COP29: Roundup for Day 11 – Nov. 21
It is Day 11 at COP29 in Baku – Nature Day. New texts on climate finance and Article 6 dropped first thing this morning in Baku, with parties and negotiating blocs scrambling to pressers to share their views, as side events at country pavilions begin to wrap up. In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (GMT+4).
Read MoreCOP29: Norway to join ADB Article 6 carbon fund, pledges $50 mln
Norway will join a fund from the Asian Development Bank (ADB) that seeks to provide carbon finance to developing countries in Asia Pacific to support Article 6 projects, the country announced at COP29 on Wednesday, pledging $50 million to the effort.
Read MoreGhana Article 6.2 cookstoves project accused of over-crediting by non-profit
A Swiss NGO has alleged that a clean cooking project developed under a bilateral agreement between Ghana and Switzerland is using assumptions that inflate issuances of credits generated under Article 6.2 of the Paris Agreement, known as Internationally Transferred Mitigation Outcomes (ITMOs).
Read MoreCOP29: Fiji unveils carbon market strategy roadmap
Fiji’s government on Thursday published its National Carbon Market Strategy Roadmap, which lays out key considerations and next steps to develop emissions reduction projects in the country using market-based mechanisms.
Read MoreCOP29: A tale of two registries – Article 6 negotiators head towards crunch in bid to force through carbon markets outcome
Countries may be on the cusp of finalising a deal on Article 6 at COP29, with negotiators and observers each signalling that talks on international carbon markets were close to consensus after parties appear to have carved out a compromise on the thorny registries issue, though the latest draft outcomes could also ignite old divisions.
Read MoreCOP29: Last chance in Baku for carbon markets to get this right, says Article 6 negotiator
Carbon market negotiators may have one last chance to find the right set of Article 6 rules to ensure integrity before the world abandons the market-based approach for achieving climate action, a Swedish negotiator said Wednesday.
Read MoreCOP29: “Is it a joke?” — Climate finance splits persist as negotiators await new text
Developing countries have rebuffed the idea of a $200 billion annual climate finance target for wealthy government coffers, calling it a “joke” as ministers rushed to bridge persistent differences in the last stretch of COP29 negotiations on Wednesday.
Read MoreDATA DIVE: The carbon projects poised to profit if Article 6 gets over the line in Baku
With hopes of a breakthrough on Article 6 remaining high as COP29 races towards its conclusion, data from first-moving countries and projects reveals a market poised to make full use of Article 6 carbon trading once market dynamics are fully operationalised.
Read MoreCOP29: Correspondingly adjusted carbon credits trading at $7-22, says market analytics firm
Article 6.2 or CORSIA-eligible carbon credits are currently trading in the $7-22 range, with prices expected to peak in 2027 and stabilise by 2030, according to a market specialist speaking to Carbon Pulse on the sidelines of COP29.
Read MoreCOP29: GGGI to support Uzbekistan promote carbon markets, implement Article 6
The Global Green Growth Institute (GGGI) has signed an agreement with Uzbekistan at COP29 in Baku, to promote carbon markets and support the implementation of Article 6 under the Paris Agreement.
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