Finance

The world is awash with fossil fuels – it’s time to cut off supply

Australia is a major contributor to the world’s fossil fuel supply problem. It must set production targets aligned with global climate goals

Countries’ fossil fuel production plans inconsistent with Paris Agreement

A UN Environment report warns production of oil, gas and coal to 2030 is on track for warming way beyond 1.5C goal

Banking on the future – Climate Weekly

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European Investment Bank ends lending to fossil fuel projects

EU finance ministers agreed to phase out EIB lending to unabated oil and gas projects, overcoming opposition from some member states in marathon board meeting

GCF partners with Chilean private equity firm as unrest continues

Board members call for reform to accreditation process after civil society warns of due diligence shortfalls

IEA World Energy Outlook outlines 1.5C scenario

Observers warn the IEA’s projection is inconsistent with the world’s long-term sustainable development needs

How to make the Green Climate Fund a better force for change

Vastly more of the fund’s money should go to projects that adapt to the impacts of climate change

Green Climate Fund replenishment fails to fill hole left by Trump’s US

After the US, Russia, and Australia did not contribute, other developed countries fell $500m short of the fund’s starting capital

Finance

Green Climate Fund

As rich countries slow walk green finance, Putin offers Africa an alternative

Two summits in one week presented a choice for African leaders: stalled promises of climate finance in Paris or business deals in Sochi

Poor countries will hold the rich to account on climate finance

The major UN climate fund is running short of money, will rich countries live up to the promises they have given?

France and UK double pledges to UN green fund to $3.5bn

Announcements at the G7 meeting mean the countries join Germany and Norway with promises to double their initial contributions in the next funding round

UN fund removes veto power over climate projects

The Green Climate Fund changed its rules so no single country can block finance, as recently happened when the US intervened in a Chinese bid

Australia stops payments to Green Climate Fund

Australian budget offers nothing to flagship UN scheme as its board seeks replenishment, while climate shapes as divisive election issue

Developing world split on climate finance at UN flagship fund

Vulnerable countries are backing governance reform at the Green Climate Fund, while emerging economies resist efforts to impose conditions on finance

French UN official named as next chief of flagship climate fund

Yannick Glemarec was picked from an all-male shortlist to lead the Green Climate Fund, in a key fundraising year

The ‘laughing matter’ of Australia’s relationship with the Pacific

The Fijian PM used the Australian leader’s visit to call out his promotion of fossil fuels, showing Scott Morrison is on the wrong side in the Pacific as well as at home

Green Climate Fund

Carbon markets

Australia admits it is on its own using cringe carbon loophole

Governments need to agree the rules over how to use carbon markets to cut emissions, but they shouldn’t take their eyes off Australia’s brash side hustle

In Tanzania, ownership of the forest offers new prospects for old loggers

In one of Africa’s fastest deforesting nations, community control over the land offers villages new income, infrastructure and dignity

Brazil fights attempt to cancel its old carbon credits

Credits from an old regime could undermine the Paris climate agreement, but negotiations ended in stalemate after the biggest holders dug in their heels

European Central Bank should ‘gradually eliminate’ carbon assets: Lagarde

Nominee to lead the bank told MEPs it could adopt new measures to prefer green investments if she is confirmed

UK carbon price to plummet under no-deal Brexit

A proposed UK tax on heavy polluters would come in at nearly half the EU carbon market price, reducing the incentive to cut emissions

How von der Leyen could make a carbon border tax work

The next European Commission chief must tread carefully if she is to meet her promise to make polluting importers pay

Asset managers worth $15 trillion make climate risk promise to Macron

The French president gathered the world’s biggest investors this week to push them to back climate-friendly projects

Wealthy countries resist global tax on carbon offsets

Australia and Japan are among opponents of a proposal to restrict the supply of carbon credits for trading across borders, at climate talks in Bonn

Carbon markets

Carbon bubble

Oil tanker investments at risk from climate action, report says

Strong action on climate change would shrink demand for vessels by a third, impacting investment decisions being made now, analysts say

Gas companies face Californian wipe-out, say S&P, Moody’s

Ratings agencies say the state’s bid to go 100% renewable poses a ‘significant threat’ to gas generators’ credit stability

Australian bank sued over failure to disclose climate risks

Shareholders are taking the Commonwealth Bank to court, alleging that it is misleading investors about its financial position

Planned gas investments will blow 1.5C climate target, say analysts

Report by Climate Action Tracker warns that overly bullish gas demand forecasts will lead to stranded assets or an unsafe future climate

Exxon shareholders win ‘historic’ climate vote against board’s advice

Shareholders in world’s largest private oil company won a victory that signals deep unease about climate change amongst major investors

