APPEC shed lights on carbon market outlook, COP29 expectations
Energy Transition by S&P Global Commodity Insights
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This year’s Asia-Pacific Petroleum Conference (APPEC ) has shed light on supply, demand and policy outlooks in Asian carbon markets as well as what to expect at the upcoming UN Climate Change Conference or COP29 in Baku, Azerbaijan.
Investors and traders have expressed stronger interests in carbon markets in Asia. Notably, carbon markets in China and Thailand used to be relatively insular, but recently has come up with new policies to enable foreign investors to participate and promote regional collaborations. Meanwhile, India, Malaysia, Philippines and Vietnam are developing their domestic carbon pricing regimes.
Climate finance and who pays for it will be a dominant theme that determines the success of COP29, Roman Kramarchuk, Head of Climate Markets and Policy Analytics at S&P Global Commodity Insights highlighted at APPEC 2024.
Meanwhile, Benedict Chia, director-general for climate change at Singapore's National Climate Change Secretariat (NCCS), said COP29 also expected to address political uncertainties in carbon project host countries to build confidence in the UN-backed Article 6 market.
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COP29 negotiations are expected to provide clear guidance on the circumstances under which a carbon project host country can revoke authorizations for carbon credits to be traded under Article 6.2, potentially reducing political uncertainties in this nascent market, experts said at the Asia-Pacific Petroleum Conference 2024 on Sept. 11.
Vice President Kamala Harris expressed support for investing in "diverse sources of energy" to reduce US reliance on foreign oil during a Sept. 10 debate against former President Donald Trump in the gas-producing state of Pennsylvania.
Shell’s stand on continuing to use carbon credits has not changed despite the recent rejection of 37 rice cultivation projects in China by standards body Verra, Milind Pasad, Global Head of Voluntary Origination, Shell Environmental Products, said at S&P Global Commodity Insights’ APPEC 2024 conference in Singapore Sept 11.
RWE has ordered a 100-MW pressurized alkaline electrolyzer from Sunfire for its planned 300-MW GET H2 Nukleus renewable hydrogen plant in Lingen, Germany, after taking a positive final investment decision on the project, the company said. RWE had already ordered the first two 100-MW proton exchange membrane electrolysis plants from Linde/ITM Power in 2022, and the order for the third plant for the site comes after securing a grant from the German federal government and the state of Lower Saxony, it said. RWE will start up the first 100-MW phase in 2025, with a full capacity of 300 MW by 2027.?