UPDATE – UAE commits to near-50% emissions cuts in new UN national climate plan
The UAE has included steep emissions reduction levels in its third Nationally Determined Contribution (NDC), published Wednesday, pledging a 47% drop by 2035 compared to a 2019 baseline, though some observers remain sceptical about the stated increase in climate ambition.
Read MoreINTERVIEW: Carbon markets could shore up finance for Africa, but not at $10/t -economist
The voluntary carbon market (VCM) offers an opportunity to raise climate finance in Africa, but more needs to be done to raise the price of carbon and quell the volatility in order to unlock value on the ground, according to a high-profile African economist and former minister.
Read MorePresident Trump’s victory casts doubt over previous optimism for Article 6 progress in Baku
The victory of former President Donald Trump in the US election on Tuesday has cast doubt among observers and negotiators over whether progress is still feasible on Article 6 at COP29 in Baku despite the previous optimism.
Read MoreCOP29: PREVIEW – Six sticking points in negotiations over next global climate finance goal
Money for climate action – and the rules underpinning its delivery – will dominate this year’s UN climate summit more than any other in the past decade, raising tensions over how much should be mobilised, who is on the hook for providing it, under what terms it is granted, as well as how the funding is tracked and reported.
Read MoreCarbon markets falling far short of potential to support least developed countries, UN warns
Carbon markets are fulfilling just a tiny fraction of their potential to shore up much-needed climate finance in the world’s 45 least developed countries, with credits issued from both the voluntary and UN-run schemes concentrated in just a few countries, according to a report published on Monday.
Read MoreBRIEFING: Experts from vulnerable countries call for higher quality, wider range of climate financing
A consortium of think tanks focused on developing countries vulnerable to climate disasters called for enhanced quality and an expanded scope of funding sources in global climate finance ahead of COP29 in a webinar Thursday.
Read MoreBRIEFING: Carbon credits risky, yet key to net-zero goals -webinar
Businesses still see carbon credits as a high-risk investment, citing limited policy guidance and a market rife with controversy, speakers told a webinar this week, but corporate offsetting is key to reaching net-zero goals and could soon become mandatory.
Read MoreEU greenhouse gas emissions drop in 2023, next targets seen needing to maintain momentum
Emissions in the EU fell significantly in 2023, but clear and predictable policies are essential to maintaining momentum, according to two separate reports released on Tuesday.
Read MoreCOP29 at risk due to pro-fossil fuel agenda and corruption, global NGO says
Hopes of tangible progress at the approaching UN climate summit COP29 in Baku, Azerbaijan, are at risk of being quashed by pro-fossil fuel interests and signs of government corruption, according to a report by Transparency International (TI) released Thursday.
Read MoreBRIEFING: Strong climate finance outcome is possible at COP29, experts say
A strong outcome for a new global climate finance goal is possible at COP29 in Baku, with negotiators coalescing around the scale of finance required, though the nitty gritty of where that capital should come from and which countries should contribute is still up in the air, experts said on Wednesday.
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