EU says it will announce considerable contribution for climate damage fund
The EU’s climate chief announced on Monday that the bloc will contribute a “substantial” amount to a new fund for climate mitigation and adaptation as well as allocate further funding for renewables and energy efficiency on Monday.
Read MoreGerman coalition government agrees relief package for electricity-intensive companies
Germany’s three-party coalition government agreed on an additional five-year package to extend relief for the nation’s EU ETS-covered industry struggling with high electricity prices, it announced on Thursday.
Read MoreUN seabed authority reaches no conclusion on deep-sea mining rules despite mounting support for ban
The UN body responsible for the world’s seabed continued to hold discussions on a mining code for the extraction of precious minerals from the deep sea up to the last day of its Council meeting on Wednesday but failed to finalise them, as a Canadian miner announced on the same day that it would continue tests in the Pacific Ocean.
Read MoreEU’s carbon border plans force companies to disclose ‘trade secrets’, says industry
Companies and non-EU governments impacted by the EU’s carbon border adjustment mechanism (CBAM) said the legislation is forcing them to disclose ‘trade secrets’ about their supply chains, and that the lack of regulatory detail is hindering their ability to prepare, an event in Brussels heard on Wednesday, as a Turkish official confirmed that the nation plans to launch an ETS next year.
Read MoreEU lawmakers seek to push member states on COP28 stance
Members of the European Parliament’s environment committee resoundingly agreed climate action should be accelerated in all sectors to meet the Paris Agreement goals and called for and end to fossil fuel subsidies by latest 2025, in a vote on their demands for the COP28 UN climate conference on Tuesday.
Read MoreOnly 5% of listed companies disclose measurable climate plans -report
An analysis of over 1,000 publicly listed companies worldwide shows that only one in 20 discloses quantified plans on how they will meet their greenhouse gas targets, a leading British university’s research centre found.
Read MoreCorporate net zero targets on the rise, but most not Paris-aligned -report
The number of publicly-listed companies setting a net zero emissions target has risen by 40% compared to a little more than a year ago, according to a global analysis published on Monday by a research consortium that includes the UK’s University of Oxford, but only 4% of these targets are aligned with the Paris Agreement.
Read MoreEU member states signal backing for obligation on oil and gas sector to build up bloc’s CCS infrastructure
The Council of EU member states is firming up its largely favourable position on whether to obligate oil and gas firms to fund the bloc’s CCS infrastructure as part of the bloc’s Net Zero Industry Act, with Denmark and the Netherlands wanting to include provisions that would also safeguard non-oil and gas ‘front-runner’ companies.
Read MoreFinland’s last coal plant to be used in country’s emergency power reserve
Finland’s emergency power reserve agency signed an agreement with energy company Fortum to use the firm’s coal-fired plant in case of severe supply power disruption for two years from March 2024, Fortum said in a statement on Monday.
Read MoreEU takes stock of its climate progress since Paris Agreement with tepid optimism
Levels of optimism on whether the EU is on the right track eight years on from signing of the Paris Agreement diverged amongst key climate stakeholders at an event in Brussels on Friday, as the experts prepared for this year’s UN negotiations where they deem it crucial to secure a global fossil fuel phaseout commitment.
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