Climate change is set to cause widespread disruption to global labour markets and will have profound implications for central banks, according to a report published Wednesday.

Most renewable energy projects are now cheaper than fossil fuels alternatives, according to a report published Tuesday by an international energy agency.

Major voluntary carbon market (VCM) standard Verra announced Tuesday it posted a $19.37 million financial loss in 2024 as it undertook a major transformation, but said there are indications its course correction is working.

Banks must set a deadline to end financing new fossil fuel projects, and also asses and disclose exposure to deforestation risks, to set a net zero target approved by the Science Based Targets initiative (SBTi), it was announced Tuesday.

The Supervisory Body for Article 6.4’s methodological expert panel (MEP) is pushing to approve “at least one” carbon crediting methodology under the new Paris Agreement Crediting Mechanism (PACM) by October, its co-chair told a webinar on Tuesday.

Voluntary carbon crediting body Gold Standard has published activity requirements for carbon removal projects, in an update Tuesday.

If electricity demand continues to grow at the current pace of around 3% per year, it will be enough to drive a structural decline in final fossil fuel demand by 2030, according to an energy think tank, which studied the impact of rising electricity demand across the economy.

Light travels - Japanese energy major Eneos and Mitsubishi Corporation have signed definitive agreements with Houston-based oil and gas production company Par Pacific to establish Hawaii Renewables, a joint venture to produce renewable fuels in Hawaii, the companies announced Tuesday. Eneos and Mitsubishi will acquire a 36.5% equity stake in Hawaii Renewables through a subsidiary. Once fully operational, Hawaii Renewables will be the state’s largest renewable fuels manufacturing facility and produce up to 60% sustainable aviation fuel (SAF) as a first step towards decarbonising Hawaii’s air travel market, Eneos said.      

Have your say - Ahead of the Supervisory Body's 17th meeting (SBM 017), the agenda and relevant documents have been published on the UNFCCC website. Stakeholders are invited to provide input on the topics outlined in the annotated agenda and its annexes through a public call for input, with a submission deadline of July 28. The Supervisory Body will then convene in Bonn from Aug. 4-8. During the meeting, members will discuss several key items, including a draft methodological standard related to suppressed demand, as recommended by the Methodological Expert Panel (MEP), and the initial accreditation of five Designated Operational Entities, based on the recommendation of the Accreditation Expert Panel (AEP). In addition, the body will review proposed revisions to the activity cycle regulations for projects and programmes. The agenda also includes discussion of a draft two-year business and resource allocation plan for 2026–27, as well as a draft annual Article 6.4 Supervisory Body report to the CMA.

Facilities covered under Australia’s Safeguard facilities have begun implementing more long-term strategies to manage their compliance obligations, both by securing credit supply and investing in decarbonisation technologies, an event this week heard.

The Science Based Targets initiative (SBTi) has paused work on its long-awaited emissions standard for the oil and gas sector after Shell, Norway’s Aker BP, and Canada’s Enbridge withdrew from its advisory group, the Financial Times reported Tuesday.

Teaming up - Singapore-based carbon exchange Climate Impact X (CIX) has signed an MoU with China-Singapore Suzhou Industrial Park Development Group (CSSD) and DBS Bank for the development of international carbon markets, amid growing demand for carbon credits and green energy certificates. Shanghai-listed CSSD is the joint venture master developer set up by the governments of Singapore and China. Suzhou Industrial Park will serve as a pilot demonstration zone for the alliance to explore how companies in China and beyond can leverage carbon markets, CIX said, without disclosing further details.

Crediting biodiversity and blue carbon projects are among key viable options for the Pacific to raise finance from nature-based solutions (NbS), according to a recent regional report.

Australia’s carbon capture and storage (CCS) laws may contradict or replicate one another in a way that will disincentivise project development via onerous regulation, a legal firm argued this week.

Not Super - Australian activist investor group Market Forces has lashed pension fund giant AustralianSuper for a recent A$300 mln ($195 mln) investment into Whitehaven Coal calling it a “risky bet on an unsafe climate future” in the A$5.4 bln company. Market Forces said the fund had pulled out in 2020 but had piled back in for 60 mln shares over the course of the year. Shares are down over A$1 in 12 months to A$6.45 each but have recovered since an April low of A$4.35. Whitehaven is separately being pursued in court by environmental activists for a planned new mine they say will contribute to climate change. AustralianSuper has A$367 bln under management.

Mapping initiative - South Korea's National Institute of Forest Science, a government affiliate, has launched a study to improve the precision of carbon uptake prediction of domestic forests using AI, Yonhap reported. The institute said it is conducting research to create a nationwide “forest carbon map” that quantifies the annual carbon uptake of forests, combining observation data from flux towers installed in major forests across the country and satellite images. It also plans to establish a mid- to long-term plan that includes additional installation of forest flux towers and research on advanced AI algorithms.

L&D planning – Vanuatu has released a new policy on loss and damage, with an implementation roadmap, said UNDP in a press release. Structured around 11 themes, it contains 85 policy directives, as well as costings to undertake the most pressing actions. The policy was developed with technical and financial support from the Global Green Growth Institute and the UK’s Small Island Developing States Capacity and Resilience Programme, and was subject to a public consultation in June. The policy release came as the International Court of Justice prepares to publish its advisory opinion Wednesday on an initiative led by the Pacific Island nation about the obligations of states in respect of climate change, following hearings at the end of last year.

The Clean Energy Regulator issued 2.34 million Australian Carbon Credit Units (ACCUs) in June, according to its latest update, roughly one-third of which went to GreenCollar’s trading arm, Terra Carbon.

Despite a growing number of corporates setting climate targets in Australia, they are failing to back those up with capital, said a new report, warning of a critical gap in net zero investments.

One step forward – Australia's New South Wales state government has approved a proposal by Verdant Earth to covert the now-defunct coal-fired Redbank power station to biomass, but the volume of submissions opposing the move means it is now headed for an independent review, Renew Economy reported. In a statement last week, NSW's Independent Planning Commission said it is the consenting authority for the proposed plant, which would have a capacity of up to 151 MW of dispatchable energy from burning up to 700,000t of biomass annually. The commission is planning a public meeting for Aug. 11, and is also accepting written submissions until Aug. 18. In 2022, Verdant began a A$100-mln ($65 mln) fundraising for the project, which has a capital investment value of A$71 mln, according to the state government’s assessment document.

No collusion – The Commerce Commission has dismissed a complaint by Federated Farmers against five of New Zealand’s major banks, it said on Monday. The agriculture lobby group had alleged that ANZ, ASB, BNZ, Rabobank, and Westpac – which account for 97% of New Zealand’s loans market – were coordinating their lending policies to the sector to align with the Net-Zero Banking Alliance, and acting anti-competitively in so doing. A Commission investigation found no evidence of cartel-like behaviour and said it would take no further action. It also pointed to guidance it published in Nov. 2023 regarding competition and sustainability, to enable sectoral-based collaborations without running foul of New Zealand law. The UN-convened NZBA earlier this year voted to water down its climate requirements following several high-profile departures from the group amid a shift in US climate policy. HSBC earlier this month became the latest bank to exit the NZBA. Meanwhile, Federated Farmers last week called for New Zealand’s sustainable finance taxonomy to be scrapped, claiming it would make it hard for farms to access financial services such as insurance, loans, and investment.

China has the potential to avoid CO2 emissions nearly equal to the EU's entire steel sector by meeting its 2025 green steel goals, but the country needs a dramatic course correction in the second half of the year, according to a report released Tuesday.