Carbon Pulse

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.

Azerbaijan's capital Baku will be confirmed as the next host of the annual UN climate summit, the country's ecology minister announced at COP28 in Dubai on Saturday, after Armenia formally gave its blessing earlier in the week and Russia lifted its veto threat.

A consortium led by two major South Korean companies has taken an undisclosed stake in a global developer of carbon credits as they seek to increase their involvement in nature-based as well as technology-based projects.

EU institutions agreed on updated rules to decarbonise the gas market and create a hydrogen one on Friday evening, which will enable the bloc to further reduce its dependence on gas, as well as agree that long-term contracts for unabated fossil gas should not extend beyond 2049.

It is Day 10 – Nature Day – at COP28, where already tense negotiations about the global stocktake (GST) and Article 6 carbon markets are heating up, with announcements also seeping in on biodiversity and nature-based solutions (NbS). Week 2 is well underway, and it's now crunch time in Dubai. Fortunately, Carbon Pulse's hardworking correspondents are on the ground in Expo City wading through reports, gathering intel, and skulking around the sidelines of the summit so you don't have to. 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).

Global public and private funding that has a detrimental impact on nature stands at a massive $7 trillion per year, while funding with a positive impact last year reached $200 billion, UNEP said in its annual State of Finance for Nature report, released Saturday.

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

Compliance entities and speculators moved in opposite directions with their California Carbon Allowance (CCA) and RGGI holdings, while both groups reduced their Washington Carbon Allowance (WCA) positions over the last week, US Commodity Futures Trading Commission (CFTC) data showed Friday.

California's free carbon allowance distributions to industrials will rise for 2024, with petroleum and hydrogen production accounting for the highest year-on-year climb, according to data from state regulator ARB published on Friday.

The US Court of Appeals for the Fifth Circuit ruling in favour of small refineries' arguments for exemptions for ethanol blending under the Renewable Fuel Standard (RFS) against the EPA could cause a renewable fuel supply glut, two industry experts agreed.

In the context of increasing reports of forest carbon-related cooperative approaches under Article 6 of the Paris Agreement, Parties should apply strive to ensure that all credits transacted are of the highest quality by applying guidance developed by leading environmental and Indigenous organisations, writes the Wildlife Conservation Society and other groups.