Climate finance
Climate fund approves plan to speed up coal retirement in Indonesia
The Climate Investment Funds aims to mobilise $4 billion from public and private sources to start decarbonising Indonesia’s power sector
Breakdown: Who is contributing what to South Africa’s clean energy shift
A leaked summary shows Germany and France are providing cheap loans while the UK is making the biggest contribution to mobilise private finance
South Africa approves $8.5bn energy transition investment plan
Insiders say less than 3% of the money rich countries promised is earmarked as grants, raising concerns about fairness and South Africa’s debt burden
Small island states to propose ‘response fund’ for climate victims at Cop27
As rich countries resist creating a ‘funding facility’ to address damages caused by climate change, island states are refining their demands
Financial system shake-up – Climate Weekly
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US, Germany back ‘fundamental reform’ of World Bank to scale climate finance
A group of 10 countries led by the US and Germany have presented the bank’s management with a plan to reform the institution this week
Funds for Pakistan flood relief come too little, too late
Nearly two months on from devastating floods, only $51 million of aid has been delivered, forcing humanitarian groups to make tough decisions
EU outlines funding options to help climate victims recover
At pre-Cop talks in Kinshasa, Frans Timmermans called for ways to address losses and damages caused by climate impacts to be on the agenda at Cop27
EU ministers back €20 billion plan to ditch Russian fossil fuels
Finance ministers agreed to raise funds from the bloc’s carbon market but lawmakers are concerned it could compromise other green measures
Hurricane Ian could cost US $67bn in economic damages
The Category 4 hurricane, one of the most powerful to ever make landfall in the US, has destroyed homes, infrastructure and citrus farms
Corporate pushback against climate action is getting desperate
Our UN-backed initiative was told we could be sued for saying new coal isn’t compatible with science-based targets. We need regulatory reform
Compact for the climate frontlines – Climate Weekly
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Mia Mottley builds global coalition to make financial system fit for climate action
In July, Barbados’ prime minister invited leaders to a retreat to discuss plans to scale-up international finance for the climate frontlines. Now, she’s asking the world for support
When the EU and US score climate points off China, Africa suffers
Frans Timmermans and John Kerry are downplaying historic responsibility for the climate crisis. That’s a red flag for Africa
UN chief: Windfall tax on oil and gas can pay for loss and damage
António Guterres told rich countries taxing fossil fuel companies’ record profits can fund vulnerable nations’ recovery from climate disasters
Denmark becomes first country to pledge ‘loss and damage’ finance
Rich countries have long resisted giving money specifically for the “loss and damage” that climate change is causing
Five burning climate issues for the 2022 UN general assembly
Pakistan’s catastrophic flooding and soaring energy bills are shaping the UN agenda – for those leaders who show up
Pakistani prime minister promises compensation to flood victims
The government will offer financial aid to those who lost homes and crops in Pakistan’s worst-ever floods, Shahbaz Sharif said
Five priorities for a meaningful post-2025 climate finance target
The quality of climate finance is as important as the quantity to rebuild trust after rich countries failed to deliver on their $100bn by 2020 target
Displaced by drought, climate migrants clash with Zimbabwe’s timber industry
After suffering from extreme drought, farmers have settled in timber plantations in eastern Zimbabwe, clashing with government and industry