COP30: Global Goal on Adaptation lands with consolidated indicators, no new finance
Negotiators at COP30 in Belem on Saturday accepted a final decision concerning the Global Goal on Adaptation (GGA), distilling the list of indicators, nixing any new funding commitments, and reiterating the GGA’s non-prescriptive nature.
Read MoreCOP30: Fossil fuels out, adaptation in after “stormy” politics leave a mixed Belem bag
Countries failed to strengthen international efforts to drive an energy transition after two fraught weeks of COP30 negotiations, beyond doubling down on an existing 2023 pledge, agreeing to speed up decarbonisation targets, and reaffirming last year’s goal to boost climate finance.
Read MoreCOP30: Negotiations pause as fire breaks out at UN climate summit
The COP30 climate summit in Belem was forced to evacuate on Thursday when a blaze erupted near the Africa Pavilion, triggering a full evacuation and bringing negotiations to a halt.
Read MoreCOP30: Singapore signs Article 6 MoU with Malawi
Singapore and Malawi on Thursday signed a memorandum of understanding (MoU) to develop carbon credit projects under Article 6 of the Paris Agreement, marking the latest in a string of bilateral deals that is positioning the Asian city-state as a major buyer.
Read MoreCOP30: India, Japan flag deeper cooperation under JCM
Environment ministers from India and Japan on Wednesday said the two Asian giants will deepen cooperation on the Joint Crediting Mechanism (JCM), industrial decarbonisation, and technology transfer, as they work to align their goals under Article 6 of the Paris Agreement.
Read MoreCOP30: Bangladesh “pre-launches” carbon market framework, lays ground for Article 6 trade by 2026
Bangladesh on Wednesday announced its national carbon market framework in a “pre-launch” session, setting out rules for how the country will generate, authorise, and trade emission reductions under Article 6 mechanisms and the voluntary carbon market.
Read MoreIndonesia’s carbon price insufficient to cut reliance on coal, report finds
Indonesia’s carbon pricing regime is failing to put a dent in Southeast Asia’s largest economy’s heavy dependence on coal-fired power, as low CO2 prices, distortions in the electricity market, and subsidies for the fossil fuel render the framework “largely ineffective”, according to a Just Energy Transition Partnership (JETP) thematic report released this week.
Read MoreGold Standard launches consultation on crediting early closure of fossil fuel plants
Gold Standard on Wednesday opened public consultations on two new methodologies for early retirement of coal plants and other fossil fuel assets, as support for a roadmap for shifting away from non-renewable power sources picks up steam at COP30 in Belem.
Read MoreCOP30: ANALYSIS – Amid capacity supply crunch, does Article 6 also have a demand problem?
Despite strong interest in building up Article 6 supply, there are only a handful of sovereign buyers actively looking to procure credits for the period running to 2030, yet capacity building needs among host countries remains an even greater challenge for the near-term scaling of the market, experts and government officials told Carbon Pulse at COP30.
Read MoreCOP30: FEATURE – EU insists CBAM is not a “unilateral” measure as criticism pours in
The EU insisted its carbon border fee is not a “unilateral” trade measure on Monday, addressing criticisms from countries such as China that have again brought CBAM to the forefront of multilateral discussions inside the negotiating rooms of COP30.
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