US Vice President Kamala Harris announced that her nation will contribute $3 billion to a United Nations fund to assist developing countries in reducing greenhouse gas emissions and adapting to climate change. “The urgency of this moment is clear,” Harris announced, continuing, “The clock is no longer just ticking, it’s banging. We must make up for lost time.” The EU pledged an investment of €2.3 billion ($2.5 billion) toward energy transition.

COP28 President Sultan Al Jaber of the United Arab Emirates announced that his nation would contribute $100 million to a World Bank fund to cut methane emissions. Among the major corporations that have signed up for this initiative are Exxon Mobil Corp. and Saudi Arabia’s Aramco.

The post COP28 Members to Contribute Billions to Energy Transition Efforts appeared first on theprimarymarket.com.

Currently, around 10,000 European power plants and factories are required to purchase CO2 permits when they pollute. By enforcing such purchases, the EU hopes to build towards its goal of cutting its net emissions by 55% by 2030 compared with 1990 levels.

From 2026 to 2034, the EU will plan to phase out the free CO2 permits that it gives to industries in an effort to protect them from foreign competition. Instead, the EU plans to introduce a carbon border tariff, thereby maintaining a barrier to foreign competition while encouraging a reduction in emissions for local firms.

“From 2027 on, it’s crunch time. Everybody needs to reduce emissions by then or will have to pay a lot,” European Parliament’s lead negotiator Peter Liese stated following the conclusion of the deal. Liese expressed his hope that the earlier deadline would push European companies to invest in green energy.

The post EU Reaches Deal to Boost Carbon Market appeared first on theprimarymarket.com.

US Vice President Kamala Harris announced that her nation will contribute $3 billion to a United Nations fund to assist developing countries in reducing greenhouse gas emissions and adapting to climate change. “The urgency of this moment is clear,” Harris announced, continuing, “The clock is no longer just ticking, it’s banging. We must make up for lost time.” The EU pledged an investment of €2.3 billion ($2.5 billion) toward energy transition.

COP28 President Sultan Al Jaber of the United Arab Emirates announced that his nation would contribute $100 million to a World Bank fund to cut methane emissions. Among the major corporations that have signed up for this initiative are Exxon Mobil Corp. and Saudi Arabia’s Aramco.

The post COP28 Members to Contribute Billions to Energy Transition Efforts appeared first on theprimarymarket.com.

Currently, around 10,000 European power plants and factories are required to purchase CO2 permits when they pollute. By enforcing such purchases, the EU hopes to build towards its goal of cutting its net emissions by 55% by 2030 compared with 1990 levels.

From 2026 to 2034, the EU will plan to phase out the free CO2 permits that it gives to industries in an effort to protect them from foreign competition. Instead, the EU plans to introduce a carbon border tariff, thereby maintaining a barrier to foreign competition while encouraging a reduction in emissions for local firms.

“From 2027 on, it’s crunch time. Everybody needs to reduce emissions by then or will have to pay a lot,” European Parliament’s lead negotiator Peter Liese stated following the conclusion of the deal. Liese expressed his hope that the earlier deadline would push European companies to invest in green energy.

The post EU Reaches Deal to Boost Carbon Market appeared first on theprimarymarket.com.