COP28: Countries reject key Article 6 texts in a major setback for carbon markets under the Paris Agreement
Country negotiators have failed to adopt two key texts on carbon crediting methodologies and international trade on the final scheduled day of COP28, throwing the future of markets as a climate solution under the Paris Agreement into turmoil.
Read MoreCOP28: Organisations launch carbon data dashboard with integration from major registries
A Singapore-based initiative, which seeks to promote integrity and transparency of publicly available information in the carbon market, will incorporate data from four major carbon market standards into its public dashboard, the organisation announced at COP28.
Read MoreCOP28: Roundup for Day 13 – Dec. 12
It is Day 13 of COP28 – the final day, and parties are still far from consensus on the global stocktake (GST), Article 6 negotiations, adaptation, and virtually every issue on the table here in Dubai. In our daily blog, we will report relevant or useful updates throughout the day.
Read MoreCOP28: US developer, African Union agency eye huge landscape restoration projects
A US project developer and the African Union Development Agency (AUDA) have penned partnerships with two African countries that call for millions of hectares of land to be restored, with as much as 3 billion tonnes of CO2 to be sequestered over the next half century.
Read MoreCarbon project developers wary of “unfair” scrutiny by raters
Carbon credit rating agencies risk undermining financial flows by grading projects in a fragmented and retroactive way, developers have outlined in a paper that takes aim at the companies that have judged much of their work as poor in recent years.
Read MoreCOP28: Roundup for Day 12 – Dec. 11
It is Day 12 at COP28 and negotiations are under crunch time to find areas of agreement across key texts, including on the Global Stocktake (GST) and Article 6. Carbon Pulse’s team of correspondents continue to chase after news on the ground from the latest texts and sources. In our daily running blog, we will report relevant or useful updates throughout the day. Timestamps are in local time (Gulf Standard Time, GMT+4).
Read MoreCOP28: UN carbon trade talks on cusp of breaking down amid “carnage” in Dubai, crediting text barely recognises methodological work
UN talks on carbon markets under Article 6 of the Paris Agreement were said to be one step away from collapse late on Monday, as “carnage” in rooms negotiating rules for international trading has also hindered progress in those concerning crediting, sources told Carbon Pulse, with language in a draft text barely recognising experts’ work done on methodologies over the past year.
Read MoreEuropean countries issue joint recommendations to support voluntary carbon buyer-side integrity
The governments of the Netherlands, Germany, France, Spain, Finland, and Austria issued a joint statement on Sunday issuing recommendations to carbon credit buyers on the voluntary carbon market (VCM).
Read MoreCOP28: Researchers outline huge gap between potential fossil and carbon revenues from DRC rainforest
The difference between potential revenues from selling off rainforest areas in the Democratic Republic of Congo to fossil fuel exploration or generating revenues from carbon sales is in the billions, according to a research paper seen by Carbon Pulse during COP28, underscoring the financial pressures forest-rich countries face when looking to protect natural assets.
Read MoreCOP28: Nations cite irreconcilable differences on int’l carbon trade rules after “lead balloon” draft UN text
Country negotiators on international carbon trade rules under Article 6 have run into trouble amid what they say is a toxic atmosphere at COP28, with a “bare bones” draft text published late on Saturday angering several parties, and time reportedly being wasted on theoretical issues rather than ensuring key safeguards and important technicalities are defined.
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