FEATURE – COP27: Nations scramble to get ready for international carbon trade despite UN-level Article 6 talks stumbling
Buyer and seller nations of carbon credits are rushing to develop legislative frameworks, strategies, and broaden their understanding of how best to engage in the Paris Agreement’s Article 6.2 international emissions trade provision, despite negotiations floundering at the UN level during the ongoing COP27 summit in Sharm el-Sheikh.
Read MoreVerra to start piloting digital MRV platform for nature-based projects
Verra, the largest certifier body in the voluntary carbon market, will pilot a digital monitoring, reporting and verification (MRV) platform that promises to slash the time and cost of traditional carbon accounting methods, it announced at COP27 on Wednesday.
Read MoreCOP27: Roundup for Day 9 – Nov. 15
It’s Tuesday of week two at COP27 in Sharm el-Sheikh, and Carbon Pulse rounds up today’s other news and announcements from the summit. Timestamps in local time (EEST, GMT+2).
Read MoreCOP27: Are CBAMs bad for climate multilateralism?
The EU’s proposed carbon border adjustment measure (CBAM) was discussed at several events on the sidelines of the COP27 UN climate negotiations on Tuesday, with experts debating whether the policy aligns to the multilateralism spirit of the Paris Agreement.
Read MoreCOP27: Three-quarters of OECD on course for 2030 coal exit as corporates shift focus to financing fossil fuels in Africa
Countries that belong to the Organisation for Economic Co-operation and Development (OECD) are set to close three-quarters of their coal power plants by 2030, but research shows that fossil fuel companies mostly based in such nations have begun to ramp up new investment in Africa instead.
Read MoreCOP27: Roundup for Days 6-8 – Nov. 12-14
It’s the second Monday – Water and Gender Day – at COP27 in Sharm el-Sheikh, and Carbon Pulse rounds up today’s news from the summit as well as announcements over the weekend. Timestamps in local time (EEST, GMT+2).
Read MoreCOP27: Bigger climate finance goal on horizon as $100 bln shortcuts blasted
Several high-level representatives from rich countries noted on Monday the need to mobilise much greater levels of climate finance flows to vulnerable countries, responding to developing country lambasting of the current $100 billion promise as “insufficient” and “broken.”
Read MoreCOP27: US-China agree to resume formal climate talks, giving hope after lacklustre beginning to second week
The US and China will resume official talks on climate change, after their leaders held a meeting at the G20 Summit in Bali on Monday, raising hopes that the move will spur substantial progress to the so-far sluggish COP27 negotiations in Sharm el-Sheikh.
Read MoreCOP27: Chile, Morocco, and India close in on leading European nations in annual climate change performance index
In a report announced at the UN’s annual climate in Egypt, several countries including Chile, Morocco, and India have emerged as consistently performing well across metrics that consider emissions per capita, policy outlook, and energy use as they edge nearer to leading Scandinavian nations, but no single country was found to be on a 1.5C-aligned pathway.
Read MoreCOP27: Australia back on the global climate stage as it pushes institutions on green finance
Australia is pressuring multilateral finance institutions, such as the World Bank, to unlock climate finance for developing nations, as it seeks to re-establish itself as an international leader on the climate change after almost a decade of policy stubbornness on the world stage.
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