Climate finance
France and UK lead push for climate finance to restore nature
Campaigners welcomed commitments to ramp up funding for biodiversity but raised concerns it came at the expense of other climate and aid spending
China launches world’s largest carbon market for power sector
China’s national emissions trading scheme could become a significant lever for climate action, but experts warn that it will do little to curb emissions in the short term
Gas pipeline investment shows flaws in EU ‘climate bank’ approach
The European Climate Bank claimed its €1 billion investment in the Southern Gas Corridor was “climate neutral”, based on mistaken assumptions
UN-led carbon market suspends formal project registration after 2020
Countries are under mounting pressure to resolve carbon trading rules at Cop26, as the future of the Clean Development Mechanism hangs in the balance
UK plans climate donor summit to address ‘dismal’ support for poorer nations
The presidency of next year’s Cop26 climate talks will bring vulnerable countries and donors together to address climate and development challenges
Poor nations call for more financial support to cope with climate impacts
At a summit of least developed countries, leaders said they needed aid to overcome climate disasters and put ambitious climate plans into action
Christine Lagarde must change course to a green coronavirus recovery
The European Central Bank has pumped an estimated €100 billion of Covid bailout cash into polluting sectors, despite its chief’s climate-friendly rhetoric
Brazil sets ‘indicative’ goal of carbon neutrality by 2060
Brazil is seeking to join the net zero club, but campaigners denounced its pledge as meaningless while deforestation rises under President Bolsonaro
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
China’s environment ministry floats ‘ban’ on coal power investment abroad
A Chinese government-commissioned report proposes stricter environmental standards for “belt and road” investments, but it needs buy-in from financial institutions
UK aid budget cuts undermine trust ahead of Cop26 summit, experts warn
As developing countries prepare to negotiate a scaling up of climate finance at next year’s Cop26, the UK host faces criticism for reneging on its aid commitment
Saudis and Europeans reach compromise on climate as G20 projects unity
EU leaders endorsed Riyadh’s contentious “circular carbon economy” vision at the G20 summit, in exchange for a renewed commitment to phasing out fossil fuel subsidies
Defunding coal – Climate Weekly
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EIB approves €1 trillion green investment plan to become ‘climate bank’
The EU investment arm’s climate roadmap ends lending to airport expansions but does not require all the bank’s intermediaries to have decarbonisation plans
Asian development banks resist coal phase-out pledge at French summit
Despite net zero pledges from the governments of China, Japan and South Korea, the ADB and AIIB are reluctant to commit to reducing finance to fossil fuels
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
Mark Carney oversees blueprint for scaling up carbon market as offset demand soars
With more and more businesses setting net zero emissions targets, the voluntary carbon market needs stronger quality control to scale up, says UN special envoy
As young people, we urge financial institutions to stop financing fossil fuels
Development banks supporting dirty projects are exacerbating climate chaos. This year needs to be a turning point to a just and sustainable future
OECD: One-fifth of climate finance goes to adaptation as share of loans grows
Donor countries mobilised $78.9 billion of climate aid in 2018, but developing nations are expected to pay back nearly three quarters of the money
Debt-for-climate swaps can help developing countries make a green recovery
In Argentina, green debt relief has supported forest conservation, an approach that can and should be scaled up as coronavirus stretches budgets