Carbon Pulse

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.

Asian cement and steel companies may face severe financial challenges in the next decade unless they commit to decarbonisation, according to a new academic study.

RGGI allowance (RGA) values seesawed over the week amid skyrocketing volume ahead of the coming Q4 auction, as an exchange traded fund (ETF) sold off some of its holdings and the front-month contract went into delivery.

Canada announced a set of draft regulations on the sidelines of COP28 in Dubai on Monday to tackle methane emissions from its oil and gas sector, aiming to align with the government's commitment as a signatory of the Global Methane Pledge to curb output of the potent warming gas.

A Florida-headquartered company that plugs abandoned oil and gas wells to reduce methane emissions and generate carbon credits has replaced its CEO and has made an acquisition through a subsidiary.

The European Commission said on Monday that it plans to monitor the potential for carbon leakage from the extension of the bloc’s ETS to the maritime sector, aiming to ease the concerns of several member states who urged the bloc to delay the inclusion of international shipping.

The US Commodity Futures Trading Commission (CFTC) published on Monday a set of principles for voluntary carbon credit derivatives contracts for trade on CFTC-regulated exchanges, a document flagged earlier in the day by the CFTC's chairperson at COP28 in Dubai.

Carbon credit trade remained brisk in the voluntary market in the last week of November amid end of year covering, although the REDD sector continued to cast a shadow over the brighter future promised by the headlines emerging from COP28 in sunny Dubai.

On the heels of a declaration by countries seeking to triple nuclear energy capacity, a group of non-profit policy advocacies launched a report on Monday on the sidelines of COP28 in Dubai with guidelines for the development of new international initiatives for the sector.

A tech company inked a deal with the Democratic Republic of the Congo (DRC) on Monday to invest $40 million in the measurement and valuation of the country's natural assets for potential carbon and biodiversity crediting.

Demand for Australian Carbon Credit Units (ACCUs) is likely to rise as more sectors of Australia’s economy are subject to decarbonisation policies, market observers told a panel discussion at COP28 in Dubai.

A clash over carbon removals at COP28 is threatening to stall progress on developing the UN crediting mechanism, as some country negotiators wish to reopen talks over a key set of recommendations agreed ahead of the summit, which would could see a year of work "wasted", according to multiple sources.