Finance

G20 waters down experts’ climate finance report, despite UN pressure to act

A report by top economists on finance for climate action was weakened after feedback from G20 nations, even as the UN says they must all slash emissions

At COP16, countries clash over future of global fund for nature protection

Some biodiverse developing nations want to replace it with a new fund that would give them a bigger say in how it’s run and easier access to its resources

European Central Bank holds back plan to boost climate finance for Africa, Latam

The African and Inter-American Development Banks want assets channelled through them so they can get more from the money

Parametric triggers: How small islands can escape the climate-poverty trap

The loss and damage fund should use parametric triggers to pay out when climate disaster strikes small island developing states

Why we need new laws to end coal, oil and gas – now  

Introducing strong policies to accelerate the rollout of renewables, coupled with a rapid, legally implemented phase-out of fossil fuels, may be our best hope for curbing global warming

The Global South is surging ahead in the renewables revolution 

Many developing countries are rich in renewable resources and growing them fast – with more investment, they can tip the balance towards green industrialisation

To capture renewable energy gains, Africa must invest in battery storage

With rich raw materials and rising interest in manufacturing capacity, the continent can become a global leader in the battery storage value chain – but it needs international capital

UN approves carbon market safeguards to protect environment and human rights

Developers of carbon credit projects will have to carry out a risk assessment and minimise any social or environmental impacts

How the world can set itself up for success at COP29 

A new climate finance goal is the top priority for the Baku summit – and there are signs of convergence on critical issues 

Progress on structure for new global climate finance goal but trickier divides persist

Negotiators cite “convergence” on the shape of the post-2025 finance goal but gaps remain on contributors and amounts

Finance

Green Climate Fund

Green Climate Fund restructures, aiming to become donors’ “partner of choice”

GCF chief Mafalda Duarte tells Climate Home how she plans to boost the fund’s impact and position it to secure more resources

In Somalia, Green Climate Fund tests new approach for left-out communities

GCF head Mafalda Duarte promises a more proactive plan to bring cash to the most vulnerable countries struggling with climate impacts

UN climate fund axes Nicaragua forest project over human rights concerns

In its first such move, the Green Climate Fund has pulled out of a project after developers failed to address environmental and social compliance issues

Green Climate Fund ambition at risk after ‘disappointing’ pledges

The UN’s flagship climate finance initiative can barely sustain its existing portfolio after a lackluster fundraising conference on Thursday

Green Climate Fund may have to curb ambition as funding stagnates

The UN’s flagship global climate fund looks likely to have to rein in its ambition, after France announced just a 4% boost in its contribution.

UN climate fund suspends project in Nicaragua over human rights concerns

The Green Climate Fund suspended a $117 million forest conservation project in Nicaragua over escalating violence against indigenous people.

After “sleepless nights”, governments strike deal on Green Climate Fund strategy

Developed countries pushed for more focus on private money while developing governments wanted more public money from rich nations

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

Green Climate Fund

Carbon markets

Guyana’s carbon-credit deal to protect forests undermines its forest protectors 

Guyana’s Indigenous communities are under siege from all sides – including an opaque carbon-offsetting scheme agreed by the government on our lands

Amazon state that will host COP30 strikes “largest carbon credit sale in history”

A coalition of governments and multinational corporations promises to pay Pará state $180m to save its rainforest

Verra axing of Shell’s rice-farming carbon credits in China fuels integrity fears

The carbon market standard found “serious” quality issues with the projects, prompting questions about their initial approval

Renewable-energy carbon credits rejected by high-integrity scheme

The Integrity Council for the Voluntary Carbon Market decided existing renewables methodologies don’t do enough to prove their emissions reductions are additional

US government backs the carbon credit industry’s push to fix itself

The Biden administration throws its weight behind the industry’s attempts to boost integrity in the beleaguered market

UN agrees carbon market safeguards to tackle green land grabs

Local communities will be able to officially challenge UN-registered carbon credit projects before and after they are up and running

SBTi needs tighter rules on companies’ indirect emissions

Businesses are not required to cut all their value chain emissions in line with a 1.5C warming limit – and allowing offsetting could weaken efforts further

Paraguay’s carbon deal with Singapore beset by lobbying, lax rules

UN rules governing bilateral carbon offsetting between governments have yet to be agreed but deals are being done, raising concerns about integrity

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

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

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

Carbon bubble

Climate finance

Colombia adds nature to the mix with its $40-billion energy transition plan

The investment plan mirrors the model of Just Energy Transition Partnerships (JETPs) – and includes $8.5 billion to conserve and restore nature

UN climate chief warns of “two-speed” global energy transition

Simon Stiell tells investors in NYC that rich countries are benefiting most from clean energy growth while poorer nations are deprived of finance for cheaper renewables

UN climate chief calls for “exponential changes” to boost investment in Africa

Action on clean energy and adaptation can be the single greatest opportunity to lift up African people and economies, Simon Stiell says

Leaders are cutting fossil fuel finance – next comes unlocking clean energy for all

While international public finance for coal, oil and gas has fallen by two-thirds, little of that money has gone to boost green energy in poorer countries

EU hit with lawsuit over green labelling of aviation and shipping investments

Environmental campaigners take the EU to court over the inclusion of fossil fuel-powered planes and ships in green taxonomy

Climate disasters challenge right to safe and adequate housing

Climate-proofing homes is now an essential response to regular extreme weather events and can help prevent displacement

UAE’s ALTÉRRA invests in fund backing fossil gas despite “climate solutions” pledge

Four months after partnering with the new “landmark” climate vehicle at COP28, a BlackRock fund put money into a US gas pipeline

Bonn talks on climate finance goal end in stalemate on numbers

Negotiations failed to progress as rich countries refused to discuss a dollar amount for the new goal due to be agreed at COP29

Climate finance

Divestment

EU “green” funds invest millions in expanding coal giants in China, India

Climate Home found leading asset managers hold shares in coal firms within funds touting sustainable credentials

G7 coal charade: Funding the fire they claim to fight 

Rich countries should take concrete steps to stem the global flow of funds from their commercial banks which are fuelling expansion of the coal industry

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 

Climate fund considers India, South Africa to pilot $2bn coal transition scheme

Climate Investment Funds CEO Mafalda Duarte has been tasked with mobilising private capital to help wean developing countries off coal and create cleaner jobs

Malaysian bank to phase out coal finance, in a victory for campaigners

CIMB has been hailed as the first major bank in an emerging market to publish a coal exit strategy, after investing $2.6 billion in the sector last decade

Coronavirus: investors and policymakers must shift to increase resilience

Incentives for long-term sustainability, an end to fossil fuel subsidies, more telework are all needed to make the global economy resilient to shocks like Covid-19

South Korea urged to exit coal by 2029 to stick to Paris climate agreement

Climate Analytics research group calls on Seoul to phase out existing coal-fired power plants, stop new construction and halt funds for coal projects in other Asian nations

‘Trundling over to Africa’ – Climate Weekly

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Divestment

Green bonds

Japan backs fossil fuels in Southeast Asian “zero emission” initiative

Japan’s Asia Zero Emission Community (AZEC) supported 56 projects using fossil fuel technologies in Southeast Asia — including LNG and carbon capture

Exclusive: Japan uses ‘environmental’ fund to finance Vietnamese coal plant

The Japan Bank for International Cooperation approved a loan to the controversial Vung Ang 2 coal project from a facility intended for “environmental preservation”

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

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

Green bonds