#climate finance

[rjzimmerman]

Excerpt from this story from the New York Times:

For the past two years, world leaders, economists and activists have called for sweeping overhauls to the World Bank and the International Monetary Fund that would make the two lending institutions more adept at combating climate change.

Discussions about how to reform lumbering multilateral bureaucracies can get tedious quickly. But ultimately the debates are all about money. How to make more money available for developing nations that are being battered by extreme weather? And how to make sure poor countries don’t spend too much money servicing their debt?

Experts estimate that at least $1 trillion a year is needed to help developing countries adapt to hotter temperatures and rising seas, build out clean energy projects and cope with climate disasters.

“For many countries, they will only be able to implement strong new climate plans if we see a quantum leap in climate finance this year,” Simon Stiell, the United Nations climate chief, said in a speech last week.

Starting in 2022, a burst of activity had made the prospect of such a quantum leap seem within reach.

Policymakers and economists gathered in Barbados and hashed out an ambitious reform agenda. The president of the World Bank stepped down after coming under fire for not doing enough to address climate change, and was replaced by an executive who promised to embrace climate work. Emmanuel Macron, the president of France, hosted a summit aimed at building momentum for the work.

But at the annual spring meetings of the World Bank and the I.M.F., which are taking place in Washington this week, reality is setting in.

While more money has become available to address climate issues over the last year or so, the sweeping reforms many had envisioned are proving to be out of reach.

Some of that is a process problem. Overhauling 80-year-old international institutions with complicated governance structures and tens of thousands of employees is no small task.

But much of the challenge comes back to money. So far, the countries that control the World Bank — including the United States, Germany, China and Japan — have not allocated huge new sums for climate issues in the developing world, and the private sector has not stepped in to fill the gap.

“The numbers do not show the kind of progress that we really need,” said Rachel Kyte, a visiting professor at Oxford and former World Bank executive. “We’ve got to get a little bit more radical.”

[leparoledelmondo]

Finanza climatica

Come trovare fondi da investire nella transizione? Soprattutto per quei Paesi che più hanno bisogno di risorse e che subiscono maggiormente gli effetti non solo del cambiamento climatico, ma anche di un sistema socioeconomico profondamente iniquo. Insomma, oserei dire che è una questione di equità e giustizia. Una definizione di “finanza climatica” è ardua, con i Paesi in via di sviluppo che premono per stabilire linee guida chiare su cui basare i contributi finanziari, e i Paesi sviluppati che preferirebbero ovviamente mantenere l’ambiguità attuale.

Ma dal nostro piccolo blog potremmo suggerire soluzioni come, ad esempio, incrementare i finanziamenti pubblici facendo pagare i responsabili della gran parte delle emissioni. 

Altri soluzioni potrebbero essere: una tassa sui profitti record delle aziende fossili, l’abbandono delle sovvenzioni ai combustibili fossili, una tassa sui maxi-redditi (il 10% più ricco della popolazione mondiale è responsabile del 50% delle emissioni). 

Così, giusto per fare qualche esempio che gira nell’aria.

[geohoneylovers]

Taking Action for a Sustainable Future: A Global Stocktake "Must Be the Tipping Point" to Limit Global Warming" TO learn more: https://blog.geohoney.com/tipping-point-towards-limiting-global-warming

[ceevee5]

Lee White, Gabon’s environment minister, said: “The climate crisis is such that every country has to contribute to the solution. Gabon is 88% covered by tropical rainforest. We have maintained deforestation below 0.1% over 5 decades and net absorb over 100m tonnes of CO2 annually. Few countries are doing more for the planet. Developed nations, particularly the UK, which was at the origin of the Industrial Revolution, have to do the heavy lifting – but all too often they make false promises and fail to provide true leadership or even honour their modest financial commitments.“

[indizombie]

Most current climate funding promises to cover things to help ease or adapt to climate change (mitigation and adaptation), but not loss and damage. Without specific new funding for loss and damage, people who are already suffering will suffer more. Inequality will worsen worldwide, as loss and damage risks a range of impacts, like: fuelling debt, mass migration, and political instability or war. Setting up a loss and damage fund under the UN is the fairest, most transparent and accountable way to give financial support to countries and communities that urgently need it. Countries agreed to creating a fund in November 2022. What matters now is actually making sure developed countries commit new funds to go into the pot. And deliver on all their promises for climate finance.

‘Loss and damage: who foots the bill for climate destruction?’, Greenpeace

[trendynewsnow]

Concerns Over Climate Finance Negotiations at COP29 in Baku

Concerns Arise Over COP29 Negotiating Text in Baku The latest draft of the negotiating text, released on Thursday by the COP Presidency, has sparked considerable debate among delegates and observers here in Baku. This new document underscores several unresolved issues, including the criteria for what qualifies as part of the annual climate finance figure, the identity of contributing nations, and…

[h1p3rn0v4]

Sin embargo, no todo esto tiene que venir de los gobiernos de los países ricos. Según el IHLEG, aproximadamente la mitad debería provenir del sector privado, que puede financiar proyectos como la construcción de parques solares y eólicos en los países en desarrollo. Alrededor de una cuarta parte del billón de dólares debería provenir de bancos multilaterales de desarrollo, como el Banco Mundial, que en última instancia son financiados por el mundo rico. Entre 80.000 y 100.000 millones de dólares deberían provenir directamente de los países ricos en forma de ayuda, aproximadamente el doble de la cantidad actual. El resto podría provenir principalmente de nuevas fuentes de financiación, como impuestos a los combustibles fósiles, a los viajeros frecuentes o al transporte marítimo.

