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Slow start for Indonesia’s much-hyped carbon market - Climate Change News - Finance (Nov 20) |
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Nov 20 · Since President Widodo launched Indonesia’s exchange two months ago, there’s been barely any trading of carbon credits
The Indonesia Stock Exchange building in Jakarta's central business district (Photo credit: Andrew Prawiro)
In September, Indonesia’s President Joko Widodo opened the country’s first carbon exchange IDX Carbon, declaring “this is Indonesia’s real contribution to fight with the world against climate crisis”.
In the launch video, a calm female voice makes a plea over jangly guitar. “Join us to accelerate net zero with more transparency, liquidity and efficiency,” she says, as a headless businessman fondles a hologram of a globe.
Two ... | By Joseph Rachman Read more ...
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France, Kenya set to launch Cop28 coalition for global taxes to fund climate action - Climate Change News - Finance (Nov 16) |
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Nov 16 · The taskforce, set to be launched at Cop28, will consider the feasibility of levies on shipping, aviation, financial transactions and fossil fuels.
William Ruto and Emmanuel Macron have been driving forward the initiative over the last few months. Credit: Laurent Blevennec / Présidence de la République
France and Kenya are set to launch an international taxation taskforce at Cop28 to push for new levies to raise more money for climate action.
The governments are in advanced discussions with a handful of European and Global South countries that could join the coalition in Dubai, according to a source with knowledge of the talks.
The taskforce is planning to ... | By Matteo Civillini Read more ...
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The OECD must take its chance to stop funding oil and gas - Climate Change News - Finance (Nov 6) |
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Nov 6 · Export credit agencies are still backing oil and gas projects – this week’s OECD meeting is a chance to change that
The OECD's headquarters pictured after a snowstorm in Paris in 2018 (Photo credit: Herve Cortinat/OECD)
The Organisation for Economic Cooperation and Development (OECD) is meeting in Paris this week for its annual forum. On the negotiating table is a once-in-a-decade opportunity to end the flow of public money into fossil fuels, but you’d be forgiven for not knowing about it.
The OECD is made up of a group of primarily wealthy countries, who collectively set their own standards around big global issues like tax, trade and the ... | By Sandrine Dixson-Decleve Read more ...
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Rich nations offer loans not grants for Vietnam’s coal transition - Climate Change News - Finance (Oct 30) |
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Oct 30 · The G7 has offered to mobilise $15.5 billion to get Vietnam from coal to clean energy but just 2% of this is grants
Workers walk near an excavator loading coal onto a truck at a coal port in Hanoi in 2012. (REUTERS/Kham/File Photo)
Members of the G7 group of wealthy nations offered Vietnam more than $300 million in grants to support plans to reduce coal use, documents seen by Reuters show, accounting for 2% of a financial package made up mostly of costly loans that Hanoi has been reluctant to accept.
The documents, which were finalised by donor countries in late October, reveal for the first time the breakdown of the $15.5 billion pledge that G7 countries and ... | By Reuters and Joe Lo Read more ...
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The EU is about to revive a failed climate solution - Climate Change News - Finance (Oct 23) |
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Oct 23 · Comment: The EU once led the world in combatting flawed forest offset schemes. Now it’s looking to give them a new lease of life.
Greenpeace activists raise a banner against the giant globe at the centre of the COP26 conference hall in Glasgow. Photo: Emily Macinnes / Greenpeace
Since their inception more than 30 years ago, carbon offsets have given false comfort to those seeking easy solutions to the climate crisis.
Encouraging one party to continue pumping greenhouse gases into the atmosphere, while paying another to do the opposite has been a giant diversion: side-tracking us from decarbonising our economies and lives.
One scandal after another has ... | By Kathleen McAfee and Kate Dooley Read more ...
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China’s Belt and Road gets ‘green’ reboot and spending boost - Climate Change News - Finance (Oct 19) |
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Oct 19 · Clean energy is a priority as China promises $100 billion of development funding – but don’t call it climate finance
Xi Jinping addresses the UN in 2017 (Photo credit: United Nations Geneva)
China has raised clean energy among the priorities of its flagship international investment programme, while promising an extra $100 billion in development funding.
