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Madagascar has received nearly $9 million from the World Bank for emissions reductions worth 1.76 mln tonnes of CO2 from REDD+ forestry activities in 2020, according to an announcement this week.

A meaty Global Stocktake (GST) negotiation text was published overnight - a document seen by some as a litmus test for success at COP28 - with all options seemingly still on the table and battles lines starting to be carved out, particularly over who wants what regarding the contentious question of a fossil fuel phaseout.

The act is believed to have saved 99% of listed species from extinction, but rightwing lawmakers are chipping away at it

Imagine a cosmic rock billions of years old yet vibrant with water, light and life. Not too close to the sun and not too far away. Tilted on its axis and turning daily to render seasons, sunrises and sunsets. A place so bountiful and varied that it has nourished and inspired humanity through our entire history. This is Earth, our only home. And that stunning array of life – countless species evolved over millennia and evolving still – is what scientists today call biodiversity.

That biodiversity is in trouble.

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Bahrain’s biggest oil company on Tuesday signed a Memorandum of Understanding (MoU) with one of the largest shipping companies in the world for developing a carbon capture and storage (CCS) value chain.

The Australian government has announced it will seek to update the so called ‘water trigger’ assessment on unconventional gas projects, as part of efforts to pass its Nature Repair Market in the Senate.

The Global Environment Facility (GEF) and the Bezos Earth Fund have become the first to pledge financial support for a Pacific Island initiative made Sunday to conserve or implement sustainable activities across more than 1 billion hectares of ocean.

Oil majors from France to the UAE highlighted ongoing efforts to cut methane emissions through new partnerships and technologies at COP28 on Tuesday, in line with the target laid out under the Oil and Gas Decarbonisation Charter (OGDC) to reach almost zero methane emissions by 2030.

AGL to trial nickel hydrogen battery that offers potential lower cost, long cycle and longer life storage options.

The post AGL to pilot first-of-its-kind nickel hydrogen battery at Torrens Island hub appeared first on RenewEconomy.

Former president of Republic of Ireland makes first comments since Sultan Al Jaber told her a fossil fuel phase out could mean ‘going back into caves’

• Global carbon emissions from fossil fuels to hit record high

Alok Sharma, an MP for the Conservative party in Britain and president of Cop26 that was held in Glasgow two years ago, has made some comments about Al Jaber’s presidency: “everyone should be questioned,” he says.

Environment ministers from Germany and Colombia have led an open letter calling for the inclusion of nature in the global stocktake outcome, which countries are negotiating at Cop28.

“The GST provides a critical moment to recognize the importance of just and inclusive means of implementation, and address the significant finance gap for nature-based solutions,” said Muhamad. “In particular, the involvement and respect for the rights of Indigenous Peoples and local communities is critical, in addition to the urgent need to align financial flows to enable the transformations required to deliver the Paris Agreement goals.”

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A Brazilian state has became the first jurisdiction in the country to commit to sign an Emissions Reductions Purchase Agreement (ERPA) with the LEAF Coalition, which will pave the way for up to 10 mln forest carbon credits to be sold to corporate buyers once a binding agreement is inked next year.

Legislation being debated in the Senate will create a market to encourage private spending on projects that protect and restore biodiversity

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The Albanese government and Greens have struck a deal to establish a nature repair market in exchange for fast-tracking an expansion of the water trigger to all unconventional gas projects.

The deal would also prevent trades in a new nature market from being used as offsets for other destruction of habitat.

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Australia has joined the Clean Energy Transition Partnership (CETP), a UK initiative designed to align international investment strategies with net zero priorities, at COP28 in Dubai.

Wind and solar output has surged past 20 gigawatts for the first time on Australian main grid, marking yet another significant milestone in the green energy transition.

The post Wind and solar output surges past 20 gigawatts for first time on Australia’s main grid appeared first on RenewEconomy.

It's Day 6 of COP28. A heady mix of philosophical and practical disputes pervades the air. Elusive, almost existential questions, like "what is a 'global stocktake'?" baffle parties, press, and observers alike. The theme of the day is energy and industry, catalysing protests but perhaps not much else – as Carbon Pulse entered Expo City to chants, hope, and disillusionment. While the COP president asserts he is "crystal clear" on his commitment to climate science, are parties equally (or more) committed to the cause of a green energy transition? In our daily running blog, Carbon Pulse will report relevant or useful updates throughout the day. Timestamps are in local time (Gulf Standard Time, GMT+4).

Temperatures are still on track to rise by 2.5C compared to pre-industrial levels, despite an inter-governmental pledge at COP26 in Glasgow to strengthen national climate targets, a report revealed on Tuesday.

A group of multinational fund managers and advisories have been tapped to oversee a climate-focused blended finance fund targeting $1.5 billion in debt finance, they announced at COP28 in Dubai.

A group of eight multilateral development banks and development finance institutions have teamed up to launch a task force to accelerate sustainability-linked finance through approaches like debt-for-nature swaps.

The Asian Development Bank has announced a nature solutions financing hub for the Asia-Pacific region aiming to attract at least $2 billion, with a number of other institutions and organisations expressing interest in participating.

Industry experts say electric cars sales figures could be higher if the government stops delaying fuel efficiency standards

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Sales of electric vehicles in Australia have more than doubled this year compared to 2022 but industry experts say the figure could be even higher had the government introduced long-promised fuel efficiency standards.

The year-to-date sales of battery electric vehicles (EVs) have hit 80,446 compared to 28,326 for the same period last year, an increase of 185%, according to figures from the Federal Chamber of Automotive Industries. EVs made up 7.2% of all motor vehicle sales so far this year.

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Projected rate of warming has not improved in past two years, analysis shows

• Cop28 president forced into defence of fossil fuel phase-out claims
• See all our Cop28 coverage

Global carbon emissions from fossil fuels reached record levels again in 2023, as experts warned that the projected rate of warming had not improved over the past two years.

The world is on track to have burned more coal, oil and gas in 2023 than it did in 2022, according to a report by the Global Carbon Project, pumping 1.1% more planet-heating carbon dioxide into the atmosphere at a time when emissions must plummet to stop extreme weather from growing more violent.

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