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Climate finance

World Bank set to take on risk of insuring carbon credits amid market upheaval

World Bank set to take on risk of insuring carbon credits amid market upheaval

As a growing number of developing countries tighten control over carbon markets, MIGA plans to step in to provide political risk insurance and facilitate investments.

Confusion surrounds China’s pledged climate finance towards the Global South 

Confusion surrounds China’s pledged climate finance towards the Global South 

China is not obligated to provide financial aid but has pledged to “make available’ $3.1bn to other developing countries 

Truck driving timber across deforested lands in Indonesia.

“Green” funds destroy Indonesia’s forests – Climate Weekly

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Governments fall short in UN's East Africa drought appeal

Governments fall short in UN’s East Africa drought appeal

Donor countries promised only a third of the $7bn the UN was appealing for to provide humanitarian aid to drought-stricken Kenya, Ethiopia and Somalia.

UN advises against offsets for carbon removal technologies

UN advises against offsets for carbon removal technologies

Billions of dollars are pouring into tech-based solutions to suck carbon dioxide from the atmosphere but the UNFCCC says they are unproven and pose unknown risks.

Verra boss steps down after criticism of its carbon credits

Verra boss steps down after criticism of its carbon credits

The carbon credit certifier has both grown rapidly and faced mounting integrity accusations during outgoing CEO’s tenure.

Study: Fossil fuel firms owe $209bn a year for climate damage

Study: Fossil fuel firms owe $209bn a year for climate damage

A multi-billion dollar reparations scheme has been proposed for fossil fuel companies to atone for the damage caused by their greenhouse gas emissions

US backs Indonesian oil refinery despite pledge to end fossil fuel finance

US backs Indonesian oil refinery despite pledge to end fossil fuel finance

The US has been accused of “breaking” a key climate financing commitment by approving almost $100m in support for an overseas fossil fuel project

Verra's revamped forest offset programme comes under fire

Verra’s revamped forest offset programme comes under fire

Verra picked a controversial carbon credit verifier to review its new forest offset rules and critics say the changes don’t fix the problem

Woman in field Green Climate Fund

Germany promises €2bn to global Green Climate Fund

The pledge sets the bar for other wealthy countries and puts the fund on track for what it calls a “mid” level of ambition

Cop28 boss slams rich nations "dismal" $100bn finance failure

Cop28 boss slams rich nations “dismal” $100bn finance failure

Developed nations should have met the climate finance commitment in 2020. But they are still not there.

Mitsubishi bets on carbon removal while keeping coal plants

Mitsubishi bets on carbon removal while keeping coal plants

Japanese engineering giant Mitsubishi has announced a major investment in carbon removal technology, despite continuing to run fossil fuel power plants.

Jor Biden gives a speech at the Major Economies Forum where he pledged $1 billion in funding for the Green Climate Fund.

US pledges $1 billion to Green Climate Fund amid call to keep 1.5C in reach

Joe Biden urged leaders of major emitting economies to step up efforts to roll out zero-emission vehicles, cut methane emissions and deploy carbon capture technologies

UN's Green Climate Fund too scared of risk, finds official review

UN’s Green Climate Fund too scared of risk, finds official review

The UN’s flagship climate fund is struggling to clearly manage risks in its projects, an independent review has found, making it wary of taking on high-impact projects in developing countries

Saudi Arabia, Russia push for more World Bank money into carbon capture

Saudi Arabia, Russia push for more World Bank money into carbon capture

At a meeting discussing the World Bank’s stronger focus on climate, Russia has also urged the lender to extend its support for gas projects.

Developing countries call for new government funds for World Bank

Developing countries call for new government funds for World Bank

Developing nations have called for a capital increase for the World Bank, while rich nations want to stick to accounting tweaks.

US officials at World Bank spring meeting discuss climate finance reforms

World Bank steering committee and US urge for reforms on climate lending

At the World Bank’s spring meeting, US Treasury Secretary Janet Yellen called for the adoption of a reform that would free up funds for climate lending.

World Bank's private sector arm to stop supporting new coal  

World Bank’s private sector arm to stop supporting new coal  

The International Finance Corporation is closing a loophole that allowed its financial clients to continue funding new coal projects 

OECD reforms set to give "green" projects better export finance

OECD reforms set to give “green” projects better export finance

OECD countries agree to extend support for ‘climate-friendly’ projects. But vague definitions and inclusion of contested activities worry campaigners.

Benicon informal settlement with Duvha power station in the background

Uncertainty on renewable retraining frightens South Africa’s coal communities

An investigation by Oxpeckers and Climate Home found coal-reliant communities in South Africa have scarce details on how funds for reskilling workers from its $8.5 billion deal will be implemented.

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