Exxon shareholder rebellion gains momentum ahead of climate vote

Major investors BlackRock and Vanguard could tip the balance and force oil firm to publicly divulge risk clean technology and regulations pose to its business

UK is in no position to lecture Saudis on oil dependence

PM Theresa May has offered to help wean Saudi Arabia off oil, but her government’s subsidies to North Sea producers are a poor model for the Middle East petrostate

Exxon Mobil shareholders renew call for 2C climate analysis

New York State and the Church of England lead investors worth US$4trn in campaign for US oil major to disclose climate risks

Carbon bubble

Climate finance

‘New Bretton Woods’ needed to fix global system and climate: outgoing UN official

As she steps down from leading UN sustainable energy push, Rachel Kyte said global institutions must be rebuilt and aligned with action on climate change

China and India demand cash for climate action on eve of UN summit

World’s largest and fourth largest emitters said the onus remained on the countries historically responsible for climate change to move money

Only one-fifth of climate finance going to adaptation, finds OECD

Donors overwhelmingly favour supporting projects that cut emissions rather than cope with the impacts of climate change, despite calls for parity

Preparations for the climate crisis will save trillions, commission finds

Every $1 spent on climate adaptation could see between $2 and $10 of net economic benefit, but current investments are lagging way behind

AIIB must stop backing gas in climate-hit Bangladesh

The Beijing-headquartered development bank is skewed towards fossil fuels, when it should be helping poorer countries access clean renewable power

African ministers lobby UK for control of climate aid

Ministers from Uganda and the Gambia met the UK’s development secretary to ask for more say over how climate finance is spent

Climate finance misses its mark in Ugandan landslide zones

On the slopes of Mount Elgon, residents live in fear of the next deadly landslide, as tree-planting solutions fail to take root

One billion without power need new World Bank president to keep faith

As the bank welcomes its new boss, he must fulfil its mission to prevent climate change by bringing clean energy to those currently in the dark

Climate finance

Divestment

European Investment Bank moots fossil fuel lending ban

The world’s largest development bank proposed a pivot to clean energy, in a draft plan for consideration by EU finance ministers in September

Children made climate an election issue. Now we’ll target banks that fuel fossils

The EU election showed voters have heard the school strikers’ call for action. But will the public institutions that finance coal, oil and gas projects also listen?

Climate Weekly: Norway divests (a bit)

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Norway calls for $1 trillion fund to sell some oil and gas stocks

The government proposes to divest a reported $7.5 billion worth of shares in oil production, without banning mixed oil majors like Shell and Exxon Mobil

EU subsidies to a massive gas pipeline clash with climate goals

The European Investment Bank approved a €1.5 billion loan to the Trans Adriatic Pipeline last week. This is why it matters

Insurers urged to stop underwriting coal projects, following Axa move

#UnfriendCoal campaign targets the insurance sector to end support for climate-polluting fossil fuels

Anti-fossil fuel activists stage Louvre oil slick

Group protesting against museum’s links to oil major Total create symbolic river of crude on steps in front of one of the museum’s main attractions

Irish lawmakers vote to divest from fossil fuels

Ireland could become the first country to fully divest its sovereign wealth fund from coal, oil and gas

Divestment

Green bonds

Ex-UN climate chief calls for green bonds to hit $1 trillion by 2020

Christiana Figueres is urging public authorities and corporates to scale up climate-friendly infrastructure investment by 2020, under the “green bond pledge”

India raises $400m green bond to fund renewables drive

Money raised by the Power Finance Corporation will support solar and wind projects, contributing to national renewables target of 175GW capacity by 2022

Fiji announces $50m ‘climate bond’ ahead of COP23 presidency

Prime minister Frank Bainimarama says money raised with help from the World Bank sets an example for innovative green finance to protect the vulnerable

China is taking the green bond market by storm

Beijing’s sustainable finance push is bearing fruit, with a world-leading $36.9bn worth of green bonds issued last year

Risky business: G20 panel to order climate stress tests

Donald Trump’s US election win may damage the Paris climate deal, but climate risk reporting rules for businesses could radically change the investment landscape

Poland green bond issue will not fund coal, says official

Investors are sceptical about Warsaw bid to finance renewables, given its coal-heavy energy policy

UK pitches China for climate-friendly finance trillions

London’s expertise places it in pole position to channel private finance to China, as superpower seeks to invest around $4 trillion a year in infratsructure

Green bonds must keep the green promise

Robust standards are urgently needed to channel capital debt markets into climate-friendly projects, says WWF France chief Pascal Canfin

Green bonds