Finance

In Tanzania, ownership of the forest offers new prospects for old loggers

In one of Africa’s fastest deforesting nations, community control over the land offers villages new income, infrastructure and dignity

After 11 days of civil unrest, Ecuador reinstates fossil fuel subsidies

Cuts to subsidies, imposed without an alternative, led to price rises, strife and, eventually, a government backdown

German rail company gets credit rating boost in response to climate law

In European first, Deutsche Bahn’s credit rating shifted from AA- to AA after government hit carbon-intensive transport with levies

Brazil fights attempt to cancel its old carbon credits

Credits from an old regime could undermine the Paris climate agreement, but negotiations ended in stalemate after the biggest holders dug in their heels

This is what the world promised at the UN climate action summit

Dozens of promises were made by governments, civil society and business. Accountability is the next step

‘New Bretton Woods’ needed to fix global system and climate: outgoing UN official

As she steps down from leading UN sustainable energy push, Rachel Kyte said global institutions must be rebuilt and aligned with action on climate change

Banks will subject $2.9 trillion in assets to climate testing

Mortgages and other products will be assessed using a global standard for the first time, allowing banks to encourage behaviour change

China and India demand cash for climate action on eve of UN summit

World’s largest and fourth largest emitters said the onus remained on the countries historically responsible for climate change to move money

Finance

Green Climate Fund

Poor countries will hold the rich to account on climate finance

The major UN climate fund is running short of money, will rich countries live up to the promises they have given?

France and UK double pledges to UN green fund to $3.5bn

Announcements at the G7 meeting mean the countries join Germany and Norway with promises to double their initial contributions in the next funding round

UN fund removes veto power over climate projects

The Green Climate Fund changed its rules so no single country can block finance, as recently happened when the US intervened in a Chinese bid

Australia stops payments to Green Climate Fund

Australian budget offers nothing to flagship UN scheme as its board seeks replenishment, while climate shapes as divisive election issue

Developing world split on climate finance at UN flagship fund

Vulnerable countries are backing governance reform at the Green Climate Fund, while emerging economies resist efforts to impose conditions on finance

French UN official named as next chief of flagship climate fund

Yannick Glemarec was picked from an all-male shortlist to lead the Green Climate Fund, in a key fundraising year

The ‘laughing matter’ of Australia’s relationship with the Pacific

The Fijian PM used the Australian leader’s visit to call out his promotion of fossil fuels, showing Scott Morrison is on the wrong side in the Pacific as well as at home

Japan bids for top climate finance job, citing $1.5bn contribution

As the biggest donor to the Green Climate Fund, Japan said it had a ‘responsibility’ to ensure it is run well

Green Climate Fund

Carbon markets

European Central Bank should ‘gradually eliminate’ carbon assets: Lagarde

Nominee to lead the bank told MEPs it could adopt new measures to prefer green investments if she is confirmed

UK carbon price to plummet under no-deal Brexit

A proposed UK tax on heavy polluters would come in at nearly half the EU carbon market price, reducing the incentive to cut emissions

How von der Leyen could make a carbon border tax work

The next European Commission chief must tread carefully if she is to meet her promise to make polluting importers pay

Asset managers worth $15 trillion make climate risk promise to Macron

The French president gathered the world’s biggest investors this week to push them to back climate-friendly projects

Wealthy countries resist global tax on carbon offsets

Australia and Japan are among opponents of a proposal to restrict the supply of carbon credits for trading across borders, at climate talks in Bonn

Brazil and EU face off over future of carbon trading

The next generation of carbon markets could make or break the Paris Agreement, say negotiators as talks resume in Bonn

UN Environment official attacks agency’s own carbon offsetting policy

Confusion reigns as UN Environment publishes, then retracts, an article criticising the use of carbon credits to make up for polluting activities

Russia floats first law to regulate CO2 emissions

Draft bill would give government powers to regulate CO2 and create carbon markets, but faces stiff opposition inside and outside Moscow administration

Carbon markets

Carbon bubble

Oil tanker investments at risk from climate action, report says

Strong action on climate change would shrink demand for vessels by a third, impacting investment decisions being made now, analysts say

Gas companies face Californian wipe-out, say S&P, Moody’s

Ratings agencies say the state’s bid to go 100% renewable poses a ‘significant threat’ to gas generators’ credit stability

