Brazil has approved nearly all of its eligible Clean Development Mechanism (CDM) activities to transition to Paris-era carbon crediting, far more than any other country, as around 25% of all potential projects that could have moved to the new system secured government approval in time.

The first carbon credits approved for issuance under the Paris Agreement Crediting Mechanism (PACM) show that the UN's new system is improving the quality of legacy Clean Development Mechanism (CDM) projects through more conservative carbon accounting, but significant project-level risks remain, according to a new analysis.

New member - Nigeria has joined the International Energy Agency (IEA) as an Association country, deepening the agency's cooperation with Africa's most populous nation. Nigeria is a major oil and gas producer and home to a dynamic renewable energy market, and so the collaboration will see both parties work more closely across a range of energy issues, including expanding energy access. Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo said he was "elated with the decision of the IEA Members to officially welcome Nigeria" and encouraged the African continent to embrace the IEA on the path towards key development goals such as universal energy access and industrialisation. Following this expansion, the IEA family’s share of global energy demand has increased from 40% in 2015 to over 80% today, said the press release.

Malawi has highlighted carbon markets as one of the financing mechanisms it intends to use to implement a more ambitious third Nationally Determined Contribution (NDC), as the climate-vulnerable African nation seeks to bring in greater domestic and international support for emissions reductions.

The inclusion of domestic maritime emissions in the UK Emissions Trading System (ETS) from this month is expected to pose limited difficulties for most shipowners, who are already familiar with the EU’s carbon pricing regime, but it is also unlikely to significantly cut emissions, experts said.

India should establish two national funds financed by revenues generated from its Carbon Credit Trading Scheme (CCTS) to support industrial decarbonisation, a report said.

Cash pump – The World Bank has agreed to contribute $265 mln to a pumped hydro project in Morocco, it announced Wednesday, which it described as one of the most significant energy infrastructure investments for Africa. Located near Chefchaoeun, the Ifahsa Pumped Hydropower Storage Project will have a capacity of 300 MW and will enable the country to add at least 1 GW of new solar and wind power to its grid and unlock $1 bln of private sector investment. This will lead to the displacement of 3 TWh of fossil fuel-based generation, reducing emissions by 1.7 MtCO2e annually, the bank said. Morocco has signed deals with Switzerland and Norway under the Paris Agreement’s Article 6 to support the roll out of renewable energy.