ExxonMobil, Pertamina sign $2.5 billion deal to assess CCS hub in Indonesia
ExxonMobil and Indonesian national oil company Pertamina have signed a $2.5 billion agreement to further assess the development of a regional carbon capture and storage hub in Indonesia to sequester CO2 from domestic and international sources, they announced over the weekend.
Read MoreADB signs MoU with Indonesian partners for first coal plant retirement plan under transition mechanism
The Asian Development Bank (ADB) has signed a Memorandum of Understanding (MoU) with Indonesian counterparties to explore the early retirement of a coal-fired power station under the bank’s Energy Transition Mechanism (ETM), it announced on Monday.
Read MoreTimor-Leste to develop nature-based projects, seek role for Article 6 in latest NDC
Timor-Leste will focus on ‘nature-positive growth and transition’ as one of four key climate policy commitments, and will seek international cooperation under Article 6 guidelines in developing local carbon markets, according to its NDC submitted to the UNFCCC this week.
Read MoreCOP27: Singapore establishes S$15 mln fund to improve credibility of nature-based projects in Southeast Asia
Singapore has set up a S$15 million ($10.9 mln) project to support the establishment and monitoring of high-quality nature-based carbon projects across Southeast Asia, it announced.
Read MoreCOP27: Global emissions from fossil fuel use rise by 1% in 2022 to new high, research finds
Global CO2 emissions from fossil fuel use are estimated to increase by 1% in 2022 to 36.6 billion tonnes, reaching a new record and reflecting a full rebound from the pre-COVID-19 levels in 2019, research released early Friday shows.
Read MoreChevron partners with MOL to assess LCO2 transport from Singapore to Australia
Chevron has signed a joint study agreement (JSA) with Japanese shipping company Mitsui OSK Lines (MOL) to assess the feasibility of transporting liquefied CO2 (LCO2) from Singapore to permanent storage locations in Australia, the US oil and gas major announced on Thursday.
Read MoreVietnam raises 2030 climate targets in updated NDC
Vietnam has adopted more ambitious targets to reduce its emissions by 2030 from a Business as Usual (BAU) trajectory in its latest NDC submission to the UNFCCC, although overall its GHG output is still likely to rise in absolute terms in scenarios laid out in both its unconditional and conditional pledges.
Read MoreJapan leads G20 in fossil fuel financing, promotes false solutions to climate change -report
Japan is the world’s leader when it comes to public financing of fossil fuels, driving an expansion of gas use and promoting false solutions to climate change such as hydrogen/ammonia-co-firing and carbon capture that will only prolong the demand for hydrocarbons, a report has claimed.
Read MoreSingapore passes bill to increase carbon tax, setting trajectory for S$50-80/t by 2030
Singapore has passed the Carbon Pricing (Amendment) Bill, formally establishing an increase in its carbon tax in two stages to S$45 ($32) per tonne from 2026 and putting the country on a pathway for the tax to reach as high as between S$50-80/t by 2030.
Read MoreCOP27: Industry coalition pledges $12 billion to boost use of low-carbon tech in hard-to-abate sectors
The First Movers Coalition, a global initiative launched last year to spur the decarbonisation of heavy industry and the long-distance transport sector, has expanded its coverage into two new energy-intensive sectors and will allocate $12 billion in green technology purchase commitments, US climate envoy John Kerry and the World Economic Forum announced on Tuesday.
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