Finance

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”

Crib notes: UK’s flagship green bank faces evisceration

This week’s top climate politics and policy stories. Sign up to have our Friday briefing and Monday’s crib notes sent to your inbox

Global 2C warming limit not feasible, warns top economist

With “extreme policy measures”, a 2.5C limit is in reach, according to latest climate model from William Nordhaus

2016 mapped: around the world in top climate stories

Look back on a year of weird weather and clean energy breakthroughs around the world

Gates hopeful Trump will support green energy

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

EU member states split on carbon market ambition

Spain, Italy and Eastern European countries resisted reforms to boost the flagging carbon price at a ministerial meeting on Monday

Weekly wrap: Bloomberg sets the clean business agenda

This week’s top climate politics and policy stories. Sign up to have our Friday briefing and Monday’s crib notes sent to your inbox

Green Climate Fund misses 2016 target as US donation in doubt

Board celebrates approval of projects worth $1.3bn at meeting in Samoa, but falls short of $2.5bn goal and delays key policy decisions

Finance

Green Climate Fund

Dear Green Climate Fund board, Samoa needs you to deliver

This week’s meeting of the Board of the Green Climate Fund (GCF) in the Samoan capital Apia – here the country’s ambassador to the UN outlines his hopes

Why the UN’s Green Climate Fund is not fit for purpose

We need to recognise that adaptation to climate change is a new activity for which there is no real pre-existing “expertise” available – it’s time the GCF recognised this

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

African climate plans in doubt amid slow aid flows

Delegates at COP22 in Marrakech warn they need faster cash flow to fulfill their contributions to the Paris Agreement

Africa’s “buyer’s remorse” over Paris climate deal

Some African governments are regretting the ambition of emissions targets submitted towards the Paris Agreement, say advisers

Green Climate Fund talks ‘hijacked’ by India-Pakistan conflict

After objections by the Indian representative, the Green Climate Fund has kept on hold a project to reduce the risk of glacial lake outburst floods in northern Pakistan

Rich nations on course to miss 2020 climate finance goal

Study by British and Australian administrations says wealthy nations likely to miss politically sensitive $100 billion goal, but flows will continue to rise

Saudi Arabia blasts Korean bank for “playing” with UN climate fund

“Either you are serious, or you are not,” says Saudi Green Climate Fund representative after Korea Exim pulled its application to the fund at the last moment

Green Climate Fund

Carbon markets

EU to cancel 1bn pollution permits in market reforms

Latest tweak to flagship climate policy will send a bullish signal to the market, say analysts, but a surplus of carbon allowances remains

G20 panel tells energy giants to come clean on climate risks

Voluntary rules for climate disclosure will force companies to evaluate role and strategy in a carbon-constrained world, say experts

Fuzzy data poses problems for China carbon market

Running an efficient carbon trading scheme is reliant on the supply of full and accurate data, which is often lacking in China’s secretive industrial sectors, warn analysts

EU cement giants net €5bn carbon market windfall

Sector is profiting from free pollution permits, says watchdog, calling on EU lawmakers to reform the flagship climate policy

UK to keep carbon price steady through Brexit

Polluters will continue to pay a minimum carbon price of £18 a tonne to 2020, says chancellor in Autumn Statement

China prepares for world’s biggest carbon market

As Donald Trump’s victory plunges US climate action into uncertainty, China is going ahead with an ambitious policy

New Zealand uses pine forests, creative accounting to dodge carbon cuts

Proposed forestry accounting changes would allow New Zealand to claim credits without cutting emissions, NGO claims

New Zealand ratifies climate deal amid accounting fraud claims

Climate change minister claims historic gesture puts New Zealand at the top climate table. But questions remain over use of carbon credits

Carbon markets

Carbon bubble

Tar sand pipelines batter Canada’s climate leader tag

Green groups say PM Justin Trudeau talks tough on international stage but is failing in his duty to cap domestic emissions from oil and gas with move to greenlight pipelines

Paris climate deal will not kill fossil fuels, says ex-Saudi oil chief

Influential former oil and climate envoy says solar is the future but predicts strong growth prospects for oil and gas sector, despite climate policies

Exxon CEO: world needs oil of five Saudi Arabias by 2040

Rex Tillerson tells industry event oil and gas companies will thrive in coming decades despite climate policies

Saudi Arabia says oil industry must meet climate goals

Oil chief Khalid Al-Falih cites the Paris climate deal at industry event in London, but adds oil and gas will provide the bulk of world energy supplies for decades

Why the new climate math is a declaration of war

Some of the most influential thinkers about climate change have decided that the time for negotiation with fossil fuel companies is over

Executives up for big bonuses in Great Australian Bight oil rush

Oil executives could get big windfalls if they find large new reserves, but experts say incentives reward risk

Is it time for Norway to stop looking for oil?

Nordic country does not need to keep exploiting fossil fuels, argues Paul Ekins, and should leave remaining carbon budget to others

Existing coal, oil and gas fields will blow carbon budget – study

Expansion of fossil fuel extraction amounts to “climate denial”, says think tank Oil Change International, but observers argue some additional oil and gas could be safe

Carbon bubble

Climate finance

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

Climate finance in 2016: 4 reports you need to read

Funds for clean energy and climate resilience are flowing, but fuzzy reporting on what counts as green finance makes tracking support tricky

To deliver on Paris, world’s poorest need climate funding

To meaningfully engage in these crucial rule-making processes, poor governments need continued financial and capacity-building support to be able to contribute

As the world hails Paris, Africa’s energy plans are stagnating

Despite bold promises of the UN’s first comprehensive global warming deal, African governments feel their demands for energy equity are being ignored

World Bank calls on Vietnam to avoid coal

Top development lender is working to bring renewable energy costs for developing countries, says chief Jim Kim

The cost of inaction: who will fund loss and damage?

The UN climate regime still lacks an official definition of loss and damage and funding streams remain limited – which means it’s time to get innovative

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

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

Climate finance

Divestment

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

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

Embrace 2C climate target to boost value, oil majors told

Limiting exploration in line with climate goals makes financial sense, says Carbon Tracker ahead of ExxonMobil, Chevron AGMs

FTSE launches fossil-free, green economy index

Tesla and Vestas replace the likes of ExxonMobil and Rio Tinto in product to help investors back low carbon economy

Big oil spent $115m ‘obstructing’ climate laws in 2015, NGO says

NEWS: Lobbying spend of Shell, Exxon Mobil and trade groups estimated in transparency effort

JP Morgan: Coal investments on par with child labour

NEWS: Bank says it will stop funding new coal mines or plants in the 30 OECD nations, but could still back projects in developing world

Meet the investors pushing climate reality on carbon majors

ANALYSIS: Through shareholder resolutions, the Aiming for A coalition is getting coal, oil and gas companies to face up to global warming

Divestment

Green bonds

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

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

City slickers eye up growing climate finance sector

ANALYSIS: Green bonds, clean energy and efficient infrastructure offer vast potential in a market one banker describes as ’50 shades of green’

In Paris, polluters in focus as investors shun climate risk

ANALYSIS: So far, the most visible investor impact of climate change is divestment. But a bigger, quieter shift has started, to low carbon, and “climate aware” polluters

Green bonds