COP29: Countries clinch Article 6 deal in momentous win for international carbon markets
Negotiators from nearly 200 countries have reached a historic agreement on international carbon markets at COP29, in a decision that finally concludes the rules governing the trading and crediting of mitigation outcomes under Article 6 of the Paris Agreement.
Read MoreCOP29: Countries on cusp of historic Article 6 deal in Baku as final texts land
Negotiators from nearly 200 countries could be on the verge of a historic agreement on international carbon markets at COP29, after presidency proposal texts were published late on Friday and multiple sources said that consensus may now be present on the key outstanding technicalities of international carbon trade under Article 6.
Read MoreCOP29: Backslide in Baku as 1.5C wiped from mitigation text
A late-stage presidency text for the Mitigation Work Programme (MWP) has eliminated any mention of the Paris Agreement’s global warming limit goals, and repeated its exclusion of ‘fossil fuels’ or ‘renewables’ language, reversing course on last year’s landmark COP28 Global Stocktake (GST).
Read MoreCOP29: Norway to join ADB Article 6 carbon fund, pledges $50 mln
Norway will join a fund from the Asian Development Bank (ADB) that seeks to provide carbon finance to developing countries in Asia Pacific to support Article 6 projects, the country announced at COP29 on Wednesday, pledging $50 million to the effort.
Read MoreBrazilian public prosecutors ask court to suspend Amazonas carbon credit concessions -media
Brazilian public prosecutors asked a federal court this week to suspend carbon credit concessions launched by the state of Amazonas, citing concerns around potential violations of Indigenous rights, according to a national media outlet.
Read MoreCOP29: UK gains ground in latest climate change performance index, but no countries on track for 1.5C
The UK achieved the largest rise in annual rankings of countries’ climate change performance, published Wednesday, but no nations are on a 1.5C-aligned pathway despite the strong global growth of renewables.
Read MoreCOP29: BRIEFING – Experts see rising chance of US CBAM, along with international challenges
There is an increasingly strong likelihood that the US will implement a carbon border adjustment mechanism (CBAM), but such a policy would likely come with challenges on the international level, according to experts speaking at COP29.
Read MoreBrazil’s lower chamber reapproves landmark national cap-and-trade legislation, sends to President Lula for signing
Brazil’s Chamber of Deputies passed on Tuesday evening landmark legislation to establish a nationwide ETS, as the historic proposal for what would be the largest compliance carbon market in Latin America rolls onwards towards full approval.
Read MoreCOP29: G20 endorses broad climate finance, but fails to provide clarity on NCQG
The G20 reaffirmed a broad commitment to climate finance efforts in a communique following the conclusion of its summit in Brazil, but observers say more is needed from the world’s wealthiest countries to adequately address climate change globally.
Read MoreCOP29: Benin, Norway sign bilateral Article 6 agreement
Norway and Benin on Sunday signed a bilateral Article 6 agreement at COP29, according to a government press release.
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