Climate finance
UN climate chief warns of “two-speed” global energy transition
Simon Stiell tells investors in NYC that rich countries are benefiting most from clean energy growth while poorer nations are deprived of finance for cheaper renewables
Senegalese banker Ibrahima Cheikh Diong picked to lead new loss and damage fund
Diong has experience in development banking, government and insurance against climate disasters in Africa
Biodiversity finance grew ahead of COP16 but came mostly as loans, says OECD
Funding for efforts to protect and restore nature increased to $15.4 billion in 2022 – mostly driven by concessional loans from multilateral banks
UK calls for “ambition” on COP29 climate finance goal but won’t talk numbers
The UK’s new foreign minister, David Lammy, says Global North rhetoric on climate action must be matched by funding but stays silent on the size of a new global finance goal
Developing countries denounce rich nations’ disregard for just transition talks
One negotiator said it was “very unfortunate” that no developed-country officials travelled to Ghana for UN climate talks on “response measures”
Slow progress in Baku risks derailing talks on new climate finance goal at COP29
Azerbaijan’s COP29 president calls for determination and leadership from all countries to bridge the gaps on finance
Green Climate Fund restructures, aiming to become donors’ “partner of choice”
GCF chief Mafalda Duarte tells Climate Home how she plans to boost the fund’s impact and position it to secure more resources
UN climate chief calls for “exponential changes” to boost investment in Africa
Action on clean energy and adaptation can be the single greatest opportunity to lift up African people and economies, Simon Stiell says
As Pacific Islanders, we need climate action – not greenwashing – from Azerbaijan
As host of the COP29 summit, Baku must stop fossil fuel expansion, cut its emissions further, and work to deliver an ambitious climate finance goal
Verra axing of Shell’s rice-farming carbon credits in China fuels integrity fears
The carbon market standard found “serious” quality issues with the projects, prompting questions about their initial approval
Leaders are cutting fossil fuel finance – next comes unlocking clean energy for all
While international public finance for coal, oil and gas has fallen by two-thirds, little of that money has gone to boost green energy in poorer countries
EU hit with lawsuit over green labelling of aviation and shipping investments
Environmental campaigners take the EU to court over the inclusion of fossil fuel-powered planes and ships in green taxonomy
How can governments tackle loss and damage at the national level?
As host of the board of the new UN L&D fund, the Philippines can set an example with its pioneering climate accountability bill
Climate disasters challenge right to safe and adequate housing
Climate-proofing homes is now an essential response to regular extreme weather events and can help prevent displacement
In a world first, Grenada activates debt pause after Hurricane Beryl destruction
More creditors are agreeing to suspend debt payments in the wake of weather disasters, but experts say greater financial relief will be needed
Switzerland and Canada propose ways to expand climate finance donors
Detailed criteria would include China and Gulf States in the donor base. But experts recommend incentives not coercion
Renewable-energy carbon credits rejected by high-integrity scheme
The Integrity Council for the Voluntary Carbon Market decided existing renewables methodologies don’t do enough to prove their emissions reductions are additional
UAE’s ALTÉRRA invests in fund backing fossil gas despite “climate solutions” pledge
Four months after partnering with the new “landmark” climate vehicle at COP28, a BlackRock fund put money into a US gas pipeline
A global wealth tax is needed to help fund a just green transition
Brazil and France have proposed a tax on the super-rich to fight against poverty and climate change – G20 finance ministers should get behind it this week
The world needs a new global deal on climate and development finance
A more effective framework led by the UN could involve a binding financial target, a role for emerging economies and consolidation of funds