Carbon Pulse

South Korea and Mongolia will cooperate to identify project opportunities under Article 6 of the Paris Agreement, while the Korean environment minister on the sidelines of COP27 has also been seeking reassurances from the EU that the proposed Carbon Border Adjustment Mechanism (CBAM) won’t act as a trade barrier.

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

The Pennsylvania Commonwealth Court heard oral arguments on Wednesday challenging the validity of the state’s power sector cap-and-trade regulation, but the lengthy timeline of outstanding decisions on the case and expected appeals could jeopardise its potential to participate in next year’s first RGGI auction, according to experts.

California regulator ARB will hold a workshop this month to gather input on its compliance forest offset protocol, the first step in the agency’s forthcoming cap-and-trade rulemaking process.

The EU's second-highest court on Wednesday annulled a decision of the European Commission to approve compensation for early closure of coal fired power plant in the Netherlands. 

EU legislators are hoping to finalise negotiations on three ETS-related bills over three separate days in December, ditching plans to hold a single 'jumbo' trilogue over one day, an EU source said on Wednesday. 

California regulator ARB will commence a public process to evaluate the annual allowance caps and other elements of its WCI-linked cap-and-trade programme, as the state’s final 2022 Scoping Plan published Wednesday aims to hit more ambitious GHG reduction targets.

Most decisions on a new UN carbon credit mechanism are set to be delayed for a year as time runs out at COP27 talks, according to draft text released on Wednesday that includes a divisive loophole to double claiming provisions that is seen as likely to grind the negotiations to a halt.

The United Arab Emirates (UAE) stepped up plans Wednesday to become a hub for voluntary carbon market (VCM) trading after the country’s sovereign investment company, Mabudala, took a strategic stake in the Singapore-based marketplace AirCarbon Exchange (ACX).

Companies should consider purchasing carbon removal credits, or investing in climate projects, commensurate with their ability to pay, not their emissions levels, according to a report published on Wednesday, that found that emissions intensive sectors are amongst the least likely buyers under this approach.

Roughly 25% of global GHG output is occurring through international trade, and nations must consider carbon border adjustment mechanisms (CBAMs) and other measures in order to adequately mitigate these emissions, according to a report published Tuesday.

Antigua and Barbuda has partnered with a blue carbon consultancy, aiming to unlock millions of dollars in financing for the climate transition by restoring and protecting the nation's coastal habitats.

The EU and Egypt signed a memorandum of understanding (MOU) to develop and produce renewable hydrogen and its derivatives, it was announced at a COP27 joint press conference on Wednesday.

More than 60 countries have joined Japan’s Article 6 Implementation Partnership at COP27 in Sharm-el-Sheikh, as the country seeks to spearhead a global effort to spur international emissions trade.

The public-private LEAF Coalition expects the first issuances of jurisdictional REDD credits under the ART TREES standard in the first half of next year, a programme coordinator told a COP27 side event on Wednesday, adding that four more Brazilian states are due to sign up aiming to supply units in future.

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A German-headquartered project development firm has acquired an ownership stake in another, they announced Tuesday.

EUAs dropped by as much as 3.8% as traders appeared to suffer jitters ahead of this evening's trilogue meeting to negotiate a compromise package on the REPowerEU package, which is likely to involve selling EUAs to raise funds, while gas markets weakened amid forecasts that EU storages will be higher than normal at the end of the coming winter.