Finance

Germany, Japan must not water down G7 commitment to end fossil fuel finance

There are worrying signs from Berlin and Tokyo of backsliding on a pledge to end public finance for fossil fuel projects overseas by the end of the year

Data exclusive: The ‘junk’ carbon offsets revived by the Glasgow Pact

Analysis for Climate Home identifies hundreds of problematic projects that could be used to greenwash national and corporate climate plans

Patricia Espinosa: Some rich nations felt demands on finance were ‘too strong’

Outgoing UN climate change head says finance from rich to poorer nations is what makes the international action possible – and failure to deliver is stalling progress

Frustration turns to anger – Climate Weekly

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Island states say fund for climate disaster victims must be created by Cop27

After three decades of frustration, vulnerable countries are determined the “Glasgow dialogue” on loss and damage must deliver more than just talk

Deutsche Bank executive resigns after offices raided in greenwashing probe

Asset management subsidiary DWS is under investigation for mislabelling investments as “sustainable”, in a case that could amount to investment fraud

European Commission overreported climate spending by €72 billion, auditors find

Only 13% of EU spending 2014-20 was relevant to climate action, not 20% as claimed, the European Court of Auditors said, with the biggest gap in farming policy

UN body makes ‘breakthrough’ on carbon price proposal for shipping

After a decade of talks, there is consensus at the International Maritime Organization to put a price on shipping emissions – the next question is how high

Why Denmark and Bangladesh are urging support for victims of climate disaster

Millions of people in vulnerable nations are experiencing losses and damages from climate impacts. To help them, we need to break the deadlock at UN climate talks

Philippines inquiry finds polluters liable for rights violations, urging litigation

The national human rights commission found 47 “carbon majors” acted “immorally” and could be sued – giving fresh impetus to legal challenges

Finance

Green Climate Fund

South African bank held to net zero standard for GCF accreditation

Developing country board members objected that it was unfair to hold institutions in rich and poor countries to the same green standards

After US fails to pay its debt, UN’s flagship climate fund warns of austerity

Without more money coming in, the Green Climate Fund’s head warned that the pipeline of carbon-cutting projects in developing countries would have to be cut

Dispute grips Green Climate Fund over net zero condition for accessing finance

Board members from developing countries insisted that making a 2050 net zero goal a condition for accreditation to the fund breaches equity principles

GCF considers renewed partnership with UNDP, amid corruption investigations

The Green Climate Fund board has been advised to re-accredit the UN development agency, despite unresolved corruption claims against projects in Samoa and Armenia

Row erupts at Green Climate Fund over who defines climate adaptation

Two adaptation projects didn’t make it pass the UN’s flagship fund’s technical panel, while board members decide to partner with a fossil fuel backing Japanese bank

Joe Biden’s $1.2bn budget for Green Climate Fund falls short of campaigner demands

The proposed US contribution to the UN’s flagship climate fund this year is not enough to catch up with other donors

Green Climate Fund whistleblowers urge US to take its money elsewhere – until ‘toxic’ workplace is fixed

As John Kerry promises to “make good” on a $2 billion pledge to the GCF, the UN’s flagship fund faces critically low confidence in its senior management

Concerns raised about Green Climate Fund flood defence project in Samoa

Flood walls in Samoa financed by the UN’s flagship climate fund are inadequate and could put people in danger, experts warn

Green Climate Fund

Carbon markets

Australian carbon traders defend troubled offset market against whistleblower claims

Policy upheaval and stark criticism of the quality of carbon offsets from a former official have thrown Australia’s ability to deliver on carbon targets into doubt

Carney, Kyte oversee carbon offset rules to address greenwashing concerns

Two initiatives will release standards for the voluntary carbon market this year, while campaigners denounce offsetting as a “scam” that delays real climate action

‘Misleading’ Polish billboards blame EU climate policy for electricity costs

State-owned utilities are using rising energy costs to attack the EU emissions trading system, stoking tensions between Warsaw and Brussels

Crypto bubble: The hype machine behind a $70,000 carbon credit

UK-based cryptocurrency venture Save Planet Earth has convinced investors it can make them rich and fix the climate, but its tree-planting vision is a long way from reality

Big business must not be allowed to set the carbon trading agenda at Cop26

Delicate negotiations on carbon market rules in Glasgow could be thrown off course by the big banks’ push to “scale up” voluntary carbon trading

‘Chess game’ as negotiators seek elusive carbon market deal at Cop26

Agreeing on rules for a global carbon market has become a high-level political focus of the Glasgow summit but experts warn getting it wrong will undermine 1.5C ambition

We don’t have time to dismiss carbon markets as a climate solution

Concerns carbon markets could become a new form of colonialism are not unfounded – but with robust safeguards, they can deliver much-needed climate finance

Japan eyes international carbon offsets to deliver 2030 emission cuts

Campaigners accused Japan of failing to take responsibility for cutting its own emissions and relying on developing nations to do so

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

IMF’s resilience fund ‘out of reach’ for some nations in need

The Resilience and Sustainability Trust aims to help countries prepare for climate shocks. Bangladesh, Zimbabwe and the Philippines are among those unlikely to qualify

Vulnerable nations set to pilot loss and damage funding facility

Finance ministers from vulnerable nations have secured philanthropic funds to demonstrate how support for victims of the climate crisis could work

DR Congo audit exposes ‘lawless’ logging sector, implicating six former ministers

As Norway, UK and Germany commit millions to protect the Congo rainforest, a damning report shows governance in chaos

The world’s poorest have the strongest resilience, yet their voices remain unheard

Those on the frontline of the climate crisis have something to teach the world about climate resilience if they are given a meaningful seat at the table

Climate finance should not be made to compete with aid to Ukraine

As governments redirect emergency aid to Ukraine, they need to find additional funds for climate finance and not pitch the two crises against each other

‘Betrayal’: US approves just $1bn climate finance for developing countries in 2022

The Biden Administration committed to deliver $11.4 billion a year in climate finance by 2024, but Congress approved a mere fraction of that

Haven of African elephants at risk, say park rangers decrying poor pay and conditions

Forest guards in Gabon say their salaries are often paid several months late and are threatening to go on strike

EU lawmaker calls for carbon border tax revenues to boost climate finance

Support to clean up industries in least developing countries is necessary for the propose levy to comply with WTO rules, Mohammed Chahim argues

Climate finance

Divestment

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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Trump criticises ‘prophets of doom’ in Davos and touts fossil fuels

Trump, Thunberg set out radically different visions for the economy and climate in the 21st century

Finally saying the F-words at UN climate talks 

International negotiations have always focused on carbon emissions, not the coal, oil and gas that create them. That’s changing

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

Divestment

Green bonds

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”

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