administration. "We appreciate the administration's leadership in bringing stakeholders together to advance a practical solution on E15 and small refinery exemption reform", API said. "We look forward to continuing to work together to advance a framework that supports fuel choice, strengthens the refining and agricultural sectors, and helps ensure a stable, reliable supply for American consumers." Under the Renewable Fuel Standard, the US requires oil refiners and importers to annually blend different types of biofuels or buy credits from those that do. The administration is late setting new biofuel quotas for 2026 but is expected to do so in the coming months, kicking off a flurry of last-minute lobbying about future volumes, exemptions and potential cuts to credits from foreign fuels and feedstocks. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Pennsylvania exits RGGI to pass budget

13/11/25

Pennsylvania exits RGGI to pass budget

Houston, 13 November (Argus) — Pennsylvania exited the Regional Greenhouse Gas Initiative (RGGI) as a concession by Democratic lawmakers to finalize the state's long-delayed budget for the coming year. "We needed to focus on a budget that helps people make ends meet. We also recognize the reality of divided government and the need for compromise," state House of Representatives majority leader Matt Bradford's (D) office said on Thursday. Governor Josh Shapiro (D) on Wednesday signed a bill, HB 416, repealing regulation that allows Pennsylvania to participate in the northeastern power plant CO2 cap-and-trade program. The state's exit from the program was part of a deal reached by lawmakers to finalize Pennsylvania's budget for the coming year, a process that had been ongoing for a few months. The passage of that bill resolved any uncertainty over the status of Pennsylvania's membership in RGGI, which has been in limbo for over three years. Concerns over affordability likely loomed large over lawmakers — echoing a bigger trend in the northeast US spurred by rising energy costs. Conservative legislators and industry groups have criticized RGGI as an unlawful tax that disproportionately raised energy costs for consumers. "RGGI was seen as a political liability with certain voting blocs in the current affordability environment," said non-profit Acadia Center senior director Jamie Dickerson and senior policy and data analyst Paola Tamayo. "In the heat of budget negotiations, the program was clearly treated as a bargaining chip" among "a broader set of concessions" including sizable cuts to the state's Department of Natural Resources, said Dickerson and Tamayo. Pennsylvania has also been in the spotlight as a key source of natural gas to provide electricity to power-hungry artificial intelligence (AI) data centers because of the state's vast shale gas fields that are cheaper to drill than other US basins. Some gas executives operating in Pennsylvania have pitched the state as an attractive data center hub on the grounds that it is far easier to gain key permits to build gas pipelines within the borders of a single state. This could make Pennsylvania a more appealing site for a gas-powered data center than a traditional hub like Virginia, where any new gas generation infrastructure would likely have to take fuel from a producing state like West Virginia. Such a proposed interstate pipeline could face expensive delays and ultimately fail to secure permits. US president Donald Trump met with gas executives and state leaders in Pennsylvania in July to announce nearly $100bn of investments into Pennsylvania to support AI and new gas production and infrastructure to support it. A balancing act Pennsylvania first began the process to join RGGI in 2019 under Shapiro's predecessor, former governor Tom Wolf. But its participation has been on hold since 2022 after the Commonwealth Court struck down the state's RGGI regulation. Shapiro has been noncommittal over his support for RGGI, having to balance competing interests of environmental and industry groups in the fossil fuel-heavy state. While his administration appealed the lower court's ruling to Pennsylvania's Supreme Court, Shapiro's arguments focused on the preservation of executive authority rather than explicit support of the emissions reduction program. The state's high court held a hearing earlier this spring over that case where judges appeared to push back against the Shapiro administration's arguments. "While we support RGGI, the fact is, it was found to be unlawful in Commonwealth Court, with a slim chance of it being overturned on appeal," Bradford's office said. But some groups argued the opposite, criticizing the decision to leave RGGI before the Supreme Court ruled. "What's … striking is that the courts were close to issuing a decision on the legality of the RGGI regulation … and the expectation had been that the state would retain the rule," said Dickerson and Tamayo, who have been in touch with other interest groups on the ground. Shapiro has also floated implementing a state-specific cap-and-trade program, known as the Pennsylvania Climate Emissions Reduction Program (PACER). Democratic representatives introduced a bill that would establish PACER to the House in April, but that bill has remained stuck in committee. It is unclear whether Shapiro intends to move forward with PACER now that Pennsylvania is officially out of RGGI. His office has not commented on whether PACER will be a priority in the near future. The secondary RGGI CO2 allowance market, which has been supported by the latest elections and elevated electricity demand , barely reacted to the news that Pennsylvania has left the program. Contracts for December 2025 and December 2026 delivery were largely flat on Wednesday, with Argus assessing them at $26.69/short ton (st) and $26.60/st. By Ida Balakrishna and Julian Hast Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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EU pledges €20mn to Brazil's Amazon fund

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API pitches revamp of biofuel exemptions: Update

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