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COP29 PREVIEW: Political uncertainty clouds Article 6 outlook, with key carbon trade technicalities, crediting standards on the line

Carbon Pulse - Thu, 2024-11-07 19:45
Despite prior optimism for progress in Baku on UN carbon markets, political uncertainty following this week's US election result has dampened enthusiasm for a strong outcome on Article 6 at COP29, with multiple key technical elements of international carbon trade still to be clarified, as well as the thorny question of whether crediting standards brought into force ahead of the summit will be formally endorsed in Baku.
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VCM MONTHLY DATA: Highest October issuance, retirement levels for three years puts market on track for record year

Carbon Pulse - Thu, 2024-11-07 19:35
Last month saw the highest October figures for voluntary carbon credit retirements and issuances for three years, data analysed by Carbon Pulse shows.
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Carbon Pulse and LSEG partner up on carbon markets

Carbon Pulse - Thu, 2024-11-07 18:44
LSEG customers can now access news and intelligence on carbon markets, greenhouse gas pricing, and climate policy via their Workspace platform, thanks to a new partnership with specialist provider Carbon Pulse.
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China’s Hubei to promote inclusive offset programme, forest carbon sinks

Carbon Pulse - Thu, 2024-11-07 16:27
China's Hubei province has announced plans to push forward a local carbon offset programme and encourage the development of forest carbon projects within the region.
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PNG relents on COP29 delegation but will still “liquidate” own forests without finance, PM warns

Carbon Pulse - Thu, 2024-11-07 16:22
Papua New Guinea will send a delegation to COP29 in Azerbaijan this month after first its prime minister and then its foreign minister had said it would not as a protest against the lack of climate finance for maintaining its vast carbon sink forests.
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Iceland’s president urged to intervene over licence for Europe’s last whaler

The Guardian - Thu, 2024-11-07 15:00

Conservation groups are asking for the decision to allow Hvalur to hunt to be put on hold until after election

A coalition of conservation and animal welfare groups are urging Iceland’s president to step in and stop any plans the prime minister has to issue a whaling licence to Europe’s last whaler before the Icelandic election at the end of the month.

Earlier this year, the country granted a one-year licence to Hvalur to kill more than 100 fin whales this hunting season, despite hopes the practice may have been stopped after concerns about cruelty led to a temporary suspension in 2023.

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Five EU countries accused of breaking European climate law

Carbon Pulse - Thu, 2024-11-07 14:00
Five European countries may be breaching EU law when it comes to their climate and energy obligations, according to a series of legal complaints filed on Thursday that call on the European Commission to take action.
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This year set to be first to breach 1.5C global warming limit

BBC - Thu, 2024-11-07 13:22
It is also set to be the world's first breach of 1.5C of warming across an entire calendar year.
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2024 on track to be world's warmest year on record

BBC - Thu, 2024-11-07 13:22
It is also set to be the world's first breach of 1.5C of warming across an entire calendar year.
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Trump victory 'major setback' to climate action

BBC - Thu, 2024-11-07 13:11
Trump's election will hit immediate efforts to tackle climate change, experts say - but the longer-term effect is less certain.
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This year ‘virtually certain’ to be hottest on record, finds EU space programme

The Guardian - Thu, 2024-11-07 13:00

Copernicus Climate Change Service says 2024 marks ‘a new milestone’ and should raise ambitions at Cop29 summit

It is “virtually certain” that 2024 will be the hottest year on record, the European Union’s space programme has found.

The prognosis comes the week before diplomats meet at the Cop29 climate summit and a day after a majority of voters in the US, the biggest historical polluter of planet-heating gas, chose to make Donald Trump president.

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A Donald Trump presidency is bad for climate action, but Australia should get on with the job

The Conversation - Thu, 2024-11-07 12:16
What will a Trump Presidency mean for climate policy, in the US, Australia and elsewhere? Buckle up, it’s not pretty. Christian Downie, Associate Professor, Australian National University Licensed as Creative Commons – attribution, no derivatives.
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Brazil’s Para to launch $44 mln forest restoration concession -official

Carbon Pulse - Thu, 2024-11-07 12:03
The environmental secretary of Brazil's Para said the state will launch at COP29 a R$250 million ($44 mln) concession for the restoration of 10,000 hectares of forest with the intention of generating carbon credits.
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California climate disclosure laws survive legal challenge from US business lobby

Carbon Pulse - Thu, 2024-11-07 11:42
In a lawsuit filed by an association of US business groups against California's climate disclosure rules, a US district court ruled in favour of the state on Tuesday, but the case remains active in pursuit of more evidence.
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