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Latest market news

Indonesia to issue over 30mn t forestry credits in July

  • Market: Emissions
  • 24/06/26

The Indonesian government will issue more than 30mn t of CO2 equivalent (CO2e) of forestry carbon credits on 6 July, forestry minister Raja Juli Antoni said at the Net Zero Delivery Summit 2026 today as part of London Climate Action Week.

"I will issue a ministerial approval and facilitate the issuance of forestry carbon credits exceeding 30mn t CO2e," the minister said, adding that this represented one of the "most significant milestones" in the development of the country's forest carbon markets.

The issuance has been long-awaited from the market, as forestry projects located in Indonesia stopped issuing credits following a government ban in 2022, which was removed late last year.

This is likely to weigh on prices for Indonesian carbon credits generated form forestry projects in the country. Prices for credits generated in 2020 from the Verra-listed Katingan Reducing Emissions from Deforestation and Forest Degradation (REDD+) project have fallen from record highs reached in early March, in anticipation of the bulk issuance.

By Erisa Senerdem

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23/06/26

Kazakhstan, Chad to get fossil fuel transition funding

Kazakhstan, Chad to get fossil fuel transition funding

Edinburgh, 23 June (Argus) — Kazakhstan, Trinidad and Tobago and Chad will receive some funding from the $20mn Beyond Oil and Gas Alliance (Boga) fund, to support development of plans to transition away from fossil fuels. The three oil-dependent economies will receive support from Boga and the NDC Partnership, under an initiative launched at the UN Cop 29 summit in Azerbaijan — the so-called first NDC Window. NDC stands for Nationally Determined Contribution, the climate plans countries have to produce and implement under the Paris Agreement. Boga, an international alliance launched at Cop 26 in Glasgow, spearheaded by Denmark and Costa Rica, is working to facilitate a managed phase-out of oil and gas production. The NDC partnership is a coalition of developing and developed countries aiming to help developing countries turn climate plans into actions. Kazakhstan produces around 1.7mn b/d of crude and condensate. The country adopted its first low-carbon strategy in 2022 . Chad exports most of its oil production of around 130,000 b/d. Its government said last year it wants to increase oil production to 250,000 b/d by 2030 and the share of renewable energies in national electricity production to 30pc by 2030, from 9pc in 2024. Trinidad and Tobago produces around 50,000 b/d of oil, from a peak of around 144,000 b/d in 2005. The first NDC Window was aimed at supporting developing oil producing countries seeking to reflect, in their climate plans, energy commitments taken at Cop 28 in Dubai. The outcome text Cop 28 in Dubai included an energy section calling for "transitioning away from fossil fuels in energy systems", a tripling of renewable capacity by 2030 and for "accelerating action in this critical decade". The two organisations announced today at the London Climate Week a second window to support development of national and sectoral plans to cut fossil-fuel dependency in developing oil- and gas-producing countries. Five countries have already benefited from financial support under the Boga fund — Barbados, Brazil, Colombia, Kenya and Nigeria. The latter last year received an initial $800,000 for a two-year period. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Global gas flaring rises again in 2025: World Bank

23/06/26
News
23/06/26

Global gas flaring rises again in 2025: World Bank

London, 23 June (Argus) — Hydrocarbon producers flared more gas than a year earlier for the third consecutive year, despite pledges from countries representing the majority of flared gas to eliminate routine flaring by 2030. Global gas flaring reached 167bn m³ in 2025, up from 157bn m³ in 2024 and reaching the highest level since 2019. More gas was flared than the 157bn m³ of LNG exported through the strait of Hormuz in 2025, the World Bank said. Greenhouse gas emissions from the flared volumes were equivalent to 429mn t of CO2, of which 50mn t of CO2 came from unburned methane caused by incomplete combustion, the bank said. Gas flared in 2025 had estimated value of $54bn, based on US, European and Asian prices, according to the World Bank. Russia, Mexico and Iran were responsible for over 60pc of the global increase in flaring. Russia, the highest flaring country in the world, increased flaring by 9pc or 2.5bn m³, Mexico by 28pc or 2.1bn m³ and Iran by 5pc or 1.4bn m³. Flared gas decreased by 7pc or 400mn m³ in the US — the largest single-country drop last year — thanks to the completion of the new Matterhorn Express, which relieved the bottleneck in Permian-associated gas exports. Countries and companies that have signed up to the zero routine flaring initiative with the World Bank, to end routine flaring completely by 2030, have outperformed the group that did not since 2012. These firms and countries account for approximately 60pc of total global gas flaring, the bank said. By Lucas Waelbroeck Boix Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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IEA wants Cop parties to support Turkey's power target

