COP28: Gore highlights shortfalls in methane pledge, urges use of global inventory to monitor progress
Al Gore emphasised the importance of Saturday’s methane pledge by almost 50 oil and gas companies to work towards near zero methane emissions, while highlighting glaring gaps in the announcement due to the absence of some of the world’s highest emitting companies and countries, during a plenary session at COP28.
Read MoreCOP28: Voluntary carbon coalition to spin out forestry standard in early 2024, launch first REDD+ credits by 2025
Brazil and the Democratic Republic of Congo (DRC) are likely to host pilot projects generating REDD+ credits under a new standard, established by three voluntary forest carbon stakeholders, as early as 2024, as ministers and Indigenous Peoples from the two countries pledged their support at COP28 on Sunday.
Read MoreCOP28: US Energy Transition Accelerator to launch in April, mobilise $200 bln in carbon credit finance by 2035
The Energy Transition Accelerator (ETA), a coalition of carbon credit buyers and sellers, will launch next year to provide revenue to support developing countries on their road to a clean energy transition, as an accompanying core framework and initial pilot countries were also announced at COP28 Sunday.
Read MoreCOP28: Roundup for Day 4 – Dec. 3
It’s Day 4 of COP28 and the focus begins to move away from world leaders, after a busy few days filled with international pledges, towards the nitty gritty of negotiations in Dubai. The devil, as they say, will be in the details in terms of progress on the global stocktake, as well as on carbon markets. Oh, and today is the first ever Health Day at a UNFCCC COP. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (Gulf Standard Time, GMT+4).
Read MoreCOP28: Philanthropic funding needed to build capacity for high-integrity carbon markets, says report
Philanthropic funding will be needed to address capacity gaps in low- and middle-income countries and facilitate high-integrity carbon markets, according to a report released Sunday.
Read MoreCOP28: Dominica signs MoU with UAE-based carbon credit project developer
The Caribbean island of Dominica has signed a Memorandum of Understanding (MoU) with UAE-based carbon credit project developer and buyer Blue Carbon at COP28 in Dubai, focusing on mitigation and carbon removal initiatives across several sectors.
Read MoreCOP28: Nations pledge hundreds of millions towards forestry plans for international carbon markets
Governments, private sector, and philanthropic initiatives have so far announced partnerships and funding pledges in the hundreds of millions of dollars for rainforest protection and restoration in multiple nations, specifically involving mobilising finance from international carbon markets and credit sales.
Read MoreCOP28: UN, UAE, Bloomberg launch Industrial Transition Accelerator to decarbonise heavy emitters
The UN, UAE, and Bloomberg Philanthropies launched the Industrial Transition Accelerator initiative on Saturday, pledging $30 million to scale up decarbonisation of heavy-emitting industries.
Read MoreCOP28: Verra to issue “very shortly” Article 6-aligned carbon credits, launch next version of VCS in 2025
Verra is set to soon issue its first carbon credits aligned with Article 6 of the Paris Agreement from projects in Africa, and also expects to launch its Verified Carbon Standard Version 5.0 in 2025, a senior member of the standards body told a panel at a COP28 side event.
Read MoreCOP28: US pledges another $3 bln to Green Climate Fund, won’t honour $1 bln of previous commitment
The US is pledging a further $3 billion to the UN’s Green Climate Fund (GCF), Vice President Kamala Harris announced at the COP28 climate summit in Dubai on Saturday.
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