Finance

Fiji announces $50m ‘climate bond’ ahead of COP23 presidency

Prime minister Frank Bainimarama says money raised with help from the World Bank sets an example for innovative green finance to protect the vulnerable

Puerto Rico hurricane shows islands must have renewable energy

As the world resumes climate talks in Bonn next month, island states will use the devastating hurricane season to fuel calls for expanded renewable energy investment

How Walmart beats the World Bank on carbon footprinting

Development banks are less transparent than some big corporates on the climate impact of their investments – and that needs to change

Four ways EU ministers can restore trust in climate finance

Developing countries need assurances that support will flow to their priorities if progress is to be made on other issues at UN climate talks in November

UK vetoes two South American climate finance bids

The British board member mounted a solo opposition to rural development projects in Paraguay and Argentina at a Green Climate Fund meeting in Cairo

Forest diamonds

How family rivalry and the Catholic church helped miners devastate an indigenous Amazon territory

Climate-hit Bangladesh struggling to access UN green funds

Developing country institutions lack capacity to meet the Green Climate Fund’s heavy paperwork demands, experts say at Dhaka conference

Huge cash shortfall stopping electricity reaching world’s poor

Investment needs to double to bring power to every home by 2030, UN initiative finds, urging a greater focus on solar home systems for underserved rural areas

Finance

Green Climate Fund

US senate committee votes to reinstate funding to UN climate treaty

The committee passed an amendment to give $10m to the UN Framework Convention on Climate Change, an organisation Donald Trump wants to cut off

Gender remains one of climate change’s great inequalities

Globally, women are more affected by climate change. Sweden’s deputy prime minister and the head of the Green Climate Fund say they must be brought into the discussion

Climate adaptation cash is failing to reach the poorest, here’s how to fix it

To ensure the most vulnerable communities get the help they need, the Green Climate Fund must look to the already existing adaptation funds

Green Climate Fund to fund $1bn Egypt renewables drive

In its biggest project to date, the UN’s flagship climate finance scheme is putting $150m towards developing wind, hydro and solar power in Egypt

UN climate fund criticised for accrediting growing list of private banks

Growing number of multinational banks becoming conduits for UN climate funds means money will not reach certain projects, NGOs warn

If US states are really ‘still in’ Paris, here’s what they need to do

The Paris accord isn’t only about cutting emissions, some states are already finding ways to meet climate finance commitments

Sick of waiting, poor countries prepare to fight climate change alone

Developing countries have been promised $100bn per year by 2020, with no sign of it arriving some are taking matters into their own hands

Cash begins trickling out of Green Climate Fund

After a barrage of criticism, the UN’s primary climate fund has released $5.2m to a handful of projects

Green Climate Fund

Carbon markets

Calling China’s carbon market ‘ambitious’ shows how low the bar has fallen

China is planning the world’s biggest carbon market, but with little detail given for its design, praise for the scheme is premature

Bangladesh backtracks on carbon tax proposal ahead of election year

Mooted climate policy was dropped from the budget announced on Thursday, as energy and transport lobbies complained it would raise living costs

German coal plants burn on as EU carbon price stagnates

EU emissions trading data show €5 a tonne of carbon dioxide is not enough to drive dirty brown coal off the system

Weekly wrap: China to snub EU over ETS?

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China floats split with EU over carbon trading

EXCLUSIVE: Government official tells Climate Home that carbon trading is “big challenge” for China: “We would like to use a different kind of economic instrument”

Market shrugs as EU lawmakers pass carbon trading reforms

Carbon prices stayed steady at €5 a tonne in response to package filled with concessions to big polluters

Top US Republicans pitch $40 carbon tax to Trump

GOP veterans say carbon dividend could put money in pockets of 70% of poorest in US while significantly cutting greenhouse gas pollution

BP’s energy outlook: reality check or PR bullshit?

Energy companies predict a dangerous climate future of high oil demand, but they persistently underestimate clean energy

Carbon markets

Carbon bubble

Australian bank sued over failure to disclose climate risks

Shareholders are taking the Commonwealth Bank to court, alleging that it is misleading investors about its financial position

Planned gas investments will blow 1.5C climate target, say analysts

Report by Climate Action Tracker warns that overly bullish gas demand forecasts will lead to stranded assets or an unsafe future climate

Exxon shareholders win ‘historic’ climate vote against board’s advice

Shareholders in world’s largest private oil company won a victory that signals deep unease about climate change amongst major investors

Exxon shareholder rebellion gains momentum ahead of climate vote

Major investors BlackRock and Vanguard could tip the balance and force oil firm to publicly divulge risk clean technology and regulations pose to its business