23/06/26
News
23/06/26

IEA wants Cop parties to support Turkey's power target

Edinburgh, 23 June (Argus) — The IEA is hoping that countries at the next UN Cop 31 climate summit will agree on an electrification target put forward by Turkey, which will host the talks in November in Antalya. But ministers from developing countries warned at the Cop 31-IEA high-level dialogue today in London that global electrification needs increased access to finance and technologies for developing countries. Turkey has proposed a global goal for electricity to reach 35pc of global final energy consumption by 2035 , up from around 20pc at present during the Bonn climate talks earlier this month. IEA executive director Fatih Birol said that this target is achievable and welcomed that Turkey and Australia put it as a "flagship priority". The main goal of high-level dialogues is to foster consensus on key topics in order to facilitate decisions at later meetings, such as climate summits, he said. "I very much hope that in Antalya all the countries come together and agree" on the electrification target, he said. "It would be a "major legacy for Cop 31". Cop 31 president-designate Murat Kurum told the Cop 31-IEA dialogue held during London Climate week today that the electrification target was more than "technical". "We cannot consider electrification separately from finance, finance separately from the right to development," he said. He called for a special report from the IEA to help countries and serve as a "traceable roadmap". He also warned that the energy transition "must not allow electrification to become a race reserved for countries with access to technology". An energy transition not supported by financial justice would lead to more development inequality, he said, after Birol acknowledged that the target would be easier to achieve for European countries than for African nations. Australian energy minister, and future Cop 31 president of negotiations, Chris Bowen called for removing barriers to finance for developing economies. Finance for implementation The electrification target can help close the implementation gap by focusing on delivery rather than creating new commitments, but the gap in developing countries remains "closely linked to financial constraints", Ethiopia foreign minister and Cop 32 president-designate Gedion Timothewos said, pointing to high borrowing costs in markets perceived as "high-risk". These barriers need to be addressed, including under the official Cop process, he added. For Colombian environment minister Irene Velez Torres, accelerating green energy sources is urgent but not sufficient. "The phase out of fossil fuels needs to be addressed," she said. Turkey's proposed Cop 31 electrification target as well as an upcoming global roadmap on the transition away from fossil fuels led by the Cop 30 Brazilian presidency sit under the so-called Action Agenda — a parallel process from official Cop negotiations to help accelerate implementation. Some countries stressed during the Bonn talks that these processes need to remain separated. Civil society organisations have also warned that the devil is in the detail when it comes to electrification. Increasing electricity consumption can be met by fossil as well as non-fossil sources. The Powering Past Coal Alliance (PPCA) — a coalition of countries aiming to cut coal use — recommended today that governments bring electrification, clean build-out and coal transition scenarios together and the global transitioning away from fossil fuels roadmap should address "coal lock-in". "The impact of electrification will depend on the energy that powers it," French climate ambassador Benoit Faraco said today, adding that the PPCA recommendations highlight what developing countries can gain by choosing clean energy — including lower long-run energy costs and greater energy security. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Australia should tighten SMCs, link carbon markets: CMI

23/06/26
News
23/06/26

Australia should tighten SMCs, link carbon markets: CMI

Sydney, 23 June (Argus) — The Australian government should consider tightening requirements for Safeguard Mechanism Credit (SMC) generation and signalling a role for international carbon credits under the safeguard mechanism, industry body the Carbon Market Institute (CMI) said today. Current safeguard mechanism settings "raise several issues", including uncertainty on how much of SMC generation to date reflects new abatement investment, as opposed to pre-existing headroom or operational variability, CMI said in a policy briefing outlining priorities for the federal Labor government's upcoming review of the scheme. The government will lead a wide-ranging public review over July 2026-June 2027. The review is expected to recalibrate several compliance market settings, with two years of data now available since the reformed mechanism started in July 2023 . Market participants widely expect more stringent measures will be needed to meet the country's 2035 legislated target to reduce greenhouse gas (GHG) emissions by 62-70pc from 2005 levels . But there are uncertainties over the likely changes given the multiple options at the government's disposal . SMC generation and use under scrutiny The CMI recommended recalibrating specific design settings, including SMC generation and use, to better drive onsite abatement at safeguard facilities. This could include introducing a differentiated baseline for SMC crediting that is more ambitious than the declining baseline, which establishes the minimum level of emissions accountability. Under the reformed mechanism, facilities that emit more than 100,000t of CO2 equivalent (CO2e) scope 1 emissions in a fiscal year face declining baselines and need to surrender Australian Carbon Credit Units (ACCUs) or SMCs if their on-site abatement activities were not enough to keep their emissions below thresholds. They earn SMCs if emissions fall below baselines. SMC issuances fell by almost 20pc year-on-year in 2024-25, but remained relatively high at 6.7mn units , with Shell and mining group Anglo American leading issuances and recording increases despite declining baseline rates. Baselines are set using a production-adjusted, emissions-intensity framework calculated based on data from July 2017-June 2022. The framework is initially weighted towards site-specific emissions intensity values, transitioning to industry average emissions intensity levels by 2030 . Some of the largest emissions reductions last year came from facility closures and production cuts, rather than actual decarbonisation, sustainability advisory firm Anthesis had previously noted. Risks around cost containment mechanism The CMI also warned that uncertainty remains over whether the amount of ACCUs available under the cost containment mechanism (CCM) can sustain the safeguard mechanism during a credit crunch in the future. Safeguard facilities can access ACCUs under the CCM at fixed prices that increase annually by inflation rate plus 2pc. The price started at A$75/t CO2e ($52.52/t CO2e) in 2023-24 and has risen to A$82.68/t CO2e for 2025-26. There were 5.72mn ACCUs under the CCM last month , which would make just over half of the 10.83mn ACCU safeguard demand in 2024-25 . CCM volumes could rise significantly over the next five years, depending on the outcome of exit arrangements for fixed delivery carbon abatement contracts . But safeguard surrender demand is also expected to rise sharply over the same period. The government should consider linking Australia with international compliance markets, as access to international carbon credit units could support safeguard facilities if domestic ACCU supply tightens, according to CMI. "Well-designed access to high-integrity international units provides an important compliance pathway and would help mitigate the risk in the event the cost containment reserve is unavailable," it noted. Other recommendations include repurposing the government's future ACCU purchasing role to underwrite investment in on-site abatement through a guaranteed purchase of future SMCs at the CCM price, or via a carbon contract for difference model. The institute also suggested redirecting the government's purchasing strategy towards new and emerging ACCU methodologies, including engineered removals or carbon dioxide removal (CDR). By Lawrence Wen and Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Bonn climate talks deliver mixed results