President Xi Jinping said China will “further deepen cooperation” in green infrastructure and energy projects with developing countries as part of a reboot of the Belt and Road Initiative (BRI).
Xi unveiled his plans at a glitzy summit celebrating the ten-year anniversary of the ... | By Matteo Civillini Read more ...
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Saudi Arabia, Russia urge World Bank to keep funding fossil fuels - Climate Change News - Finance (Oct 12) |
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Oct 12 · Major oil and gas producers hit back at World Bank reforms that aim to channel more money into clean energy
A gas field in the Yamal Peninsula in Russia. Photo: Russian Government
Russia, Saudi Arabia and other Gulf states have urged the World Bank to keep funding fossil fuel as a way to guarantee energy access across the world, as the lender pursues green reforms.
During a meeting of the bank’s steering committee in Marrakech, Morocco, they voiced opposition to reforms which are expected to channel more money into clean energy projects.
Mohammed Aljadaan, the Saudi finance minister, said “hydrocarbons will continue to play an important role in ... | By Matteo Civillini Read more ...
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World Bank targets dirty subsidies to fund climate action - Climate Change News - Finance (Oct 11) |
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Oct 11 · The World Bank says it will try to get governments to stop spending public money making fossil fuels artificially cheap
A petrol/gasoline station in Switzerland (Photo credit: Rama)
The World Bank is seeking to persuade governments to take money away from subsidies for fossil fuels and invest it in good causes like climate change.
Governments around the world currently spend over half a trillion dollars a year on making the use of fossil fuels cheaper and the bank wants some of this to be spent on tackling climate change.
In response to calls from the wealthy governments that fund it, the bank is pivoting to focus more on climate change, alongside its ... | By Joe Lo Read more ...
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Exposed: carbon offsets linked to high forest loss still on sale - Climate Change News - Finance (Oct 5) |
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Oct 5 · Project owners in Cambodia and Brazil are selling carbon offsets to Uber, Marathon and ArcelorMittal despite an uptick in deforestation
Underreported deforestation can generate worthless carbon offsets. Cover art: Spoovio / Fanis Kollias / Climate Home News
Tucked on the edges of a biodiversity hotspot, the Tumring project in Cambodia is supposed to prevent a rainforest the size of Chicago from being chopped down.
Its supporters claim it has been doing exceptionally well. The Cambodian government hailed it as the “most successful” community-based forest conservation scheme on the carbon market and a climate solution.
Satellite images tell a different story. ... | By Matteo Civillini Read more ...
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Green Climate Fund ambition at risk after ‘disappointing’ pledges - Climate Change News - Finance (Oct 5) |
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Oct 5 · The UN’s flagship climate finance initiative can barely sustain its existing portfolio after a lackluster fundraising conference on Thursday
Lightning over the city of Songdo, South Korea, where the Green Climate Fund is headquartered (Photo: Soonye Yoon/World Meterological Organisation/Flickr)
The UN’s flagship climate fund has raised $9.3 billion from rich governments to help developing nations go green and protect people from the impacts of climate change – less than in its last replenishment round four years ago.
As contributions from traditional donors flatline, the Green Climate Fund’s new leadership is looking to private sources to ... | By Matteo Civillini Read more ...
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Green Climate Fund may have to curb ambition as funding stagnates - Climate Change News - Finance (Sep 21) |
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Sep 21 · 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.
An agriculture worker in Nicaragua, where a GCF project is under scrutiny for a human rights complaint. (Photo: Green Climate Fund)
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.
Yesterday, French finance minister Bruno Le Maire announced his nation would give €1.61 billion ($1.75bn) to the organisation’s four-yearly fundraising round.
While that’s slightly more in euros than France gave last time ... | By Joe Lo Read more ...
