Around The Web

BRICS members Russia and Ethiopia signed a memorandum of understanding (MoU) on low-carbon development at COP29 in Baku, local media reported on Thursday.

European carbon prices gave up a strong opening surge to a 10-week high, posting a 1.5% decline by midday on Friday, on the back of aggressive selling after front-month TTF natural gas fell back sharply from Thursday's one-year high, leaving Europe's benchmark carbon contract heading for a weekly decline.

A new Article 6 text published Friday after a late night of work in Baku has put talks on finalising international carbon trade rules firmly back on track, according to sources close to the negotiations, following a nervy reaction to a chaotic, 43-page previous draft.

Human rights groups have called for a review of how countries are chosen to host the COP climate summits.

Canada-based Base Carbon has an inventory of more than 1.7 million Article 6-authorised cookstove credits on its balance sheet, the company said in third quarter results.

With four new standards approved to supply CORSIA compliance last month, and the aviation sector now well into its first phase, the voluntary carbon market is starting to make predictions around prospective supply and demand for the UN's international aviation offsetting scheme - but it may be too soon to forecast what will be needed, and what will be available to buy.

Developing countries relying on oil and gas extraction for state revenues need technical and financial support to phase it down — even if they are keen to follow through on last year's COP28 global commitment to pursue a just and orderly transition away from fossil fuels, according to experts at COP29.

A London-based jurisdictional REDD+ (JREDD+) project developer has introduced a new insurance feature for its carbon credits, the organisation announced on Thursday.

Chinese carbon prices hit record highs again over the past week as the emissions market continued to gather momentum from emerging demand ahead of the year-end compliance deadline.

UK Chancellor of the Exchequer Rachel Reeves pledged to fire up competitiveness in the country's financial services sector during her first Mansion House speech on Thursday evening, planning to boost private investment in clean energy and make the UK a global leader in sustainable finance.

The timberland management division of a Sao Paulo-based investment bank has reached $500 million for its Latin American reforestation fund, while Brazilian oil giant Petrobras has pledged increased funding for ecological restoration in the Amazon in partnership with the country's development bank.

A developer of atmospheric emissions monitoring for carbon markets said its approach could improve the accuracy of monitoring, reporting and verification (MRV) of nature-based projects, and potentially lead to more credits being issued than otherwise assumed using conventional methods.

Israel is in the final stretches of preparing a tax on greenhouse gas emissions and air pollutants that parliament approved in September after years of debate in an effort to resolve a “significant market failure” caused when polluters don’t pay for their environmental damage. 

A Russian petrochemical company plans to offset the carbon footprint of the country’s delegation attending COP29 in Baku, the firm announced on Thursday.

A mining giant has committed $16 million into the Makira Natural Park REDD Project in northern Madagascar that will help the project scale as well as reassess its deforestation baseline under Verra’s VM0048 methodology, which has just been approved by the Integrity Council for the Voluntary Carbon Market (ICVCM) as eligible for its stamp of high quality.

Australasian Centre for Corporate Responsibility accuses Australian oil giant of misleading and false claims in closing arguments

• Get our breaking news email, free app or daily news podcast

Santos misled investors by positioning itself as a “clean fuels company” with a credible net zero plan, the Australasian Centre for Corporate Responsibility (ACCR) has alleged in closing remarks to a world-first greenwashing case.

Noel Hutley SC, representing ACCR, said the case was about protecting the public interest by “ensuring that commitments by Australian companies regarding climate change are reasonably based and not misleading”.

Continue reading...

The negotiations continue with plenty of disagreement about the way forward, as we approach the halfway mark in Baku, Azerbaijan

More concern about whether Cop29 is really functioning properly. The wires are reporting that former US vice president Al Gore said yesterday: “It’s unfortunate that the fossil fuel industry and the petrostates have seized control of the COP process to an unhealthy degree.

While the Dubai summit produced a global agreement on “transitioning away” from fossil fuels, the follow-up commitment “has been very weak” and the issue “is hardly even mentioned” at COP29, he said.

Continue reading...

The best of this week’s wildlife photographs from around the world

Continue reading...

A new AI-powered technology could help UK companies measure and reduce emissions from electric vehicle charging, as they face stricter reporting obligations under the upcoming UK Sustainability Disclosure Requirements (SDR).

The coal transition requires targeted finance, with challenges in balancing investor expectations and supporting coal-dependent regions, experts said at COP29.