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TOP STORY
Governments on Friday agreed at UN body ICAO to a long term aspirational goal (LTAG) of reaching net zero aviation emissions by 2050, while adopting a controversial baseline for the CORSIA international aviation offsetting scheme.
ASIA PACIFIC
India will not impose a full ban on the export of carbon credits and expects “huge quantities” to be available for purchase by foreign investors, Energy Minister RK Singh has told reporters in New Delhi.
Indonesia will cut its carbon emissions by more than 232 million tonnes of CO2e over the next three years, according to local media reports, while the finalised regulations governing its domestic carbon market scheme is expected to be released in time for COP27 and the G20 next month.
A carbon advisory group believes fears that the Australian government will muck up its overhaul of the Safeguard Mechanism are overstated.
EMEA
The EU’s grand plan to establish a carbon border tax on CO2-intensive goods, once at the core of the global trade debate, is set to enter choppy waters as the bloc strives to secure critical raw materials and energy supply amid a much-shakier geopolitical landscape and enhanced dependency on the US.
EU power sector emissions rose some 8% relative to 2021 over the first three quarters of the year, as nuclear and hydro output dropped, and surging coal output stepped into to meet demand, data from an climate analytics think-tank showed.
European carbon prices strengthened on Friday, posting a modest daily rise and locking in weekly gains of nearly 5% as traders await