COP29: Back on track – New Article 6 text opens door to finalising trade rules in Baku
A new Article 6 text published Friday after a late night of work in Baku has put talks on finalising international carbon trade rules firmly back on track, according to sources close to the negotiations, following a nervy reaction to a chaotic, 43-page previous draft.
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 looks to quickly bolster Article 6 trade with new principles for carbon credits
The UK is setting out six new principles for trading voluntary carbon and nature credits, building on the initiatives by the Integrity Council for the Voluntary Carbon Market (ICVCM) and seeking to quickly bolster international trade under Article 6 of the Paris Agreement.
Read MoreCOP29: Roundup for Day 4 – Nov. 14
It is Day 4 at COP29 in Baku – Finance Day. Negotiation chairs are expected to drop new draft texts on Article 6, after trimming the text on a New Collective Quantified Goal (NCQG) from 35 to 33 pages early this morning. Expect a flurry of events on what these difficult climate finance talks need to achieve for developing countries, as well as the role of carbon markets in all of it. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (GMT+4).
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 MoreCOP29: BRIEFING – Transition credits could help retire young coal plants in Asia, but complexities and risks abound
Transition credits could be a viable way to finance the early phase-out of coal-fired power plants in Asia, but familiar risks around project permanence, and buyer appetite are seen as major barriers to scaling up the practice, a panel discussion heard at COP29.
Read MoreCOP29: US-China dialogue “extremely positive” on non-CO2 emissions controls, says White House official
A White House official said Thursday that the US has had active and productive negotiations with Chinese delegates over reducing non-CO2 greenhouse gases (GHG), adding that Beijing has signalled interest in implementing regulatory controls over non-CO2 gases similar to those in the US.
Read MoreEmerging markets lag in low-carbon investment despite $2.3 trillion energy boost -report
Low- and middle-income economies invested $2.3 trillion in their energy systems last year, yet only 14% of that spending outside China went towards low-carbon solutions, a new report has found.
Read MoreCOP29: Trouble in paradise – After strong start, old conflicts on Article 6 come to the fore
After a solid start, talks on UN carbon markets in Baku at COP29 are heading back into deep water after a lengthy and heavily-bracketed first draft text concerning Article 6 was released, with reports of old conflicts that caused negotiations to collapse last year bubbling back up to the surface.
Read MoreCOP29: World Bank’s MIGA unveils Article 6 letter template to scale carbon markets
The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank, on Thursday launched a letter of authorisation (LoA) template designed to help drive efficiencies in Article 6 carbon markets.
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