Climate finance
World Bank controversy sends loss and damage talks into overtime
Developing countries are outraged by a proposal to host a climate loss and damage fund at the World Bank, painting it as a US power grab
China’s Belt and Road gets ‘green’ reboot and spending boost
Clean energy is a priority as China promises $100 billion of development funding – but don’t call it climate finance
World Bank approves green reforms, appeals for more money
While technical tweaks should make the World Bank’s capital go further, their impact depends on shareholders injecting fresh funds
Saudi Arabia, Russia urge World Bank to keep funding fossil fuels
Major oil and gas producers hit back at World Bank reforms that aim to channel more money into clean energy
World Bank targets dirty subsidies to fund climate action
The World Bank says it will try to get governments to stop spending public money making fossil fuels artificially cheap
Green Climate Fund ambition at risk after ‘disappointing’ pledges
The UN’s flagship climate finance initiative can barely sustain its existing portfolio after a lackluster fundraising conference on Thursday
Exposed: carbon offsets linked to high forest loss still on sale
Project owners in Cambodia and Brazil are selling carbon offsets to Uber, Marathon and ArcelorMittal despite an uptick in deforestation
Brazilian government eyes money from Amazon Fund for controversial road
Brazil’s transport ministry plans to bid for money from the Amazon Fund to pave the world’s “most sustainable highway”
Ministerial shows fault lines on climate loss and damage fund
On the sidelines of the UN general assembly, rich and poor countries were divided on how to deliver funds to victims of the climate crisis
Green Climate Fund may have to curb ambition as funding stagnates
The UN’s flagship global climate fund looks likely to have to rein in its ambition, after France announced just a 4% boost in its contribution.
Rich countries ‘confident’ $100bn climate finance delivered in 2023
Data won’t be confirmed until 2025 and developing countries say the rich world must make up for earlier shortfalls from the target
EU uses pollution tax funds to back Romanian gas pipeline
The European Union is using taxes on pollution to fund a gas pipeline in Romania, claiming it will reduce emissions compared to coal
Rich countries sink billions into oil and gas despite Cop26 pledge
The US, Germany and Italy have been accused of backsliding on a Glasgow promise to end public subsidies to fossil fuel projects overseas
A wolf in sheep’s clothing: why Africa should shun carbon markets
Turning Africa into a source of carbon credits will benefit polluters and middlemen, not most Africans and not the planet
African leaders skirt over fossil fuels in climate summit declaration
A joint statement forming the basis of Africa’s negotiating position for Cop28 is silent on the role of oil and gas
UAE pitches itself as Africa’s carbon credits leader
An Emirati coalition has announced a $450 million commitment to buy carbon credits generated in Africa but critics called offsets a “risky diversion”
Green debt swaps, explained
Debt-for-nature and debt-for-climate swaps are becoming more common, with Ecuador’s recent $1.6bn deal the biggest yet. How do they work?
US denies rigging loss and damage fund’s board in rich nations’ favour
The US wants extra seats for major donors to the fund on top of developed country representation, sparking accusations of “double counting”
Developing countries call for $100 billion loss and damage target
The 2030 target is one of several contentious proposals at negotiations in the Dominican Republic this week over a new loss and damage fund
Cooking the books: cookstove offsets produce millions of fake emission cuts
Projects in India linked to Enking, the self-proclaimed world’s largest carbon credits producer, have vastly overestimated climate benefits