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Demand for Australian Carbon Credit Units (ACCUs) is likely to rise as more sectors of Australia’s economy are subject to decarbonisation policies, market observers told a panel discussion at COP28 in Dubai.

A clash over carbon removals at COP28 is threatening to stall progress on developing the UN crediting mechanism, as some country negotiators wish to reopen talks over a key set of recommendations agreed ahead of the summit, which would could see a year of work "wasted", according to multiple sources.

Climate events such as the annual UN summit are moving rapidly towards becoming a place to debate issues with international trade negotiations, a banker told a panel discussion at COP28.

Heavy dependence on carbon capture and storage (CCS) would be “hugely economically damaging”, costing nations globally around $1 trillion per year compared to an approach more strongly focused on renewable energy, a new report has found.

The government of South Korea should introduce more measures to improve the efficiency of the domestic emissions trading scheme (ETS), engaging more investors to participate in the market by setting a reference price, a panel heard Monday.

Co-leader of EU delegation at Cop28 says climate should be at centre of all financial and economic decisions

• Cop28 live – latest updates

If fossil fuel companies are serious about tackling the climate crisis, they could contribute to funds for poor and vulnerable countries stricken by its effects, Spain’s environment minister has said.

Teresa Ribera, a co-leader of the EU delegation at the Cop28 UN climate summit in Dubai, said: “Private corporates should be stepping into a different development model in vulnerable countries. We went through some language on that that was broadly supported by all [EU] member states, which is: why not just start by an invitation to the oil and gas companies to dedicate part of the profits to invest in sustainable development of the most vulnerable countries. And that’s on a voluntary basis [at first], because why not?”

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An international initiative is seeking to replicate Australia’s successful savanna burning methodology to African nations and use the projects to generate Article 6 carbon credits, a COP28 side event heard Monday.

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.

‘We need you,’ says Scientist Rebellion, which includes authors of IPCC reports on climate breakdown, as diplomats meet for Cop28

• Cop28 live – latest updates

Wolfgang Cramer’s first involvement with the Intergovernmental Panel on Climate Change was in the 90s. He worked on the second assessment report, delivered in 1995, which affirmed the science of anthropogenic climate breakdown. At that point, no one could say they did not know what was happening.

Almost three decades on, Cramer was part of the international scientific team that prepared the sixth IPCC report. Its conclusion, delivered in March, issued human civilisation a bleak “final warning” – the biosphere stands on the brink of irrevocable damage.

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Sultan Al Jaber, who is state oil CEO, had said phase-out of fossil fuels would take world ‘back into caves’

• Cop28 live – latest updates

The president of Cop28 has been forced into a fierce defence of his views on climate science, after the Guardian revealed his comment that there was “no science out there, or no scenario out there, that says that the phase-out of fossil fuel is what’s going to achieve 1.5C”.

Sultan Al Jaber, who is also the chief executive of the United Arab Emirates’ state oil company, Adnoc, said at a hastily arranged press conference at the summit in Dubai: “I respect the science in everything I do. I have repeatedly said that it is the science that has guided the principles or strategy as Cop28 president. We have always built everything, every step of the way, on the science, on the facts.”

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The Southeast Asian nation of Timor-Leste is preparing regulations and a national registry to govern voluntary carbon market projects in the country in preparation to eventually host Article 6 projects within its borders, an official told a panel discussion at COP28.

Sultan Al Jaber’s claim that green policies damage economic growth is wrong and highly damaging

For months Sultan Al Jaber, the president of the Cop28 climate negotiations in Dubai, has been insisting that there is no conflict with his day job, chief executive of the United Arab Emirates’ (UAE) state oil company.

Instead, he argued, the dual role enabled him to persuade fossil fuel companies to change. And some early successes in the talks provided some credibility to that claim.

Geoffrey Lean is a specialist environment correspondent and author

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EUAs weakened steadily on Monday morning as they came under renewed selling pressure after Friday's rally, while gas prices fell back amid milder weather forecasts and observers predicted that carbon prices appeared likely to remain under pressure for at least another week.

Bhutan launched its national carbon registry at COP28 on Monday, also integrating itself with the Climate Action Data (CAD) Trust, the first country to do so.

Australia’s current carbon prices via its Safeguard Mechanism are not sufficiently high to drive down the price of hydrogen, but that may be about to change, a report said Monday.

Several international organisations including the Science Based Targets initiative (SBTi), the VCMI, and the ICVCM came together to establish an 'end-to-end' integrity framework that they say provides consistent guidance on decarbonisation including the use of carbon credits for residual emissions, as announced at COP28 on Monday.

The Cop28 president, Sultan Al Jaber, held a press conference after the Guardian's report on his comments claiming 'there is no science out there, that says the phase-out of fossil fuels is what's going to achieve 1.5C'. Al Jaber, who is also the chief executive of the United Arab Emirates’ state oil company, Adnoc, said he had been misrepresented and gave an impassioned defence of his background and belief in science. He then went on to say 'the phase-down and the phase-out of fossil fuels, is essential' and accused those who reported his initial comments of 'undermining' his message

• Cop28 live – latest updates

• Cop28 president says there is ‘no science’ behind demands for phase-out of fossil fuels

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The UK's polar research vessel visits A23a, an iceberg that's more than twice the size of London.

"Everything we do is centred behind the science," the head of the UN climate talks in Dubai says.