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.

The British Standards Institution (BSI) has developed two new standards to guide the quantification of engineered carbon removal (CDR) solutions in the country.

EU carbon allowance prices fell to their lowest in more than three weeks on Tuesday as aggressive selling pressure overcame steady but modest buying, taking EUAs below several technical supports, as the market awaited news of the September-December auction programme and updates on the free allocation of allowances.

Loss for Eni - A top court in Italy ruled that a climate change against Italian energy group Eni can continue, Reuters reported. Greenpeace Italia and ReCommon raised the case, with the appeals court ruling Italian courts have jurisdictions to hear climate litigation cases, including those involving emissions from Eni's foreign subsidiaries. The two climate campaign groups hailed the ruling as a victory, stating climate justice is possible in Italy. They asked the court to determine Eni's responsibility for past and future environmental harm and also want to make the energy group and its key investors change their climate strategy. Some 31.8% of Eni is owned by the Italian government. (Reuters)

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.

Power-to-hydrogen-to-power, a form of clean energy storage, holds long-term strategic value as part of a diversified approach to decarbonising the electricity sector, according to a new report, with carbon pricing likely to determine the pace of its rollout. 

The Democratic Republic of Congo’s (DRC) environment ministry has requested the inclusion of a carbon tax on industrial GHG emissions in the country’s 2026 finance law, according to an official letter sent to the budget ministry earlier this month.

South Africa's national carbon budget and mitigation regulations are due for publication in August, the country's Department of Forestry, Fisheries, and the Environment (DFFE) said in a statement this week.

The European Commission granted nearly €319 million on Tuesday to six industrial decarbonisation projects under its flagship Innovation Fund, drawing from revenues generated by the EU Emissions Trading System (EU ETS).

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

The European Commission’s proposed methodology for measuring the greenhouse gas emissions of low-carbon hydrogen leaves key gaps on methane emissions tracking, and uses default values for upstream fossil gas emissions that are too optimistic, analysts have said.

Geoengineering methods including carbon removal (CDR) and solar radiation management (SRM) risk destabilising ecosystems, straining resources, delaying emissions cuts, and exacerbating geopolitical tensions as global temperatures exceed the 1.5C threshold, according to a report released last week.

African carbon potential - Malawi has so far generated MWK 300 mln ($150,000) through carbon trading from the sale of about 75,000 carbon credits, through frameworks such as the Green Development Mechanism and REDD+ initiative. In 2023, the southeast African country finalised the Malawi Carbon Regulatory Framework and the government views credits as a way to bring foreign capital to Malawi and restore its degraded forests. The potential value of Malawi's carbon credits is estimated at 19,882,395 tonnes per annum - translating to over $600 mln annually. The World Bank estimates Malawi can earn between $25-70 mln annually from its forest carbon. (Unsustainable Magazine)

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.

The UK government has appointed a long-time advocate for climate action in the private sector to be the new chair of the independent Climate Change Committee (CCC), it announced on Tuesday. 

The UK government has finally signed off on a long debated £38 billion nuclear power plant, after attracting four new private investors.

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.

To meet the UK government’s target of installing 43-47 gigawatts (GW) of offshore wind power by 2030, about 8 GW of new capacity must be approved in this September’s auction round, but experts warn that various challenges still need to be addressed for these projects to actually be built.

SAF funding - Essar Energy Transition (EET) has received £2.5 mln in government funding to develop one of the UK's largest advanced sustainable aviation fuel (SAF) facilities at its Stanlow energy hub in northwest England. The funding will support the facility's conversion of renewable e-methanol and bio-methanol into up to 200,000 tonnes of SAF annually. This will then be blended onsite with EET Fuels' existing jet fuel output to integrate into UK airport supply chains. The funding will enable EET to advance to pre-FEED stage for the project, with targeted completion of pre-FEED by Mar. 2026 and financial close expected by end 2027, stated the release on Tuesday.

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.

Carbon advisory purchase - PNZ (Powering Net Zero) Group has acquired Arete Zero Carbon, a carbon and sustainability consultancy that helps UK businesses measure, manage, and reduce their carbon emissions, it stated Tuesday in a press release. It will now operate as PNZ Advisory and will join PNZ Carbon and PNZ Energy under the PNZ Group umbrella, which brings together advisory, clean energy infrastructure, and access to verified carbon credits to help clients in their net zero journey.

The UK government has proposed including energy-from-waste (EfW) and waste incineration within the country's Emissions Trading Scheme (ETS) from 2028, with a two-year voluntary monitoring period starting next year, it announced late Monday.

The UK government has proposed including maritime emissions into its carbon market from midway through next year, in a response to a public consultation published late on Monday.