South Korea joins global methane pledge

Spanish Market: Electricity, Emissions
01/11/21

South Korea is committed to lowering methane emissions by 30pc by 2030 from 2020 levels as it joins the "global methane pledge," President Moon Jae-in said at the UN Cop 26 climate conference today.

The initiative to reduce global methane emissions by 2030 was launched by the US and EU in September, under which so far 30 countries have agreed to reduce their methane emissions by 30pc by 2030 .

"Methane, a much more potent greenhouse gas than CO2, holds the key to tackling the climate crisis", Moon said, answering calls to step up emission cuts to meet the 2050 net zero target.

Moon also emphasised the need to reduce the use of coal to phase it out entirely by 2050, with eight coal-fired power plants already having been decommissioned earlier than scheduled since the launch of his government. He added that two more plants will be shut down before year-end.

Moon reaffirmed the country's commitment to raise its greenhouse gas emission reduction target to 40pc by 2030, calling it a "bold" and "herculean task" that demands steep emission cuts over a short time period. The country had previously envisaged emission reduction cuts of 26pc over the same period.

By Florence Schmit

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17/06/25

Brazil's Amazon Fund approves over R1bn in 1H

Sao Paulo, 17 June (Argus) — Brazil's Amazon Fund has approved about R1.19bn ($215mn) to finance projects submitted in the first half of 2025, about 25pc more than it financed in all of last year and double the financing in 2023. The fund — which issues grants to projects that prevent, monitor and combat deforestation while promoting conservation and sustainable development in the Amazon forest — invested more in the first six months of the year than it has in any year since project funding started in 2009, according to Brazil's development bank Bndes and environment ministry (MMA). The fund approved over R947mn last year and R584mn in 2023. The government reactivated the fund in 2023 — initially launched in 2008 — after four inactive years, when the administration of former president Jair Bolsonaro stopped backing new projects. The fund has released R2.7bn since 2009. The fund so far this year has directed R825mn to the Fortfisc deforestation program and R360mn to diverse projects aiming to combat and prevent deforestation. The most recent funding follows new approval standards on structuring and strategic projects. The Amazon Fund has R5.6bn under management in 133 assets, such as the Restaura Amazonia, which has been backing ecological and productive restoration projects for 16 years. Payments have also picked up in the first half this year, as it released R158mn from current approved programs to combat deforestation and boost revenue generation in traditional communities. This amount represents 75pc of last year's payments of R209mn and triple the 2023 payment of R51mn. Norway is the fund's largest donor, having pledged R3.5bn, followed by German development bank KfW with around R388mn and the US with R291mn. Other donors include the UK, Switzerland, Japan, Ireland and Denmark . Brazil is working to eliminate deforestation — both legal and illegal — by 2030, to meet its emissions reductions targets under the Paris climate agreement. Deforestation is one of Brazil's flagship issues for the UN Cop 30 summit, which it will host in northern Para state in November. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Countries adopt agenda at UN climate talks after delay

17/06/25

Countries adopt agenda at UN climate talks after delay

London, 17 June (Argus) — Countries have adopted the agenda of the UN Bonn climate talks after an extra day of negotiations, following disagreements over the inclusion of items on climate finance and climate-related trade measures, which caused delays. The adopted agenda was a compromise, in which the two agenda items were not included, but will be addressed in other ways. The topic of trade measures — in effect carbon border adjustment mechanisms (CBAM) — will be discussed under other relevant agenda items. For the climate finance topic, which refers to developed countries' obligations to provide climate finance to developing nations, Bonn chairs will hold consultations and report back at the UN Cop 30 climate summit, set for November. The Bonn technical negotiations — halfway-point talks before Cop conferences each year — were scheduled to begin on 16 June, but the plenary was suspended as parties failed to agree on the agenda. The outgoing Azeri Cop 29 presidency oversaw further negotiations on the agenda. In the talks' opening plenary, which re-started today, India's representative said that the country was "extremely disappointed" with developed countries' "reluctance" to discuss "legal obligations" for climate finance. India will return to the topic at Cop 30, the country's representative said — echoed by Tanzania. The EU's representative welcomed the agenda's adoption. "It is hard to remain silent when our positions and our motivations are mischaracterised by our partners. This is a multilateral process in which the views of all parties must be respected… we work here together to reach compromises to allow us to move forward", he added. Finance remains a central issue in climate negotiations. At Cop 29 last year, almost 200 countries agreed on a new goal to provide $300bn/yr in climate finance to developing nations by 2035. The Cop 29 finance outcome was significantly lower than the trillions of dollars sought by developing countries, which expressed frustration at the time. But the text also called on "all actors… to enable the scaling up of financing to developing country parties for climate action from all public and private sources to at least $1.3 trillion/yr by 2035". Consultations on a roadmap to achieve that level will take place in Bonn. The EU's CBAM was a point of contention during the Cop 28 and 29 talks, with countries such as China and Brazil raising concerns about its impact on developing countries. The European Commission expects the CBAM, when fully phased in, to capture more than half of the emissions covered by the bloc's ETS. The scheme's full implementation starts on 1 January 2026, but its impact is already starting to be felt . By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

