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The globally agreed target of 1.5C is on track to be missed. For those working to prevent disaster, the only option is to keep trying

The world is falling into an “abyss of risk”, said Prof Johan Rockström of the Potsdam Institute for Climate Impact Research in Germany. Reports published this week by three UN agencies all point to the failure of governments to make – and keep – sufficient commitments to ensure that global temperatures will not rise by more than 1.5C above pre-industrial levels, which was the target in the 2015 Paris agreement. This is the worst possible news, and arrives just a week before this year’s round of climate talks, Cop27, is due to open in Egypt.

So far human activities have raised the temperature by around 1C on average. If current pledges on emissions are fulfilled, that figure is expected to rise to 2.5C. That would – and probably will – mean destruction on a scale that is hard to imagine, even after what we have already witnessed, most recently with devastating floods in Pakistan but also record-breaking heatwaves and other extreme weather elsewhere.

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A carbon credit ratings firm has put a bumper 13 projects on watch this week, raising the prospect of a change in their ratings.

ICE Futures late on Friday published the calendar of UK Allowance auctions for 2023, showing that the UK will sell 3.1% fewer UKAs next year than in 2022.

The Architecture for REDD+ Transactions (ART) programme on Friday announced it has advanced Costa Rica to the verification stage, though overlap with another jurisdiction-scale forest protection scheme may limit its carbon credit generation.

Western Balkan nations have until the end of year to adopt 2030 climate goals as a precursor to imposing carbon pricing, with the EU this week pledging €500 million in aid to help the process along while staving off Russian influence in the region.

The Glasgow Financial Alliance for Net Zero (GFANZ) climate finance coalition will no longer require its sub-alliances to be members of a group that had at one stage aimed to impose limits on fossil fuel finance.

The new super space observatory captures another stunning view of star birth far from Earth.

Critics say delaying the deadline is an embarrassment for the UK ahead of the COP27 climate summit.

Rishi Sunak has denied that his decision not to attend the Cop27 climate summit is a failure of leadership, arguing that the UK has shown 'unmatched' leadership on the climate crisis. Sunak said he was 'very passionate' and 'very personally committed' to the environment. Keir Starmer accused the new prime minister of an 'absolute failure of leadership' in deciding not to attend the conference, which begins in Egypt next month

• UK politics: latest updates

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EUAs were headed for their biggest weekly increase in more than five years on Friday as the rally extended into a sixth day on  steady buying, while energy prices stabilised after several days of losses.

The best of this week’s wildlife pictures, including goats grazing in Kyiv and newborn seal pups in Norfolk

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Utility EDP reported on Friday a stark rise in ETS-covered output across its Iberian units over the first nine months of the year amid weak hydro supply, while more oil firms reported huge profits and airlines touted a sustained recovery towards pre-pandemic traffic levels.

Renewables set new record for instantaneous share of main grid generation on Friday, with wind and solar alone also setting a new benchmark.

The post Renewables reach record 68.7 per cent share of generation in Australia’s main grid appeared first on RenewEconomy.

The spot price for Chinese carbon allowances remained stable over the past week with slightly improved trading volume, though the improvement in trading activity was not enough to ignite market participants' enthusiasm.

India has the potential to reduce its cumulative GHG emissions by as much as 287 billion tonnes of CO2e by 2070 if it adopts an aggressive decarbonisation pathway that would get it to within striking distance of its net zero target for that year, according to a report released this week. 

Environment secretary defends Rishi Sunak’s decision not to go to conference in Sharm el-Sheikh

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King Charles is free to decide whether or not he should attend the Cop27 climate summit, the new environment secretary, Thérèse Coffey, has said as she defended the decision of the prime minister, Rishi Sunak, not to go.

Sunak, the third British prime minister in seven weeks, has come under scrutiny from opposition ministers and environmental groups who called the decision not to attend Cop27 a “failure” and brings government commitments to prioritise net zero and tackling the climate crisis into question.

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Nothing highlights the controversy surrounding REDD+ projects as the current evolution of their project development documents (PDDS), market players have told Carbon Pulse.

Hong Kong Exchanges and Clearing (HKEX) on Friday announced the launch of Core Climate, a new international carbon marketplace for voluntary carbon credits.

The Global Green Growth Institute (GGGI) has been given the go-ahead for its plans to set up the Carbon Transaction Platform (CTP), which it says will provide readiness support and create liquidity in the emerging global carbon market under the Paris Agreement.

Australia risks reputational and gross decarbonisation opportunities if it fails to properly ensure Paris Agreement carbon accounting rules are robust and it does not increase its efforts to provide adequate climate finance to neighbouring countries, according to a UN expert group member.