Support for a fossil fuel treaty is at its highest, with groups calling for a mechanism to manage the phasedown of fossil fuels in a just and equitable way, according to a report released on Tuesday.

Renewable energy push – The Asian Development Bank has approved a $63.44 mln financing package to boost the integration of renewable energy into Cambodia’s power system by strengthening grid stability and energy security, and bolstering cross-border power trade. The ADB said on Wednesday that the cash will support the construction of a 250 MW/500 MWh battery energy storage system at the Takeo substation, and is aimed at meeting growing demand from industrial zones, agro-processing facilities, and urban development. As well, it will support power trading with Vietnam, an area of focus for the bank, which last month announced a goal to invest $70 bln in expanding cross-border electricity trading in the region.

Australia's federal government has made an administrative determination on Woodside Energy’s Browse carbon capture and storage (CCS) project, meaning it will be assessed wholly under national environmental laws, while its associated gas development will be open to public comment.

US expansion - Sydney-headquartered New Forests, a nature-based asset investment manager, has expanded its footprint in the US with an acquisition of 44,200 acres of plantation forest in Washington State, it announced on Tuesday. The company plans to explore opportunities for carbon project development on the land while maintaining an active harvest programme. Other US-based assets are located in California, Oregon, and the southern region. This follows the kickoff last Monday of New Forests’ A$1 bln ($700 mln) equity raise for its first global fund, addressing interest from institutional investors in forestry, agriculture, and the carbon and biodiveristy markets.

Bangladesh has announced an ambitious goal to generate almost $1 billion through the sale of new carbon credits.