TSO error, generation loss led to blackout: Spain VP

17/06/25

TSO error, generation loss led to blackout: Spain VP

London, 17 June (Argus) — Programming mistakes from Spain's transmission system operator (TSO) and "improper" disconnection of generating units by utilities contributed to Spain's 28 April blackout, according to Spain's vice-president and ecological transition minister, Sara Aagesen. Aagesen addressed the public following a meeting with the council of ministers, in which she presented a report on the government's findings from its investigation into the blackout that affected the Iberian peninsula on 28 April . Poor planning for voltage controls may have contributed to the blackout on 28 April. The day before the Iberian outage, Spanish TSO Red Electrica requested that 10 thermal plants be available in case of voltage issues on 28 April, Aagesen said. Market mechanisms meant the plants were not expected to be part of the 28 April generation mix, but the TSO often selects thermal units spread across Spain for back-up in case of an extraordinary event, in exchange for financial compensation. At 20:00 local time (18:00 GMT) on the night before the blackout, one of the thermal plants informed the TSO that it would not be able to operate the next day, and the TSO decided not to select another plant to take its place. The TSO "decided to reprogramme [for the next day], but not replace the need for a thermal plant", which meant the TSO went into the day of the blackout with "resources for voltage control that were inferior to what they had calculated the previous morning for the middle hours [of 28 April]". Some of the generation that disconnected from the grid in the initial stages of the blackout happened in an "improper manner". While some units automatically disconnected to protect themselves from voltage fluctuations, it was suggested that some generation units should not have done so. This created a wider "wave of over-voltage", amplifying the effects. And generation loss was detected not only in the Badajoz, Granada and Sevilla provinces as previously believed, but also in Caceres, Huelva and Segovia. This phase of the blackout took place within the space of 21 seconds. There is still no indication that a cyber attack took place on 28 April. The minister reiterated the government's stance on the matter, ruling out external influences on the events during the blackout. The full report covering the government's investigation into the blackout, approved by the council of ministers, will be published this evening. Aagesen will hold a meeting with her Portuguese counterpart, Maria da Graca Carvalho, in Portugal this evening at 20:00 local time (20:00 BST). By James Doran Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UN Bonn climate talks delayed by agenda disagreements

17/06/25

UN Bonn climate talks delayed by agenda disagreements

Edinburgh, 17 June (Argus) — The start of UN climate talks in Bonn, Germany, has been delayed as a result of agenda disagreements over finance and trade measures. The Bonn technical negotiations — halfway-point talks before the UN Cop 30 conference in Brazil — were scheduled to begin on 16 June, but the plenary was suspended as parties failed to agree on an agenda. The opening meeting is due to restart later today. Bolivia — acting on behalf of the Like-Minded Group of Developing Countries (LMDC) negotiating group — proposed two additional items to the provisional agenda. The LMDC group also includes countries such as China, Saudi Arabia, Cuba and Vietnam. The group's first proposed agenda item seeks to add a line on the implementation of Article 9.1 of the Paris Agreement relating to the provision of climate finance to developing countries from developed nations. The EU opposed the agenda item as proposed by the LMDC, and asked for references to Article 9.2 and 9.3, which relate to the provision of finance by "other parties" and sources of finance. The LMDC rejected this counterproposal. Finance remains a central issue in climate negotiations. At Cop 29 last year, almost 200 countries agreed on a new goal to provide $300bn/yr in climate finance to developing nations by 2035. The Cop 29 finance outcome was significantly lower than the trillions of dollars sought by developing countries, which expressed frustration at the time. But the Cop 29 text also called on "all actors… to enable the scaling up of financing to developing country parties for climate action from all public and private sources to at least $1.3 trillion/yr by 2035". Consultations on a roadmap to achieve that level will take place in Bonn. The second agenda item proposed by the LMDC relates to "promoting international co-operation and addressing the concerns with climate change related trade-restrictive unilateral measures" — namely the EU's carbon border adjustment mechanism (CBAM). The CBAM was a point of contention during the Cop 28 and 29 talks, with countries such as China and Brazil raising concerns about its impact on developing countries. The mechanism aims to create a level playing field by imposing an effective carbon price on imports to the EU in sectors covered by the bloc's emissions trading system (ETS). This is to prevent EU-based firms from moving carbon-intensive production to non-EU jurisdictions with lower carbon costs, and to avoid EU products being replaced by more carbon-intensive imports. The European Commission expects the CBAM, when fully phased in, to capture more than half of the emissions covered by the bloc's ETS. The scheme's full implementation starts on 1 January 2026, but its impact is already starting to be felt . Six emissions-intensive industries are included under CBAM's scope at present — cement, fertilizers, iron and steel, aluminium, electricity and hydrogen. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

World Bank backs Indonesia's $2.128bn clean energy push

17/06/25

World Bank backs Indonesia's $2.128bn clean energy push

Singapore, 17 June (Argus) — The World Bank has approved a $2.128bn blended finance package for Indonesia to support its financial sector reforms and accelerate investment in clean energy, it announced on 16 June. Indonesia will channel $1.5bn of the package into strengthening its financial services sector by expanding the use of digital financial tools and removing credit infrastructure constraints. It will also help remove obstacles in obtaining renewable energy technologies by reducing local content requirements. The remaining $628mn in funding — comprising a $600mn loan from the International Bank for Reconstruction and Development (IBRD), $12mn from the IBRD surplus-funded liveable planet fund, and $16mn from partners under the Sustainable Renewables Risk Mitigation Initiative — is aimed at enabling greater energy access. This blended finance programme aims to generate 540MW of solar and wind power. It is also expected to reduce power generation costs by 8pc and cut greenhouse gas emissions by 10pc, particularly in Kalimantan and Sumatra, the World Bank said. This energy programme is the first to use the World Bank's step-up loan product, which has a repayment scheme designed to attract long-term private investments, with incentives including lower interest rates during the implementation phase and further reductions if projects are refinanced after completion. By Haridas Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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