Aligning remaining carbon budgets with national GHG inventory accounting would halve the global CO2 budget for limiting warming to 1.5C and leave many countries beyond their fair shares, a new study said.

The EU's carbon border fee may trigger greater inflationary effects than anticipated, with pressures already evident in the fertiliser sector, according to a think tank.

Flight warning - Air France-KLM has warned it will have to cut almost half its flights to Asia if the EU doesn't scale back its requirements for airlines to use rising amounts of sustainable aviation fuel (SAF). European airlines have already ceded market share on Asian routes to non-EU carriers that split journeys to Asia via their central hubs in the Middle East, and so can avoid a large chunk of the higher costs SAF costs. EU airline executives are therefore calling on the Commission to introduce a SAF Border Adjustment Mechanism, which would require non-EU airlines to buy certificates equal to the value of the SAF used by EU airlines. EU airlines are also facing a possible extension of the EU ETS to departure flights from European airports, pending a review later this year. (FT)

The Green Climate Fund (GCF) has announced a commitment to mobilise up to $100 million to support climate action in Chad, in a major step to scale finance for one of the world’s most climate vulnerable countries.

Australia should apply a carbon border adjustment mechanism (CBAM) to the cement and clinker sectors, while other sectors will need further analysis, according to a review on emissions leakage published Friday.

Singapore could see smaller increases in its carbon tax if global cooperation on climate continues to weaken, the city-state’s prime minister said.