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26th week CCM 2026. Week of achievements. Portugal, voluntary market, 1st project; EU ETS2, buildings and transport; geological CO₂ storage; BioCCS, DACCS, biochar; Mexico and Peru
- Art Dam
- Jun 28
- 5 min read
Monday, 29 June 2026.
26th Week Carbon Credit Markets in 2026.
If you wish, accompanied by a song of your choice from our playlist.
Carbon markets are gaining traction in Portugal with the approval of the first voluntary market project - the Charneca e Ferreirinhos reforestation initiative by the Sylvestris Group, which runs until 2066 and has an "expected climate impact" of 2,976 tCO2eq - while a second project undergoes review and, in parallel, the European Union reinforces safeguards for the future ETS2 covering buildings and transport, strengthening stability and environmental integrity in the lead-up to 2028.
Other highlights: The European Union is making consistent progress toward its target of 50 Mt/year of CO₂ injection by 2030 - with projects such as Porthos, Greensand, and Prinos nearing operation and new capacity expanding - while calling for greater action from the oil and gas sector; meanwhile, the future European market for carbon removals is taking shape, with the CRCF Days validating methodologies for BioCCS, DACCS, and biochar, and strengthening the EU Buyers’ Club as a driver of scale and credibility for the sector.
In Briefs & Opportunities, Climate TRACE expanded its database to over 350 million sources using new emissions data from satellites, remote sensors, and AI; MÉXICO₂ published the Reporte de Impuestos al Carbono 2026, detailing regulatory progress and pricing trends in the country; and at the Peru Carbon Forum 2026, A2G and CONTACOM assessed corporate readiness regarding IFRS S1 and S2, revealing both progress and gaps in preparation for climate-related disclosures.
In addition to a list of relevant events.
Carbon Credits
Portugal Approves Its First Voluntary Carbon Market Project, Purpose Focused
Portugal has just approved its first carbon credit project under its new domestic Voluntary Carbon Market, established by law in January 2024 with a focus on combating desertification. The inaugural project - Charneca e Ferreirinhos, approved on June 26 - was developed and submitted by the Sylvestris Group, which specializes in nature-based solutions and forestry projects on the Iberian Peninsula. The initiative covers approximately 19 hectares planted with maritime pine and Pyrenean oak and is expected to generate around 3,000 credits over a 40-year period. The market operates under specific rules: credits cannot be sold internationally or used for CORSIA, remaining exclusively within the national territory. This model serves as a complement to the Portuguese carbon tax, which was reinstated in August 2024 following a freeze during the energy crisis.
Market infrastructure is bolstered by the role of the national registry—operated by Adene (Portugal’s national energy agency)—which ensures transparency, environmental integrity, and the prevention of double counting across all stages of the credits' lifecycle. The platform was developed with technical support from the World Bank Climate Warehouse, aligning Portugal with international best practices for MRV. The Sylvestris Group highlights that the validation process was rigorous and transparent, reinforcing the system's credibility. Furthermore, two new methodologies — covering improved forest management and reforestation — have already undergone public consultation, expanding the range of potential projects. The result is a purpose-driven voluntary market featuring clear boundaries, a territorial focus, and environmental co-benefits integrated from the outset.
In addition to the recently approved reforestation and carbon sequestration project in Charneca and Ferreirinhos - scheduled for completion in April 2066 - a second project is under discussion. This is another reforestation initiative: the M.V.C. Português Tojosa project, led by Luso Finsa – Indústria e Comércio de Madeiras S.A. in Penalva do Castelo, Portugal.
Below is documentation regarding these two projects, available on the Portuguese registry portal.
Europe strengthens safeguards for new carbon market for buildings and transport
The European Commission has announced a political agreement strengthening key safeguards for the new Emissions Trading System for buildings and road transport (ETS2), ensuring greater price stability, market predictability, and environmental integrity when the system comes into effect in 2028. The agreement—reached between the Parliament and the Council—reinforces the Market Stability Reserve (MSR) by extending its operational capacity beyond 2030, allowing for stronger interventions in the event of excessive price spikes, and bringing forward the gradual release of allowances as an additional stability mechanism. It also provides for front-loaded auctions in 2027 and the creation of an ETS2 Frontloading Facility of up to €3 billion to support initial investments by Member States. According to the Commission, these measures boost confidence in the new carbon market and, combined with the Social Climate Fund, contribute to a fair transition toward climate neutrality.
