To ensure it works effectively, the EU’s Carbon Border Adjustment Mechanism (CBAM) needs to be extended to other sectors such as chemicals, as well as across the supply chain of the goods that are currently in the scheme, according to a non-profit think tank.

We're not speaking to you - The EU has turned down Russia's request for consultations regarding its Carbon Border Adjustment Mechanism (CBAM), according to a World Trade Organization document released on Monday. Earlier this month, Russia had sought consultations with the EU at the WTO over the carbon border levy — a preliminary move in initiating a formal trade dispute. In its response, the EU reiterated its support for WTO dispute settlement procedures and acknowledges the purpose of consultations as defined under WTO law - to reach a mutually satisfactory solution. However, the EU said it strongly condemns Russia’s ongoing war of aggression against Ukraine, calling it a grave breach of international law and the UN Charter, and asserting that it undermines Russia's credibility in international institutions, including the WTO. The EU stated that, in light of Russia’s actions in Ukraine, the conditions for meaningful consultations do not exist. It explicitly declined Russia’s request for consultations, citing the "extraordinary circumstances" created by the war, and maintains that consultations in this context cannot be fruitful. The EU stressed the importance of a just and lasting peace in Ukraine and states that it will not engage with Russia on this matter as long as Russia continues to violate international law through its aggression. While declining to enter consultations, the EU clarified that this decision is without prejudice to its rights in any future adjudicative proceedings under the WTO's dispute settlement body regarding the matter.

Low credit issuance and retirements last week reflected a subdued voluntary market that continues to be stifled by the lack of available Core Carbon Principles (CCP)-tagged credits, as well as few signs of a reaction to the expected shortage of eligible Phase 1 CORSIA supply in the coming years.

It's official – Zimbabwe’s President Emmerson Mnangagwa officially launched the national carbon registry in Harare on Friday. The Zimbabwe Carbon Registry (ZCR), developed by A6 Labs and Zimbabwe’s Ministry of Environment, Climate, and Wildlife, uses blockchain technology to monitor carbon credits from issuance to retirement. With the launch, Zimbabwe initiated world’s first inter-registry transfer under Article 6, Mnangagwa said. The transfer involved moving 10,000 carbon credits from Gold Standard's registry to Zimbabwe’s ZCR, related to a project developed by local firm Cicada, media outlet Daily News reported. Earlier this month, the country published its new carbon trading regulations in a bid to attract fresh investment and enhance transparency. With the launch of the registry, the government aims to build investor confidence and align with the Paris Agreement’s Article 6 framework.

A Dubai-headquartered project developer announced Monday it has partnered with a Nairobi-based clean cooking company to distribute 1.2 million digitally monitored biomass and electric cookstoves across four African countries.

End of the boom? – The US shale boom may be coming to an end, analysts said, as global oil demand falls in the wake of the global trade war launched by US President Donald Trump and as Opec countries raise their output to price out US shale production. Oil prices settled at $61.53 a barrel last week, below the $65 level at which shale oil is profitable, according to the quarterly energy survey by the Federal Reserve Bank of Dallas. Oil output is projected to fall by 1.1% next year on the back of a slowing global economy, according to S&P Global Commodity Insights, marking the first annual decline in a decade. Saudi Arabia is now trying to regain market share and they’ll probably succeed over the next five years, said one analyst quoted by the FT. If crude drops to $50 a barrel, US production would probably lose up to 300,000 barrels a day, said another analyst. (Financial Times)

Australian airlines should be allowed to count sustainable aviation fuel (SAF) used or produced outside the nation to meet their decarbonisation goals under the Safeguard Mechanism, a paper argued Monday.

A group of roll-on/roll-off (ro-ro) shipping operators on Monday launched a standardised methodology for calculating greenhouse gas (GHG) emissions intensity, in a bid to support decarbonisation efforts across supply chains.