LATAM Roundup: Brazilian bonanza in carbon markets as COP29 begins
A barrage of developments has come out of Brazil in the week ending Nov. 10 as carbon market observers wait with bated breath for congressional ETS approval this week, setting the stage for a dynamic first week at COP29 in Baku, Azerbaijan.
Read MoreCOP29: Roundup for Day 1 – Nov. 11
It is Day 1 at COP29 as some 50,000 diplomats, observers, and other stakeholders descend on Baku, Azerbaijan. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (GMT+4).
Read MoreNational renewable targets fall far short of global capacity goals -report
National renewable targets will lead to a doubling of global capacity by 2030, far from the goal of tripling the total that was agreed one year ago at the COP29 climate conference.
Read MoreCOP29: ‘Terrible’ demand for carbon credits needs fixing, Bhutan PM
The demand for carbon credits in the international voluntary carbon markets is terrible and needs to be fixed, the prime minister of Bhutan said at a panel discussion on the first day of COP29 in Azerbaijan on Monday.
Read MoreCOP29: Envoy Podesta confident of continued US climate action under Trump presidency
US climate envoy John Podesta acknowledged the election of Donald Trump as “disappointing” for climate action, but remained steadfast in continued private sector and subnational-led efforts to reduce emissions at COP29 on Monday.
Read MoreCOP29: CORSIA credit approval details ‘a moving target’, Verra CEO says
Further details from the UN aviation body ICAO on its voluntary credit approvals is unlikely to be published until the end of the month at the earliest, according to Verra’s CEO, making it hard to say when eligible credits are likely to appear and from what countries.
Read MoreCOP29: BRIEFING – Article 6.2 advice wants distinct registries with synced-up reporting
Initial recommendations for a joint Article 6.2 Crediting Protocol between Singapore, Verra, and Gold Standard advise synchronised, detailed reporting and credit traceability between UN, national, and private carbon registries – but avoid consolidation, giving each a distinct role.
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 MoreCOP29: Host Azerbaijan’s state oiler sees three-fold increase in oil and gas deals struck in the lead up to talks
The state-owned oil company (SOCAR) of COP29 host Azerbaijan has made some $8 billion of deals with foreign firms in the year leading up to the talks, according to analysis published Monday.
Read MoreCOP29: Azerbaijan to push for early Article 6 outcome, faces resistance
The COP29 presidency is pushing for an early endorsement of key carbon crediting standards under Article 6, Carbon Pulse has learned, though is facing resistance from several countries.
Read More