Finance partnership to offer forest nations cash for emissions reductions agreements, eyes two deals pre-COP28
A financing mechanism, launched on Thursday by green groups with backing from the UK government, will provide advanced funding for forest-rich countries that sign binding Emissions Reduction Purchase Agreements (ERPAs) with the LEAF Coalition, with executives hoping to secure two such deals this month and several more in the first half of 2024.
Read MoreOver 1,000 new firms enter voluntary carbon market in 2023 -analysts
There were 1,200 more buyers in the voluntary carbon market than last year, according to data from an analytics provider, as analysts calculate that if all active firms in the market were to offset just 1% of emissions, carbon credit demand would rise fourfold.
Read MoreANALYSIS: All roads lead to Article 6 to connect multitude of emerging carbon pricing schemes
With the voluntary carbon market at a “crossroads”, a plethora of countries developing new carbon pricing systems, and mature compliance mechanisms such as the EU ETS expected to require removals integration further down the line, the need to connect these different emerging and established schemes is more apparent than ever, according to observers at a high-level industry event this week, with most routes for doing so leading towards Article 6 of the UN Paris Agreement.
Read MoreFEATURE: Aviation carbon offset scheme faces fundamental imbalance with demand seen far outstripping supply
Stakeholders are concerned that prices of eligible credits for the UN’s aviation carbon offsetting scheme will spiral once the mechanism enters its mandatory phase later this decade, with the supply outlook unclear as doubts over eligibility and accounting procedures pile risk onto project developers and investors.
Read MoreANALYSIS: Experts warn of Article 6 “backlash” if nations fail to build capacity
Countries must immediately start building capacity for Article 6 readiness, carbon market participants have warned, citing a general lack of understanding among governments about the Paris Agreement’s international emissions trading rules, the risks of overselling mitigation outcomes, and the dangers of allowing nations to revoke the authorisation of carbon transfers across borders.
Read MoreUN carbon crediting experts to hold extra meeting as scheduled talks stumble
The body guiding the Paris Agreement’s carbon crediting mechanism has hastily scheduled an extra meeting for later this month after this week’s talks broke without progress in key areas despite deciding on several elements that will help speed development over the next year.
Read MoreUN carbon crediting talks run late as some seek carve-outs for ‘transformative’ projects
The meeting of a body guiding the Paris Agreement’s carbon crediting mechanism ran late into the night on Thursday as experts wrangled over issues including whether to exempt some activities from being forced to ratchet up their ambition over time.
Read MoreVerra seeks public feedback on expanding offset methodology to include wood waste
Verra has opened a public consultation on a proposed minor revision to one of its methodologies to broaden its scope to include wood waste.
Read MoreDon’t wait around for digital MRV standards to develop, move now -World Bank
Digitalisation of the carbon credit verification process could and perhaps should spell the end of the current MRV process and VVBs, according to a senior World Bank official speaking Thursday at a conference.
Read MoreUN risks adopting too rigid approach in calculating carbon savings from cookstoves, warn project developers
The UNFCCC has come under criticism from project developers for proposing a broad brush approach to improving cookstove carbon crediting methodologies, which the industry says lacks sophistication and fails to use accurate local data in calculating carbon savings.
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