Rich nations “on track” to double adaptation finance but huge gap persists
While adaptation funding jumped by about a quarter in 2022, a large share came as loans rather than grants, adding to developing-nations’ debt burdens
Finance
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How to fix the finance flows that are pushing our planet to the brink
Commercial banks are financing a huge amount of fossil-fuel and industrial agriculture activities in the Global South – they must turn off the tap
COP29 Bulletin Day 7: Emissions-cutting talks resurrected and G20 nudge on finance
COP29 president Mukhtar Babayev says the summit “cannot be silent on mitigation” as countries split on where to discuss the energy transition
After developing country walkout, ministers arrive to rescue nature talks
Tensions are running high at the Cop15 biodiversity summit over a finance gap estimated at $700 billion per year
In Java, a Japanese-financed coal plant threatens our health and livelihoods
The Indramayu coal plant will dirty our air, destroy our livelihoods and worsen the climate crisis. Japan must stop financing it immediately
What does China’s Black Monday mean for the climate?
NEWS: Shanghai stock market crash will have rippling impacts on emissions, the green economy and Paris negotiations
Financial gatekeepers are blocking green investment – study
NEWS: Pension funds and investment consultants are passive on climate risk and locked into short-termism, say researchers
Norway fund divests from Asian firms over deforestation
NEWS: Leading investor put four major companies on its banned list for links to environmentally destructive palm oil plantations
Wind company raises $300m in first Chinese green bond
NEWS: Xinjiang-based Goldwind leads race to tap debt finance for environmental goals in world’s highest emitting coun
Offshore wind and rooftop solar have strong Q2
NEWS: Investors plugged US$53 billion into renewables last quarter, says Bloomberg, down 28% on the same period in 2014
Ten banks back zero net deforestation push
NEWS: Standard Chartered is the latest to promise forest-friendly finance under the Soft Commodities Compact
Outcry as UK plans to privatise green bank
NEWS: Proposal to sell off up to 70% of the Green Investment Bank will harm low carbon sector, say wide range of critics
Credit agencies are ignoring climate risk – report
NEWS: Projects like Abbot Point coal port are getting investment grade status, but are incompatible with efforts to curb global warming
Pension funds failing to manage climate risk could get sued
NEWS: Some 85% of the world’s biggest asset owners are doing little or nothing to cut their carbon footprints, AODP reveals, as it prepares to take legal action
No greenwash: Investors urged to disclose climate strategy
NEWS: More than 1,000 investors worth US$70 trillion have been challenged to show how they are managing climate risk
Oil majors gambling US$91bn on 20 high-risk projects
NEWS: Tar sands and deep sea oil projects are bad for business as well as the environment, analysts warn
Shell ‘short sighted’ on climate risk – study
NEWS: Oil company Shell is failing to account for long term climate risks, according to detailed analysis from the Carbon Tracker Initiative
Yvo de Boer: It’s time to measure the ‘true value’ of business
COMMENT: What if cost of environmental damage caused by businesses were subtracted from their profits?
Climate adaptation faces funding crisis warn UN officials
Adaptation Fund must find predictable stream of money in the wake of carbon market collapse, say board members
Japan continues to fund coal despite increasing US pressure
Japan’s role as world’s biggest funder of coal since 2007 dents US-led efforts to curb finance for the fossil fuel
Opposition MPs criticise Harper for ignoring climate in Canada budget
‘Climate change’ does not appear once in latest federal budget, leading to further criticism of Harper government
Coal blow as major European bank cuts funding
European Bank for Reconstruction and Development to limit funding of coal projects and boost investment in renewables and energy efficiency
EU climate chief demands action to address “emissions gap”
Morning summary: EU climate chief calls for action on cutting emissions; China’s corn harvest set to decline after flooding and drought; and Norway’s Sovereign Wealth Fund could divest from coal
Is the rise of Islamic finance good news for the environment?
Economic and ethical focus of fast expanding Islamic banks could be good news for green investments