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Rich countries ‘confident’ $100bn climate finance delivered in 2023 - Climate Change News - Finance (Sep 19) |
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Sep 19 · Data won’t be confirmed until 2025 and developing countries say the rich world must make up for earlier shortfalls from the target
10-year old Nakeeyat Dramani Sam calls for climate finance in a speech to the Cop27 plenary (Photo credit: Kiara Worth/UNFCCC)
There will be no confirmation that rich countries have met their $100 billion a year climate finance promise until 2025 at the earliest.
That’s according to ministers from Canada and Germany, the two nations tasked with drawing up the “delivery plan” for belatedly meeting the pledge.
In an open letter, Canada’s Steven Guilbeault and Germany’s Jennifer Morgan, said on ... | By Joe Lo Read more ...
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EU uses pollution tax funds to back Romanian gas pipeline - Climate Change News - Finance (Sep 15) |
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Sep 15 · The European Union is using taxes on pollution to fund a gas pipeline in Romania, claiming it will reduce emissions compared to coal
European Commission president Ursula Von Der Leyen visits Romania in 2015 (Photo credit: Jane Hannemann/Bundeswehr)
While the European Union pushes for a phase out of fossil fuels on the world stage, it is continuing to hand public money meant for climate projects to gas pipelines within its borders.
While it no longer funds the extraction of fossil fuels, the EU backs gas pipelines in Eastern Europe using money generated from taxes on pollution.
When polluting European companies are taxed through the EU’s emissions trading ... | By Raluca Besliu Read more ...
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A wolf in sheep’s clothing: why Africa should shun carbon markets - Climate Change News - Finance (Sep 7) |
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Sep 7 · Turning Africa into a source of carbon credits will benefit polluters and middlemen, not most Africans and not the planet
A man stands in a rainforest in Gabon (Photo: Axel Rouvin/Flickr)
There is increasing hype and push for so-called voluntary carbon markets in Africa.
Politicians, businesses, some NGOs and big philanthropy are trying to get an African Carbon Market Initiative off the ground, which would allow companies to buy carbon credits in exchange for continued emissions.
It’s become a major topic of controversy in the run up to the Africa Climate Summit this month. But Africa’s leaders should think twice before supporting this wolf in sheep’s ... | By Mohamed Adow Read more ...
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African leaders skirt over fossil fuels in climate summit declaration - Climate Change News - Finance (Sep 6) |
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Sep 6 · A joint statement forming the basis of Africa’s negotiating position for Cop28 is silent on the role of oil and gas
Climate activists take to the streets at the Africa Climate Summit in Nairobi, Kenya. Photo: Greenpeace
African leaders have stopped short of calling for a phase-out of fossil fuels in a joint declaration that forms the basis of their negotiating position at the Cop28 climate summit in November.
The document signed by heads of state at the inaugural Africa Climate Summit underscores a missing consensus between countries championing renewable energy and those arguing fossil fuels – and gas especially – are needed for economic development. | By Matteo Civillini Read more ...
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Green debt swaps, explained - Climate Change News - Finance (Sep 4) |
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Sep 4 · 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?
A sea lion in the Galapagos islands (Photo credit: Diego Delso)
Government debts are rocketing to untenable levels while the need for huge investments in climate and nature becomes ever clearer.
Enter debt-for-climate and debt-for-nature swaps. Dating back to the 1980s, these measures are having a renaissance.
In the past, a common policy response to debt crisis was to boost exports by cutting down forests for timber or farmland. This was unsustainable.
In 1984, the World Wildlife Fund’s Thomas Lovejoy ... | By Joe Lo Read more ...
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UAE pitches itself as Africa’s carbon credits leader - Climate Change News - Finance (Sep 4) |
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Sep 4 · An Emirati coalition has announced a $450 million commitment to buy carbon credits generated in Africa but critics called offsets a “risky diversion”
The rainforest in Liberia, where a UAE firm wants to produce carbon credits from forest conservation. Photo: Travis Lupick
The United Arab Emirates is positioning itself as a carbon credits leader in Africa, committing hundreds of millions of dollars towards producing carbon offsets on the continent and buying land off African governments.
The latest sign of that came on Monday when a coalition of major UAE energy and financial companies indicated its intention to buy $450 million of carbon credits ... | By Matteo Civillini Read more ...
