More than half of the world's largest companies now have net zero targets and nearly half plan to use carbon credits as part of their climate strategies, according to a report released Tuesday, highlighting the continued mainstreaming of voluntary carbon markets among major corporates.

Rolling out the agreement - The first Joint Committee on Climate Change Cooperation held last week between officials from the governments of South Korea and Peru marks the long-awaited kick-off of an agreement signed in 2024, which entails an institutional framework for Article 6 collaboration, wrote in a social media post Rogelio Campos, technical specialist at the Ministry of Environment (MINAM). The meeting was first announced by MINAM's Director of Climate Change and Desertification, Jessica Moscoso, during the Peru Carbon Forum last month. The Vice Minister of Strategic Development of Natural Resources at the time told Carbon Pulse last year that MINAM is in conversations with the Korean government to sign an Article 6.2 bilateral agreement, where procedures for project development and authorisation of international transfers are under evaluation. The official expected to sign an agreement in the first half of 2026.

Nearly a dozen major oil and gas companies are planning to increase their oil and gas output, exceeding the reductions needed to limit global warming and even to meet projected demand growth in the next few years, according to a study published on Thursday.

A group of Canadian nonprofits and advocacy groups filed a lawsuit against the federal government, seeking a judicial review of its alleged failure to bring the Emissions Reduction Plan for 2030 (ERP) into compliance, listing over 30 instances of environmental rollbacks as of June.

Washington state regulators adopted revisions to the US forest offset protocol under its cap-and-invest programme on Tuesday, finalising changes intended to make the crediting framework more applicable to the state's forests while responding to comments on permanence and Tribal land constraints.

Solar safeguard - Hawai'i Gov. Josh Green (D) signed an executive order preserving state solar tax credits for some projects already underway in 2026, after a new law reducing incentives for commercial-scale and rooftop solar systems raised concerns over more than $400 mln in existing project financing, E&E News reported. The law capped annual credit amounts and phases them out entirely by 2030, with changes written to apply retroactively from the start of 2026. Green’s order exempts projects completed by May 21, as well as projects whose developers can show they reasonably relied on the credits when arranging financing before that date, while leaving the broader 2030 phase-out unchanged.

A Rio de Janeiro-headquartered mining company has mapped nearly $2.5 billion in estimated decarbonisation-related spending and warned that carbon pricing mechanisms could cost the company up to $4 bln from 2030 onwards, according to an annual report.

Political tensions around the issue of climate finance are seeping into and tainting progress in negotiations across other topics at annual mid-year UN climate talks in Bonn this week.

A UN-backed restoration finance facility has partnered with a Peru-focused nature-based solutions developer to help advance a pipeline of community-led forest restoration and conservation projects targeting carbon, biodiversity, and sustainable land-use outcomes across Latin America.

The status quo will be insufficient to reach a Belem pledge to quadruple the use of sustainable fuels by 2035, but the right policy signals and can help drive growth in the emerging sector, experts said during mid-year UN climate talks.

"At least” 14 additional projects, but hopefully more, will receive host party approval (HPA) to transition to Paris Agreement Crediting Mechanism (PACM) from the Clean Development Mechanism (CDM) by the deadline at the end of this month, a UN official said on Tuesday.

Global CO2 emissions need to reach net zero by 2045, followed by all GHG emissions around 2060, in order to limit warming to 1.5C in the long run, according to analysis published on Tuesday.

New guidance published on Tuesday  by a carbon management advisory seeks to provide voluntary buyers of low-carbon fuels with a unified framework for assessing quality across a fragmented and rapidly evolving market.

Momentum behind the implementation of Article 6 of the Paris Agreement continues to build, according to the latest implementation status update from a partnership tracking the progress of UN carbon markets, with five new bilateral trade agreements inked in the past month.

Automotive industry associations in Brazil, Indonesia, and Colombia are adopting the messaging of major Japanese automakers on transport decarbonisation, advocating for the continued use of combustion-powered hybrid vehicles and alternative fuels over electric vehicles (EV), according to a think tank's analysis.

A carbon project developer has pitched contracted durability mechanisms as a way to manage reversal risk, suggesting these buffer pool alternatives could equalise nature- and tech-based removal credits under the newly-introduced requirements of the Science-based Targets initiative’s (SBTi) latest Corporate Net-Zero Standard.

A project developer lobby group has thrown its weight behind a new stakeholder initiative that aims to boost the number of credits available for CORSIA to around 250 million by the spring of 2027.

Small islands and least developed countries accused some parties of attempting to weaken the role of science and sideline the 1.5C goal, warning that progress towards key climate finance commitments was faltering ahead of COP31 in Turkiye. 

At least four countries using the Paris Agreement’s Article 6 carbon markets mechanisms risk undermining, rather than strengthening, global climate action, according to an analysis published on Tuesday.

Southeast Asia’s energy system has been exposed as structurally vulnerable due to its reliance on imported fuels, a study said, as the Middle East conflict drives up costs and forces governments to put energy security at the centre of future policy.

RGGI Allowance (RGA) futures largely settled above the $40 mark during the last week according to data on ICE, as traders expect relative price stagnancy in the absence of expected market interventions from Virginia's re-entry and affordability measures signalled by the administrator.

A US-based developer cancelled a biofuels project planned in central Louisiana, citing uncertainty in financing, regulatory, and carbon capture aspects of the projects, along with a “slower-than-expected market adoption” of sustainable marine fuels.