Australian bank sued over failure to disclose climate risks

Shareholders are taking the Commonwealth Bank to court, alleging that it is misleading investors about its financial position

Planned gas investments will blow 1.5C climate target, say analysts

Report by Climate Action Tracker warns that overly bullish gas demand forecasts will lead to stranded assets or an unsafe future climate

Exxon shareholders win ‘historic’ climate vote against board’s advice

Shareholders in world’s largest private oil company won a victory that signals deep unease about climate change amongst major investors

Exxon shareholder rebellion gains momentum ahead of climate vote

Major investors BlackRock and Vanguard could tip the balance and force oil firm to publicly divulge risk clean technology and regulations pose to its business

UK is in no position to lecture Saudis on oil dependence

PM Theresa May has offered to help wean Saudi Arabia off oil, but her government’s subsidies to North Sea producers are a poor model for the Middle East petrostate

Exxon Mobil shareholders renew call for 2C climate analysis

New York State and the Church of England lead investors worth US$4trn in campaign for US oil major to disclose climate risks

Carbon bubble

Climate finance

Only one-fifth of climate finance going to adaptation, finds OECD

Donors overwhelmingly favour supporting projects that cut emissions rather than cope with the impacts of climate change, despite calls for parity

Preparations for the climate crisis will save trillions, commission finds

Every $1 spent on climate adaptation could see between $2 and $10 of net economic benefit, but current investments are lagging way behind

AIIB must stop backing gas in climate-hit Bangladesh

The Beijing-headquartered development bank is skewed towards fossil fuels, when it should be helping poorer countries access clean renewable power

African ministers lobby UK for control of climate aid

Ministers from Uganda and the Gambia met the UK’s development secretary to ask for more say over how climate finance is spent

Climate finance misses its mark in Ugandan landslide zones

On the slopes of Mount Elgon, residents live in fear of the next deadly landslide, as tree-planting solutions fail to take root

One billion without power need new World Bank president to keep faith

As the bank welcomes its new boss, he must fulfil its mission to prevent climate change by bringing clean energy to those currently in the dark

Macron puts European climate bank on EU election agenda

French proponent ‘pleased’ Macron has backed a new institution, although the president’s support was left deliberately vague, said a government official

Bill Gates throws new weight and cash into climate fight

In back-to-back events this week, the billionaire launched projects to slow global warming and limit the damage it causes

Climate finance

Divestment

European Investment Bank moots fossil fuel lending ban

The world’s largest development bank proposed a pivot to clean energy, in a draft plan for consideration by EU finance ministers in September

Children made climate an election issue. Now we’ll target banks that fuel fossils

The EU election showed voters have heard the school strikers’ call for action. But will the public institutions that finance coal, oil and gas projects also listen?

Climate Weekly: Norway divests (a bit)

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Norway calls for $1 trillion fund to sell some oil and gas stocks

The government proposes to divest a reported $7.5 billion worth of shares in oil production, without banning mixed oil majors like Shell and Exxon Mobil

EU subsidies to a massive gas pipeline clash with climate goals

The European Investment Bank approved a €1.5 billion loan to the Trans Adriatic Pipeline last week. This is why it matters

Insurers urged to stop underwriting coal projects, following Axa move

#UnfriendCoal campaign targets the insurance sector to end support for climate-polluting fossil fuels

Anti-fossil fuel activists stage Louvre oil slick

Group protesting against museum’s links to oil major Total create symbolic river of crude on steps in front of one of the museum’s main attractions

Irish lawmakers vote to divest from fossil fuels

Ireland could become the first country to fully divest its sovereign wealth fund from coal, oil and gas

Divestment

Green bonds

Ex-UN climate chief calls for green bonds to hit $1 trillion by 2020

Christiana Figueres is urging public authorities and corporates to scale up climate-friendly infrastructure investment by 2020, under the “green bond pledge”

India raises $400m green bond to fund renewables drive

Money raised by the Power Finance Corporation will support solar and wind projects, contributing to national renewables target of 175GW capacity by 2022

Fiji announces $50m ‘climate bond’ ahead of COP23 presidency

Prime minister Frank Bainimarama says money raised with help from the World Bank sets an example for innovative green finance to protect the vulnerable

China is taking the green bond market by storm

Beijing’s sustainable finance push is bearing fruit, with a world-leading $36.9bn worth of green bonds issued last year

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

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

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

Green bonds