Iceland agrees to buy 3.4 mln Kyoto emissions rights from Slovakia
Iceland has agreed to buy 3.4 million sovereign carbon units from Slovakia in order to fulfil its legally-binding obligations under the Kyoto Protocol’s second commitment period (2013-20).
Read MoreANALYSIS: Observers sceptical on readiness of Article 6 REDD+ buyers as nations prepare ground
Experts on the UNFCCC process have expressed scepticism that buyers are immediately lining up to buy Article 6-ready REDD+ results, which are expected to be offered to the market in the near future by at least three rainforest nations, though they suggested that there may significant future demand for such jurisdictional units if their use is fully established for transfer under the Paris Agreement.
Read MorePolicy frameworks across the globe not dealing with carbon removals adequately -campaign group
Policymakers around the world are getting it wrong on carbon removals and temporary carbon storage by placing them too high on the hierarchy of required climate action, campaigners warned in a pair of complementary reports on Monday.
Read MoreANALYSIS: Cloud of reputational risk continues to hang over voluntary carbon buyers
Negative media coverage continued to dominate discussions during a carbon conference in New York held this week, as stakeholders in the voluntary market reacted to fresh reports from a newspaper that has persistently criticised corporate credit use, with fears of reputational risk threatening to further depress buying activity.
Read MoreThree rainforest nations poised to offer tens of millions of sovereign carbon credits under Article 6
Three more forest-rich countries are set to imminently offer up tens of millions of sovereign REDD+ units under Article 6 of the Paris Agreement, with Suriname, the first to already have had such issuances verified, expecting to complete sales of its carbon credits to buyers in the coming months at a targeted price of at least $30/tonne.
Read MoreAustralia cancels 700 mln carbon credits to close Kyoto loophole
Australia announced on Friday it has cancelled its more than 700 million remaining Kyoto Protocol-era carbon credits to make sure no future government will be able to use them towards the country’s commitments under the Paris Agreement.
Read MoreUN body hails “quantum leap” in carbon mechanism discussions, but leaves methodologies guidance to go to the wire
The UN body responsible for guiding the Paris Agreement’s carbon crediting mechanism made significant progress at this week’s penultimate meeting, with observers noting they had never seen such consensus among the group, but ultimately failed to adopt final texts on methodological guidance after running out of time, leaving crunch discussions for the final meeting later this year.
Read MorePREVIEW: Observers welcome progress made on key texts ahead of crucial UN carbon market meeting
Stakeholders have welcomed the significant progress, notably on draft recommendations for removals, made by the UN body responsible for shaping the carbon crediting mechanism under Article 6 of the Paris Agreement ahead of a crunch meeting next week, while also highlighting the pressure of using the limited remaining time to finalise key aspects of the guidance, ahead of year-end negotiations at COP28.
Read MoreCarbon Pulse grows global news reporting team by almost 50% in biggest hiring push yet
FREE READ – Carbon Pulse has increased its global team of reporters by nearly 50% in its largest hiring push to date, as the company channels significant investment into further strengthening the world’s premier carbon markets news service.
Read MoreAFRICA CLIMATE SUMMIT: Leaders call for global carbon taxation regime following $23 bln of pledges
African leaders adopted the “Nairobi Declaration” as the curtain closed on the inaugural Africa Climate Summit in Kenya on Wednesday, calling for a tax on fossil fuels, aviation and maritime transport, and a reform of the world financial system that they said penalises African nations with excessively high interest rates.
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