Global renewable energy capacity targets for 2030 have increased by only 2% since countries agreed at COP28 to triple deployment by the end of the decade, according to a report released Thursday.

Cooperation between countries on fossil fuel levies could raise tens of billion of dollars per year in finance to cut emissions in developing countries, or hundreds of billions if prices are also imposed on international aviation and shipping, according to research released on Wednesday.

Global power demand is forecast to rise much faster this year and next than over the past decade, the International Energy Agency (IEA) said on Wednesday, but power sector emissions should dip next year as low-emissions sources displace fossil fuels.

A carbon capture technology company currently operating in 12 countries is betting that its compact modular units can be the “solar panels” of industrial decarbonisation – cheap, scalable, and easy to replicate – but its global progress hinges on clear policy signals and access to financing.

A Delaware-based holding company said Wednesday it will co-develop a large-scale afforestation carbon credit project in Ghana and launch a regulated exchange in Asia to trade tokenised carbon units.

Sunlight reflection methods such as stratospheric aerosol injection (SAI) could theoretically have a global cooling impact and reduce extreme heat, but may also have adverse effects such as altering rainfall patterns, and would require ongoing political momentum to be effective, say experts.

Partners power up - Vietnam and the International Partners Group (IPG), which controls the Just Energy Transition Partnership (JETP), have identified 24 energy projects valued at a collective $7 bln that are eligible under the partnership’s Political Declaration, Vietnamese news reported this week. Three projects, two of them hydropower and one transmission project, have already secured funding totalling €612 mln ($707 mln). The IPG will preference projects already on the Power Development Plan 8 (PDP8), the document that lays out the government’s power plans and allowed projects.

Collecting feedback - Taiwan's environment ministry has started to gather feedback from the private sector on the establishment of the domestic emissions trading scheme, as the regulator plans to introduce a pilot in the second half of 2026, the Central News Agency reported. The ministry earlier this week held a meeting to exchange views with members of the Green Growth Alliance, which comprises benchmark Taiwanese companies like TSMC, Formosa Plastics, and Taiwan Cement. The goal is to move toward a "dual-track" system of carbon fees and the ETS,  but the policy design will prevent double charges on emissions, the ministry stressed.      

A major trading house in Japan is planning to launch an industry coalition for the development of carbon dioxide removal (CDR) later this year.

A Singapore-based digital green finance company said Wednesday it has secured a patent for a blockchain-based carbon stablecoin framework, a system that turns verified carbon reductions into tradeable digital tokens for use in cross-border payments and foreign exchange.

The world needs to drastically reverse its huge expansion of coal mines if it is to reach net zero and keep warming at or below 1.5C, given the upstream methane bomb these mines represent, a think tank warned this week.

Going solar - The International Finance Corporation (IFC) has signed a financing package of up to THB 3,140 mln ($92 mln) with Thailand’s CleanMax Energy, it announced. The funding will support the development and expansion of solar power projects totalling 35 megawatt-peak (MWp) of greenfield solar capacity and refinancing an existing 41 MWp operating projects, for industrial businesses in the country. This investment is expected to boost Thailand’s renewable energy generation capacity, improve energy access, generate local jobs, and support the country’s transition towards a cleaner grid, it said.

The Western Australian state government has opened a fresh grant funding round, offering cash for landholders to access professional advice on developing Australian Carbon Credit Unit (ACCU) projects.

A Papua New Guinea NGO has registered its REDD+ project under Verra's carbon and Climate, Community and Biodiversity Standard (CCBS), as it seeks to be best-in-class in the country's carbon industry that's slowly coming back to life. 

Hot rocks - New Zealand wants to double the use of geothermal energy in the country by 2040 to support its journey towards net zero, according to a draft strategy published Wednesday, as the Pacific nation aims to become a "global leader in sustainable geothermal development". The strategy includes a detailed Draft Action Plan structured across three horizons (2025-26, 2027-28, and 2029 onwards). This plan is designed to achieve goals like improving access to geothermal data, regulations, and enabling place-based geothermal clusters. The goal is also to drive science, research, and innovation, into supercritical geothermal technology.

Read the label – South Korea has revised its information declaration guidelines for environmental products in response to changes in international regulations, the country's environment ministry announced on Tuesday. The declaration system quantifies and displays the environmental impact of products and services across seven categories, including raw material extraction, production, and distribution. The revision focuses on key export items and other products with high demand for environmental performance assessments, and the number of eligible products has been expanded to 70 from 59, the ministry said.  

Faster, stronger - UNFCCC chief Simon Stiell used appearances in Australia this week to push the government to set an ambitious 2035 NDC, the ABC reported. Stiell called the new target a "defining moment" for Australia, warning that unchecked climate change would be an economic wrecking ball for the Australian and global economy. He also urged Australia and Turkiye to quickly settle their bids to host COP31 next year, saying a deadline to determine the host was now several months overdue. He was in Turkiye last week where he gave a similar message, the public broadcaster said.