The carbon budget for limiting warming to the Paris Agreement’s 1.5C target, estimated at 130 billion tonnes of CO2, could be used up in just over three years if the current rate of emissions persists, according to analysis by 61 scientists from 54 institutions released Thursday.

As Article 6 gains traction, a question emerges – is it acceptable that the same permanent CDR credit can be simultaneously co-claimed by a corporation and nation, without the need for a corresponding adjustment? In a new working paper, carbon market experts at the University of Oxford, Nasdaq, and AFRY Management Consulting, argue that yes, co-claiming for neutralisation ends is legitimate providing three additional principles are met.

Governments and standard-setters should exempt permanent carbon removals from burdensome international accounting rules, with stakeholders warning that current frameworks risk stalling investment in technologies essential to meeting global net zero goals.

Second chance – The European Commission’s former top climate official, Jos Delbeke, has come out in support of plans to include Article 6 credits into the EU’s upcoming 2040 climate target plan, due to be presented on July 2. Delbeke had previously banned Kyoto-era CDM credits from the EU ETS, as those had contributed to crashing the price of CO2 on the EU carbon market in the 2010s. But he said the newer version of the UN credits, known as Article 6 under the Paris Agreement, deserve a chance. “I’m in favour of reopening the door for those credits,” Delbeke told Politico in an interview, “but we have to be very restrictive on the quality of those credits. And we have to be very alert and make our own decisions on the quantity that we are going to allow.” Article 6 credits also don’t necessarily have to be included in the EU ETS, he added, saying there are other options available. He didn't explain what those were. (Politico)

An engineered carbon removal (CDR) standard and registry is offering project developers access to finance that will turn offtake revenue into upfront cash, after striking a deal with a Google Ventures-backed carbon removal intelligence platform.

Insufficient government action to strengthen 2030 climate goals and submit ambitious 2035 targets is placing the Paris Agreement’s 1.5C warming limit at significant risk of long-term overshoot, according to a new assessment from a green group.

Power of tech – Seoul-based Global Green Growth Institute (GGGI) and South Korea's science ministry have signed a MoU to deepen international cooperation on climate change response through climate tech solutions, they announced Thursday. The two parties aim to establish a framework for leveraging Korea’s climate technologies and advance the deployment and scaling of public climate technologies in GGGI’s member states and partners. GGGI is also working with the South Korean government to develop a model framework and project methodologies for a high-integrity global voluntary carbon market aligned with the Paris Agreement’s Article 6.