Climate finance
African leaders skirt over fossil fuels in climate summit declaration
A joint statement forming the basis of Africa’s negotiating position for Cop28 is silent on the role of oil and gas
Germany plans to keep funding new gas projects overseas despite pledge
Draft guidelines for its export credit agency signal support for some gas projects until 2025 – three years after the deadline set by the Glasgow pledge
Developing nations decry risk of UK breaking climate finance pledge
The UK promised to deliver £11.6 billion in international climate finance by 2026. But a leaked memo suggests the target is being dropped.
Senegal shows African countries are not passive beneficiaries of climate finance
While drawing up their renewables deal with wealthy countries, Senegalese government, civil society, business and researchers had their say
Public banks agree to check investments against countries’ climate plans
Ten multilateral development banks have agreed on how to make sure their investments meet climate goals. But experts told Climate Home the rules do not go far enough.
Multilateral banks’ investments in industrial livestock undermine their Paris climate commitments
Public money should stop flowing towards the expansion of animal agriculture, which is responsible for a fifth of the world’s emissions
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.
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
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.
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.
Nature’s stewards under attack – Climate Weekly
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Vietnam’s energy transition deal is a ‘black box’, partner warns
A Vietnam government partner suggested that even Hanoi is unaware of the details of the energy transition package
World Bank backs mega dam threatening to displace thousands in Mozambique
The World Bank argues the project will accelerate the energy transition in southern Africa, but people facing displacement say their voices are not being heard
Canada sets out green investments guide amid complaints of industry capture
The process to create Canada’s first guide for green investiments has been accused of being undemocratic and extending the life of polluting fuels.
India set to push for green World Bank reforms at G20
India wants the World Bank to lend more money for climate finance, at cheaper rates, in developing countries and will use its G20 chair to push this agenda
World Bank proposes freeing up $4bn by loosening lending rules
The bank is under pressure to free up more money to tackle climate change but one expert said this measure does not go far enough
World Bank chief to step down early after climate controversy
Last year, the World Bank’s president David Malpass refused to accept the scientific consensus on global warming, leading to calls for the US government to push him out
Colombia gets $70m from new global renewable integration fund
Colombia will get the first pay-out of a $300m Climate Investment Funds pot for transmission lines, batteries, EV chargers and green hydrogen
Rich nations mobilise $15.5bn for Vietnam’s coal-to-clean transition
The deal will help Vietnam to peak its greenhouse gas emissions five years earlier than planned and scale up renewable energy generation
Cop27 tees up speed dating for climate investment deals
Sharm el-Sheikh talks are expected to approve a series of matchmaking events between investors, governments and project developers