Carbon Pulse

On Friday, 35 nations and the EU formally launched the “Climate Club” of ambitious countries at COP28 in Dubai, which will focus on decarbonisation of industrial sectors.

In a ruling on Thursday, the Brussels Court of Appeal said the Belgian, Flemish, and Brussels governments must reduce greenhouse gas emissions by 55% by the end of the decade, in the latest example of a growing trend of climate litigation cases against governments.

Demand for biodiversity credits could reach $180 billion annually by 2050 if a radical transformation in valuing nature happens, the World Economic Forum (WEF) has said.

Four environmental groups have filed an appeal against a Pennsylvania lower court's decision voiding the state's participation in the US Northeast carbon market, following a similar appeal launched by the governor a week prior.

Japan will stop constructing new domestic coal-fired power plants that do not take measures to reduce emissions, Prime Minister Fumio Kishida said on Friday.

Climate measures financed by green bonds launched by the EU to stimulate growth following the Covid pandemic are capable of cutting 44 million tonnes of GHG emissions a year, equivalent to 1.2% of the bloc's total emissions currently, a report published by the European Commission on Friday has revealed.

European Commission President Ursula Von der Leyen on Thursday highlighted the key role the voluntary carbon market can play in accelerating the roll-out of global carbon pricing, while emphasising that the market needs common standards to improve trust in the credibility of projects on the part of investors.

European carbon prices held on to early gains as December began, with the market supported by the first premium in a daily auction for more than two weeks, while energy prices rose for a second day as renewables output was below typical levels and temperatures remain low.

An industry-led climate initiative will support India to mobilise $6.5 billion for low-carbon and climate-resilient development, it announced at COP28 on Friday.

Australia has a truly remarkable amount of private wealth under management thanks to its mandated pension scheme, but more of this money should be invested by the big superannuation funds into renewable and clean energy, a report said Friday.

Selling carbon credits under Article 6 of the Paris Agreement provides host countries with greater transparency over their climate assets via a more procedural and formal process, a senior member of Zambia's government said on the sidelines of COP28.

A wide ranging report on the opportunities for decarbonisation in Australia by its peak scientific body released Friday found the mining sector could be one of the earlier cabs off the rank.

The first pilot phase of the Turkish ETS will likely start in 2025 and run for two years, initially applying only to installations with annual emissions of more than 500,000 tonnes of CO2 in high emitting sectors, a senior Turkish government official told Carbon Pulse on the sidelines of COP28 on Friday.

Prices in China’s CO2 allowance market over the past week continued to decrease on relatively low volumes, while the Shanghai pilot market has reached full compliance after the latest government auction Thursday.

It's Day 2 of COP28 and world leaders are descending on Expo City in Dubai, UAE. 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).

Certifier Gold Standard on Friday announced a new work programme to support government efforts to develop carbon market initiatives and deepen alignment between international standards and emerging national frameworks.

The federal government has laid out its projections for Australian Carbon Credit Units and Safeguard Mechanism Credits (SMCs), expecting demand for ACCUs to peak in 2031.

Discussions around Australia’s carbon market is stuck in the perspective of it being a voluntary, rather than a compliance scheme, according to a fund partner, saying that the market must reorient its thinking if it is to succeed.

The Australian government is making moves in the Senate to get a report into its Nature Repair Market legislation finalised on Monday, some five months ahead of its official deadline.

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