EU aviation, shipping decarbonisation held back by weak project economics -report
High sustainable fuel costs, policy uncertainty, and limited long-term offtake agreements are holding back private finance for the decarbonisation of EU aviation and shipping, despite growing policy support for cleaner fuels, according to a report published Wednesday.
Read MoreUS carbon removal firm receives Japanese investor backing, signs credit deal
A US carbon removal company has secured investment from a Japanese trading firm to expand a facility in Arkansas, while separately signing a credit purchase agreement with a major shipping group, it announced Wednesday.
Read MoreNew leak of EU methane penalty guidance sparks fears of enforcement “black hole”
The European Commission plans to recommend that member states suspend some of the penalties for fossil fuel importers that breach the EU Methane Regulation for up to three years, according to a leaked draft – in a move that is drawing sharp criticism from climate advocates.Â
Read MoreEU to suggest pragmatic methane law, as civil society groups step up scrutiny
The European Commission is preparing for a “pragmatic implementation” of the EU Methane Regulation, with a chance that the executive will propose further guidance to companies in an upcoming unofficial paper, sources told Carbon Pulse.
Read MoreSouth Korea urged to transform ports into renewable energy hubs
South Korea should transform its ports into renewable energy hubs by leveraging surplus power for port and ocean shipping electrification, according to a new report.
Read MoreGlobal shipping carbon price still on the table as countries agree to continue talks on Net-Zero Framework
Despite persistent attempts by some countries this week to dismantle key elements of the Net-Zero Framework (NZF) for global shipping, including removal of a carbon levy and decarbonisation fund, the framework has survived and is set to form the basis of further discussions.
Read MoreGlobal shipping carbon price in the crosshairs as countries debate future of Net-Zero Framework
Countries remain divided on what a Net-Zero Framework (NZF) for global shipping should look like, with some calling on Wednesday to scrap its carbon levy, and others to ditch any mechanism that collects revenue.
Read MoreIMO head calls for consensus on climate framework for shipping
The secretary-general of the UN’s maritime organisation, Arsenio Dominguez, wants to see “constructive and pragmatic exchanges” between countries during this week’s contentious negotiations on a global climate framework, and carbon price, for shipping, he said at the opening on Monday.
Read MoreBRIEFING: Countries continue to flesh out details for global carbon price for shipping despite petrostate influence
Those countries working to progress a global climate framework for shipping have this week engaged specifically on how to collect and distribute the revenues generated by a carbon price, despite continued opposition from petrostates and the US.
Read MoreGlobal carbon price for shipping back on the IMO negotiating table
Countries around the world are back to negotiating a carbon price for international shipping, with hoping to reach final adoption later this year – but they will have to contend with intense pressure to break the current framework apart.
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