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TOP STORY:
At COP30, countries agree to transfer funds from the CDM to PACM, reinforcing existing Article 6 decisions. This move, decided in Belem, channels nearly $30 million to support the Paris Agreement's crediting mechanism.
COP30 Highlights:
- The Brazilian-led tropical forest fund aims to support carbon markets and forest preservation, but observers caution about potential risks to project additionality.
- Australia and Turkiye draft a unique partnership for the COP31 presidency, sharing roles in Antalya.
- Draft plans for a just transition towards a low-carbon future are criticized for weak language and lack of focus on fossil fuel phase-out.
- Qatar's updated NDC takes a bold step, shifting from relative BAU reductions to absolute cuts by 2040, while expanding measures across its economy.
Global Climate Action:
- UN Secretary-General Guterres supports tripling adaptation finance by 2030, urging big emitters to step up.
- Switzerland leads a global coalition to boost voluntary mitigation efforts under Article 6.
- Ethiopia signs its first MoU with Singapore and plans more, while finalizing its national carbon market regulation.
- Inflation concerns: Carbon Pulse analysis suggests that inflation could erode up to 40% of the $300 billion climate finance pledge by 2035.
- Switzerland and Zambia partner for Article 6 cooperation, signing a bilateral agreement.
- 24 countries sign the Belem Declaration, committing to transition away from fossil fuels, with a conference planned for next year.
COP30 Negotiations:
- Day 11 in Belem sees the release of the Belem Package of texts, just hours after a fire incident.
EMEA Updates:
- The EU publishes detailed rules for CBAM verifiers and auditors, setting standards for emissions reporting.
- 'Team Europe' announces over €15 billion for clean energy in Africa, led by von der Leyen and Ramaphosa.
- European fuel producers and carmakers push for renewable fuels to be recognized in the EU's CO2 emission standards.
- The European Commission takes legal action against three countries for fossil fuel boiler subsidies.
- Euro Markets see a sell-off in energy, with EUAs posting their first weekly loss in a month amid peace efforts.
- The European Commission adopts rules for certifying carbon removals and farming, a step towards the EU's voluntary framework.
- Germany's CO2 Storage Act passes, advancing CCUS despite skepticism.
- African nations face a choice: export low-cost carbon credits or prioritize domestic climate targets.
- Dutch aviation emissions are projected to exceed the 2030 target, according to new research.
Expert Insights:
- An expert emphasizes the need for spatial data integration in climate pledges to effectively address biodiversity.
- The UK energy regulator introduces a small increase in energy bills to cover transition costs, including new nuclear power funding.
AMERICAS Focus:
- Analysis reveals that oil and gas majors' low carbon spending doesn't impact shareholder returns, contrary to popular belief.
- A US energy provider secures permits for a 1.2 GW clean energy transmission line, with potential emissions cuts of up to 15% in the region.
- CFTC data shows that producers and investors are shedding V25 CCA holdings and moving to V26 CCAs.
ASIA PACIFIC News:
- An Australian state commits A$170 million to scale renewable fuels supply.
- The New Zealand government delays its response to the Climate Change Commission's advice on 2050 targets.
- CN Markets see growing compliance demand, with CEAs above RMB 60, and three CCER methodologies approved.
- Experts warn that Southeast Asia risks slowing its clean energy transition despite rising interest and corporate demand.
Voluntary Initiatives:
- G20 meetings prioritize clean cooking and energy access, reflecting efforts to address infrastructure and health gaps in Africa.
Commentary:
- COP30 negotiators face a challenge: climate science lags behind, and we need a regular science track to stay updated.
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