Climate finance
Climate leaders, oil bosses pitch alternate energy-transition realities
As climate officials prepare the next steps in a globally agreed shift away from fossil fuels, oil and gas executives return fire
African dismay at decision to host loss and damage advice hub in Geneva
The UN agencies that will run the Santiago Network recommended it should be based in Nairobi but governments have instead chosen the world’s third-most expensive city
Shipping sector pushes to keep emissions-tax cash for itself
The industry and governments’ maritime ministries want a proposed levy on emissions spent on cleaning up shipping, not used for wider climate goals like loss and damage
In Somalia, Green Climate Fund tests new approach for left-out communities
GCF head Mafalda Duarte promises a more proactive plan to bring cash to the most vulnerable countries struggling with climate impacts
Paraguay’s carbon deal with Singapore beset by lobbying, lax rules
UN rules governing bilateral carbon offsetting between governments have yet to be agreed but deals are being done, raising concerns about integrity
Is water provision in drought-hit Zambia climate ‘loss and damage’ or adaptation?
Farmers need crop irrigation to help beat drought – but it’s unclear if that would qualify for new loss and damage funding
UN climate fund axes Nicaragua forest project over human rights concerns
In its first such move, the Green Climate Fund has pulled out of a project after developers failed to address environmental and social compliance issues
Fossil fuel firms seek UN carbon market cash for old gas plants
Fossil fuel companies that built gas power plants more than a decade ago are hoping for rewards from a new carbon credit market
Aid watchdog questions UK’s climate finance accounting
Britain has changed how it calculates its international climate aid, boosting its progress towards a 2026 goal without giving vulnerable countries more money
When governments fund fossil fuels, it’s time to take them to courtÂ
A new wave of climate litigation is targeting state institutions that are still providing public finance for fossil fuels, despite pledges to turn off the funding tap
Countries draw battle lines for talks on new climate finance goal
Developed and developing countries are gearing up for heated discussions over the size of the goal and who should provide money for it
Loss and damage must be a focus of IPCC’s next reports
Without proper interventions anchored on the latest and best available science, even more people would be vulnerable to disastrous impacts of tremendous economic and non-economic costs.
Blended finance can perpetuate climate colonialism
‘Blended finance’ took centre stage at Cop28, with the Green Climate Fund among its supporters. But there are still major problems with the concept that must be addressed before considering any further expansion.
US trade agency backs oil and gas drilling in Bahrain despite Biden pledge
Ex-Im’s financing would boost fossil fuel production in the Gulf state with the construction of over 450 new oil and gas wells
“Shameful”: Shell uses carbon credits under investigation to meet climate targets
The oil and gas giant offset part of its emissions with over a million credits from Chinese projects suspended because of integrity concerns
Rich nations miss loss and damage fund deadline
Their failure to agree risks delaying help for victims of climate disasters in developing countries
For Cop29 to succeed, rich nations must get their parliaments to agree more finance now
Rich nations always say they need their parliaments approval for climate finance at Cops – now is the time to start
Junk offset sellers push to enter new UN carbon market
Renewable energy schemes make up four-fifths of Kyoto-era projects hoping to keep selling offsets under Article 6, sparking concerns over the credibility of the new market.
High stakes for climate finance in 2024
Setting finance goals without the revenues and systems to deliver on them is a recipe for disappointment – this year it must be different.
Witness bribing minister’s family own Congolese carbon credit company
The minister Jean-Pierre Bemba bribed witnesses in his war crimes trial and holds power over the environment minister Eve Bazaiba