19/06/26
News
19/06/26

Bonn climate talks deliver mixed results

An energy crisis in the Mideast Gulf has not narrowed any of the key climate policy divisions, writes Georgia Gratton London, 19 June (Argus) — Talks hosted by UN climate body the UNFCCC in Bonn, Germany that mark the halfway point between UN Cop climate summits closed this week with negotiations stalling on key items related to cutting emissions and financing climate resilience in developing nations. These will be pushed to Cop 31 in Antalya, Turkey in November, unless things move forward at a handful of intersessional meetings before then. But progress was made this week to further the UNFCCC's just transition mechanism, which aims to ensure decarbonisation happens in an equitable manner. And implementing climate action gathered pace in Bonn under the Cop action agenda — a process that runs parallel to the talks and involves non-state actors. No agreement was reached on mitigation or adaptation — cutting emissions and adjusting to the effects of climate change, respectively. Countries displayed "sharp differences" on the former, think-tank E3G said. Finance was the stumbling block for adaptation, as countries did not agree on including mention of a goal agreed at Cop 30 to triple finance for adaptation in the final conference text. "Countries have effectively pressed pause on a process that was supposed to help turn adaptation commitments into action," E3G policy adviser Ana Mulio Alvarez said. But there was momentum on the issue that underpins climate change — transitioning away from fossil fuels. This is still not an official agenda topic, and the subject is fiercely opposed by several countries, including Saudi Arabia. But it remains on the priority list for many others. Australian energy minister Chris Bowen, who will become Cop 31 president of negotiations, called for "reducing fossil fuel reliance" in his opening speech at Bonn. Bowen, whose country is a major fossil fuel exporter, noted the "fragility of fossil fuel supply chains" — an issue highlighted by the recent closure of the Hormuz strait by the US-Iran war. Countries and organisations have responded to the Brazilian Cop 30 presidency's decision to build a roadmap on the move away from fossil fuels, making contributions and submissions. Fossil fuel producer Brazil is preparing its own roadmap at president Luiz Inacio Lula da Silva's request, Cop 30 president Andre Correa do Lago told the Financial Times Climate and Impact Summit this week. The final roadmap will be presented ahead of Cop 31 and will not represent consensus like the UNFCCC process, but a coalition of the willing. Although it is not universal, this approach could push climate action forward faster than Cop summits typically have. "Implementation has no consensus," Correa do Lago said at the Financial Times summit. But implementation is tied to finance, the lack of which is likely to slow the path for many developing countries. Hurdles ahead The talks in Bonn are technical, designed to ready the ground for decisions to be made at Cops, where ministers are present. But topics raised could bring further challenges at future climate meetings. Within the UNFCCC process, new discussions about trade — which involve the EU's carbon border adjustment mechanism — represent a potential major obstacle at future meetings. And many countries this week expressed deep concern about the pushback from some delegations on the previously accepted climate science that serves as the basis for action. The EU, UK, Japan and small island states underlined the importance of climate science. The science is "non-negotiable" and "we are deeply concerned about the increasing spread of confusing and purposefully misleading narratives and the threat to the integrity of information on climate change", the EU's representative said. UNFCCC executive secretary Simon Stiell reminded countries that commitments "that respond to the science and the 1.5°C [Paris agreement] limit", as well as on climate finance, "are the baselines". Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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