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The European Commission has set out a proposal to cut EU emissions 90% by 2040, with up to 3% coming via carbon credits purchased from other countries.

Moving people and things around the world by sea has a big climate impact. The shipping industry produces almost 3% of global greenhouse gas emissions – roughly the same as Germany.

Through its 2021-founded subsidiary MyCarbon, Brazil’s meat processing giant Minerva Foods is emitting and selling carbon credits to big oil companies that are in a rush to move away from a polluting stigma.

President Donald Trump’s dismantling of climate policy means the US will add an extra 7bn tonnes of emissions to the atmosphere from now until 2030, compared to meeting its former climate pledge under the Paris Agreement.

Bank financing for the fossil fuel sector rose by $162.5 billion in 2024, more than 20% compared to 2023, according to a Rainforest Action Network report.

The European Commission is expected to unveil its 2040 climate target on July 2. The proposal includes a controversial move to allow EU member states to use international carbon credits.

More than a dozen EU member states, including Germany, have called on the European Commission to change its plans for the introduction of a carbon price on transport and heating fuels from 2027 to prevent price spikes.

Climate negotiators have wrapped up another two weeks of technical talks in the German city of Bonn, seeking to make breakthroughs on critical issues before COP30 in Brazil.

A few years ago, solar power became the “cheapest electricity in history”, but it still lacked the ability to meet demand 24 hours a day and 365 days a year. Since then, there have been significant improvements in the cost and performance of batteries.

To encourage greater corporate participation in voluntary carbon markets, the governments of Singapore, the United Kingdom, and Kenya have launched the Coalition to Grow Carbon Markets, the first government-led initiative of its kind.