COP25: Amid record high carbon prices, South Korea pins hopes on UN solution
South Korean negotiators play a far more active role than usual at this year’s UN climate negotiations in Madrid, hoping to push through rules that would allow Korean ETS firms to buy up to 55-60 million international carbon credits annually throughout the 2020s in a bid to avoid runaway domestic CO2 prices.
Read MoreCOP25: Roundup for Friday, Dec. 13
New Article 6 text dropped well behind schedule at the UN climate summit on Friday, with numerous contentious issues still remaining on agreeing the rulebook to international emissions trading under the Paris Agreement.
Read MoreEU leaders agree 2050 net zero deal despite lone holdout Poland
EU leaders have failed to achieve consensus on targeting net zero emissions by 2050, declaring a deal had been reached but acknowledging that one member state was unable to commit to the goal at this point.
Read MoreCOP25: Roundup for Thursday, Dec. 12
Negotiations on the rulebook with International emission trade plodded along in Madrid on Thursday, as slow progress on other elements of operationalising the Paris Agreement solicited fears the UN Climate Summit would once again run well into the weekend.
Read MoreCOP25: Roundup for Wednesday, Dec. 11
The nearly 200 parties to the Paris Agreement on Wednesday dove headfirst into forging an agreement on the market-based Article 6 of the Paris Agreement, while dozens of attendees from environmental and indigenous groups were kicked out by UN security for protesting the slow pace of the talks.
Read MoreCOP25: UN’s CORSIA advisory panel to make aviation offset recommendations in January
An ICAO technical advisory panel is slated to make recommendations in January over which of the initial 14 global offset programme applications should be eligible to supply the UN aviation body’s CORSIA market starting in 2021, with sources suggesting that any ultimate decisions by member states may not be clear cut.
Read MoreWorld Bank-led PAF to hold fourth carbon offset auction on Mar. 3, 2020
The World Bank’s Pilot Auction Facility (PAF) will hold its fourth auction on Mar. 3, 2020 to buy methane emission reduction credits from projects in the developing world, the bank announced Tuesday.
Read MoreCOP25: Governments put up $100 mln for next phase of carbon pricing tech support
Several rich-nation governments have pledged a total of $100 million to extend through 2030 and revamp the World Bank-led PMR carbon pricing technical support facility for emerging economies.
Read MoreCOP25: Roundup for Tuesday, Dec. 10
The high-level segment of the UN climate summit kicked off Tuesday as national ministers descended on the Spanish capital, with the Paris Agreement’s market-based Article 6 text still requiring a substantial amount of work. Below is a running summary of those efforts, as well as other happenings at the summit.
Read MoreNew Zealand, EU exchanges announce carbon market partnership
New Zealand’s NZX and Germany-based EEX are joining forces in a bid to run the auction platform for New Zealand’s reformed ETS and will together explore other partnership opportunities in the country and elsewhere, the exchanges announced Tuesday.
Read More