Climate finance
Senegal shows African countries are not passive beneficiaries of climate finance
While drawing up their renewables deal with wealthy countries, Senegalese government, civil society, business and researchers had their say
Public banks agree to check investments against countries’ climate plans
Ten multilateral development banks have agreed on how to make sure their investments meet climate goals. But experts told Climate Home the rules do not go far enough.
Dreaming big on climate action means finding the money to pay for it
The Paris summit failed to unlock real money for climate finance, potentially driving developing countries further into debt without boosting real climate solutions
World Bank to suspend debt repayments for disaster-hit countries
A pause on loan repayments can give vulnerable countries breathing space when hit by a natural catastrophe
Multilateral banks’ investments in industrial livestock undermine their Paris climate commitments
Public money should stop flowing towards the expansion of animal agriculture, which is responsible for a fifth of the world’s emissions
Fossil fuels, planes, ships and shares – What will be taxed for climate funds?
A range of options for funding climate programmes will be discussed at the New Global Financing Pact summit in Paris tomorrow
Carbon credits touted as saviour of coal-to-clean energy deals
The scheme aims to fund the coal-to-clean energy transition in emerging economies like Indonesia but experts warn the fine print is key
Scrooges block progress in Bonn – Climate Weekly
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World Bank set to take on risk of insuring carbon credits amid market upheaval
As a growing number of developing countries tighten control over carbon markets, MIGA plans to step in to provide political risk insurance and facilitate investments.
Confusion surrounds China’s pledged climate finance towards the Global South
China is not obligated to provide financial aid but has pledged to “make available’ $3.1bn to other developing countries
“Green” funds destroy Indonesia’s forests – Climate Weekly
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Governments fall short in UN’s East Africa drought appeal
Donor countries promised only a third of the $7bn the UN was appealing for to provide humanitarian aid to drought-stricken Kenya, Ethiopia and Somalia.
UN advises against offsets for carbon removal technologies
Billions of dollars are pouring into tech-based solutions to suck carbon dioxide from the atmosphere but the UNFCCC says they are unproven and pose unknown risks.
Verra boss steps down after criticism of its carbon credits
The carbon credit certifier has both grown rapidly and faced mounting integrity accusations during outgoing CEO’s tenure.
Study: Fossil fuel firms owe $209bn a year for climate damage
A multi-billion dollar reparations scheme has been proposed for fossil fuel companies to atone for the damage caused by their greenhouse gas emissions
US backs Indonesian oil refinery despite pledge to end fossil fuel finance
The US has been accused of “breaking” a key climate financing commitment by approving almost $100m in support for an overseas fossil fuel project
Verra’s revamped forest offset programme comes under fire
Verra picked a controversial carbon credit verifier to review its new forest offset rules and critics say the changes don’t fix the problem
Germany promises €2bn to global Green Climate Fund
The pledge sets the bar for other wealthy countries and puts the fund on track for what it calls a “mid” level of ambition
Cop28 boss slams rich nations “dismal” $100bn finance failure
Developed nations should have met the climate finance commitment in 2020. But they are still not there.
Mitsubishi bets on carbon removal while keeping coal plants
Japanese engineering giant Mitsubishi has announced a major investment in carbon removal technology, despite continuing to run fossil fuel power plants.