Climate Finance
Carbon offsets make a comeback – Climate Weekly
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World Bank branch indirectly backs coal megaproject despite green pledge
International Finance Corporation piloted its green equity policy with an Indonesian bank, which went on to fund a 2,000 MW coal complex
Peru and Switzerland sign ‘world first’ carbon offset deal under Paris Agreement
In an agreement that took two years to negotiate, Peru will get finance for sustainable development projects while Switzerland takes credit for the emissions cuts
Oxfam: Rich countries are not delivering on $100bn climate finance promise
Nearly 80% of climate finance is in the form of loans that must be repaid, adding to the debt burden of the poorest countries, anti-poverty campaigners found
Debt is a climate issue – Climate Weekly
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Ballooning debt cripples poor countries’ hopes of green recovery from Covid
Vulnerable countries are struggling to survive the economic impacts of the coronavirus pandemic, let alone build back better, as debts mount up
Campaigners confront IMF chief over green recovery contradictions
Analysis shows IMF advice to countries accessing Covid-19 emergency funds fails to systematically address climate risks and implicitly endorses fossil fuel subsidies
Fate of UN-led carbon market to be decided behind closed doors
The executive board is considering an extension of the Clean Development Mechanism beyond 2020, under industry pressure but with no political mandate
Despite socialist scepticism, Cuba shows interest in carbon trading
In its national climate plan, Cuba indicated it would like to sell carbon credits on an international market, a concept previously opposed by socialist allies
Saudi-led G20 energy statement backs fossil fuel bailouts
Neglecting to mention climate change or commitments to end fossil fuel subsidies, G20 energy ministers focused on stabilising the oil market
IMF endorses EU plan to put a carbon price on imports
If major emitters do not agree to a minimum carbon price, IMF chief Kristalina Georgieva said the EU was right to impose tariffs on imports at the border
Why we no longer use the phrase ‘brown finance’
We realised “brown finance” to describe investment in harmful fossil fuels is offensive to people with brown skin, so we switched to “dirty finance”
Asian multilateral bank promises to end coal-related financing
AIIB president says he will not finance ‘any projects that are functionally related to coal’, but has yet to reflect that in the Beijing-based bank’s written policies
There will be no ‘green recovery’ for poor countries without loss and damage finance
A loss and damage fund linked to rich countries’ mitigation efforts could levy new funds to address ‘perfect storm’ of flooding, Covid-19 and economic hardship
Countries promise green recovery at Japanese virtual summit, keep quiet on fossil bailouts
Ministers from China, EU and other major economies outlined plans to build back better after the coronavirus pandemic at a meeting convened by Japan
Prospect of snap election reanimates Canada’s carbon tax battle
As prime minister Justin Trudeau calls for a green recovery from coronavirus, the Conservative opposition promises to fight a levy on polluters
UN fund pays Indonesia for forest protection as deforestation rises
Campaigners accuse the Green Climate Fund of letting governments game the UN’s Redd+ forest protection scheme, as Indonesia is awarded $103 million
Covid-hit hajj guts Saudi plans to reduce reliance on oil revenues
Only a few thousand Muslims are attending this year’s pilgrimage, not the millions Riyadh needs for its ‘Vision 2030’ economic diversification plan
Russia warns EU against carbon border tax plan, citing WTO rules
As Brussels gets serious about imposing levies on imports from polluting countries, Moscow argues such measures create unfair barriers to trade
For all its green talk, the IEA still gives comfort to oil and gas producers
Under Fatih Birol, the International Energy Agency leads talk of a green recovery, yet dodges hard questions about phasing out dirty energy