NZ government moves to quell ETS concerns
New Zealand’s ETS settings will still need to accord with the country’s domestic emissions budgets and long-term goals, the Ministry for the Environment (MfE) said, in an attempt to improve sentiment after weeks of volatility.
Read MoreNZ Market: Volatile day sees NZU prices recoup some recent losses
A volatile day of trading in the New Zealand Emissions Trading Scheme saw prices trade in a wide NZ$10 ($5.68) band on Friday, before closing the day up 9%, with some attributing the lift to comments from the country’s climate minister late on Thursday.
Read MoreCOP30: Government pledges of more than 1 bln ha for removals ‘unsustainable’ -report
Governments are prioritising large-scale tree plantings for carbon removals at the expense of preserving forests and halting deforestation, a report warned – with more than 1 billion hectares pledged for removals.
Read MoreCOP30: Pacific Islands reiterate 1.5C as top priority for Belem
Obtaining a renewed commitment to cap the increase in global temperatures to 1.5C would be an achievement at COP30, said a representative from the Pacific Islands Forum (PIF) Secretariat, with oceans, the just transition, and securing COP31 for the region among its other top priorities.
Read MoreNZ Market: Rash of selling drags carbon prices lower
NZU prices came under renewed pressure on Thursday, with participants pointing to last week’s surprise news about changes to the New Zealand ETS as continuing to weigh on minds.
Read MoreAustralian opposition drops net zero target, ending bipartisan consensus on climate
Australia’s Liberal opposition party has decided to ditch its net zero target by 2050, ending the bipartisan consensus on climate change with the current government led by Labor Prime Minister Anthony Albanese.
Read MoreCOP30: Just transition mechanism proposal divides Belem talks
A proposed mechanism to coordinate and support the global just transition has proven to be a flashpoint at COP30, with the G77+China facing off against developed countries including the UK over it.
Read MoreCOP30: LEAF Coalition signs first buyer from Asia
Carbon credits buyers’ group, LEAF Coalition, has signed up its first member from Asia, it announced on Wednesday.
Read MoreAustralia’s Big Four funnelled A$43 bln to fossil fuel since Paris -report
Australia’s Big Four banks have directed just over A$43 billion ($28.1 bln) to fossil fuel companies since 2015, a report said on Wednesday.
Read MoreReport lays out policy pathway to unlock private finance for forests
Governments in emerging markets and developing economies (EMDEs) need to ensure they have a mix of policies to incentivise finance for forests, as well as regulatory measures such as environmental markets, said a recent report.
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