The Climate Policy Initiative (CPI) has identified 10 key elements for public climate finance to deliver transformational change. It says that this means moving beyond the project level toward transformational change at the market and system levels, which is both an imperative and an opportunity for public climate finance providers.
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UK’s OBR: cost of climate uncertain but cost of inaction higher
The costs of climate change are highly uncertain, but represent a significant risk to the public finances in all the scenarios explored by the UK’s Office for Budgetary Responsibility (OBR). These costs come from both transitioning the economy to net zero emissions, and from damage to the economy caused by climate change. However, the latter is the more significant fiscal cost in the scenarios the OBR presents.
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China’s solar and wind projects reach new heights
China is adding solar and wind power at record rates, and the emergence of offshore wind is causing it to cut fossil fuel emissions along its industrial coastline. This is according to a report from ‘Global Energy Monitor’ (GEM). China is building 510 gigawatts (GW) of utility-scale solar and wind capacity, an increase of 57% over the previous year, and three-quarters of all such capacity under construction globally.
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Record volume of climate finance for developing countries
The Green Climate Fund (GCF) board has approved a record volume of climate finance for developing countries, green-lighting 17 new projects for climate action around the world. The $1.225bn fund is the largest amount approved at a single board meeting. GCF now has a portfolio of 314 projects amounting to $18bn in GCF resources, $67bn including co-financing.
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Green light for UK wind after nine-year lull
The UK Government has published its onshore wind strategy as part of mission to become a clean energy superpower. This comes after a nine-year de facto ban. The new strategy sets out over 40 actions to get onshore wind building again across the UK.
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Communications are central to climate action
Even the accountancy profession is talking about communications. Time and again it proclaims that financial and non-financial reporting (especially in relation to climate and nature impacts) should be integrated; but increasingly it says that this integration – and the outcomes of business strategy underpinned by green credentials – should be communicated. But it rarely is.
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Report maps biodiversity risk management by insurers
A report from the European Insurance and Occupational Pensions Authority (EIOPA) maps current practices and challenges in the identification, measurement and management of biodiversity risks by insurers and reinsurers as part of the existing Solvency II risk management framework.
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Profitable growth for marketing – without fossil fuels
Campaign group Clean Creatives has put forward a way for the marketing industry to exit fossil fuel relationships while taking up the opportunities available to them from emerging high-growth industries such as renewables, the circular economy and healthcare.
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Extreme heat and cold threaten health across the globe
The World Meteorological Organisation, its members and partners are ramping up action against extreme heat in Western Europe, parts of North America, North Africa, the Middle East and Central Asia. Meanwhile, a cold spell in South America could also be a health threat.
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The UN Sec-Gen sees three ways to fix the world
UN Chief, António Guterres, has issued a warning that sustainable development underpinned by international cooperation is in trouble. Addressing the opening session of the 4th Financing for Development Conference, he noted that multilateralism is struggling, as is trust between the major actors. He said he saw three areas of action:
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The Climate Finance Vulnerability Index shows how hot the world is
The Climate Finance Vulnerability Index (CliF-VI) provides a comprehensive understanding of nations' climate vulnerability to help improve the targeting and provision of climate change adaptation financing. It shows a country’s climate and financial vulnerability as well as governance considerations that may impact lending.
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£833m net zero Teesside contract for UK’s Balfour Beatty
Balfour Beatty, the international infrastructure group, has announced that it has been awarded an £833m contract by Technip Energies to act as the construction partner for Net Zero Teesside Power – an onshore power, capture and compression project and poised to be the world’s first gas-fired power station with carbon capture and storage.
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UK to become sustainable finance capital of the world
The UK Energy Secretary, Ed Miliband, has outlined plans to support banks and large companies in developing climate transition plans. To date, about 70% of FTSE 100 companies have voluntarily developed many of the key elements of a transition plan. The UK Government says that widespread transition planning will help provide long-term certainty and clarity to help scale the sustainable finance industry.
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WMO: Asia is warming twice as fast as global average
Asia is currently warming nearly twice as fast as the global average, according to the World Meteorological Organisation (WMO). The WMO’s 'State of the Climate in Asia 2024' report says that 2024 was the warmest or second warmest year on record (depending on the dataset), with widespread and prolonged heatwaves. The warming trend between 1991-2024 was almost double that of the 1961-1990 period.
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UK Gov announces new era of clean energy transformation
Hot on the heels of the UK Government’s commitment to the most significant programme of investment in homegrown clean energy in the UK’s history, Secretary of State for Energy Security and Net Zero, Ed Miliband, has talked through what energy transformation means for the UK in coming years.