Saudi VCM company to bring domestic carbon credits to market
A Saudi state-backed company working to build out the voluntary carbon market domestically and internationally will add homegrown carbon credits to its platform before the year is out, it announced on Tuesday.
Read MoreMajor insurers still lagging on climate, nature commitments despite mounting risks -report
The world’s largest insurers continue to underwrite and invest in activities driving climate change and biodiversity loss, despite mounting evidence that these same risks are making large parts of the world increasingly difficult to insure, according to a report published on Tuesday.
Read MoreWorld Bank drops climate financing targets, buckles under US pressure
The World Bank said it will scrap two headline climate financing targets, including its goal for 45% of financing to deliver climate benefits, as it shifts its focus from how much the bank spends on climate-related projects.
Read MoreCountries reaffirm commitment to bolstering energy efficiency by 2030
Countries have reaffirmed the importance of scaling up energy efficiency in a new action plan signed in Montreal this week at a conference hosted by the International Energy Agency (IEA), which includes reference to enhancing efficiency in data centres.
Read MoreTurkish bank secures $250 mln World Bank facilities to boost finance for green steel, renewables
The World Bank’s Multilateral Investment Guarantee Agency (MIGA) has approved $250 million of trade finance facilities for a major Turkish bank to support the country’s export-oriented sustainable steel and renewable energy sectors.
Read MoreNGOs propose global ‘no-go’ mining framework for environmentally and culturally sensitive areas
A coalition of civil society organisations has proposed a framework identifying areas that should be permanently off-limits to mining, arguing that stronger safeguards are needed to prevent irreversible environmental damage and human rights violations as demand for critical minerals accelerates.
Read MoreVCM REPORT: CORSIA futures slip further, CDM deadline approaches with approvals still low Â
CORSIA futures slipped marginally lower last week, with the benchmark now at a little above $9/tonne, while hundreds of carbon projects registered under the Kyoto Protocol’s Clean Development Mechanism (CDM) look set to miss a Tuesday deadline to enable their transition to the new Paris Agreement Crediting Mechanism (PACM). Â
Read MoreMost eligible CDM projects on course to miss out on Article 6 transition as deadline looms
The vast majority of carbon projects developed under the Kyoto Protocol’s Clean Development Mechanism (CDM) are set to miss a Tuesday deadline to enable them to transition to UN crediting under the Paris Agreement, leaving many legacy projects outside the new scheme.
Read MoreUN draft sets Article 6.4 first transfer, real-time reporting rules
The UNFCCC’s latest draft procedure for the Article 6.4 mechanism registry sets out requirements for real-time public reporting of registry activity, detailed first-transfer rules, and proposed account fees for the Paris Agreement Crediting Mechanism (PACM).
Read MoreFarm-level GHG accounting methods need urgent harmonisation efforts, study says
Farm‑level greenhouse gas accounting methods remain fragmented and require urgent harmonisation efforts, with estimates for the same farm varying by more than 1,000%, a study said.
Read More