Spotlight: Climate Finance
Climate finance refers to dedicating public and/or private financial resources to support climate change mitigation (which aims to reduce global greenhouse gas emissions), or adaptation (which helps build resiliency in the face of climate change). Climate finance can come from public sources, such as government or national and multilateral development banks, or from a growing array of private institutional investors and public-private institutions. Internationally, climate finance is one way to recognize that less-developed countries are often more vulnerable to climate change for which they are relatively less responsible and yet have fewer resources to address. Climate finance also refers to funding mechanisms to support the energy transition to net-zero emissions, such as clean technology development and related infrastructure. The 2015 Paris Agreement calls for developed country governments to commit to increasing climate finance commitments (currently USD $100 billion/year) at specified intervals, such as this year. Therefore, negotiating a “New Collective Quantified Goal” on Climate Finance is a major focus of the 2024 UN climate conference (COP29) in Azerbaijan.
‘Waiting in vain’: year on from pledge, world clings to fossil fuels
One year after COP28's fossil fuel pledge, nations push oil and gas expansions, drawing criticism ahead of COP29 climate talks.
Inaction on emissions could cut developing Asia’s GDP by 17% by 2070, ADB says
While mitigation efforts have gained momentum, they remain insufficient to meet global targets, the ADB said in its inaugural climate report.
Papua New Guinea to boycott ‘waste of time’ COP29
Papua New Guinea will skip COP29, calling it a "waste of time" with "empty promises" from big polluters, says Foreign Minister Tkatchenko.
UN COP16 nature talks unlikely to reach deal on conservation funding
New nature conservation fund unlikely at COP16 as countries consider extending talks amid financing impasse.
Countries launch nature coalition at UN COP16 talks, warn of human extinction
Colombia launched a coalition at COP16 with 20 nations to promote "peace with nature," addressing urgent biodiversity loss.
Chile govt readying bond to incentivize future conservation
Chile has created a new bond to ensure long-term conservation commitments, linking financial penalties to environmental goals, said Environment Minister Maisa Rojas.
Net zero target needs $3.5 trillion in annual green energy investment, Wood Mackenzie says
Investment in the green energy transition must double to meet the Paris Agreement's net zero goal by 2050, says Wood Mackenzie.
In a visit to Baltimore, Biden will announce $3 billion to reduce carbon emissions at US ports
As part of Biden's landmark climate law, the largest clean energy investment in U.S. history, $3B will boost climate-friendly port infrastructure.
Norway’s wealth fund falls short on climate ambitions, NGO says
Norway’s $1.8T wealth fund missed climate goals, backing only 4 of 21 key shareholder proposals on emissions targets in 2024.
How efficient metrics and expansive incentives can scale corporate contributions to nature
Simple metrics aligned with broad incentives and market signals can help scale finance for nature effectively.
