14 May 2025 | 04:05 UTC — Insight Blog
Verra releases carbon crediting methodology for early retirement of coal plants
Energy transition highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices.
Verra, the world's largest voluntary carbon credit issuer, launched a methodology on May 6 to issue credits from projects that enable the early retirement of coal-fired power plants and their replacement with renewable energy.
This is a long-awaited methodology to tackle one of the key bottlenecks in the global energy transition, transitioning away from coal.
According to the methodology document, eligible coal plants need to be connected to the grid. The plants also need to be in regulated power markets or have long-term purchase agreements in place. They should be profitable up to their initial retirement dates. Meanwhile, participating plant owners must commit to "no new coal".
Transition credits may be priced at around $36-$60/mtCO2e in the 2030s, Eric Francia, President and CEO of ACEN, said. ACEN owns a pilot project in the Philippines and has planned to sell transition credits to Singapore buyers under the UN’s Article 6 framework.
Price of the Week
$22/mtCO2e
Platts, part of S&P Global, assessed the CORSIA-eligible carbon credit price at $22/mtCO2e on May 12. Notably, this is the Platts assessment reflecting Article 6-aligned carbon credit prices.
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Rotterdam completes first ammonia bunkering pilot, paves way for low-carbon transition
The Dutch port of Rotterdam has completed its first ammonia bunker operation, as Europe's largest marine refuelling hub readies itself for the alternative fuel amid tightening environmental regulations. The pilot project involved transferring 800 cu m of liquid ammonia -- or around 500 mt -- at minus 33 degrees C between two ships at the Maasvlakte 2 APM terminal, with the operation taking about 2.5 hours on April 12. The bunker operation came after the IMO approved new greenhouse gas regulations that will effectively penalize ships using conventional oil-based fuels from 2028. Singapore, the world's largest bunker port, had its ammonia bunkering pilot in March 2024.
INTERVIEW: All new Mitsubishi Power gas turbine projects in Europe are hydrogen ready, CEO says
Gas turbine demand in Europe is booming for manufacturer Mitsubishi Power, and all the orders in the works are for hydrogen-ready technology, the company's CEO for Europe, the Middle East and Africa, Javier Cavada said. The company has landed turbine orders for large-scale power plants in North Africa and the Middle East this year and sees strong demand in Europe too. Mitsubishi's turbines can already fire hydrogen mixes of up to 30%, with plans to achieve 100% hydrogen capabilities by 2030. Earlier in April, Mitsubishi Power received an order to supply six M501JAC hydrogen-ready turbines to projects in Saudi Arabia totaling 3.6 GW.
Platts Connect
The US-China trade conflict has prompted Chinese solar PV manufacturers to accelerate supply chain diversification, but given all the external uncertainties, tapping into the domestic market remains crucial for their continued survival and success. The administration of US President Donald Trump has imposed a tariff of 145% on imports from China, though the actual tariff rate varies depending on the product. Chinese solar manufacturing companies began supply chain diversification well before the latest trade conflict. Several solar manufacturing companies said they are used to tariff disputes and have built or are planning to build new manufacturing hubs overseas and explore new export markets.
INTERVIEW: Canada EV targets are now ‘impossible’ with tariffs, less incentives, trade group says
The Canadian electric vehicle market was already facing challenges with incentive programs running dry before tariffs came in, which are now making ambitious EV sales targets completely out of reach, according to the president of a Canadian auto trade group. EV sales have collapsed recently in Canada due to intense regulatory and economic uncertainty, Brian Kingston, president and CEO of the Canadian Vehicle Manufacturers' Association said. The group represents Ford, General Motors and Stellantis in Canada, all companies that shared concerns about the impact of tariffs on their businesses and previously tried to strike a deal with US President Donald Trump to avoid tariffs.
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