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Money row delays green plan – Climate Weekly - Climate Change News - Finance (Aug 18) |
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Aug 18 · Wednesday was supposed to be the big unveiling of the plan to get the world’s fourth most populous country off coal and on to clean energy.
But disagreements between Indonesia and the wealthy countries backing it meant that the launch was delayed.
What were they arguing over? You guessed it – money. Specifically, how much of the $20 billion promised should be grants versus loans?
The wealthy countries represented by the US and Japan say 0.8%, while Indonesia says ‘a lot more than that please!’
While negotiations continue, the Indonesian government official in charge told Climate Home News they need to see how much is being put on the ... | By Joe Lo Read more ...
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As Guyana shows, carbon offsets will not save the Amazon rainforest - Climate Change News - Finance (Aug 1) |
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Aug 1 · With all their flaws, carbon offsets are not the solution to deforestation of the Amazon rainforest – leaders should acknowledge that
A member of the Munduruku people in the Tapajós river, in the state of Pará, Brazil (Photo: Valdemir Cunha / Greenpeace)
In theory, forest carbon offsets are a simple idea. Companies pay for a tonne of carbon reduced through forest protection and restoration to counter emissions they are continuing to emit, or have emitted in the past.
It sounds like a a win-win. A company gets a step closer to telling its investors and consumers it’s reached net zero, and critical forest protection gets an injection of cash.
But this ... | By Joe Eisen Read more ...
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UN climate fund suspends project in Nicaragua over human rights concerns - Climate Change News - Finance (Jul 26) |
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Jul 26 · The Green Climate Fund suspended a $117 million forest conservation project in Nicaragua over escalating violence against indigenous people.
The Bosawas Reserve in Nicaragua has been hit by illegal mining and logging despite protected status. Photo: Rebecca Ore
The UN’s flagship climate fund has suspended payments to a $117 million forest protection project in the Central American nation of Nicaragua over human rights concerns, the first such decision since its creation in 2010.
An investigation by the fund’s independent complaint mechanism found a series of failures that could “cause or exacerbate” violent conflict between indigenous people ... | By Matteo Civillini Read more ...
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Kerry rejects “climate reparations” but praises loss and damage fund - Climate Change News - Finance (Jul 14) |
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Jul 14 · Experts said that the term “climate reparations” implies liability, whereas the loss and damage fund will be filled on a voluntary basis
US climate envoy John Kerry at an event at Cop27 (Photo: Marc Beckmann/BMW Foundation Herbert Quandt/Flickr)
The US climate envoy John Kerry has strongly refuted the idea that the US will pay “climate reparations” but listed the creation of a loss and damage fund as one of his objectives for Cop28.
In a combative discussion with Republicans on Congress’s house foreign affairs committee this Thursday, Kerry was asked by Republican Brian Mast if he was “planning to commit America to climate ... | By Joe Lo Read more ...
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What’s in a word? – Climate Weekly - Climate Change News - Finance (Jul 14) |
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Jul 14 · Protesters at Cop27 call for reparations for loss of livelihoods and damage to nature (Photo credit: UN Cilimate Change)
In the world of climate diplomacy, words matter a lot. Negotiations have hinged on “shall” vs “should”, “phase out” vs “phase down”, “green” vs “low-carbon”.
And they matter in domestic politics too, as we found out when a hostile Republican Congressman asked US climate envoy John Kerry yesterday if he was “planning to commit America to climate reparations”.
Before the Republican could finish his sentence, Kerry had shot back “no, definitely not” and ... | By Joe Lo Read more ...
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Canada pledges US$340m to UN’s Green Climate Fund - Climate Change News - Finance (Jul 12) |
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Jul 12 · Canada’s climate minister implied he would like to have given more but said he’s “not the finance minister unfortunately”
Canada's parliament in Ottawa (Photo credit: Grey Mouser)
The Canadian government has promised C$450 (US$340m) to the United Nations’ Green Climate Fund (GCF) for projects cutting emissions and adapting to climate change around the world.
Announcing the allocation at Canada’s embassy in Brussels, environment and climate minister Steven Guilbeault implied he would like to have given more but said the pledge was a “significant step forward” nonetheless.
