Tag: climate finance

Unpacking COP27: finance, fossils, climate impacts

After two-and-bit weeks of negotiations, the outcome of COP27 includes some firm steps forward on climate action. A historic loss and damage fund for responding to escalating climate impacts, renewable energy singled out as the route to addressing the energy crisis, and strong calls to reform international finance institutions to unlock more finance and fiscal space for climate action – along the lines of Barbadian PM Mottley’s Bridgetown Initiative – demonstrate climate collaboration in the face of turbulent geopolitics.

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Climate Finance in Nigeria: Report

This report, part of the State of Climate Finance in Africa series, provides a deep dive analysis of tracked climate finance in Nigeria in 2019/2020. While data gaps limit a fully comprehensive assessment, the key purpose of this case study is to inform and facilitate discussions among policymakers and public and private financiers, identifying gaps and opportunities for scaling climate finance in Nigeria.

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Climate Finance for Just Transitions: Briefing

This paper “Climate Finance for Just Transitions: Building Low-Carbon Development Pathways in an Age of US-China Rivalry” by the Nicholas Institute for Energy, Environment & Sustainability investigates challenges throughout the international climate finance landscape and recommends pathways for how investments into low- and middle-income countries (LMICs) can more effectively drive low-carbon development. 

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US Climate Law Ushers in New National Green Bank

The passage of the Inflation Reduction Act (IRA) is a long-overdue step toward establishing a national green bank that will unleash tens of billions of public and private dollars for investment in clean energy and climate-resilient infrastructure in underserved communities. In addition to supporting economic development, these investments will reduce air pollution and improve the health and safety of communities.

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Indonesia Green Taxonomy 1.0: Yellow Does Not Mean Go

A green taxonomy is a list that classifies all business activities based on their contribution to environmental aims and thresholds. Launched in January 2022, Indonesia’s Green Taxonomy 1.0 has been designed mainly as a guidance, rather than a mandatory instrument. This, however, may expand in the future, for example, through mandatory disclosures of taxonomy-relevant investment portfolios.

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Blueprints for Climate Finance in Kenya

In the wake of the COVID-19 pandemic, Kenya has embarked on a low carbon, resilient recovery plan. A study from GNIplus that tracked climate finance flows in Kenya revealed that only one third of needed annual climate finance flowed to climate-related investments in 2018. Of that, 80% of the climate finance tracked flowed mostly to mitigation sectors such as energy. 

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Energy Transition’s Big Dollars and Big Themes

Energy transition investment follows familiar patterns in global capital markets. Last year, energy transition and climate tech (renewable energy, energy storage, electrified vehicles and heating, hydrogen, nuclear power, sustainable materials and the carbon capture) attracted more than $900 billion. Energy transition investment alone reached $755 billion, up by a quarter over 2020 investment, double what was invested in 2015, and a more than 20-fold increase since 2004.

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EverSource Capital’s GGEF closes at $741 million

EverSource Capital (EverSource) announced the final close of Green Growth Equity Fund (GGEF), reportedly India’s largest climate impact fund, at $741 million. The GGEF becomes one of the largest single-country funds focused on climate change, mitigation, and adaptation in emerging markets. It was formed with an anchor investment from India’s National Investment and Infrastructure Fund and the Foreign, Commonwealth and Development Office of the United Kingdom’s government.

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We have been stepping up our climate financing: ADB’s Masatsugu Asakawa

We must confront the uncomfortable truth that our region is a source of more than 50 per cent of annual global greenhouse gas emissions. It is clear that bold and urgent action is needed to combat the great challenges we face. For this, we must implement new and innovative policy solutions to ensure green, inclusive, and sustainable development. We have been stepping up our climate financing. We raised our ambition to provide 100 billion dollars in cumulative climate finance between 2019 and 2030.

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Guide on climate-related disclosure for central banks

This report is a first “how-to” guide for central banks on producing their own climate-related disclosures. The guide takes, as its starting point, the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). The focus of the guide is on climate-related financial exposures.

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Finance for climate action is not on a par with the warming world

Overall, the majority of climate finance (61%, USD 384 billion) was raised as debt, of which 12% was low-cost or concessional. High shares of domestic flows dominated in Western Europe, US & Canada, and East Asia & Pacific, accounting for 76% of the global flows while, inversely, a higher share of international finance was observed in the developing regions of Sub-Saharan Africa and South Asia.

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Implementing the Clean Energy Investments in US Bipartisan Infrastructure Law

The Build Back Better Act contains the heart of President Biden’s domestic agenda, including over $500 billion in climate and clean energy provisions that are necessary for the U.S. to meet its climate goals. While the fight for the Build Back Better Act is not over, we also must ensure that existing federal funds are put to the best decarbonization uses possible. In November, President Biden signed the $1.2 trillion Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law.

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What We Got Out of COP26—and What’s Still Needed

We’ve reached the strongest global consensus yet that fossil fuels must be phased out. But as youth activists remind us, the seas are still rising. No single gathering, no final accord, is going to end the climate crisis. As international climate talks wind down in Glasgow, though, the world is moving forward on three vital fronts, even as each reveals anew how much further we must go.

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Energizing Finance in Vietnam

Taking the Pulse shines a light on both the volume and type of capital – debt, equity, grants and affordability gap financing – challenges to achieving universal access and recommendations on actions required to achieve SDG7. This Policy Brief is based on Taking the Pulse analysis for Vietnam.

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Climate Investments in EU in Times of Budget Consolidation

The additional public investment need required to meet the European Union’s climate goals is between 0.5 percent and 1 percent of GDP annually during this decade. Increasing green public investment while consolidating deficits will be a major challenge. While simulations show that budget consolidation can be done at a moderate pace in line with EU rules if those rules are interpreted flexibly, past consolidation episodes resulted in major public investment cuts.

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Scaling up Climate Mitigation Policy in Germany

This paper shows the substantial variation in the price responsiveness of emissions across sectors and thus prices implied by sectoral targets. It proposes various measures to help Germany meet emissions targets with greater certainty and cost effectiveness. The paper also studies the distributional impact of higher carbon pricing and suggests that reducing social security contributions can mitigate the regressive direct impact of higher carbon pricing on lower income households.

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Unlocking Access to Climate Finance for Pacific Islands Countries

While climate change is primarily caused by emissions from large advanced and emerging market economies, the Pacific islands are among those most heavily impacted by the adverse effects of climate change. This departmental paper by International Monetary Fund provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.

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Germany: Five Areas for COP and G7 Climate and Development Leadership

Germany is a clear leader on climate finance. It provided $4.8 billion in 2019; and was the leading country in terms of the increase in all public development finance in the prior decade, with a $17.4 billion increase over the period. At the G7 Summit in Cornwall this year, Germany said it would increase its climate finance by €2 to €6 billion a year by 2025 at the latest.

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Funding Climate Technology to Achieve Net Zero

As the window to prevent irreversible damage to the planet from climate change becomes smaller and technological advances accelerate, they are finally aligning. Innovation is key to delivering net zero carbon emissions. The right investment conditions are now present to enable ground-breaking “climate tech” ideas to come to fruition.

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