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The deal is a global aspiration, not a legally binding agreement. But it should end the idea that burning carbon – in Australia and elsewhere – can continue on a significant scale beyond 2050. John Quiggin, Professor, School of Economics, The University of Queensland Licensed as Creative Commons – attribution, no derivatives.

It's been a big year for the energy transition, but it's ending on a good note, with the newly released draft 2024 ISP, the expanded Capacity Investment Scheme, and steady progress at COP 28.

The post The capacity investment scheme and 2024 ISP: Coal and gas get a hammering appeared first on RenewEconomy.

A daily summary of our news plus bite-sized updates from around the world.

Electric aviation and renewable energy among shifts needed for the Pacific to build a more sustainable tourist industry

• The price of paradise? Read our series on the environmental impact of tourism in the Pacific and how new approaches can make a difference

One of the biggest challenges in weaning off fossil fuels – and one that is often forgotten – is aviation. But for Pacific Island countries that poses a major conundrum. Right now, it would be effectively impossible to get to the Pacific islands without burning kerosene.

Aviation connects families across the region and allows for essential travel, including for health and education. Flights also form the backbone of the growing and vital tourism industry. Tourism is now the biggest economic sector in the Pacific and it can bring many development benefits.

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A major airline has agreed to purchase carbon dioxide removal (CDR) credits as the hard-to-abate sector steps up efforts to meet next zero emission targets.

The Clean Energy Regulator has revised down its annual issuance forecast of Australian Carbon Credit Units slightly, as a draft plan by the country’s electricity market operator sees coal-fired power stations retire faster than expected.

The clean cooking sector last year reached record levels of investment and revenue, according to a report by the Clean Cooking Alliance (CCA).

Shuttered German nuclear plant could be replaced by Europe's biggest battery under proposal from site owners.

The post German nuclear plant to be replaced by Europe’s biggest battery appeared first on RenewEconomy.

California Carbon Allowances (CCA) continue their ascent through the week testing the $40 level where outsized option open interest lay ahead of Friday’s option expiry, while Washington Carbon Allowances (WCA) declined through a week that saw Q4 allowance sale results surprise market participants.

Verra has initiated the development of a new Verified Carbon Standard (VCS) methodology to quantify greenhouse gas emissions from rice production systems, replacing the popular UN CDM protocol that prompted integrity concerns earlier this year.

British Colombia will require an escalating amount of sustainable aviation fuel (SAF) to be incorporated into its jet fuel mix, according to low carbon fuel standard (LCFS) updates released this week.

Victoria expands incentives to move away from gas, to now all the major gas appliances that households commonly use.

The post Victoria adds more sweeteners to get households off gas and electrify their homes appeared first on RenewEconomy.

Australian households and their consumer energy resources – rooftop solar, electric cars, heat pumps, and electric cooktops – will play a critical and central role in the accelerating green energy transition.

The post Households to take centre stage on grid with solar, EVs, heat pumps and electric cooktops appeared first on RenewEconomy.

A Calgary-headquartered oil and gas company plans to acquire approximately a quarter of shares in a joint venture that focuses on investing in nature-based carbon credit projects, the firm has announced in a move intended to expand the latter's number of pipeline projects.

The Egyptian government will launch a pilot of its planned compliance carbon market in Q1 2024, according to local media sources.

Green hydrogen will still be a blip in the world energy mix by the end of the decade, but the US, China, and the EU have locked horns in a high stakes race for supremacy that could decide whether the dollar, the yuan, or the euro becomes the international trading currency of the fuel of the future.

Every two years, we get an updated plan for the future of Australia’s main grid. Under the new plan, coal vanishes even faster. Dylan McConnell, Senior Research Associate, Renewable Energy & Energy Systems Analyst, UNSW Sydney Licensed as Creative Commons – attribution, no derivatives.

A twice-weekly summary of our biodiversity news plus bite-sized updates from around the world. All articles in this edition are free to read (no subscription required).

Measurement, reporting, and verification initiative MRV Collective has been relaunched as non-profit Nature Tech Collective to underline its change in focus towards nature technology.

Oman Arab Bank (OAB) will advance-purchase carbon credits linked to projects selected by the First Carbon Investments (FCI) platform with the goal of accelerating the viability of alternative fuels, according to a joint statement issued by the companies upon the signing of their MoU.