Others Highlights
European Union report shows CO₂ injection target within reach, driven by strong industrial demand and a call to action for the oil and gas sector.
The EU has released its first progress report, highlighting significant strides toward the goal of achieving 50 million tonnes per year of CO₂ injection capacity by 2030, alongside a rapidly expanding number of geological storage sites. Three projects - Porthos, Greensand, and Prinos - are already licensed and poised to begin operations, while seven additional sites are expected to come online in the coming years, adding another 19 million tonnes per year of capacity. Strong industrial demand, fueled by Innovation Fund projects, underscores the need to scale up infrastructure, while the Commission emphasizes that the 44 companies subject to obligations and the oil and gas sector must accelerate the development of new sites to ensure equitable access to CCS across the EU. Revisit our previous posts on this topic.
Europe advances in creating a robust carbon removal market
The European Union has taken a decisive step toward structuring a robust market for carbon removals and carbon farming, with over 500 stakeholders gathering at the inaugural CRCF Days in Brussels to discuss the implementation of the new Carbon Removal and Carbon Farming (CRCF) Regulation. The event marked the system's entry into the operational phase, featuring adopted methodologies for permanent removals (BioCCS, DACCS, and biochar), certification schemes now eligible to apply for official recognition by the European Commission, and the strengthening of the EU Buyers’ Club—a voluntary platform designed to aggregate demand, reduce investment risks, and accelerate the transition from pilot projects to large-scale operations—thereby consolidating the foundations for a credible, bankable European market aligned with the climate neutrality goal.
Briefs & Opportunities
Climate TRACE released an update incorporating new emissions data derived from satellites, remote sensors, and AI models. The platform now covers over 350 million individual emissions sources and tracks more than 200 countries and territories, with granularity by sector and facility. The update includes recent emissions data from sectors such as energy, transportation, heavy industry, and agriculture, enabling the identification of monthly variations and emerging trends.
The Reporte de Impuestos al Carbono y Mercados Ambientales 2026 (2026 Carbon Tax and Environmental Markets Report), published by MÉXICO₂, provides an in-depth analysis of the progress of environmental taxes and market-based instruments in Mexico, highlighting regulatory trends, impacts on companies, and the growing role of carbon pricing in climate finance. It is well worth reading in full—60 pages in Spanish.
During the Peru Carbon Forum 2026, A2G and CONTACOM presented the maturity level of Peruvian companies regarding IFRS S1 and S2 standards, assessing 48 organizations across 12 sectors and highlighting both progress and gaps in their readiness for climate-related financial disclosures. The 13-page report (in Spanish) is well worth reading to understand where Peru truly stands on this agenda.
Events
July
🇫🇷 1–2, Green Growth and Sustainable Development (GGSD) Forum 2026. In Paris and online.
🇯🇵 22, Strengthening Local Resilience to Planetary Crises: Scaling up Synergistic Solutions. Kobe, Japan, in-person and online.
🇧🇷 24, 2nd Brazilian Conference on Greenhouse Gas Inventory. Curitiba, Brazil.
August
🇧🇷 27 - 28, Brazilian Climate and Carbon Conference, Brazil NBS Alliance.
September
🇨🇳15, Carbon Market Conference. Open Coalition on Compliance Carbon Market, in Wuhan, China.
October
🇦🇿🇺🇳 5 - 9, UNFCCC Climate Week 2, Baku, Azerbaijan.
📅 October 07 & 08, Congress SAE BRASIL 2026, Pavilhão da Bienal – Parque Ibirapuera, São Paulo, Brazil
🇦🇺 October 20-21, Australasian Emission Reduction Summit, Adelaide, Australia
📅 October 28, Verra’s October 2026 Stakeholder Update Webinar
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