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.
Earth’s lands are drying out. Nations are trying to address it in talks this week
The U.N. estimates that between 2007 and 2017, droughts cost $125 billion worldwide.
Closely-watched international climate case in the Hague wraps up its first week of testimony
International climate case at UN court debates obligations to combat climate change, aid vulnerable nations, and cut emissions.
Climate-vulnerable countries push for credit rating overhaul
Ratings given by the "Big Three" agencies consider the risks and potential for economic harm from climate change.
World Bank wins pledges for $100 billion replenishment of fund for poorest countries
The World Bank made the announcement on Friday at a pledging conference for the International Development Association.
Denmark disappointed after offshore wind tender draws no bids
Danish Energy Agency says it will consult with market participants to understand why there were no bids on its offshore wind farm tender.
Italy and African Development Bank sign $420 million co-financing deal
The deal is part of Italy's €6b Mattei plan to boost African development.
Climate Investment Funds board backs $500 million Ethiopia nature plan
CIF backs a $500M plan to restore degraded land in Ethiopia, protect forests, boost food security, and fight climate change.
Analysis: Why the $300B climate-finance goal is even less ambitious than it seems
COP29 faces criticism for relying on minimal new efforts, counting inflation-eroded funds, and including developing-country contributions.
Countries have been overlooking their biggest climate allies: local and regional governments
Cities generate over 70 per cent of global emissions, but multilevel partnerships can unlock their vast potential for climate action.
South Africa sets climate finance and debt relief as G20 presidency focus
South Africa, the first African nation to lead the G20, will focus on mobilizing finance for climate disaster-stricken countries.
