Climate finance
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
Money row delays green plan – Climate Weekly
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As Guyana shows, carbon offsets will not save the Amazon rainforest
With all their flaws, carbon offsets are not the solution to deforestation of the Amazon rainforest – leaders should acknowledge that
Germany plans to keep funding new gas projects overseas despite pledge
Draft guidelines for its export credit agency signal support for some gas projects until 2025 – three years after the deadline set by the Glasgow pledge
UN climate fund suspends project in Nicaragua over human rights concerns
The Green Climate Fund suspended a $117 million forest conservation project in Nicaragua over escalating violence against indigenous people.
What’s in a word? – Climate Weekly
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Kerry rejects “climate reparations” but praises loss and damage fund
Experts said that the term “climate reparations” implies liability, whereas the loss and damage fund will be filled on a voluntary basis
Canada pledges US$340m to UN’s Green Climate Fund
Canada’s climate minister implied he would like to have given more but said he’s “not the finance minister unfortunately”
After “sleepless nights”, governments strike deal on Green Climate Fund strategy
Developed countries pushed for more focus on private money while developing governments wanted more public money from rich nations
Green Climate Fund backs scheme financing farming corporations accused of destroying forests
The fund aims to stop deforestation in the supply chains of major commodities. But campaigners are concerned over money going to big companies linked to irregularities
The UK’s retreat from climate leadership is not in its national interest
The UK won friends and influence as Cop president, its not in its interest to throw that all away by abandoning its climate ambition
Developing nations decry risk of UK breaking climate finance pledge
The UK promised to deliver £11.6 billion in international climate finance by 2026. But a leaked memo suggests the target is being dropped.
Identifying loss and damage is tough – we need a pragmatic but science-based approach
It’s often hard to judge whether a drought is weather-related or climate related and whether people are displaced by the drought or conflicts