AsiaElec - Asia Power

First COP26 agreement lacks targets and detail

COP26 has come up with a first draft agreement that calls on governments to improve substantially by the end of 2022 their emissions reduction targets and long-term strategies for reaching net zero.

COP26 still far from comprehensive agreement

The first week of COP26 was dominated by grand statements by governments, and a number of sector-specific targets covering methane, coal and deforestation.

Development banks ADB, EBRD, EDB showcase climate-friendly capital at COP26

The UN’s COP26 climate conference in Glasgow has seen development banks from around the world come together to outline their contributions to a low-carbon future. Robust financial infrastructure is key to a just and efficient transition.

Offshore global wind spending to exceed oil and gas capex in key markets by 2030

Offshore wind is closing the gap on oil and gas investments and is forecast to surpass them in “several key markets” by 2030, according to a new Rystad Energy analysis.

ADB to support Indonesia and Philippines’ move away from coal

The Asian Development Bank (ADB) is to accelerate the clean energy transition away from coal in Indonesia and the Philippines by setting up the Energy Transition Mechanism (ETM).

South Africa, India, Indonesia and the Philippines to receive $2.5bn to phase out coal

South Africa, India, Indonesia and the Philippines are to receive up to $2.5bn of climate financing from the World Bank’s Climate Investment Funds (CIF) in a bid to advance a just transition from coal power to clean energy in emerging economies.

Coal dominates at COP26 as more countries join the clean transition

Poland, Ukraine, Vietnam and a host of other major coal-burning countries made clear commitments to phase out coal power in the coming years, as the UK presidency of COP26 claimed that “the end of coal is in sight”.

UK supports Pakistan with $75mn to combat climate change

The UK announced at COP26 more than GBP55mn ($75mn) of support to help Pakistan tackle climate change, as well as manage water more sustainably and unlock climate investment.

South Korea to end coal power by 2050

South Korea aims to end coal-fired power generation by 2050, South Korean President Moon Jae-in said at the G20 meeting on October 31.

IEA aims to forge stronger global regulation of energy transition

The International Energy Agency launched at COP26 a new Regulatory Energy Transition Accelerator, which aims to improve the regulatory capacity needed to decarbonise energy systems and meet the 1.5°C targets.

AsiaElec: UK provides $150mn to support Green Finance in Asia

The Association of South East Asian Nations (ASEAN) unveiled at COP26 its Catalytic Green Finance Facility, which aims to increase access to finance for renewable energy, clean transportation and urban infrastructure projects in the region.

Climate Investment Funds issues new generation of green bonds worth $500mn

The World Bank has backed the issue of $500mn of green bonds ever year for 10 years in a bid to raise private capital to scale up clean energy and sustainable infrastructure in emerging economies.

World finally commits to $100bn of climate finance for global south

UK Chancellor Rishi Sunak said at COP26 that the world’s rich nations would make good on their promise of $100bn per year of climate financing for poor countries by 2023.

UK, India launch Green Grids Initiative at COP26

COP26 finds renewed commitment to 1.5°C

The US has joined the High Ambition Coalition and has signed up to the goal of limiting global warming to 1.5°C by 2100, halving global emissions by 2030 and making good on the promise of $100bn per year of climate finance for poor nations.

India sets 2070 target for net zero

India's Prime Narendra Modi has told COP26 in Glasgow that India aims to reach net zero by 2070, by far the latest date yet set by any country.

Mixed outlook for COP26 as leaders embark on search for agreement

COP26 is trying to put flesh on the bones of the targets and promises made at the 2015 Paris meeting.

China looks to cut fossil fuel output by 2060

China firms ups plans to reach peak emissions by 2030

China has outlined details of its plans to bring carbon emissions to a peak before 2030 as part of its wider strategy of reaching net zero by 2060, Reuters reported.

Alliance of CEOs urge governments to meet 1bn tonne reduction target by 2030

A list of 91 corporate CEOs have signed an open letter to world leaders committing themselves to meeting the Paris Agreement’s climate change targets and to reduce emissions by more than 1bn tonnes per year by 2030.

$1 trillion solar investment target set as costs fall

The International Solar Alliance (ISA) and Bloomberg Philanthropies are to lead efforts to mobilise $1 trillion in global investment for scaling up solar energy across ISA member countries.

China maintains 2060 date for carbon neutrality

China aims to reach peak emissions before 2030 and to achieve carbon neutrality before 2060, although it has refused to commit to any earlier dates.

China adds 25.56 GW of new solar capacity so far in 2021

China installed 25.56 GW of new solar capacity in the first nine months of 2021, according to official figures released by the National Energy Administration (NEA).

Comet Ridge makes headway at Queensland CBM project

Australian junior Comet Ridge has begun drilling a dual lateral well at its Mahalo North coal-bed methane (CBM) development in Queensland.

Coal miner SouthGobi issues profit warning after COVID-19 disruption in Mongolia