EU set to allow imported carbon credits for 2040 climate target -Bloomberg
The European Commission is set to propose plans allowing for limited imports of international carbon credits to help the EU meet its upcoming 2040 climate target, according to a draft document seen by Bloomberg.
Read MoreUK confirms ‘one-in, one-out’ approach to CDR inclusion in ETS
The United Kingdom is committed to include permanent, high-quality carbon removals (CDR) into its Emissions Trading Scheme (ETS), a senior official confirmed, saying the government will initially follow a strict ‘one-in, one-out’ approach where each tonne of CO2 removed from the atmosphere is matched by a corresponding allowance withdrawn from the market.
Read MoreSB62: FEATURE – EU’s lean towards Article 6 raises hopes and worries for poorer countries
Developing countries are divided on the prospects of the EU counting international carbon credits towards its 2040 climate goals, and the potential consequences for their own ambitions.
Read MoreOnly high-integrity, permanent carbon removals should enter EU ETS -think tank
The European Union should move swiftly to integrate permanent carbon removals (CDRs) into its flagship Emissions Trading System (EU ETS), a think tank has recommended – but only in a phased, tightly governed approach to ensure environmental integrity and market stability.
Read MoreCountries must be wary of losing sight of Article 6 purpose, says NGO
Article 6, intended to enhance climate ambition through international cooperation via carbon credit trading, is at risk of becoming a loophole that enables countries to delay domestic mitigation instead of increasing it, according to a new report from a non-profit.
Read MoreBRIEFING: S. Korean investors remain unconvinced about international carbon market
Over-crediting risk and lack of policy guidance are among the issues weighing on South Korean investors’ interest in exploring international emissions reduction projects, an event heard this week.
Read MoreNorway NDC confirms 70-75% emissions reduction target by 2035 with Article 6 use
Norway has outlined a target to reduce greenhouse gas emissions by at least 70-75% by 2035 compared to 1990 levels in its latest Nationally Determined Contribution (NDC) to the Paris Agreement, also hinting at potential Article 6 use.
Read MoreBRIEFING: Brazil risks falling behind on Article 6, stakeholders warn
Brazil’s current approach leaves it lagging in the race to supply Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6 of the Paris Agreement, stakeholders said at a conference this week.
Read MoreChilean high council approves draft NDC, biodiversity offsetting regulation
Chile’s Nationally Determined Contribution (NDC) climate targets on Wednesday secured late-stage approval by a high-level council of ministers, who simultaneously gave the green light to a regulation on biodiversity offsetting.
Read MoreSB62: UN rules out corporate carbon neutrality claims for Article 6 ‘mitigation contribution’ credits -sources
The UNFCCC Secretariat has stated that Mitigation Contribution Units, a form of carbon credits generated under Article 6.4 of the Paris Agreement, should not be used towards corporate carbon neutralisation claims, according to multiple sources.
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