Climate finance for developing countries just shy of $100 billion goal in 2021, expected to be surpassed in 2023 -OECD
The goal of developed countries providing and mobilising $100 billion of climate finance annually to developing countries to help them cut emissions and adapt to climate change is expected to have been achieved as of 2022, with funding a little under that amount in 2021, according to a progress report by the OECD.
Read MoreINTERVIEW: Meeting host country needs key to securing Article 6 carbon credit deals
Delivering on host country needs around foreign investment, job creation, and ensuring tangible impact will be key to achieving deals on the issuance of correspondingly adjusted carbon credits under Article 6 of the Paris Agreement, according to a carbon-financed energy utility that has already signed such an agreement with Rwanda.
Read MoreCorporate buyers of carbon credits more likely to reduce emissions than other firms -study
A global consultancy has found that companies buying carbon credits and removals are on average more successful in reducing their operational emissions than those that do not, echoing similar findings from another recent voluntary carbon market (VCM) report.
Read MoreClean cooking developer first to issue Article 6-aligned credits
A developer of clean cooking projects is the first to be issued with carbon credits aligned with Paris Agreement Article 6 on the Gold Standard registry, with an African nation agreeing to correspondingly adjust for those credits on its own emissions tally in order to prevent double counting of the emissions reductions.
Read MoreSmallholder farmers spend billions of their own income annually on adapting to climate change, nature loss
The 439 million smallholder farmers globally are spending as much as $368 billion collectively of their own income each year on tackling the impacts of climate change, including on pest control, soil improvements, and biodiversity conservation, which significantly dwarfs the $230 mln pledged for the Adaptation Fund at last year’s COP27 and highlights the increased levels of climate support required by the sector that produces around a third of the world’s food, according to a study published Tuesday.
Read MoreANALYSIS: Voluntary action on airline non-CO2 impact takes shape as EU obligations loom
The first forward purchase agreement has been signed for carbon credits for avoiding the creation of contrails, a form of non-CO2 pollution created by flying, though some airlines remain hesitant about the climate impacts even as initial regulations loom.
Read MoreEurope’s short-haul aviation industry faces “existential threat” from regulations, customer perception, says executive
European domestic and inter-regional airlines are under threat from punitive emissions regulations and changing customer perceptions around short-haul flights, and risk becoming economically unviable depending on the speed at which net zero technologies become available, an airline executive told a conference on Monday.
Read MoreINTERVIEW: Microsoft says critical that other carbon removal buyers join effort to scale industry
US tech giant Microsoft has stressed the need for other buyers to join its effort to scale up emerging technologies such as direct air capture and enhanced rock weathering through the purchase of carbon removal credits, with the company’s removals portfolio executive stating that a group effort is required to scale up the industry and bring down costs.
Read MoreTaxes on fossil fuels, ships, and planes to be important income for new UN climate fund, says legal non-profit
Taxes and levies on fossil fuel production, shipping, and aviation will be an important alternative source of income for a global climate-related loss and damage fund, in addition to developed country government donations to developing nations facing the worst impacts, said a spokesperson for a legal non-profit ahead of a crunch meeting to set up the UN vehicle.
Read MoreOcean carbon removal scales up as developer teams up with European oil major
A major European oil and gas company is teaming up with a Californian ocean carbon removal startup to launch a larger-scale pilot plant for the emerging field of direct ocean capture (DOC) of CO2, with an eye to building commercial plants in key regions globally as the technology advances.
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