Feed aggregator

Global conglomerate Unilever will need to address its Scope 3 emissions in order to align itself with an emissions reduction trajectory consistent with the Science-Based Targets initiative (SBTi), a report has argued, with the financial cost of inaction due to carbon pricing alone to hit nearly $3 bln by 2030 and over $7 bln by mid-century.

Analysts from a major US bank remain bullish over the medium term for California Carbon Allowance (CCA) prices as balances turn the corner from surplus to deficit, but expect the near-term environment to remain challenged for Low Carbon Fuel Standard (LCFS) credits and voluntary carbon offset (VCO) prices which await policy-driven upside catalysts, in a report published Monday.

Zimbabwe's decision to void all existing carbon credit agreements and cream off future revenues from credit sales is an opportunistic move that could render offset projects in the country and elsewhere unattractive or unviable, while also potentially spurring other nations demand similar concessions, stakeholders told Carbon Pulse.

The Alaska legislature on Tuesday passed a bill to establish a statewide voluntary carbon offset programme for its forestlands, leaving only Governor Mike Dunleavy's (R) upcoming signature standing in the way of the bill becoming law.

Continue reading...

A climate veteran has taken on a new role as CEO at an asset management company dedicated to natural capital, and already serving tech giant Apple's nature-based carbon removal fund.

Kenya is going to ensure a healthy share of carbon revenue stays in the east African country in the future under new legislation proposed to meet its updated climate targets for 2030.

Switzerland has become the first country to submit an initial report to the UN detailing accounting and reporting information under Article 6.2 of the Paris Agreement for its international mitigation activities with three other countries, which are estimated to collectively reduce emissions by nearly 2 Mt by 2030.

Iceland and the European Commission have reached a preliminary agreement for Iceland's airlines to continue to receive free EU ETS emission allowances up to and including the year 2026, it was announced at a press conference following the Council of Europe summit in Reykjavik.

The funds to meet a $20 billion finance target for biodiversity by 2025, a key component of last year's landmark Global Biodiversity Framework (GBF), should not come from biodiversity credits, according to the Samoan minister for environment speaking during an event on Wednesday, with other stakeholders also suggesting the nascent market is not likely to be ready to scale sufficient finance within less than three years.

Just Stop Oil protesters disrupted a parliamentary committee hearing on the coronation's policing. As Matt Twist, the Met's temporary assistant commissioner, was addressing questions from MPs, activists behind Twist got up and began their demonstration. The feed was momentarily discontinued until the committee was resumed

• Senior Met officer denies political pressure to arrest coronation protesters

• Committee chair 'speechless' after hearing volunteer's coronation arrest by Met police – video

• · UK politics live – latest updates

Continue reading...

The EU’s carbon border adjustment mechanism (CBAM) regulation entered into force on Wednesday, but a long road ahead befalls policymakers that will iron out the details of implementation, including the CBAM's role in securing EU producers' global competitiveness.

EUA prices dropped on Wednesday morning amid Commitment of Traders data showing a modest cut in investment funds' net short position, though the final EU auction of the week appeared to steady the market, while UKAs continued to lose ground ahead of the afternoon's fortnightly auction.

Thirteen financial institutions, including AXA IM and Natixis Investment Managers, are developing a new worldwide database of avoided emissions factors and related company-level avoided emissions, aiming to provide clearer metrics in the drive towards net zero.

People trapped in a flat shouted for help as flood water engulfed entire houses in some parts of Italy.

At least five people have died and thousands were evacuated from their homes after rainwater formed devastating floods in northern and central Italy.

Fourteen rivers broke their banks in Emilia-Romagna and firefighters rescued citizens with helicopters or rubber dinghies from their roofs.

The torrential rains followed months of drought that dried out the land, reducing its capacity to absorb water, worsening the impact of the floods, meteorologists have said

Continue reading...

There’s a 98% chance of a record hot year by 2028, and a 66% chance of exceeding the 1.5°C threshold for at least that year, according to the latest World Meteorological Organization update. Andrew King, Senior Lecturer in Climate Science, The University of Melbourne Licensed as Creative Commons – attribution, no derivatives.

The world is likely to hit 1.5C of warming within the next five years because of rising carbon emissions.

UN agency says El Niño and human-induced climate breakdown could combine to push temperatures into ‘uncharted territory’

The world is almost certain to experience new record temperatures in the next five years, and temperatures are likely to rise by more than 1.5C above pre-industrial levels, scientists have warned.

The breaching of the crucial 1.5C threshold, which scientists have warned could have dire consequences, should be only temporary, according to research from the World Meteorological Organisation (WMO).

Continue reading...

Campaigners say development of huge Rosebank field in North Sea would drive climate breakdown

The Norwegian government is facing growing pressure to scale back its huge global fossil fuel expansion plans – including the development of a controversial new oilfield in the North Sea.

Climate activists from around the world descended on Stavanger in Norway last week to attend the AGM of the state-owned oil and gas giant Equinor. They warned that its plans to develop the huge Rosebank field in the North Sea, as well as other mega-projects in Canada, Brazil and Suriname, would drive climate breakdown with devastating consequences for humanity.

Continue reading...

Snowy Hydro has failed to meet many of the 125 environment conditions placed on its massive pumped hydro project, with audits finding a growing list of problems.

The post Snowy 2.0 “failing” on environmental basics, says withering new report appeared first on RenewEconomy.