Ombudsman says International Finance Corporation’s emissions rules are too weak
The World Bank Group’s International Finance Corporation (IFC) is failing to enforce its own greenhouse gas emission requirements with clients, which already fall short of what is needed to meet the Paris Agreement’s 1.5C temperature goal, the finance institution’s ombudsman warned.
Read MoreUK puts billions towards carbon capture, nuclear, clean energy, and prepares for CBAM
The UK government will put billions of pounds into carbon capture, utilisation, and storage (CCUS), nuclear power, hydrogen, renewables, zero-emission vehicles, and sustainable agriculture over the next fiscal year, and plans to introduce a carbon border tax on imports from 2027, Chancellor Rachel Reeves announced on Wednesday.
Read MoreVoluntary carbon registries can foster healthy competition once Article 6.2 registry starts up -UN expert
Independent carbon credit registries will continue to play a role, and foster healthy competition, even after a centralised UN registry is created under Article 6.2 of the Paris Agreement, according to a member of the UN group mandated to determine the international carbon market rules.
Read MoreNew surety bonds product aims to protect and boost investments in low-carbon projects
A French issuer of trade credits has introduced a product that issues surety bonds and guarantees for low-carbon technologies and renewable energy projects, and holds the premiums as investments in certified green bonds, it announced on Wednesday.
Read MoreAsset manager launches carbon removal fund to help institutional investors tap in
A London-based asset manager is launching a carbon removal fund to give institutional investors access to solutions that can deliver investment returns and help them reach net zero emissions, it announced on Tuesday.
Read MoreAnalysts cast doubt on Scottish CCS project’s claimed emission cuts
The lifetime emissions of a project to add carbon capture technology to a gas-fired power plant in Scotland could be three to five times higher than reported by the developer, according to estimates by a climate think tank.
Read MoreUAE pilot project makes cleaner steel from renewable hydrogen
The United Arab Emirates’ state-owned renewable energy developer and a steel company have completed a pilot project demonstrating the potential for using green hydrogen to produce cleaner steel, they announced on Monday.
Read MoreNDCs fall “miles short” of emission cuts to meet Paris goals, UNFCCC warns
Existing national contributions to the Paris Agreement are unsurprisingly inadequate, at most leading to a mere 2.6% decline in global greenhouse gas emissions over the 2020s, according to a UN report released on Monday.
Read More1.5C climate goal slipping out of reach, UN warns ahead of COP29 summit
The goal of limiting global warming to 1.5C is slipping quickly out of reach, although it is still “technically possible” – and relatively inexpensive – for the world to roughly halve emissions within this decade, the UN Environment Programme (UNEP) warned on Thursday.
Read MoreDraft COP29 negotiating text sets out three options for global climate finance
The latest version of the new global climate finance goal due to be agreed at COP29 sets out three options for structuring the headline target, including the transfer of trillions of dollars per year from wealthy to poor countries, or a wider annual investment sum from public and private sources.
Read More