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Carbon offsets allow countries or companies to pay others to cut greenhouse gas emissions to offset their own. Countries applauded each other at last year's climate summit in Glasgow for agreeing on broad principles governing carbon markets, breaking six years of stalemate. Applying to join the new system without knowing what rules will govern it would be difficult, said Pedro Martins Barata, a carbon markets expert observing the talks for the non-profit Environmental Defense Fund. Voluntary carbon offset markets have struggled to gain trust for years. Reuters GraphicsPrivate initiatives like the Integrity Council for the Voluntary Carbon Market (ICVCM) and the Carbon Credit Quality Initiative (CCQI) have drafted guidance on what they see as a high-quality carbon offset.

Progress since has been patchy, with only a few countries instituting more aggressive policies on deforestation and financing. Among the new sources of financing, Germany said it would double its financing for forests to 2 billion euros ($1.97 billion) through 2025. PRIVATE CASH PILES UPPrivate companies announced $3.6 billion in extra money. Other initiatives towards meeting the 2030 forest pledge also announced incremental progress at the opening of COP27. In September, the initiative announced standards that companies should follow to trace commodities and disclose links to deforestation.

The pledge was praised widely at last year's COP26 climate summit, particularly as Brazil, Indonesia and Congo all signed on. To fulfill the pledge, the world would need to ensure 10% less area is deforested on average each year from 2021 to 2030. Most countries under the pledge have yet to detail plans for passing stronger forest protections or implementing them. BRAZILThe biggest rainforest country also leads the world in deforestation, as the Amazon falls rapidly to illegal logging, agriculture and land speculation. Deforestation driven by land-clearing for palm oil plantations continued to slow in the first seven months of the year - even as palm oil prices soared.

☆ Factbox: COP27: Major players at the U.N. climate talks in Egypt
▼ + stars: | 2022-11-04 | by ( Rachel Parsons | ) www.reuters.com time to read: +7 min

Here are some of the main stakeholders and negotiating blocs engaged in the U.N. climate conference (COP27) that starts on Nov. 6 in Sharm el-Sheikh, Egypt. A diplomatic row over Taiwan led Beijing to cancel bilateral climate talks with the United States. EUROPEAN UNIONGreenhouse gas emissions from the 27-country European Union comprise about 8% of the global total, and have been trending downward for years. Negotiating as a single group at the U.N. climate talks, the EU intends to push other major emitters to raise their targets. Meanwhile, long-time climate champion King Charles III said he will skip the COP27 conference in Egypt.

SAO PAULO, Nov 1 (Reuters) - Brazilian President-elect Luiz Inacio Lula da Silva will participate in this month's COP27 United Nations climate summit in Egypt, the head of his political party said on Tuesday. He defeated President Jair Bolsonaro, a right-wing nationalist who has overseen rising deforestation and appointed climate change skeptics as ministers. Gleisi Hoffman, the head of Lula's Workers Party, on Tuesday confirmed he would attend COP27. Egypt's President Abdel Fattah al-Sisi also invited Lula to attend the summit in a message congratulating him on his election victory. "I have absolute certainty that...various national representatives will request to meet with President Lula," Teixeira said, adding that she was being directly consulted on the matter.

☆ Brazil's 2021 climate emissions highest since 2006, report says
▼ + stars: | 2022-11-01 | by ( Steven Grattan | ) www.reuters.com time to read: +2 min

SAO PAULO, Nov 1 (Reuters) - Brazil's greenhouse gas emissions rose more than 12% in 2021 largely due to surging deforestation in the Amazon rainforest under far-right President Jair Bolsonaro, a non-profit report said on Tuesday. read moreThe increase in emissions was the biggest since 2006, according to the so-called SEEG emissions monitoring project sponsored by the Climate Observatory environmental advocacy group. Data shows that last year the country emitted 2.42 billion tonnes of carbon dioxide equivalent (CO2e), up from 2.16 billion tonnes in 2020. The report puts Brazil off-track to meet its 2025 and 2030 climate goals, just as the world is set to discuss climate commitments at the United Nations COP27 climate summit in Egypt next week. Lula plans to send representatives to the meeting, despite Bolsonaro continuing to lead the country until Jan. 1.

"Brazil is ready to retake its leadership in the fight against the climate crisis," Lula told a crowd of supporters in Sao Paulo. Silva said that Brazil would demand rich countries provide financing to poor countries to respond to climate change and give compensation for permanent "loss and damage" from climate change. Under Lula, Brazil will also discuss expanding its national targets for cutting climate-related emissions, said Silva, his former environment minister from 2003 to 2008. The firm, with roughly 237 billion euros ($234 billion) in assets under management, only owned about 100 million euros in Brazilian sovereign bonds when the prohibition took effect. Environmental advocates also cheered Lula's proposals for the Amazon, but cautioned that his agenda would face enormous political resistance.

☆ Brazil's Lula to send reps to COP27 climate summit after election win
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, Oct 31 (Reuters) - Brazilian President-elect Luiz Inacio Lula da Silva will send representatives to next month's COP27 United Nations climate summit, allied environmentalist Marina Silva said on Monday, a day after the left-wing former president won a third term. The congresswoman-elect told Reuters in an interview that Lula would "definitely send broad representation" even if it was not an official delegation ahead of his Jan. 1 inauguration. Reporting by Jake Spring Editing by Brad HaynesOur Standards: The Thomson Reuters Trust Principles.

Although Lula's 2003-2010 presidency effectively reduced destruction of the rainforest, he embraced traditional industrial development with little regard for emissions. In the United States, the progressive Green New Deal languished in Congress, while President Joe Biden adapted some of the ideas for his climate agenda. Marcio Astrini, the head of environmental lobby group Climate Observatory, said Lula's proposals were a promising blueprint, but added: "Whether it will happen in practice is another matter." By contrast, Bolsonaro's campaign has said little about his environmental proposals for a second term. [1/3] Macaws sit on a tree at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022.

[1/4] An aerial view shows a deforested plot of the Amazon rainforest in Manaus, Amazonas State, Brazil July 8, 2022. REUTERS/Bruno Kelly/File PhotoSAO PAULO, Oct 26 (Reuters) - Brazil's presidential election on Sunday may determine the fate of the Amazon jungle, the world's largest rainforest, after deforestation soared in the past four years under President Jair Bolsonaro. Destruction in the Amazon rainforest last year hit the highest level since 2006, according to the government's space research agency INPE. Lula took office in 2003 with levels of Amazon deforestation near all-time highs. By 2010, his last year in office, deforestation had fallen by 72% to near record lows.

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