Feed aggregator

Experts say financial movements mean poor nations will in effect get billions less in value from £300bn pledge

A failure to factor in inflation means the $300bn (£240bn) climate finance deal agreed at Cop29 is not the tripling of pledges that has been claimed, economists have said.

The international talks in Baku were pulled back from the brink of collapse early on Sunday morning when negotiators struck an agreement in which rich countries promised to raise $300bn a year by 2035. On paper, this is a tripling of the previous climate finance target of $100bn a year by 2020, and has been trumpeted as such by the UN and others.

Continue reading...

COP29 may have given a shot in the arm to future international carbon trade, after countries finally clinched a deal on Article 6, but the voluntary market continued to drift aimlessly over the past week.

Mexican President Claudia Sheinbaum called for the launch of a global reforestation initiative at the G20 Leaders’ Summit last week that, under her vision, could boast a $24 billion budget.

Maryland’s environmental commission’s recommendations for climate investment mechanisms looks likely to include implementation of an economy-wide cap-and-invest scheme, as the state could risk missing its greenhouse gas (GHG) reduction targets.

Airlines will need over 500 million tonnes of CO2-equivalent (MtCO2e) carbon credits to meet Phase 2 CORSIA requirements (2027-35), with prices potentially reaching $91 per tonne, according to a new report released on Monday.

Britain wanted much better outcomes on many issues, but seeing the ambition at the conference gives me hope for the future

The climate crisis is all around us. And the world is not moving nearly fast enough. In that context, the Cop process for climate negotiations feels frustratingly slow. Yet it is the best mechanism for multilateral action we have, so we have to use it to do everything we can to speed up action.

The UK went to Cop29 determined to play its part in a successful negotiation because it is in our national interest. As the prime minister said in Baku earlier this month, there is no national security without climate security. That is so clear from the effects of Storm Bert over the past couple of days. If we do not act, we can expect more and more of these extreme and devastating outcomes.

Ed Milband is secretary of state for energy security and net zero

Continue reading...

European truck manufacturers are investing chiefly in battery-electric vehicles to meet their 2030 climate goals, but point to a lack of charging stations on EU roads, urging policymakers to be more ambitious on infrastructure.

A Singapore-based biochar developer plans to generate over 330,000 carbon removal credits through making biochar from waste for applications in buildings, agriculture, and landscaping.

My negotiating team tried in vain to push up support for the global south. Lessons must be learned before the next summit in Brazil

• Mukhtar Babayev is president of the Cop29 UN climate change conference
• China was willing to offer more in climate finance, says Cop29 president

Nine years after the Paris agreement, and after 11 months of multilateral diplomacy and two weeks of the most intense negotiations at Cop29 in Baku, we have a deal. Under the terms of the Baku breakthrough, the world’s industrialised nations will provide $300bn (£240bn), which, combined with resources from multilateral lending institutions and the private sector will reach $1.3tn in climate financing this year. Cop29 also finalised, after years of failed attempts, a global framework for international carbon markets trading, a critical mechanism for less polluting and less wealthy nations to raise climate finance. A fund for responding to loss and damage – another new financial resource for less developed nations – was brought in shortly before the summit, and funds are already being paid into it.

This deal may be imperfect. It does not keep everyone happy. But it is a major step forward from the $100bn pledged in Paris back in 2015.

Mukhtar Babayev is president of the Cop29 UN climate change conference

Continue reading...

Study detects synergistic effect making substances more dangerous, raising alarm since humans are exposed to both

Few manmade substances are as individually ubiquitous and dangerous as PFAS and microplastics and when they join forces there is a synergistic effect that makes them even more toxic and pernicious, new research suggests.

The study’s authors exposed water fleas to mixtures of the toxic substances and found they suffered more severe health effects, including lower birth rates, and developmental problems, such as delayed sexual maturity and stunted growth.

Continue reading...

Azerbaijan’s Mukhtar Babayev criticises western countries for failing to provide enough money for developing world

• Mukhtar Babayev: I’m glad we got a deal at Cop29

China would have offered more money to the poor world to tackle the climate crisis if western countries had not failed to show leadership, the president of the Cop29 UN climate summit has said.

Cop29 ended early on Sunday morning after a marathon final negotiating session in the Azerbaijani capital, Baku, with a deal on finance to developing countries that was widely attacked for being inadequate and a betrayal of trust.

Continue reading...

French data provider Iceberg Data Lab plans to double the coverage of its deforestation, biodiversity footprinting, and climate analysis tools up to 16,000 companies, Carbon Pulse has learned.

Turkiye has unveiled a new industrial decarbonisation investment platform that targets $5 billion in funding by 2030 to cut over 20 million tonnes of carbon emissions annually.

European carbon prices advanced on Monday morning as the strong correlation with natural gas dragged EUA prices higher, while TTF traders reacted bullishly to an LNG supply outage in Australia and on forecasts calling for cooler temperatures and less wind.

South Australia chooses supplier of the world-first hydrogen capable turbines to support its charge towards a 100 per cent net renewables grid.

The post South Australia orders world’s first 100 pct hydrogen-capable turbines for Whyalla  appeared first on RenewEconomy.

Indonesia, with the fifth biggest fleet of coal power plants in the world, vows to end fossil fuel generation by 2040 and commits to 75 GW of new renewables to take its place.

The post Indonesia targets 75 GW of renewables as it aims to end fossil fuel generation by 2040 appeared first on RenewEconomy.

The Asian Development Bank (ADB) has launched a road map for increasing its nature positive investments, part of which involves exploring biodiversity credits.

South Korea and Malaysia have teamed up to cooperate on GHG emissions initiatives, initially targeting a landfill project based in Terengganu state.

Female almost the length of a shipping container was found dead on a drumline in August, primary industries department has revealed

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

The largest great white shark ever caught in Queensland’s shark control program died while pregnant with four pups, the primary industries department has revealed.

A female white shark was found dead on a shark-catching drumline near Gladstone in August. Queensland’s Department of Primary Industries took samples for research purposes and has been collaborating with researchers interstate, a spokesperson said.

Sign up for Guardian Australia’s breaking news email

Continue reading...

Activity in the Australian Carbon Credit Unit (ACCU) market has slowed, according to analysis published Monday, while a waste operator told shareholders it expected the updated landfill gas methodology will be finalised by the end of the calendar year.