Climate finance
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
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
Saudi Arabia, Russia push for more World Bank money into carbon capture
At a meeting discussing the World Bank’s stronger focus on climate, Russia has also urged the lender to extend its support for gas projects.
Developing countries call for new government funds for World Bank
Developing nations have called for a capital increase for the World Bank, while rich nations want to stick to accounting tweaks.
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.
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
OECD reforms set to give “green” projects better export finance
OECD countries agree to extend support for ‘climate-friendly’ projects. But vague definitions and inclusion of contested activities worry campaigners.
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.
Carbon discredits – Climate Weekly
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At Luxor talks, splits remain but hopes high for loss and damage fund this year
Negotiators have added an extra meeting to try and get talks finished by Cop28 – but splits over who pays and who receives funds remain
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.
Cyclone Freddy prompts pleas for urgency on loss and damage finance
The first talks on how to set up a loss and damage fund were held this week. In the meantime, disaster-torn countries like Malawi appeal for urgent support.
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.
I’m a COP veteran. Here are 3 suggestions for the new Loss and Damage fund
Cop27 resulted in the historic decision of setting up a loss and damage fund to help vulnerable countries, but success depends on a few key actions.
Nature’s stewards under attack – Climate Weekly
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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
Loss and damage committee ready to start talks following Asian nominations
Six Asian countries will share two seats on the committee due to start work on establishing a fund for climate victims
IMF approves first batch of climate resilience loans
Five countries had loan packages approved under the IMF’s first sustainability fund, but concerns remain about whether it will boost resilience for the most vulnerable nations