Climate finance
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
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
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
Vulnerable nations set up alliance to prepare loss and damage action plans
Researchers are working with eight developing countries to pool resources and respond to climate disasters with local solutions
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.
Governments sworn to secrecy on ‘$20bn’ for Indonesia’s energy transition
They won’t reveal who is paying what or how it will be spent and one bank said their $1bn contribution is just something they’re “willing to consider”
UN sets date for loss and damage talks, risking Asian no-show
Negotiators will gather in Egypt at the end of March to discuss a fund for climate victims, whether the Asia-Pacific group has nominated its members or not
Banga the banker – Climate Weekly
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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
“First step”: Reformers react to World Bank plan to free up climate spending
The bank plans to relax its lending rules to channel more money into projects tackling climate change – but officials pushing the reform say it is too timid
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.
Another sceptic bites the dust – Climate Weekly
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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
World Bank chief to step down early after climate controversy
Last year, the World Bank’s president David Malpass refused to accept the scientific consensus on global warming, leading to calls for the US government to push him out
Biden promises to “work with Congress” to fund Amazon protection
With Jair Bolsonaro out of power, one obstacle to US funding for Amazon rainforest protection has gone – but Republicans in Congress could still block funding.
Missed deadline raises risk of delays to loss and damage fund
Fewer than half the seats on a loss and damage transitional committee have been filled, holding up work to channel funds to climate victims
Colombia gets $70m from new global renewable integration fund
Colombia will get the first pay-out of a $300m Climate Investment Funds pot for transmission lines, batteries, EV chargers and green hydrogen
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
World Bank adaptation funds slept through Pakistan’s record flooding
A $100 million project was meant to protect Karachi slumdwellers from flooding, but instead made many homeless before work stalled