The GCF was set up in 2010 to distribute ... | By Joe Lo Read more ...
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After “sleepless nights”, governments strike deal on Green Climate Fund strategy - Climate Change News - Finance (Jul 11) |
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Jul 11 · Developed countries pushed for more focus on private money while developing governments wanted more public money from rich nations
The city of Songdo, South Korea, home to the Green Climate Fund's headquarters (Photo: Jay Yoo/Flickr)
After a series of “long and at times difficult” meetings, government negotiators on the Green Climate Fund’s (GCF) board approved a new strategy yesterday morning.
As the American co-chair of the board Victoria Gunderson banged her gavel down yesterday, the boardroom in South Korea applauded and whooped. Behind Gunderson, two advisers to the Pakistani co-chair Naumann Bhatti high-fived.
Board members described ... | By Joe Lo Read more ...
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Green Climate Fund backs scheme financing farming corporations accused of destroying forests - Climate Change News - Finance (Jul 11) |
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Jul 11 · 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
Cattle raising is one of the biggest driver of deforestation in the Amazon forest. Photo: Bruno Kelly/Greenpeace
The United Nations’ flagship climate fund is giving nearly $190 million to an investment programme that finances some of the world’s biggest farm companies in a bid to preserve tropical forests.
The Green Climate Fund (GCF) approved the project at its board meeting on Tuesday despite opposition from civil society campaigners that accused the “highly dangerous” programme of greenwashing ... | By Matteo Civillini Read more ...
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Developing nations decry risk of UK breaking climate finance pledge - Climate Change News - Finance (Jul 6) |
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Jul 6 · The UK promised to deliver £11.6 billion in international climate finance by 2026. But a leaked memo suggests the target is being dropped.
UK prime minister Rishi Sunak has been accused of "apathy" towards climate change. Photo: HM Treasury
The United Kingdom’s reported plan to break its flagship international climate finance pledge is “disappointing” and undermines trust, climate negotiators from developing countries told Climate Home News.
The commitment to provide £11.6 billion ($14.7bn) between 2021 and 2026 was first made by former prime minister Boris Johnson in 2019. It was repeated again by prime minister Rishi Sunak at Cop27, where he said it was ... | By Matteo Civillini Read more ...
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Identifying loss and damage is tough – we need a pragmatic but science-based approach - Climate Change News - Finance (Jul 5) |
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Jul 5 · 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
A family tries to leave its flooded home in Bangladesh. Photo: Moniruzzaman Sazal / Climate Visuals Countdown
The ongoing debate about climate-induced loss and damage is rife with conflicts. Different perspectives, political views, and ideologies make it difficult for parties to agree on a way forward.
Since 2019, the Danish NGO DanChurchAid has been monitoring projects, implemented by our local partners, that address loss and damage. I believe our experience can provide some helpful perspective for the ongoing ... | By Mattias Söderberg Read more ...
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Senegal shows African countries are not passive beneficiaries of climate finance - Climate Change News - Finance (Jun 29) |
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Jun 29 · Comment: While drawing up their renewables deal with wealthy countries, Senegalese government, civil society, business and researchers had their say
What does a just energy transition mean for the world’s least developed countries where energy access, especially in rural areas, is a priority for national development?
Last week, a Just Energy Transition Partnership (JETP) between Senegal, France, Germany, and the EU was announced at the Summit for a New Global Financial Pact in Paris.
This means Senegal’s government has committed to reaching 40% of renewable energy in the electricity mix, in exchange for €2.5 billion ($2.7bn) from France, Germany, the UK, ... | By Secou Sarr Read more ...
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Dreaming big on climate action means finding the money to pay for it - Climate Change News - Finance (Jun 26) |
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Jun 26 · The Paris summit failed to unlock real money for climate finance, potentially driving developing countries further into debt without boosting real climate solutions
Finance is needed to support green growth and climate resilience in developing countries (Pic: Department for International Development/Flickr)
Many people probably think about international climate meetings as a space to talk about carbon dioxide, renewable energy and coping with climate impacts.
