The climate change ministers of Australia and New Zealand will meet annually, Prime Minister Anthony Albanese and New Zealand's PM Jacinda Ardern announced in Sydney today.
Australia's largest buyer of offsets is developing a mangrove restoration carbon project in Papua New Guinea, and says it shows the huge potential of a regional offsets scheme.
The Business Council has called for a separate review of the treatment of voluntary carbon offset purchases, in its submission to a Climate Change Authority inquiry.
A temporary overshoot of a 1.5 degrees temperature rise appears almost inevitable, according to a new IPCC report, which presents strategies for deep emission cuts in all parts of the global economy.
UN Secretary-General António Guterres said private sector companies still financing coal extraction "must be held to account", following the release of a new report by the IPCC.