Lidy Nacpil, coordinadora del Movimiento de los Pueblos Asiáticos sobre Deuda y Desarrollo, dijo: “Entregar financiamiento climático a través de préstamos no sólo contradice el principio de reconocer la responsabilidad histórica, sino que es profundamente injusto obligar a los países empobrecidos a endeudarse aún más para abordar la emergencia climática. No basta con que la cantidad de financiamiento climático sea adecuada. Los 5 billones de dólares anuales que se le deben al sur global deberían ser públicos, no generar deuda, nuevos y adicionales, y entregarse sin condicionalidades”.

Los inversores privados también tienden a rechazar proyectos que ayuden a los países a adaptarse a los impactos de la crisis climática, como sequías, inundaciones y olas de calor. Por esta razón, varias figuras influyentes creen que la parte del billón de dólares que proviene directamente de los presupuestos de los países desarrollados, y preferiblemente en forma de donaciones en lugar de préstamos, debería destinarse en su mayor parte o en su totalidad a proyectos de adaptación, en lugar de a iniciativas de reducción de carbono.

[nepalenergyforum]

Climate Debt Crisis: The Growing Burden on Developing Countries

Nepal has increasingly relied on concessional loans from the World Bank for disaster management, signaling a growing trend of dependency on external borrowing for climate disaster recovery. This escalating reliance on loans highlights the urgent need for sustainable financial solutions, as the burden of debt continues to mount, potentially undermining the country’s ability to invest in long-term…

[duncangabi]

PNG's decision to forgo attending COP shortsighted

The Minister’s concern is that “PNG has not received a single toea in support to date”. I don’t know what the Minister is talking about, of course we have received some form of support from international governments through COP.I personally think PNG has seen some tangible benefits from participating in the COP, especially in securing climate finance, fostering collaborative partnerships, and…

[impact-newswire]

UK climate finance helps reduce more than 105 million tonnes of greenhouse gas emissions globally

The UK’s International Climate Finance (ICF) results published today outline how it has helped 110 million people adapt to the effects of climate change. Published10 October 2024 the UK’s International Climate Finance (ICF) has helped 110 million people adapt to the effects of climate change reduced or avoided over 105 million tonnes of greenhouse gas emissions, and avoided 750,000 hectares of…

[worldpostday]

Climate Action.

Alongside the agreements for opening the UPU and the modernization of postal financial services, the Extraordinary Congress also approved proposals for a historic Green Package, which outlines voluntary climate action targets for the industry aimed at reducing global greenhouse gas emissions and established a framework for climate action, focusing on mitigation, adaptation, and climate finance, supported by a dedicated Climate Facility. The Green Package sets forth a voluntary tiered approach to the reduction of greenhouse gas emissions in the postal sector, recommended based on posts’ capacity to measure emissions and take action. First tier countries would strive to reduce emissions by 30 percent by 2030, with all three tiers working towards a collective 85 percent reduction by 2050. The new Climate Facility, meanwhile, will be established pending voluntary contributions. The United Arab Emirates and Germany pledged their partial financial support during the plenary meeting. Furthermore, the adoption of the Green Package also provides a mechanism for posts to make their green commitments and ambitions more visible, by signing the Postal Climate Transparency Action statement. Oliver Kaliski, Head of International Relations, Mail and Finance Network Division at Austrian Post, led the postal climate action work at the Extraordinary Congress in Riyadh on behalf of Austria. “The adopted Green Package is just the starting point,” he said. “We now have a common goal for the entire UPU membership to reduce emissions. There is now a lot of work to be done, especially in getting the Climate Facility up and running, and for that we need some more voluntary funding. We have crossed the starting line but there is still a lot to do before we can cross the finish line.”

[disasterriskreductionday]

(Multi-stakeholder panel) Adaptation, finance, and resilience in relation to sea-level rise.

This panel will enable a focused discussion on the critical interlinkages between adaptation, finance, and resilience in the context of sea-level rise

Watch the (Multi-stakeholder panel) Adaptation, finance, and resilience in relation to sea-level rise!

[ceevee5]

“About $2tn (£1.75tn) will be needed each year by 2030 to help developing countries cut their greenhouse gas emissions … And funds could be guaranteed on a sustained basis if the world’s richest countries agreed to share the burden fairly, based on their capacity to pay. While this is a proven model, used in 1966 in an attempt to eliminate smallpox, today only $7bn of UN financing (for peacekeeping) and just $1bn of health financing (to pay 25% of the current World Health Organization budget) is currently raised through a burden-sharing formula. All the rest comes through passing around a begging bowl. A world addressing an existential challenge should not have to rely on charity.”

[wamathai]

Absa Bank advanced Ksh. 36.9 Billion in inclusive financing in 2023

Absa Bank has indicated that it advanced close to KES 60 billion in sustainable finance in 2023. This figure, contained in the Bank’s Sustainability Report for the financial year ended December 31, 2023, is made up of KES 22.3 billion advanced as climate and sustainability-linked finance and KES 36.9 billion in inclusive finance. The report is themed, ‘Banking on a Better, Sustainable…