An Australian federal court on Tuesday dismissed a first-of-its-kind case brought against an oil and gas company over its net zero target.

PRF ratification – Tuvalu and the Solomon Islands have ratified the treaty to establish the Pacific Resilience Facility (PRF), the Pacific Islands Forum secretariat said in a press release on Saturday. This brings the number of countries which have ratified it to five – a total of eight signatories is required for it to enter into force. The Tonga-hosted PRF is the first Pacific-owned and -led climate finance vehicle, which is designed to support projects in the region to address loss and damage, climate resilience, or social and community endeavours. The fund is aiming to raise $500 mln by the end of 2026, and COP31 will include a session focused on climate finance needs of Small Island Developing States, which will act as a platform for pledges to the PRF. To date, the PRF has received pledges of $167 mln, including from Australia, Japan, New Zealand, and the US. In Dec. 2025, Korea said it would pledge to the facility this year.

A steelmaker estimates it would cost some $157 million to comply with Australia’s Safeguard Mechanism without any mitigating actions, according to its half-year results.

Vanuatu vs. United States – The Trump administration is urging other countries to press Vanuatu to withdraw a draft UN General Assembly resolution calling for stronger global climate action, including potential reparations for nations harmed by climate change, AP reports. In a cable sent to US embassies, the State Department said it “strongly objects” to the proposal, warning its adoption could threaten US industry and describing it as an example of UN overreach. The resolution stems from a July advisory opinion by the International Court of Justice, which said countries could violate international law if they fail to protect the planet from climate change and that affected nations could be entitled to reparations. While neither the opinion nor General Assembly resolutions are legally binding, the draft urges compliance with international climate obligations, including limiting warming to 1.5C, phasing out fossil fuel subsidies, and creating an international register of climate damage claims. Vanuatu has pushed for a vote by the end of March, while US officials say several major economies have expressed concerns about aspects of the text. (AP)

Philippines GDP affected by climate risk – Climate change could reduce the Philippines’ GDP by up to 20% by 2070 under a high-emissions scenario, the Organization for Economic Cooperation and Development (OECD) said in its Economic Survey of the Philippines. According to the OECD, rising sea levels, extreme heat, and damage to land and infrastructure are expected to take an increasing toll on the country’s economy, with potential losses of about 5% by 2040, accelerating to roughly 20% of GDP by 2070 if climate impacts go unchecked. The OECD warned that the downturn could result in output losses, higher inflation, tighter fiscal space, and greater hardship for vulnerable communities, and urged stronger adaptation and mitigation measures to reduce risks.

Over 2.1 million Core Carbon Principles (CCP)-labelled credits were issued last week – bringing overall tagged issuance close to 90 mln – but CORSIA credits came under pressure, fuelling concern in the airline industry expressing that operators may have to declare a force majeure if available credits under the UN's aviation offsetting scheme don't increase soon.

At today's level of warming, about 40% of the ice stored in West Antarctica may already be on a path of long-term decline, while parts of East Antarctica could cross thresholds at 2-3C of warming, a study has found.

Enhanced rock weathering (ERW) could remove between 350-760 million tonnes of CO2 a year by 2050, depending on the level of ambition in national policies, according to a new scientific paper published on Monday.

Hedging bets - Indonesia’s state utility PLN is relying heavily on independent power producers to drive capacity growth, with private players accounting for nearly 39% of installed generation as of last year, Petromindo reported, citing a recent bond prospectus. Most projects under development are geothermal and other renewables, including expansion units due online through the early 2030s. Hydro, floating solar, and wind projects are also advancing through long-term coal contracts with some running to 2075, locking PLN into multi-decade payment obligations.

Picking up pace - Taiwan's Ministry of Environment has identified 234 enterprises meeting high-carbon leakage risk criteria across 17 industries and will complete reviews by end of April, enabling carbon fee payments in May, the Climate Change Agency said last week. Approved voluntary reduction plans will be publicly disclosed by end of February. Of 430 voluntary carbon reduction plans submitted by fee recipients under the carbon fee system launched in 2025, 190 have been approved while 24 withdrew applications, with measures expected to deliver approximately 47.45 mln tonnes of CO2e reduction annually by 2030 – exceeding the initial 37 mln tonne estimate. Low-carbon fuel conversion accounts for roughly 55% of reduction measures, process improvement and energy efficiency for 40%, and renewable energy for 5%.

The planned introduction of a carbon border adjustment for certain commodities could affect Australia’s carbon market and Safeguard Mechanism in several ways but would be broadly positive if well designed, experts said.

Australian carbon project developers are struggling to stay afloat amid a shortage of new methodologies and a widespread perception that the market is oversupplied, which has made it difficult to attract fresh investment, according to an advisory firm.

Shouldering the burden - India has raised spending on climate action to 5.6% of GDP from 3.7% six years ago, Times of India reported, citing Finance Minister Nirmala Sitharaman. Speaking at the Munich Security Conference, she said India was investing in renewables and carbon capture without waiting for overseas finance or technology, though both were needed. Sitharaman added that two-thirds of India’s renewable energy targets had been met four years ahead of schedule. She also said lower-emitting countries should not bear the same burden as major polluters. Meanwhile, the country's 2035 climate pledge to the UN is still pending.

In progress - Vietnam will complete and publish provincial forest boundary databases and maps by the end of 2026 as part of an action plan to implement the EU Deforestation Regulation (EUDR), state-run news agency VNA reported, citing Forestry and Forest Protection Department. The plan requires provinces to identify coffee, rubber, and timber production areas at risk of deforestation and to issue official compliance guidelines for the timber sector. Authorities will develop EU-aligned monitoring indicators, strengthen traceability systems, and build an integrated digital platform linking planting area codes and sustainable forest management certification data.

In focus - Indonesia is stepping up efforts to embed blue carbon into its climate strategy ahead of COP31 in Turkey, its Marine Affairs Ministry said last week. The ministry added that the country aims to align marine carbon policies with its target to cut emissions by 31.89% unilaterally, or 43.2% with international support, calling for stronger governance, data, and financing frameworks. The Southeast Asian country hosts around 17% of the world’s blue carbon ecosystems including mangroves and seagrasses.

Choose your champion - The Australian government is accepting expressions of interest (EOI) for Australian citizens to be considered for the Presidency Youth Climate Champion (PYCC) role in its capacity as COP31 President of Negotiations, it announced. The PYCC is a high-profile facilitative leadership role designed to strengthen meaningful, inclusive, and effective participation of young people in climate action and climate decision-making, the government said. Applicants should bring credibility, cultural capability, policy fluency, and trust-based leadership, to the role, with particular attention to First Nations and Pacific youth representatives, according to the application factsheet. EOI applications are due by Mar. 1.

Spreading tentacles - The Australian arm of Octopus Group is planning to spend as much as A$20 bln ($14.2 bln) on renewable energy projects in the country over the next five years, Bloomberg reported. Company CEO Sam Reynolds in an interview said Octopus Australia will invest in at least A$15 bln developing assets in NSW, Victoria, and Queensland, adding that 60% of them will be wind projects, while the rest will be split between battery energy storage systems and solar/battery hybrid plants. The company bought two battery projects earlier this month worth A$3 bln in Queensland and NSW.  Australia aims to reach 82% renewable energy by 2030, seen as crucial for achieving its 43% emissions reduction target by the same date.