Carbon Pulse

The EU Commission has signed a forest partnership with Honduras to restore 1.3 million hectares of degraded forests by 2030.

European carbon came under more pressure on Tuesday morning, falling below a "formidable" price support as sellers continued to dominate, while energy markets fell for a second day as weather remained mild and renewables output was healthy.

Deforestation and peat loss driven by the expansion of agricultural production is generating a vast carbon footprint that requires stronger action from world leaders particularly in importing nations, according to a report published on Tuesday.

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.

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.

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.

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.

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.

Fossil fuel emissions reached a record high in 2023, according to new scientific research published on Tuesday, as reductions in CO2 in some regions were cancelled out by increases in output elsewhere.

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

A monthly report by a carbon market analysis firm revealed higher forecasts for California Carbon Allowance (CCA) prices in December and 2024, subject to changes in price triggers, with Washington Carbon Allowance (WCA) values also expected to rise, while the outlook for RGGI Allowances (RGAs) saw prices converging towards the Cost Containment Reserve (CCR) trigger in the later part of 2024.

The leaders of major multilateral development banks (MDBs) pledged to scale up climate finance and development funding through a new approach structured around country sector platforms rather than  individual projects, at an UNFCCC hosted discussion on Monday at COP28 in Dubai.