COP29: Fossil fuels transition dropped from hollowed-out deal on emission reductions
Large, heavy-emitting economies appear to be winning the battle over if and how the COP29 summit should push forward on last year’s landmark commitment to transition away from fossil fuels — raising alarm bells for many in Baku.
Read MoreCOP29: Fiji unveils carbon market strategy roadmap
Fiji’s government on Thursday published its National Carbon Market Strategy Roadmap, which lays out key considerations and next steps to develop emissions reduction projects in the country using market-based mechanisms.
Read MoreCOP29: Singapore finalises negotiations for Article 6 Implementation Agreement with Peru
Singapore and Peru on Thursday announced they had finalised an agreement to trade sovereign carbon credits under Article 6 of the Paris Agreement, paving the way for credits created in the South American country to be used towards a portion of corporate requirements under the city state’s carbon tax.
Read MoreCOP29: A tale of two registries – Article 6 negotiators head towards crunch in bid to force through carbon markets outcome
Countries may be on the cusp of finalising a deal on Article 6 at COP29, with negotiators and observers each signalling that talks on international carbon markets were close to consensus after parties appear to have carved out a compromise on the thorny registries issue, though the latest draft outcomes could also ignite old divisions.
Read MoreCOP29: Last chance in Baku for carbon markets to get this right, says Article 6 negotiator
Carbon market negotiators may have one last chance to find the right set of Article 6 rules to ensure integrity before the world abandons the market-based approach for achieving climate action, a Swedish negotiator said Wednesday.
Read MoreCOP29: “Is it a joke?” — Climate finance splits persist as negotiators await new text
Developing countries have rebuffed the idea of a $200 billion annual climate finance target for wealthy government coffers, calling it a “joke” as ministers rushed to bridge persistent differences in the last stretch of COP29 negotiations on Wednesday.
Read MoreCOP29: Roundup for Day 10 – Nov. 20
It is Day 10 at COP29 in Baku – Urban and Transport Day. It is getting close to crunch time and parties will soon be expected to agree on key texts, or get stuck in a quagmire of debate that will drag negotiations into overtime. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (GMT+4).
Read MoreDATA DIVE: The carbon projects poised to profit if Article 6 gets over the line in Baku
With hopes of a breakthrough on Article 6 remaining high as COP29 races towards its conclusion, data from first-moving countries and projects reveals a market poised to make full use of Article 6 carbon trading once market dynamics are fully operationalised.
Read MoreCOP29: UK gains ground in latest climate change performance index, but no countries on track for 1.5C
The UK achieved the largest rise in annual rankings of countries’ climate change performance, published Wednesday, but no nations are on a 1.5C-aligned pathway despite the strong global growth of renewables.
Read MoreCOP29: New Zealand joins fossil fuel phaseout subsidy coalition while on cusp of lifting oil and gas exploration ban
New Zealand on Tuesday joined several countries in an international coalition to phase out fossil fuel subsidies and incentives, despite its government expecting soon to pass legislation to lift the country’s ban on oil and gas exploration.
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