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.
World can’t ‘waste time’ trading climate change blame: COP29 hosts
UN climate summit hosts urge countries to stop assigning blame for global warming and focus on finding solutions together.
China’s solar goes from supremacy to oversupply
China's solar industry, bolstered by state support, faces challenges from foreign tariffs and intense domestic price competition.
Canada moves ahead with sustainable investing guidelines, but details still scarce
Canada's government is rolling out green taxonomies, meant to attract more investment for emissions-reducing projects.
Lloyd’s of London must stop supporting fossil fuel expansion, says NGO
The Lloyd's of London market is undermining climate action and should impose binding rules to prevent insurers supporting fossil fuel expansion, NGO Reclaim...
Ecuador nature deal scrutiny has not slowed work on debt swaps, IDB says
An enquiry into Ecuador's debt-for-nature swap has not slowed work on the instruments, president of the Inter-American Development Bank said.
With EU funding, Tunisian farmer revives parched village
In Tunisia, a locally-built dam with EU funding helps farmers combat drought, boosting crop production despite water scarcity.
How climate funds helped Peru’s women beekeepers stay afloat
In the mountains of northeast Peru, a group of women beekeepers have plucked millions of bees from the jaws of death and saved...
Deal on climate aid hangs in balance at UN COP29 summit
Nations at COP29 are deadlocked on a key climate aid pact, divided over who pays and how much.
COP29 fight looms over climate funds for developing world
For developing countries, who pays is non-negotiable: the 2015 Paris climate agreement reaffirmed that developed countries pick up the tab.
UN biodiversity summit in Colombia aims to turn words into action
Representatives from some 200 countries are expected at the Oct. 21 to Nov. 1 COP16 biodiversity conference in the Colombian city of Cali.
