Australia commits $283M to green hydrogen project by Orica
Australia has pledged $283 million to support a green hydrogen project led by explosives manufacturer Orica, aiming to boost renewable energy producti...
The United Nations COP29 climate change conference in Baku seeks $1 trillion annually to help vulnerable nations tackle climate change, as political tensions and Argentina’s withdrawal overshadow talks.
At the COP29 climate summit in Baku, nations continue to focus on efforts to secure up to $1 trillion annually to support vulnerable countries in addressing climate change, amidst rising political tensions.
Argentina withdrew its delegation on Thursday, adding to the challenges overshadowing the talks. The outcome of this year’s summit is tied to achieving consensus on a new financial target for wealthier nations, development banks, and private investors to meet by the end of the decade. Economists estimate that developing nations require at least $1 trillion per year to tackle the climate crisis.
Countries have emphasized that financial commitments are key to setting ambitious climate targets ahead of next year’s COP30 in Brazil. However, disagreements and shifting global political dynamics have created a difficult negotiating environment. Donald Trump’s recent presidential election victory has raised uncertainties about the United States’ future role in climate finance, while tensions between developed and developing countries have surfaced during negotiations.
“The clock is ticking,” warned COP29 Lead Negotiator Yalchin Rafiyev at a press briefing. The previous $100 billion annual finance target, set to expire this year, was only fully met starting in 2022. A report from the Independent High-Level Expert Group on Climate Finance highlighted the urgency, suggesting the target should increase to at least $1.3 trillion per year by 2035 if immediate action isn’t taken.
Draft texts under discussion reveal significant differences in opinion among negotiators. Many Western countries remain hesitant to make large financial pledges, and with the potential withdrawal of the United States from future funding agreements, the pressure is mounting to identify alternative sources. Multilateral development banks, such as the World Bank, are undergoing reforms to enhance their lending capacity. The 10 largest banks plan to boost their climate financing by approximately 60%, aiming to reach $120 billion annually by 2030, including an additional $65 billion from private sector contributions.
In a local effort, Zakir Nuriyev, head of the Association of Banks of Azerbaijan, announced on Thursday that the country’s 22 banks would allocate nearly $1.2 billion for projects facilitating Azerbaijan’s transition to a low-carbon economy.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Australia has pledged $283 million to support a green hydrogen project led by explosives manufacturer Orica, aiming to boost renewable energy production and reduce industrial emissions.
Pakistani Prime Minister Shehbaz Sharif on Friday proposed creating a low-emissions corridor and regional climate initiatives under the Economic Cooperation Organization (ECO), warning that climate change is severely affecting food security and livelihoods across the region.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
The world’s largest climate fund approved a record volume of climate finance for developing countries, scaling up its efforts in response to growing global demand for climate finance.
A second person has died in a wildfire in Türkiye as the country battles a seventh day of blazes across several regions. The latest death is a firefighter who was tackling the flames in western İzmir province on Tuesday.
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