UK is in no position to lecture Saudis on oil dependence

PM Theresa May has offered to help wean Saudi Arabia off oil, but her government’s subsidies to North Sea producers are a poor model for the Middle East petrostate

Exxon Mobil shareholders renew call for 2C climate analysis

New York State and the Church of England lead investors worth US$4trn in campaign for US oil major to disclose climate risks

Coal and oil demand ‘could peak in 2020’

Solar power and electric vehicles will wreak havoc on the energy sector, say analysts from Carbon Tracker and Grantham Institute, in contrast to rosy industry forecasts

Carney climate taskforce ‘misrepresents’ Paris deal

Head of the ‘Plan B’ climate NGO argues Financial Stability Board plans to enforce better disclosure of climate risk from companies are just enforcing status quo

Carbon bubble

Climate finance

Poor world calls for climate finance to fill Trump void

US climate finance axe exposes poor communities worldwide, say negotiators and aid experts, putting pressure on other countries to step up

Ségolène Royal reveals new head for ‘Africa-led’ renewables scheme

Denying allegations of meddling in African clean energy initiative, French environment minister pre-empts board decision on next top official

Africa clean energy row continues in Bonn

African leaders are no-one’s “puppet”, says head of the African group of climate negotiators, after $10bn scheme was said to have been hijacked by the EU

EU, France accused of hijacking ‘Africa-led’ clean energy scheme

African head of $10bn programme quits, saying French environment minister Ségolène Royal intervened to impose EU-preferred projects

Why is the UK selling its flagship climate bank?

Theresa May’s government is set to flog the once-prized Green Investment Bank to an Australian outfit nicknamed the “vampire kangaroo”

Gates hopeful Trump will support green energy

Federal support for research and development into clean tech should appeal to incoming president, says Microsoft billionaire

Adaptation finance: climate change’s forgotten child

Top advisor to poor countries says he’s changing advice and telling them to give up reliance on the promises of adaptation funding from developed countries

Republicans plan multi-billion dollar climate budget raid

Under President Trump, the US is expected to halt cash for climate-friendly development, holding back international action

Climate finance

Divestment

Insurers urged to stop underwriting coal projects, following Axa move

#UnfriendCoal campaign targets the insurance sector to end support for climate-polluting fossil fuels

Anti-fossil fuel activists stage Louvre oil slick

Group protesting against museum’s links to oil major Total create symbolic river of crude on steps in front of one of the museum’s main attractions

Irish lawmakers vote to divest from fossil fuels

Ireland could become the first country to fully divest its sovereign wealth fund from coal, oil and gas

Church of England to launch climate investment tracker

Church Commissioners say Transition Pathway Initiative will allow them to hold major polluters to account at shareholder meetings

Climate divested funds now bigger than listed oil, gas sector

Outgoing UN chief hails news as value of organisations ditching polluting fossil fuels doubles to $5tn in 2016

Think tank takes “unburnable carbon” warnings to Wall Street

The Carbon Tracker Initiative, hailed by US environmentalist Bill McKibben for changing the climate debate, is opening an office in New York

Exxon and climate change: Why it’s better to engage than divest

Investors must stay involved with oil majors rather than exit and allow a far more dangerous off market game to ensue

Risky bet: Does divestment slow or speed green growth?

Head of France’s top public pension fund says engagement on climate change within companies can deliver results

Divestment

Green bonds

China is taking the green bond market by storm

Beijing’s sustainable finance push is bearing fruit, with a world-leading $36.9bn worth of green bonds issued last year

Risky business: G20 panel to order climate stress tests

Donald Trump’s US election win may damage the Paris climate deal, but climate risk reporting rules for businesses could radically change the investment landscape

Poland green bond issue will not fund coal, says official

Investors are sceptical about Warsaw bid to finance renewables, given its coal-heavy energy policy

UK pitches China for climate-friendly finance trillions

London’s expertise places it in pole position to channel private finance to China, as superpower seeks to invest around $4 trillion a year in infratsructure

Green bonds must keep the green promise

Robust standards are urgently needed to channel capital debt markets into climate-friendly projects, says WWF France chief Pascal Canfin

Development banks eye pension funds in new climate finance drive

Manager of Climate Investment Funds says it wants to de-risk low carbon projects in developing world, unlocking trillions from institutional investors

Apple launches $1.5bn green bond

NEWS: Technology giant is raising finance for renewable energy, greener materials and efficiency

Bangladesh Bank launches $200m ‘green transformation fund’

NEWS: Following successful solar homes microfinance push, governor Atiur Rahman seeks to clean up textiles manufacturing

Green bonds