VCM Report: Bargain hunting starts to slow trade before end of the year
Bargain hunting dominated the voluntary carbon market (VCM) last week where activity started to slow down for the year, despite the emergence of the first correspondingly adjusted credits that are expected to create a new tier of trading.
Read MoreCOP28: Article 6 must remove ‘fear of entry’ to channel carbon finance for transformational change, market urges
Market actors urged for clarity on Article 6 as COP28 draws to a close, citing the potential to improve trust in carbon markets by removing the ‘fear of entry’ for buyers currently hesitant to engage in credit-buying due to the risk of reputational damage linked to greenwashing.
Read MoreCOP28: Sweden and Switzerland announce carbon removals Article 6 cooperation
Sweden and Switzerland have signed a declaration of intent to test the rules for international carbon markets in the field of removal technologies under Article 6, which they hope will pave the way towards establishing a market under the Paris Agreement framework.
Read MoreCOP28: Brazil climbs, UK slips in latest climate change performance index
Brazil has climbed up 15 spots due to progressive climate policies, while the UK slipped back by nine ranks due to policy rollback, in a report published this week alongside COP28, which found no country was on track to limit global warming in line with the Paris Agreement.
Read MoreCOP28: World Bank president calls for more concessional finance as debt embitters climate negotiations
The next replenishment of the World Bank’s International Development Association, its concessional financing arm for the poorest countries, needs to be the “largest of all time”, according to World Bank President Ajay Banga speaking Thursday in Zanzibar as part of the IDA20 Midterm Review.
Read MoreCOP28: Thailand poised to conclude first Article 6.2 carbon transfer for Paris Agreement compliance
Thailand has already issued mitigation outcomes from its landmark electric bus Article 6.2 carbon crediting programme and is “on track” to complete the first-ever transfer of an ITMO for use under an NDC national emissions pledge before the end of the COP28 conference, according to stakeholders close to the process.
Read MoreCOP28: First carbon market financing of large-scale grid infrastructure proposed with new methodology, using Art. 6.2
The first use of carbon credits to de-risk the financing of large-scale grid infrastructure build-out in developing countries, using the Paris Agreement’s Article 6.2 mechanism, has been put forward with the launch of a new study in partnership with a European utility-backed project developer, to be put into practice in an African country in need of transmission line upgrades.
Read MoreVCM Report: Brisk carbon credit trade like the ‘old days’, as COP28 fires up confidence in future
Carbon credit trade remained brisk in the voluntary market in the last week of November amid end of year covering, although the REDD sector continued to cast a shadow over the brighter future promised by the headlines emerging from COP28 in sunny Dubai.
Read MoreCOP28: Vanuatu voices challenge of lock-in price under Swiss international carbon trade deal
Switzerland’s international carbon trade project in Vanuatu has a lock-in price that is too low, officials from the Pacific Island nation told Carbon Pulse on the sidelines of COP28, though the host country remains optimistic about its involvement with Article 6.
Read MoreSwitzerland ties up with three more countries for Article 6 credit trade
Switzerland has concluded bilateral agreements with Chile, Kenya, and Tunisia to pave the way for buying correspondingly adjusted carbon credits from them under the Paris Agreement.
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