ECB flags transition risks of climate action for EU economy
The EU needs coordinated policy to finance emissions reductions to 2030, integrating potential climate risks in order to avoid losses and disruptions stemming from a ‘run on brown’ scenario, the European Central Bank (ECB) and the European Supervisory Authorities (ESAs) warned on Tuesday.
Read MoreCOP29: Developing countries need much more grant-based finance than previously estimated, study claims
Developing countries need up to $1.5 trillion per year of solely grant-based climate finance as they struggle to attract investment and cope with growing debt, according to a new study that claims previous estimates are far too low.
Read MoreCOP29: No sign of life in climate finance text as talks hit impasse
The COP29 climate finance text was still a mess midway through the summit, as several delegations described difficulty in engaging with key elements of the current draft, and observers suggesting they do not expect a strong outcome in Baku for the headline objective of the summit.
Read MoreCOP29: Trump presidency could spell well for the voluntary carbon market, stakeholders say
While President Donald Trump’s re-election is expected to generally stifle US momentum on climate action, there may be avenues for increased voluntary carbon market (VCM) enthusiasm under his leadership, market participants told Carbon Pulse on the sidelines of COP29.
Read MoreCOP29: One year in, global transition from fossil fuels hits stalemate in climate talks
Climate negotiators are struggling to agree on how to move forward with last year’s milestone commitment to transition away from fossil fuels, with emerging economies pushing to keep any reference out of this year’s COP29 agreement.
Read MoreCOP29: Pledge to boost global power storage, grids aims to support renewables rollout
The Azerbaijani COP29 presidency launched a series of pledges on Friday to boost clean energy storage and infrastructure globally and in the Caspian region, in support of last year’s commitment to triple renewables and double energy efficiency.
Read MoreCOP29: Developing countries demand more transition finance to stop exploiting fossil fuels
Developing countries relying on oil and gas extraction for state revenues need technical and financial support to phase it down — even if they are keen to follow through on last year’s COP28 global commitment to pursue a just and orderly transition away from fossil fuels, according to experts at COP29.
Read MoreCOP29: BRIEFING – Israel readies carbon tax to shield companies from CBAM
Israel is in the final stretches of preparing a tax on greenhouse gas emissions and air pollutants that parliament approved in September after years of debate in an effort to resolve a “significant market failure” caused when polluters don’t pay for their environmental damage.
Read MoreCOP29: UK pledges nearly £80 mln for clean energy, innovation in developing countries
The UK is pledging nearly £80 million of funding to help developing countries roll out clean energy and shift away from fossil fuels, with a package of support that it said will position the country as a clean tech innovation leader.
Read MoreUK prepares to ban new coal mines
The UK is poised to ban new coal mines, soon after becoming the first industrialised country to end coal-fired power generation, the government announced on Thursday.
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