COP29: 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.
Read MoreCOP29: Brazilian state poised to offer REDD+ carbon credits worth millions
A rainforest-rich Brazilian state will aim to sell REDD+ carbon credits worth hundreds of millions as part of sales facilitated by an international commodities trader, its government said at COP29.
Read MoreCOP29: Global climate finance needs to surpass $6 trillion per year by 2030, experts warn
External climate finance for developing countries, minus China, needs to triple to $1 trillion per year by 2030, and risks growing higher the longer it is delayed in this decade, an influential panel of experts warned on Thursday.
Read MoreCOP29: Roundup for Day 3 – Nov. 13
It is Day 3 at COP29, the second day of the World Leaders Summit. Parties are beginning to solidify positions on the new climate finance goal, expected to be the headline outcome of this year’s UN climate event, though conflicts are also bubbling linked to the wider, tense political and diplomatic context. 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: Brazil second country to submit new NDC round, aims to cut emissions by two-thirds
Brazil submitted its nationally determined contribution (NDC) plan that entails reducing emission by up to two-thirds to the UNFCCC at COP29 on Wednesday, but observers cautioned that the country needs to take steps to ensure its ambitions are met.
Read MoreCOP29: Carbon market infrastructure will need ‘step-up’ before Article 6 scales, rating agency founder says
There still needs to be a major overhaul of registry infrastructure before trading at scale under Article 6 will begin, according to the founder and CEO of a carbon project rating agency.
Read MoreCOP29: Troika emphasises high-level climate ambition despite Azerbaijan president’s remarks
The three presidents making up the so-called Troika on Wednesday urged countries to come up with ambitious new Nationally Determined Contributions (NDCs), despite COP host Azerbaijan yet to release one, and the country’s president declaring its oil and gas resources a “gift of god”.
Read MoreCOP29: “Sprawling” climate finance text leaves little room for compromise
Negotiations over the new global climate finance goal remain wide open after the first COP29 draft dropped on Wednesday, described by observers as a “sprawling” and messy text, despite a subtle sign from China that it may be open to contributing.
Read MoreCOP29: Ghana, Singapore further Article 6 relationship
Ghana has announced a step forward under its agreement with Singapore on carbon markets by operationalising the digital trading and settlement of ITMOs under Article 6.2, according to a Wednesday announcement.
Read MoreCOP29: More than 40% of coral species at risk of extinction, assessment reveals
Over 40% of reef-building coral species are at risk of extinction worldwide, according to a new assessment released Wednesday during the ongoing COP29 climate summit in Azerbaijan.
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