Governments fall short in UN’s East Africa drought appeal

Donor countries promised only a third of the $7bn the UN was appealing for to provide humanitarian aid to drought-stricken Kenya, Ethiopia and Somalia.

UN advises against offsets for carbon removal technologies

Billions of dollars are pouring into tech-based solutions to suck carbon dioxide from the atmosphere but the UNFCCC says they are unproven and pose unknown risks.

Verra boss steps down after criticism of its carbon credits

The carbon credit certifier has both grown rapidly and faced mounting integrity accusations during outgoing CEO’s tenure.

Study: Fossil fuel firms owe $209bn a year for climate damage

A multi-billion dollar reparations scheme has been proposed for fossil fuel companies to atone for the damage caused by their greenhouse gas emissions

US backs Indonesian oil refinery despite pledge to end fossil fuel finance

The US has been accused of “breaking” a key climate financing commitment by approving almost $100m in support for an overseas fossil fuel project

Verra’s revamped forest offset programme comes under fire

Verra picked a controversial carbon credit verifier to review its new forest offset rules and critics say the changes don’t fix the problem

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

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.

Mitsubishi bets on carbon removal while keeping coal plants

Japanese engineering giant Mitsubishi has announced a major investment in carbon removal technology, despite continuing to run fossil fuel power plants.

US pledges $1 billion to Green Climate Fund amid call to keep 1.5C in reach

Joe Biden urged leaders of major emitting economies to step up efforts to roll out zero-emission vehicles, cut methane emissions and deploy carbon capture technologies


Green Climate Fund

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

Green Climate Fund credibility hangs over response to violence in Nicaragua project

Indigenous people in Nicaragua have accused a Green Climate Fund project of exacerbating violence with settlers invading their land

Mafalda Duarte named as next chief of UN climate fund

The CEO of the Climate Investment Funds has been picked to head the Green Climate Fund as its board faces its first complaint case

Africa objects to US chairing UN climate fund, citing unpaid $2bn

The Green Climate Fund is making cutbacks to its project portfolio, while the US fails to deliver on a years-old funding pledge

Rich nations deflect GCF climate finance burden to private sector

The US wants to open the door for philanthropists and businesses to contribute to the Green Climate Fund, despite fund staff’s doubts

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

Green Climate Fund

Carbon markets

Carbon discredits – Climate Weekly

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Carbon credit industry resists vulnerable nations’ call to fund adaptation

New carbon credit guidelines do not recommend a mandatory levy to fund adaptation despite calls from vulnerable countries and experts

Consultants close to industry shaped Australia’s controversial carbon credit policy

The government commissioned advice from expensive consultants from EY, a company that had also worked with carbon offsetters and the fossil fuel industry.

Carbon credit rule-makers must engage Indigenous People

Indigenous people protect the forests but the organisation writing up a rule-book for high-quality carbon offsets has not adequately consulted them

Revealed: How Shell cashed in on dubious carbon offsets from Chinese rice paddies

Shell’s rice farming offset projects are under review. Climate Home found them riddled with accounting loopholes and questionable integrity claims.

Corporations push “insetting” as new offsetting but report claims it is even worse

More companies claim that supply-chain carbon removal is the way forward. But a new report raises concern over the credibility and transparency of insetting.

Greenwash alert as Cop27 draft allows double claiming of carbon credits

Companies and countries could take credit for the same tonne of CO2 cut under rules being negotiated in Sharm el-Sheikh

Cop27 bulletin: Could polluter taxes fund loss and damage?

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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

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

Climate finance


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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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


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”

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

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

Green bonds