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.
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.
Could making hydrogen-based ‘green iron’ in emerging markets speed shift to green steel in developed countries?
OIES: Could setting up ironmaking plants powered by green hydrogen in developing countries support the transition to green steel?
Debt swaps gain momentum: How nations are funding conservation and climate action
Debt swaps are becoming a more widely used tool to help indebted countries raise money for conservation or climate-related projects.
Barbados completes world first debt swap for climate resilience
Barbados completes the first debt-for-climate swap, unlocking $125M for water resilience and climate adaptation projects.
Financial and community hurdles slow geothermal energy development in Southeast Asia
Geothermal energy seems ideal for countries like Indonesia and the Philippines but faces financial, regulatory, and community roadblocks.
UN calls for $2.6 trillion investment to reverse land degradation
Failure to restore degraded land harms U.N. efforts to cut emissions, protect biodiversity, and address agriculture's impacts.
A landmark climate change case will open at the top UN court as island nations fear rising seas
UN court to begin largest case in history, examining countries' legal duties to assist vulnerable nations with climate change.
Fossil fuel supply: the elephant in the room at climate change conferences
Climate agreements fail to address limiting fossil fuel extraction and calls for actions to reduce supply.