But the real challenge that underpins almost all questions of climate action and ambition is that old and distasteful chestnut – money.
The Summit for a New Global Financial Pact hosted by French ... | By Teresa Anderson Read more ...
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World Bank to suspend debt repayments for disaster-hit countries - Climate Change News - Finance (Jun 22) |
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Jun 22 · A pause on loan repayments can give vulnerable countries breathing space when hit by a natural catastrophe
Flooding in Manila, Philippines, in the aftermath of Typhoon Vamco. Photo: Basilio H. Sepe/ Greenpeace
The World Bank will start offering a pause in loan repayments to the “most vulnerable” countries when they are hit by catastrophic events including climate-related disasters.
The bank’s new chief Ajay Banga unveiled the measure at a global leaders’ summit in Paris as part of a raft of tools to help nations dealing with a crisis.
He said this will allow countries to “focus on what matters to their leaders when a crisis hits and ... | By Matteo Civillini Read more ...
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Carbon credits touted as saviour of coal-to-clean energy deals - Climate Change News - Finance (Jun 21) |
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Jun 21 · The scheme aims to fund the coal-to-clean energy transition in emerging economies like Indonesia but experts warn the fine print is key
View of Suralaya coal power plant in Cilegon city, Banten Province, Indonesia.
A new scheme could create a huge number of carbon credits to unlock rich countries’ financial support for the switch from coal to clean energy in emerging economies.
The coal to clean credit initiative aims to plug funding gaps in the Just Energy Transition Partnerships (Jetp) agreed last year between wealthy nations and Indonesia, South Africa and Vietnam to wean them off coal power.
Currently in the late stage of development, the offsetting ... | By Matteo Civillini Read more ...
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Fossil fuels, planes, ships and shares – What will be taxed for climate funds? - Climate Change News - Finance (Jun 21) |
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Jun 21 · A range of options for funding climate programmes will be discussed at the New Global Financing Pact summit in Paris tomorrow
Tyler Bryant stands in front of his trailer home in Placida, Florida, which was destroyed by category 4 Hurricane Ian. (Photo: Julie Dermansky/Greenpeace)
Tomorrow, world leaders meet at a summit in Paris to drink coffee and discuss whether they can develop a new global financing pact that works better for people and the environment.
Franklin Steves, senior policy adviser at E3G, said the summit is “first and foremost” about trying to heal the rift between developed and developing countries that started with the Covid-19 pandemic. This gulf ... | By Isabella Kaminski Read more ...
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Multilateral banks’ investments in industrial livestock undermine their Paris climate commitments - Climate Change News - Finance (Jun 21) |
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Jun 21 · Comment: Public money should stop flowing towards the expansion of animal agriculture, which is responsible for a fifth of the world’s emissions
The industrial livestock sector needs to shrink to remain on track to meet Paris Agreement targets. Photo: Greenpeace
As world leaders meet tomorrow in Paris to discuss the role of public finance in addressing “climate change and the global crisis”, delegates should press multilateral development banks (MDBs) to invest in line with the Paris Agreement, including by ending their expansion of factory farming.
Animal agriculture contributes up to a fifth of global greenhouse gas (GHG) emissions, including a third ... | By Kelly McNamara and Kari Hamerschlag Read more ...
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Scrooges block progress in Bonn – Climate Weekly - Climate Change News - Finance (Jun 16) |
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Jun 16 · An actor dressed as Scrooge McDuck greets fans (Photo credit: Inside the Magic)
They say money makes the world go round and climate talks are no exception.
After surprising everyone by finally agreeing to a loss and damage fund at Cop27, developed countries were back to playing Scrooge in Bonn the last two weeks.
They wanted to talk about narrowing the gap to 1.5C but not if that also meant talking about paying more to help developing countries reduce that gap.
After nine days of debate and a desperate plea from the talks’ chair, they and a group of developing countries with Bolivia as their spokesperson made a compromise. It was the worst of both ... | By Joe Lo Read more ...
