Climate finance
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
China is not obligated to provide financial aid but has pledged to “make available’ $3.1bn to other developing countries
“Green” funds destroy Indonesia’s forests – Climate Weekly
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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
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
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
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
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 picked a controversial carbon credit verifier to review its new forest offset rules and critics say the changes don’t fix the problem
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
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
Japanese engineering giant Mitsubishi has announced a major investment in carbon removal technology, despite continuing to run fossil fuel power plants.
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
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
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 nations have called for a capital increase for the World Bank, while rich nations want to stick to accounting tweaks.
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
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 countries agree to extend support for ‘climate-friendly’ projects. But vague definitions and inclusion of contested activities worry campaigners.
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.