Gas, gas, gas - European banks poured $42 bln into expanding gas power between 2021 and 2024, supporting the planned development of more than 320 gas power plants worldwide, a lobby group has warned. Some 24 banks increased the amount of finance flowing to the biggest global gas power developers by 6% year-on-year over the four year, although the bulk, some 64%, came from just seven French and UK banks, according to Reclaim Finance. Recent tensions in the Middle East are a stark reminder that a system based on gas brings instability, not security, said Reclaim Finance campaigner Remi Hermant in a statement. Ending financial support for gas power expansion is long overdue. Reclaim Finance is now urging banks to commit to ending all support for the expansion of gas power generation and to initiate a rapid phaseout of their exposure. The lobby group said the bank's commitments must result in robust policies that must include strict restrictions on the financial services they provide to gas plant developers.

The Paris Agreement’s goal of limiting global average temperature rise to 1.5C above preindustrial levels is no longer plausible, a new report has said.

International climate finance commitments risk displacing development aid and continue to favour mitigation over adaptation, raising concerns about the effectiveness of a new global funding goal, according to a recently-published study.

As EU policymakers decide what counts under the CBAM as an effective carbon price paid abroad, a special case – jurisdictions that allow carbon taxes to be offset with voluntary carbon credits – raises questions about which carbon prices follow in the spirit of the regulation.

One of Latin America's largest clean cookstove projects recently received an AA rating and is now aiming to be eligible for the international aviation offsetting scheme (CORSIA).

The price of CORSIA eligible credits rose to their highest level since February last week, despite experts warning a prolonged Middle East war may have downside risks for demand.

Farmers oppose CBAM - The UK govt has been urged to drop the upcoming levy on fertiliser imports under its Carbon Border Adjustment Mechanism (CBAM) set to commence from Jan. 1, 2027. Farmers say the tax will compound the high costs facing the sector driven by the Iran war, and the National Farmers Union (NFU) is calling on the govt to postpone the levy and review the situation in a year's time. Right-wing party Reform UK has also opposed the tax, as has fertiliser producer Nitrasol. Fertiliser prices in the UK have increased by around 50% since the conflict broke out, with cost increases set to be passed onto consumers through the supply chain. (the Telegraph)

The US oil blockade of Cuba has exacerbated the country's energy security problem, while also accelerating a shift to renewables, which has included a push to develop carbon markets, according to experts.

The European Commission has confirmed the first quarterly reference price for certificates used in the EU's Carbon Border Adjustment Mechanism (CBAM).

Ethiopia could unlock billions of dollars in carbon market revenues by scaling up land-based sequestration activities, but will need to overhaul governance frameworks and prioritise state-led pilot projects to attract investment, according to a new study.