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World Bank set to take on risk of insuring carbon credits amid market upheaval - Climate Change News - Finance (Jun 08, 2023) |
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Jun 08, 2023 · 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.
A carbon offsetting project aiming to preserve forests in Peru. Photo: Yoly Gutierrez/CIFOR
The World Bank’s insurance arm is working on plans to protect carbon offsetting projects against political risks in developing countries as a growing number of governments seek to impose new rules onto the market.
The Multilateral Investment Guarantee Agency (Miga) expects to gain an expanding role in providing insurance cover to carbon credits projects in a bid to facilitate large-scale investment in countries ... | By Matteo Civillini Read more ...
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Confusion surrounds China’s pledged climate finance towards the Global South - Climate Change News - Finance (Jun 07, 2023) |
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Jun 07, 2023 · China is not obligated to provide financial aid but has pledged to “make available’ $3.1bn to other developing countries
Workers install solar photovoltaic panels on the roofs of the Hongqiao Passenger Rail Terminal in Shanghai, China (Photo credit: Climate Group)
The delivery of a multi-billion climate fund pledged by China nearly eight years ago to support the Global South remains “unclear”, experts have told Climate Home News.
Some experts suggested that China has “only delivered 10%” of the China South-South Climate Cooperation fund since it was announced eight years ago, calling the pace “quite slow”.
Others said it would be “hard to tell” how much of ... | By Xiaoying You Read more ...
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“Green” funds destroy Indonesia’s forests – Climate Weekly - Climate Change News - Finance (Jun 02, 2023) |
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Jun 02, 2023 · A Medco truck carries wood along a road between the forest and a clearing. (Photo: Albertus Vembrianto)
In 2014, Indonesian conglomerate Medco paused a timber project that had been clearing out forests for years. It was just not economically viable anymore. But then, through funds meant to deliver climate goals, Indonesia’s government gave it a new lease of life.
Medco had initially planted a vast timber plantation to produce wood chips for exports. Then, in 2017, Indonesia injected Medco with $4.5 million to build a biomass plant in the area and committed the state-owned electricity company to buy the energy it generated. In 2021, the government gave the plant an extra ... | By Sebastian Rodriguez Read more ...
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Governments fall short in UN’s East Africa drought appeal - Climate Change News - Finance (May 26, 2023) |
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May 26, 2023 · 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.
A Somali woman walks up to six hours a day to collect water in the country affected by drought. Photo: UNDP Somalia
A United Nations fundraiser for aid operations in the drought-stricken Horn of Africa has fallen short as donor countries pledged only a third of the $7 billion sought.
The UN warned against a “catastrophe” in Ethiopia, Kenya and Somalia, which it described as the epicentre of the world’s worst climate emergencies.
Donor countries have pledged a total of $2.4 billion for 2023, ... | By Matteo Civillini and Reuters Read more ...
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UN advises against offsets for carbon removal technologies - Climate Change News - Finance (May 25, 2023) |
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May 25, 2023 · 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.
A Direct Air Capture (DAC) plant operated by Climeworks in Iceland. Photo: Climeworks
The United Nations climate body has cast doubt over technologies that aim to suck carbon pollution from the atmosphere, calling them “unproven” and potentially risky.
In a briefing note, unnamed authors from the UN’s climate body (UNFCCC) said these removal activities are “technologically and economically unproven, especially at scale, and pose unknown environmental and social risks”. It ... | By Matteo Civillini Read more ...
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Verra boss steps down after criticism of its carbon credits - Climate Change News - Finance (May 23, 2023) |
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May 23, 2023 · The carbon credit certifier has both grown rapidly and faced mounting integrity accusations during outgoing CEO’s tenure.
Rainforest protection projects make up a large amount of Verra's carbon credits. Photo: Nail Palmer/CIAT
The head of the world’s biggest carbon credits certifier is set to step down as the organisation enters the “next phase” after receiving criticism over the quality of its products.
The CEO of Verra, David Antonioli, has announced he will leave his post after 15 years during which the company issued over one billion carbon credits, in theory stopping a billion tons of carbon dioxide from worsening the climate ... | By Matteo Civillini Read more ...
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