COP29: Major fossil fuel-producing countries commit funding, announce penalties to crack down on methane emissions
South Korea and the UK announced multimillion dollar funding commitments to support international efforts to reduce methane emissions, while the US launched a fine of over $1,000/tonne on excess production of the greenhouse gas from the fossil fuel sector on Tuesday.
Read MoreCOP29: Approval of Article 6 standards paves way for methodologies from mid-2025
Carbon crediting methodologies may now be approved from mid-2025 following Monday’s COP29 agreement on Article 6.4 standards, but technical details still need to be ironed out both in Baku and once the international market becomes operational, according to experts.
Read MoreCOP29: Negotiators hail Article 6.4 deal, but campaigners say it’s a false solution
The COP29 summit’s speedy Article 6.4 agreement was met with polarising reactions on Tuesday, with advocacy groups lambasting it as a distraction from genuine climate action while UN negotiators hailed its potential to unlock up to $250 billion in private climate finance by 2030.
Read MoreDATA DIVE: VCM moves towards offtake agreements and buying to retire
More and more buyers in the voluntary carbon market (VCM) are moving towards offtake agreements and increasingly buying to retire rather than resell, new data seen and analysed by Carbon Pulse suggests.
Read MoreDeveloped countries should take on extra carbon reduction, removal onus on top of national targets -researchers
With the global carbon budget for a 1.5C rise in temperatures set to be exceeded, researchers have floated the idea of assigning rich countries responsibility for extra emissions reductions and carbon removals in addition to achieving their own national targets.
Read MoreCOP29: UN regional centres helping to build global Article 6 capacity
UN Regional Collaboration Centres (RCCs) channelling funds from the Clean Development Mechanism (CDM) have played a key role in developing notable Article 6 and carbon pricing initiatives in the Global South, with ongoing projects expected to yield further concrete outcomes in the near and medium term.
Read MoreINTERVIEW: Carbon markets could shore up finance for Africa, but not at $10/t -economist
The voluntary carbon market (VCM) offers an opportunity to raise climate finance in Africa, but more needs to be done to raise the price of carbon and quell the volatility in order to unlock value on the ground, according to a high-profile African economist and former minister.
Read MoreUK startup secures funding to offer insurance for risks in early-stage CDR projects
A startup insurance company hopes to kick start the carbon removal (CDR) market by offering cover to mitigate the risks facing early-stage projects.
Read MoreGold Standard launches second public consultation of coal phase-out methodology
The second public consultation on Gold Standard’s coal plant decommissioning methodology launched Tuesday, seeking additional feedback on leakage, embodied emissions, and just transition requirements.
Read MoreRatings agency publishes first Article 6 carbon project score
A ratings agency has published its first score for a carbon project whose credits have been authorised for Article 6 international transfer, it announced Monday.
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