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The UK will introduce a Carbon Border Adjustment Mechanism (CBAM) in 2027 for the six sectors it deemed to be most at risk of carbon leakage, down from eight initially proposed, the government said on Wednesday.

Establishing a carbon price of $25 per tonne of captured CO2 could transform Brazil’s Amazon rainforest into one of the world’s largest natural sinks, countering emissions at a far lower cost than current carbon capture technologies, according to a study published by a major international financial institution.

Downpours caused Spain’s deadliest flooding in decades. Floodwaters surged through cities, towns and villages, trapping people in their homes, sweeping up cars in their wake and causing significant damage

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A group of over 20 organisations on Wednesday launched a coalition to promote bioeconomy across the Amazon region, looking at the biodiversity credit market as a possible means to scale financing.

It’s vital we find cost-effective ways to get and keep more trees in the ground. Our research looked at where natural regeneration is likely to be successful due to environmental conditions. Brooke Williams, Research Fellow, School of Biology & Environmental Science, Queensland University of Technology Robin Chazdon, Professor Emerita of Ecology and Evolutionary Biology, University of Connecticut Licensed as Creative Commons – attribution, no derivatives.

Alarmingly, Earth’s climate will change for many centuries to come. But we must still push to reach net-zero emissions as quickly as possible. Andrew King, Senior Lecturer in Climate Science, The University of Melbourne Tilo Ziehn, Principal Research Scientist, CSIRO Licensed as Creative Commons – attribution, no derivatives.

On land, Australia has already passed 1.5°C of warming, bringing lower streamflows, more fire weather and marine heatwaves. Neil Sims, Senior Research Scientist, CSIRO Pep Canadell, Chief Research Scientist, CSIRO Environment; Executive Director, Global Carbon Project, CSIRO Licensed as Creative Commons – attribution, no derivatives.

Saudi Arabia has global ambitions for its soon-to-launch carbon credit exchange, and is aiming for the platform to compete with the CBL exchange that currently dominates voluntary carbon market trades, the CEO of the country’s state-backed VCM company told Carbon Pulse on Wednesday.

A strong outcome for a new global climate finance goal is possible at COP29 in Baku, with negotiators coalescing around the scale of finance required, though the nitty gritty of where that capital should come from and which countries should contribute is still up in the air, experts said on Wednesday.

The World Bank Group's International Finance Corporation (IFC) is failing to enforce its own greenhouse gas emission requirements with clients, which already fall short of what is needed to meet the Paris Agreement's 1.5C temperature goal, the finance institution's ombudsman warned.

The densely forested west African country of Liberia is looking to harvest Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2 of the Paris Agreement after signing a letter of engagement with the Coalition of Rainforest Nations (CfRN), it was announced Wednesday.

Governments at the ongoing COP16 biodiversity summit must ramp up their efforts to break the deadlock on the toughest issues under discussion, as talks still hang in the balance with only two days to go, the UN secretary-general told a press conference on Wednesday.

EU carbon allowance prices fell back on Wednesday amid a wider retreat in energy markets, as weekly positioning data showed speculative players had cut their net short position in carbon significantly, easing the upward pressure on prices, while investment funds continued to add length in natural gas.

Many companies importing goods covered by the EU’s carbon tax will fail to report their actual emissions data in time for the European Commission Thursday deadline - as they struggle to navigate difficult reporting requirements, inconsistencies, and flaws in the policy, according to consultancies and businesses.

European Greens are calling on countries to clinch an ambitious agreement on Article 6 of the Paris Agreement governing international carbon markets and the trade of emission reductions, saying rich countries must fulfil their climate obligations first rather than seek credits from emission reductions projects abroad.

The UK government will put billions of pounds into carbon capture, utilisation, and storage (CCUS), nuclear power, hydrogen, renewables, zero-emission vehicles, and sustainable agriculture over the next fiscal year, and plans to introduce a carbon border tax on imports from 2027, Chancellor Rachel Reeves announced on Wednesday.

Finland’s flagship carrier announced on Wednesday it had pushed its climate neutrality goal from 2045 to 2050, saying this was due partly due to the company’s decision to exclude carbon offsets from its climate solutions portfolio.

Independent carbon credit registries will continue to play a role, and foster healthy competition, even after a centralised UN registry is created under Article 6 of the Paris Agreement, according to a member of the UN group mandated to determine the international carbon market rules. 

A report by BoM and CSIRO checks ‘vital signs of Australia’s climate’ – and shows temperature trends will only worsen

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“It is a wicked problem,” says Dr Karl Braganza at the Bureau of Meteorology, after running through Australia’s latest State of the Climate report.

The effects of rising heat on land and in the oceans, coupled with rising greenhouse gases in the atmosphere, are changing Australia’s climate rapidly and “flowing through to how our society, economy and other things operate”.

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The Science Based Targets Network (SBTN) on Wednesday announced a first batch of companies that have set targets under its framework, with three major corporations taking on commitments related to freshwater and land.