COP27: Are CBAMs bad for climate multilateralism?
The EU’s proposed carbon border adjustment measure (CBAM) was discussed at several events on the sidelines of the COP27 UN climate negotiations on Tuesday, with experts debating whether the policy aligns to the multilateralism spirit of the Paris Agreement.
Read MoreCOP27: Turkey to bid to host COP31; Czechia, Bulgaria, and Brazil reported to seek 2024-25 climate summits
Turkey has emerged as a bidder to host the COP31 global climate summit, putting up a challenge to Australia and the Pacific Islands, which were thought to have been the sole contender to hold the talks in 2026 up until now, while Czechia and Brazil are reported to be respective candidates for COP29 and 30.
Read MoreAustralia Market Roundup: Regulator approves 11 soil carbon projects as ACCU prices climb
Australia’s Clean Energy Regulator has approved 13 new offset projects, most of them soil carbon schemes, as Australian Carbon Credits Unit (ACCU) prices gather momentum amid an uptick in buying interest and record volume.
Read MoreCOP27: Three-quarters of OECD on course for 2030 coal exit as corporates shift focus to financing fossil fuels in Africa
Countries that belong to the Organisation for Economic Co-operation and Development (OECD) are set to close three-quarters of their coal power plants by 2030, but research shows that fossil fuel companies mostly based in such nations have begun to ramp up new investment in Africa instead.
Read MoreCOP27: Roundup for Days 6-8 – Nov. 12-14
It’s the second Monday – Water and Gender Day – at COP27 in Sharm el-Sheikh, and Carbon Pulse rounds up today’s news from the summit as well as announcements over the weekend. Timestamps in local time (EEST, GMT+2).
Read MoreCOP27: Bigger climate finance goal on horizon as $100 bln shortcuts blasted
Several high-level representatives from rich countries noted on Monday the need to mobilise much greater levels of climate finance flows to vulnerable countries, responding to developing country lambasting of the current $100 billion promise as “insufficient” and “broken.”
Read MoreVCM Report: Nature-based contracts crash lower amid lack of prompt demand
Spot and nearby futures for nature-based solutions continued to sink lower in the past week despite a raft of upbeat announcements of investment in the voluntary carbon market (VCM) at COP27 in Egypt.
Read MoreCOP27: US-China agree to resume formal climate talks, giving hope after lacklustre beginning to second week
The US and China will resume official talks on climate change, after their leaders held a meeting at the G20 Summit in Bali on Monday, raising hopes that the move will spur substantial progress to the so-far sluggish COP27 negotiations in Sharm el-Sheikh.
Read MoreCOP27: Chile, Morocco, and India close in on leading European nations in annual climate change performance index
In a report announced at the UN’s annual climate in Egypt, several countries including Chile, Morocco, and India have emerged as consistently performing well across metrics that consider emissions per capita, policy outlook, and energy use as they edge nearer to leading Scandinavian nations, but no single country was found to be on a 1.5C-aligned pathway.
Read MoreCOP27: Australia back on the global climate stage as it pushes institutions on green finance
Australia is pressuring multilateral finance institutions, such as the World Bank, to unlock climate finance for developing nations, as it seeks to re-establish itself as an international leader on the climate change after almost a decade of policy stubbornness on the world stage.
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