Policy Development
Baku Consensus: COP29 Ushers in a New Era for Global Climate Finance
COP29 in Baku concluded with the “Baku Climate Unity Pact,” setting a goal of $300 billion annually from developed countries by 2035 and $1.3 trillion annually in climate financing for developing nations. The pact also finalized rules for the Paris Agreement Article 6 carbon market mechanism.
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IMO Reaches Global Shipping Net-Zero Emissions Agreement, Clarifying Reduction Pathways and Mechanisms
On April 11, IMO member states reached a landmark green transition agreement for shipping, setting mandatory fossil fuel limits and a carbon pricing mechanism. It aims to cut emissions by 30% by 2035 and 65% by 2040 (vs 2008), with non-compliance charged at $380/tCO₂e into a Net Zero Fund. Supported by 63 nations including China, the EU, India and Japan, it was opposed by 16 oil producers and abstained by 25 others. A stricter 43% 2035 target is also set, with alternative compliance options.
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Governments Expected to Agree on World’s First Levy on Shipping Emissions At Upcoming IMO Meeting
The shipping industry, serving as the backbone of global trade and responsible for approximately 90% of international goods transportation, is also one of the most carbon-intensive sectors. The implementation of a carbon tax will incentivize shipping companies to adopt low-carbon fuels, accelerating the global maritime industry's transition toward achieving the net-zero emissions target by or around 2050.
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What Is the Future of the European Union’s Once Ambitious Green Agenda?
The European Green Deal (EDG), adopted in 2020, was the flagship of the Commission’s sustainable policies. The deal covers several policy areas, from mobility to agriculture to energy industry, with the aim of transforming the bloc’s economy for a sustainable future. The EU has set ambitious targets, most notably becoming the first climate-neutral continent by 2050, with an interim goal of reducing greenhouse gas emissions of 55% by 2030.
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The Quiet Rise of Carbon Capture in Europe
For all the discussions on abatement and mitigation, one truth remains central to our current climate conundrum: we do not know how to bring emissions to zero. Technical or economic barriers have yet to be overcome to fully decarbonise the economy but the planet does not have time to wait for us to figure out the equation. This is where carbon capture and storage comes in.
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Trump Pulls US Out of Key Global Climate Assessment Ahead of Meeting in China
The US will not attend a key meeting in China this week, where the Intergovernmental Panel on Climate Change – the world’s most authoritative scientific body on the subject – is set to approve the outline of its upcoming report.
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