Climate finance
Global billionaires tax to fight climate change, hunger rises up political agenda
Brazil and France want the G20 to get behind a global minimum tax on billionaires’ wealth, also backed by IMF chief
As donors dither, Indigenous funds seek to decolonise green finance
Tired of waiting for donor dollars for climate and nature protection to trickle down, Indigenous rights groups are creating new funds to do things differently
Fossil fuel debts are illegitimate and must be cancelled
The Spring Meetings of the World Bank and IMF are a chance to transform outstanding debts for fossil fuel projects into grants for renewable energy systems
World Bank climate funding greens African hotels while fishermen sink
Climate Home reveals that the World Bank Group has counted support for luxury hotels as climate finance, which experts say fails the most vulnerable
SBTi needs tighter rules on companies’ indirect emissions
Businesses are not required to cut all their value chain emissions in line with a 1.5C warming limit – and allowing offsetting could weaken efforts further
Zambia’s fossil-fuel subsidy cuts help climate and kids – but taxi drivers suffer
Under pressure from the IMF, the government has redirected subsidies into education, welfare and debt reduction, leaving fuel-heavy sectors with higher costs
Expectations mount as loss and damage fund staggers to its feet
Demand for finance to pay for the aftermath of climate impacts is rocketing – but progress on getting a new UN loss and damage fund up and running is slow
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 court
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.