- Global securities regulators called for greater scrutiny of carbon markets to deepen liquidity and prevent greenwashing. The International Organization of Securities Commissions (IOSCO) published papers that provided recommendations for both compliance and voluntary offset markets. It will solicit feedback and host consultations on proposed measures.
- The chairman of IOSCO said: “No market can function without appropriate levels of integrity and, transparency and liquidity so IOSCO today hopes to lend its international, market expertise to help develop appropriate frameworks for sound and well-functioning carbon markets, focusing on promoting integrity and liquidity and increasing transparency to facilitate price discovery.”
- The World Bank announced the creation of the Global Shield Financing Facility Instrument to distribute loss and damage assistance to developing countries. Germany disclosed that it is committing roughly $170 million to the project, while other countries including Austria and Scotland have funded the project by a total of $225 million.
- The United States and the European Union (EU) are in talks regarding the trade tensions triggered by the Inflation Reduction Act (H.R. 5376). EU officials are displeased that the law puts its vehicle and battery manufacturers at a competitive disadvantage.
- John Podesta said: "We are in dialogue about the particular structure...of the vehicle credits that the Europeans have raised."
- The Egyptian Stock Exchange and its partners launched an African voluntary carbon market, the African Market for Carbon Certificates. The project will be developed over the next year.
- Barbados Prime minister Mia Mottley called for a 10 percent tax on fossil fuel companies to fund loss and damage projects, especially climate refugee programs in developing countries.
COP 27: Top News for the Third Day of Events
By: Kenneth J. Markowitz, Christopher A. Treanor, Kerry Mackenzie
© 2025 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. Attorney advertising. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. Prior results do not guarantee a similar outcome. Akin is the practicing name of Akin Gump LLP, a New York limited liability partnership authorized and regulated by the Solicitors Regulation Authority under number 267321. A list of the partners is available for inspection at Eighth Floor, Ten Bishops Square, London E1 6EG. For more information about Akin Gump LLP, Akin Gump Strauss Hauer & Feld LLP and other associated entities under which the Akin Gump network operates worldwide, please see our Legal Notices page.