Urban rewire – In Santa Marta, Colombia, city leaders said on Sunday that shifting away from fossil fuels is the most effective way to secure affordable, reliable energy and shield urban economies from global price shocks. The C40 Cities coalition highlighted that urban areas driving 75% of energy-related emissions can cut costs and improve resilience by scaling renewables, which are now at least 50% cheaper than new fossil fuel generation, it said. Examples from cities including London, Melbourne, and Bogota show local governments already delivering lower bills, cleaner air, and job creation through clean energy deployment and procurement schemes, press materials said.

Six of the world’s biggest oil and gas companies are projected to earn almost $3,000 every second in 2026 while households continue to struggle with energy costs worldwide, Oxfam warned on Monday, one day before the first global conference on transitioning away from fossil fuels.

Island leadership – The Republic of the Marshall Islands has become co-chair of the Coalition on Phasing Out Fossil Fuel Incentives Including Subsidies (COFFIS) alongside the Netherlands, it was announced on Saturday. The move came during the First International Conference on the Just Transition Away from Fossil Fuels in Santa Marta. Members acknowledged that governments have faced intense pressure to shield households from surging energy and living costs during the current crisis, but noted that some have avoided new fossil fuel subsidies by using alternative measures to respond. The COFFIS coalition has expanded to 17 countries since its COP28 launch.

Lost and damaged - A UN-backed fund designed to help developing countries cope with climate-related loss and damage risks running out of money by the end of 2027, despite not yet disbursing any funds. The Fund for Responding to Loss and Damage has received project requests totalling $166 mln across 10 proposals and is expected to be oversubscribed, raising concerns about near-term cashflow constraints, Climate Home reports. Internal documents warn that, given current funding levels, the fund could exhaust its capital within two years, potentially undermining its operations and credibility. Although developed countries have pledged $822 mln since the fund was agreed in 2022, only $449 mln has been delivered so far. Initial projects under consideration include flood resilience efforts in Bangladesh and Lagos, and water infrastructure upgrades in Jamaica. Observers and campaigners say current funding falls far short of estimated needs, which could reach up to $400 bln annually for developing countries. Civil society groups are calling for developed nations to scale up contributions significantly, proposing targets of $50 bln per year from 2027, rising to $100 bln by 2031 and $400 bln by 2035, alongside new levies on fossil fuels, finance, aviation, and wealth. The fund is expected to approve its first projects in July and plans to hold replenishment rounds every four years, with the first scheduled for 2027. Concerns remain over limited donor commitments and the lack of binding obligations on contributors.

New direction - The UK's development finance institution, British International Investment (BII), has announced a new five-year strategy to shift its focus towards high-impact sectors including sustainable industries in low-income countries, against a backdrop of the UK Treasury cutting climate aid for developing countries by over 10%. BII's new strategy focusses on sectors linked to economic transformation, with plans to mobilise up to £7.5 bln of private capital over five years. As part of this, it is launching a £1.1 bln climate initiative called British Climate Partners to channel private investment into Asia’s energy transition. (edie.net)

South Korea and Bolivia on Friday signed a memorandum of understanding (MoU) for cooperation on GHG reduction initiatives under Article 6 of the Paris Agreement, with landfill projects in the pipeline.

A methane leakage reduction project in Uzbekistan has secured eligibility to supply carbon credits under the first phase of the UN’s CORSIA scheme, a project developer announced Friday.

Those countries working to progress a global climate framework for shipping have this week engaged specifically on how to collect and distribute the revenues generated by a carbon price, despite continued opposition from petrostates and the US.

The CLEAR methodology for cooking energy transitions remains under review by an expert methodological group working to advance the Paris Agreement Crediting Mechanism (PACM), while a framework covering N2O abatement has been put forward for adoption.

Paris has outlined its initial stance on the upcoming revision of the EU Emissions Trading System (ETS), due in July, saying that the scheme’s overall level of ambition must be considered alongside efforts in non-ETS sectors such as transport, buildings, and forestry, while pushing for up to 300 million carbon permits to remain in circulation in 2040.