- 23:16 GMTInsurance partners – The ADB has signed a new agreement with 10 insurance companies to mobilise $2.75 bln of private capital, allowing the development bank to increase its lending capacity via the use of credit insurance, it said on Tuesday. This follows its 2022 three-year $1 bln agreement with Tokio Marine, AXA, Chubb, Liberty Speciality Markets, and Allianz Trade. The five have signed the new agreement, alongside Swiss Re, Coface, Everest, AXIS Capital, and The Hartford, which will see the ADB transfer its credit risk to the insurers’ balance sheets, freeing up the bank’s capital to support sustainable growth in the Asia-Pacific region. In 2024, the ADB committed a record $11.1 bln in climate finance, including $1 bln in loans to Indonesia and the Philippines.
- 22:15 GMTThe 51st state – Luxembourg is officially joining the Global Green Growth Institute, becoming its 51st member state. This follows seven years of collaboration, the intergovernmental organisation said in a press release, including a project in Vanuatu to introduce solar-powered water pumps and develop a national climate funding mechanism. The GGGI and Luxembourg in 2023 formed the SIDS Climate Action Program, to support climate mitigation and adaptation across the Pacific and Caribbean, as well as launched the Global Trust Fund on Sustainable Finance Instruments, which leverages capital markets and builds capacity for sustainable finance. In its first two years, the GTF has mobilised $2.1 bln in climate finance for projects in 18 countries, including climate smart agriculture in Uzbekistan and renewable energy in Namibia.
- 22:15 GMTA global IT and consulting firm has reinforced its environmental commitments in an updated ESG policy, pledging deeper emissions cuts and expanded investment in “high-quality” carbon offsets as it targets net zero by 2040.
- 13:10 GMTCORSIA take-off is still stymied by uncertainty about supply, as well as a long haul until the compliance deadline, experts told a webinar on Tuesday.
- 11:42 GMTSeagrass loss worldwide could lead to the release of nearly 1.2 billion tonnes of CO2 over the next 25 years, with estimated costs of more than $200 bln, according to a paper released on Tuesday.
- 10:00 GMTGlobal food companies progress on emissions disclosure, but fail to quantify climate targets -reportAn analysis of 50 multinational food companies with over $1 billion in North American revenues found that a majority of them have disclosed Scope 3 emissions but have failed to quantify emissions reductions targets.
- 09:48 GMTCountries will once again come under pressure to strengthen and widen the scope of the national pledges to the Paris Agreement, as around 30 ministers and leaders gather for the Copenhagen Climate Ministerial on Wednesday and Thursday.
- 09:01 GMTA carbon project restoring habitat for koalas has received its first Australian Carbon Credit Units (ACCUs), but its steep start-up costs mean it will likely be forced to search for buyers beyond the Safeguard Mechanism to recoup costs, according to its developers.
- 08:49 GMTDecarbonising shipping - HD Hyundai, one of the largest South Korean conglomerates engaged in shipbuilding and heavy equipment, has signed a MoU with Maersk to develop decarbonisation solutions for vessels, they announced Tuesday. Their collaboration will include optimising engine efficiency, increasing container ship cargo capacity, and retrofitting dual-fuel propulsion systems. They will also collaborate on joint research to examine the feasibility of the solid oxide fuel cell (SOFC) system.
- 08:44 GMTCarbon credit issuance represents only 1% of NbS mitigation potential in Southeast Asia, report saysCarbon credit issuance from nature-based projects make up just 1% of the mitigation potential across ecosystems in Southeast Asia's six major economies, largely due to lack of policy incentives, according to a report published Tuesday.
- 08:01 GMTSingapore on Tuesday inked an implementation agreement with Rwanda under Article 6 of the Paris Agreement, adding the East African nation to a string of potential suppliers of carbon credits to its domestic market.
- 07:51 GMTGas rise - Southeast Asia’s gas demand is set to rise steeply to 2050 as the energy source replaces both oil and coal, according to consultancy Wood Mackenzie. It will make up 30% of the region’s primary energy in a move that WoodMac said was based on a transition away from more emissions intensive fossil fuels as nations work to reach net zero. Compound annual growth (CAGR) will be 3.1% a year until 2035 across SE Asia. Regional gas power capacity is expected to double, with consumption projected to rise by approximately 89.5% from 2025 to 2050, it said. Nations like Vietnam plan to vastly increase LNG imports, while gas producers Indonesia and Malaysia are both working to develop more of their own resources.
- 06:52 GMTGeothermal biomass - New Zealand’s Foresta, which is listed primarily on the Australian securities exchange, said this week it had signed an initial agreement with the Energy Efficiency and Conservation Authority (EECA) to study using geothermal steam as a process heat for its planned biomass facility. The company plans to make torrefied wood pellets and pine chemicals, with a capacity of 190,000 and 20,000 tonnes, respectively. It will hire Aurecon as lead engineering advisor. Foresta will spend A$30,000 ($19,370) and receive A$20,000 from EECA in co-funding.
- 06:47 GMTPakistan and Azerbaijan are exploring cooperation in environmental conservation, climate resilience, and carbon trading, Pakistan’s Ministry of Climate Change has said in a statement.
- 06:01 GMTVoluntary carbon standard Verra has unveiled a new methodology that will credit the early retirement of coal plants that are replaced with clean energy sources.
- 05:06 GMTIn the first half of the 2025 financial year, sustainable finance lending at one of Australia's top four bank grew 16%. while its operational emissions fell.
- 05:02 GMTThe New Zealand government has launched a public consultation on proposals to implement its 2030 biodiversity strategy, including ways to increase investment in nature and support the development of a framework for nature-based financial disclosures and reporting.
- 04:41 GMTA Chinese tech major has signed a Memorandum of Understanding (MoU) to offtake at least 1 million verified, high-quality carbon credits within GenZero’s investment portfolio, over a period of 15 years, according to a statement on Tuesday.
- 04:33 GMTIndia and the UK have reached a trade deal after three years of negotiations, with no current exemption in the agreement for the South Asian country from Britain's planned carbon border adjustment mechanism, although talks on this are reportedly set to continue.
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