Pakistan greenlights “transaction-ready” carbon project for international trading
The government of Pakistan has granted approval to the country’s third carbon offset project for trading credits under Article 6.2 of the Paris Agreement.
Read MoreSouth Korean government consults with power industry on excess CO2 allocation -media
The South Korean government is soliciting feedback from the power industry in a bid to solve the issue of carbon allowance over-allocation in the emissions trading scheme, according to local media reports.
Read MoreSK Market: Monthly KAU auction sells out, clearing price remains below $7
South Korea’s monthly CO2 permit auction on Wednesday was again oversubscribed, but with the clearing price remaining below KRW 9,000 ($6.55) despite an uptick in market activity since last month.
Read MoreS. Korean government affiliate to back international emissions reduction projects
An organisation under South Korea’s environment ministry has inked a business agreement with 13 companies to support their international emissions reduction projects.
Read MoreADB proposes carbon price multiplier system for Asia Pacific to handle CBAM
Countries in the Asia Pacific region should consider a mechanism to multiply carbon prices for EU-destined goods to align them with European CO2 costs to reduce the impacts of the Carbon Border Adjustment Mechanism (CBAM), the Asian Development Bank (ADB) said Friday.
Read MoreAustralian think tank makes case for Asian CBAM to drive green manufacturing
A pan-Asia Pacific carbon border adjustment mechanism (CBAM) taking in the wealthiest industrial nations covering steel, cement, and aluminium is the best and cheapest way to reduce emissions from these hard-to-abate sectors while preserving margins and industries, an Australian think tank argued in a report Thursday.
Read MoreSouth Korea’s new president expected to expand renewables, shut down coal plants
The victory for South Korea’s left-leaning presidential candidate Lee Jae-myung in Tuesday’s election could mean a boost to the country’s renewable energy sector, while the shutdown of coal-fired power plants has been brought to the policy agenda.
Read MoreSouth Korea launches broad alliance to meet biodiversity targets, focus on OECMs
A wide range of government agencies, corporations, NGOs, and academic institutions in South Korea on Tuesday launched the 30×30 Alliance, set up to help ensure the country meets its 2030 biodiversity targets, with initial focus set to be on creating and expanding other Effective area-based Conservation Measures (OECMs).
Read MoreAsia seen to struggle making carbon markets work for local communities
Asia’s carbon markets are maturing fast, but efforts to deploy nature-based projects for climate action still face hurdles stemming from red tape, evolving regulations, and the challenge of winning local community support, a conference heard last week.
Read MoreSteel, industry groups keep Korean ETS in a stranglehold, analysis finds
Industry lobbying efforts have deliberately sought to weaken South Korean’s emissions trading scheme by demanding overly generous free allocation volumes to high emitting sectors, among other issues, according to analysis.
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