Carbon Pulse

The difference between potential revenues from selling off rainforest areas in the Democratic Republic of Congo to fossil fuel exploration or generating revenues from carbon sales is in the billions, according to a research paper seen by Carbon Pulse during COP28, underscoring the financial pressures forest-rich countries face when looking to protect natural assets. 

Carbon assets are emerging as a potential lever for international aid and development finance at COP28, suggest recent announcements and remarks by civil society actors at COP28.

A document establishing a framework for Pakistan’s involvement in the international carbon markets and laying the foundation for domestic activities is being held up in Cabinet due to a low level of awareness of the issues at the federal level, a representative from Pakistan has told Carbon Pulse.

A carbon storage company plans to partner with biogenic emitters in order to help valorise their CO2 streams by burying emissions in nearby mine pits and generate revenues from the resulting carbon credits sales.

Two New Zealand NGOs launched a nature-based solution to restore and enhance 2.1 million hectares of diverse indigenous forest across the country, they announced on the sidelines of COP28 in Dubai.

An initiative aiming to transform food and land use systems to be more climate resilient through mechanisms such as climate-smart agriculture, production intensification, and smallholder support was launched Sunday, with country commitments set to be included in national climate plans.

Canada plans to next year introduce legislation that would hold the government accountable for making progress towards and meeting its commitments on nature and biodiversity, Environment Minister Steven Guilbeault announced Saturday.

Country negotiators on international carbon trade rules under Article 6 have run into trouble amid what they say is a toxic atmosphere at COP28, with a "bare bones" draft text published late on Saturday angering several parties, and time reportedly being wasted on theoretical issues rather than ensuring key safeguards and important technicalities are defined.

It is Day 11 at COP28 and all eyes are on the next 48 hours of negotiations as a cautious optimism hangs in the air. The COP28 Presidency eyes a majlis - a ministerial gathering - today to find areas of agreement, followed by the first Global Stocktake (GST) text for delivery on Monday, ahead of the summit's formal close on Tuesday. Nonetheless, as the once-70,000-strong population of Expo City has begun to flock back to homelands, Carbon Pulse's team of correspondents continue to chase after news on the ground. In our daily running blog, we will report relevant or useful updates throughout the day. Timestamps are in local time (Gulf Standard Time, GMT+4).

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Here's Carbon Pulse's summary of stories from the last Saturday at COP28 in Dubai. Our tireless team of journalists have now published more than 150 articles from this year's UN climate summit, providing our readers with unrivalled coverage. We reckon few, if any, other media outlets can boast more comprehensive reporting. Subscribe to CP Daily here or email admin@carbon-pulse to inquire about a subscription.

With the direction of travel on the first ever stocktake of the Paris Agreement moving towards including "fossil phaseout" language in the text, sources inside negotiation rooms, country delegates, and climate stakeholders, underlined the substantial impact of such an outcome at COP28, though called for crucial clarification on "abatement" language.

The Marshall Islands shares the same concerns over climate change and rising sea levels as its Pacific Island neighbours but also makes significant revenue from its flag registry for ships and yachts, seemingly complicating the country's messaging on emissions at COP28.

Two fossil fuel dependent nations on Saturday backed a climate High Ambition Coalition (HAC) declaration at COP28 in Dubai authored by the Marshall Islands, with both of their respective environment ministers calling for an end to the use of fossil fuels.

Rules governing carbon crediting under the Paris Agreement appear to be heading towards adoption despite some "melodrama" in negotiating rooms, as countries on Saturday  discussed the first draft decision text on Article 6.4 at COP28, with an "ambitious" timeline now set for a final clean text of midday on Sunday.

Sweden and Switzerland have signed a declaration of intent to test the rules for international carbon markets in the field of removal technologies under Article 6, which they hope will pave the way towards establishing a market under the Paris Agreement framework.

Brazil has climbed up 15 spots due to progressive climate policies, while the UK slipped back by nine ranks due to policy rollback, in a report published this week alongside COP28, which found no country was on track to limit global warming in line with the Paris Agreement.

Most of the sectoral pledges announced during COP28 will not lead to a sufficient reduction in emissions to limit global warming by 1.5C, as many are already counted in national plans or lack sufficient ambition, a report published on Saturday found.

The Australian government should fund demonstration projects that will generate biodiversity certificates in its Nature Repair Market scheme in order to generate interest and understanding among potential participants, experts said on the side lines of the COP28 conference.

Finland plans to achieve negative emissions by around 2040 by “aggressively” pursuing carbon capture, the country’s environment minister told an audience at the United Nations climate conference COP28 on Saturday.