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Southeast Asian nation Laos aims to generate 30 million tonnes worth of forestry emissions reductions by 2025, with a senior minister telling a COP27 event that the government is now "highly engaged" in driving private sector interest with possible VCM and Article 6.2 involvement on the horizon.

Climate change committee chair tells chancellor there are many small changes people can make to save energy and money

The UK government must improve its energy-saving advice for households to help cut costs for consumers and the Treasury this winter, its climate advisers have said.

The climate change committee chair, Lord Deben, said Britain was exposed to fluctuations in the price for fossil fuels that had forced the government to commit tens of billions of pounds in support and still left homes and businesses facing an extra £1,300 on average annual bills.

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Senior representatives from the Dominican Republic and certifier Global Carbon Council both said Wednesday that they are looking to leave COP27 with carbon credit trade deals announced under Article 6.2 of the Paris Agreement.

German-based exchange EEX looks set to fill the gap left by Xpansiv last month after the latter dropped plans to host carbon units from sovereign forestry conservation platform REDD.plus.

China’s delegation to COP27 in Sharm el-Sheikh has begun informal discussions with their US counterpart, as the world’s largest emitter aims to promote multilateral efforts on addressing climate change and loss and damage, as well as push against actions such as the EU’s proposed carbon border mechanism, President Xi Jinping’s representative to COP27 told journalists Wednesday.

EUAs dropped by more than €4 in the space of two hours on Wednesday as sellers continued to dominate thin trading conditions ahead of European Parliament discussions over the bloc's REPowerEU plan.

The EU has reached a provisional political agreement on reforming the bloc's Effort Sharing Regulation (ESR) that establishes binding national targets in non-ETS sectors, after late-night trilogue talks on Tuesday between negotiators from the Parliament, Commission, and Council of member states.

A London-based energy and carbon risk management firm has announced a private equity investment from a firm specialising in industrial decarbonisation.

US climate envoy John Kerry on Wednesday at COP27 announced plans to enable companies to buy carbon credits to support developing countries accelerate their phaseout of coal power and expansion renewable power, aiming to develop a framework by the end of next year to scale the finance available, and confirming a partnership with a new African carbon market initiative launched earlier at the summit.

China should expand the sectoral coverage of its national emissions trading scheme to include cement and steel as soon as possible to mitigate the impact of the carbon border adjustment mechanism (CBAM) proposed by the EU, a webinar heard on Wednesday.

Small but symbolic moves at summit where finance is critical include new loss and damage money and debt relief

• Cop27 live – latest news updates

A series of symbolic moves on climate finance at Cop27 suggests positive momentum could be starting to build on a pivotal issue at the UN summit in Egypt.

The UK said it would allow some debt payment deferrals for countries hit by climate disasters, while Austria and New Zealand put forward funding for loss and damage, which is the cost of rebuilding in poorer nations after unavoidable climate impacts.

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Pausing mid-sentence and flipping through his notes, UN secretary general, António Guterres, realised he was reading from the wrong speech. 'I'm going to speak to a group of young people afterwards and there was a small confusion. I apologise,' he told a huge crowd of attendees at Cop27 on Wednesday

• Cop27: World Bank president says he is not a ‘climate denier’; protests in Sharm el-Sheikh– live

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Interest in South Korea’s monthly CO2 allowance auction continues to decline, with traders picking up less than a quarter of the volume available at Wednesday’s sale amid continued oversupply in the market.

The Guardian's biodiversity and environment reporter, Patrick Greenfield, questioned the World Bank president, David Malpass, about his record of climate crisis denial at the end of an event at Cop27 in Sharm el-Sheikh, Egypt. 

Malpass apologised in late September after saying he 'doesn't know' if he accepted climate science. He did not resign from his position. When asked several times if he was a climate denier, Malpass said: 'You know that I'm not, so don't misreport it.' He refused to answer any other questions

• Cop27: World Bank president says he is not a ‘climate denier’; protests in Sharm el-Sheikh– live
  

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‘Journalists shouldn’t get arrested for doing their job,’ says Gillian Keegan after arrest of Charlotte Lynch

• UK politics live – latest news updates
• Cop27 live – latest news updates

Police have been criticised after the arrest of another journalist covering protests by Just Stop Oil.

Charlotte Lynch, a reporter at LBC, was challenged by officers from Hertfordshire constabulary while covering a protest by the climate activist campaign at junction 21 of the M25 on Tuesday morning.

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It’s on course to guzzle half the world’s carbon budget, so why are governments so afraid to discuss it?

There are just two actions needed to prevent catastrophic climate breakdown: leave fossil fuels in the ground and stop farming animals. But, thanks to the power of the two industries, both aims are officially unmentionable. Neither of them has featured in any of the declarations from the 26 climate summits concluded so far.

Astonishingly, the sectors themselves are seldom mentioned. I’ve worked through every final agreement produced by the summits since they began. Fossil fuels are named in only six of them. Just one hints at using less overall: the others propose only to improve efficiency (which, as we have known since the 19th century, can often paradoxically increase fossil fuel use), attempt technical fixes or, in the case of last year’s agreement in Glasgow, phase down “unabated” coal burning, while saying nothing about reducing oil or gas. Not one of them suggests extracting less. If fossil fuels are removed from the ground, they will be used, regardless of governments’ vague declarations about consumption.

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Andrew Forrest's plans for the world's biggest electrolyser factory were to include Plug Power. But the US based company is strangely silent about the project.

The post Is Fortescue looking for new technology partner for “world’s biggest electrolyser plant” appeared first on RenewEconomy.

After two days of speeches from world leaders, Wednesday’s discussions will focus on climate finance

Our environment correspondent, Fiona Harvey, has put a useful list together of how likely progress is at Cop27.

It’s terrible news for those who are still clinging to 1.5C but some surprising achievements could be grasped at the summit.

My country is not responsible for the climate crisis, but we’re suffering the effects. Now, rich countries are out to grab the huge gas reserves, and people are being dispossessed of their land. One million people out of the 23 million population are living in refugee camps because of gas. We say no to more gas finance. We won’t let Africa burn.

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It’s Wednesday - Finance Day - at COP27 in Sharm el-Sheikh, and Carbon Pulse will keep you updated with developments throughout the day. Timestamps in local time (EEST, GMT+2).

Japan is the world’s leader when it comes to public financing of fossil fuels, driving an expansion of gas use and promoting false solutions to climate change such as hydrogen/ammonia-co-firing and carbon capture that will only prolong the demand for hydrocarbons, a report has claimed.