Finance

Crucial global climate fund facing ‘massive challenges’

Political divisions between rich and poor countries make the board of the UN climate fund ‘extremely difficult to work with’, says green growth chief

One tenth of UK climate aid spent through western consultants

Corporate role in UK overseas climate projects revealed for the first time, with critics saying it undermines development of expertise in poor countries

New Chinese-led development banks missing the point on climate

Both less than five years old, the Asian Infrastructure Investment Bank and Brics Bank are failing to back sustainable development models

Are we getting climate finance all wrong?

Long term thinking about climate change challenges widely held assumptions about how we spend money today

Sustainable energy for all goal is woefully off track. Here’s how we fix it

Just 1% of funding for energy access goes to decentralised energy, but it’s the only hope for delivering the UN goal to bring energy to all by 2030

8 takeaways from the Green Climate Fund meltdown

The UN’s flagship climate finance initiative had a public setback this week. What went wrong, what are the political implications and what happens next?

UN climate fund chief resigns for personal reasons while board meeting collapses

In a dramatic conclusion to a meeting that failed to approve any finance for the developing world, Howard Bamsey announced his exit from the Green Climate Fund

Board meeting turns ‘toxic’ as UN climate fund runs low

Rich and poor country representatives clash over policy priorities and replenishment at Green Climate Fund board meeting

Finance

Green Climate Fund

Climate fund Trump cut off ‘really had to succeed’, says its chief

Howard Bamsey has ducked interviews for more than a year. Now he speaks about the Green Climate Fund’s successes, challenges and the $2bn Trump owes them

Nicaragua assumes top climate finance post despite past Paris scepticism

Paul Oquist has been approved as co-chair of the Green Climate Fund, against Georgia’s objection Nicaragua was not a cooperative international player

Why is tiny Nauru getting $26.9m in climate finance to build a port?

Nauru’s biggest donor Australia lobbied for a project that raises tough questions over how climate finance differs from traditional development aid

Rich countries ‘trying to turn climate funds into World Bank’

The rich are ‘renegotiating’ the Paris climate deal by trying to limit access for middle income countries to climate finance, it has been claimed

Germans deny Erdoğan’s desire for climate finance

Turkey has threatened not to ratify the Paris climate deal, but a German proposal refused to grant its wish to access the Green Climate Fund

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

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

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

Green Climate Fund

Carbon markets

Airlines eye massive carbon handout

Brazil and China behind push to allow billions of tonnes of old carbon credits to be used to offset future growth in pollution

Fifa accused of greenwashing in World Cup carbon offset scheme

Football fans travelling to Russia are being encouraged to offset their emissions through a UN scheme that critics describe as fundamentally flawed

Hawaii signs law to become carbon neutral by 2045

Pacific islands note threat of sea level rise while setting toughest climate target of any US state

Argentina accused of caving to Trump by dropping carbon price from G20 talks

G20 presidency denies US a factor in turn away from carbon pricing, but upcoming Japanese and Saudi leadership could mean issue is pushed off agenda for years

The climate solution no-one in Davos will be talking about

Economists say a global carbon tax would efficiently shift the world to safer energy production. So why is it barely mentioned?

China to launch nationwide carbon market next week: officials

The emissions trading scheme will initially cover only the power sector, not heavy industry as planned, but will nonetheless become the biggest in the world

Polish coal cash grab attacked by UK, France, Germany

No support for coal, say several EU nations, as Poland asks for billions generated through emissions trading scheme for its ageing plants

Forest diamonds

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

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

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 bubble

Climate finance

Development bank climate funding jumped 28% in 2017

Global banks gave $35.2bn in climate finance, although much of it was in loans or did not reach those countries most in need

Why are the world’s climate funds ignoring coral reefs?

Vital marine ecosystems are threatened by ocean warming and acidification, yet get a tiny fraction of climate finance, E3G research shows

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

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

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

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

Climate finance

Divestment

EU subsidies to a massive gas pipeline clash with climate goals

The European Investment Bank approved a €1.5 billion loan to the Trans Adriatic Pipeline last week. This is why it matters

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

Divestment

Green bonds

Ex-UN climate chief calls for green bonds to hit $1 trillion by 2020

Christiana Figueres is urging public authorities and corporates to scale up climate-friendly infrastructure investment by 2020, under the “green bond pledge”

India raises $400m green bond to fund renewables drive

Money raised by the Power Finance Corporation will support solar and wind projects, contributing to national renewables target of 175GW capacity by 2022

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

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

Green bonds