Ørsted has reached financial close on a project finance package with 25 banks and five Export Credit Agencies (ECAs) to raise approximately TWD90bn (about DKK20bn) for the 632MW offshore wind farm Greater Changhua 2. This is part of the financing structure for the project, on which Ørsted simultaneously is progressing as planned with an equity divestment expected to be completed once the project is operational. The transaction ensures further progress on both Ørsted’s partnership and divestment programme and its strategic priorities.
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CPI: moving public climate finance along the transformation curve
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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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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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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26 June 202526 July 2025Energy, Finance, Regulation, Updates
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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UN Conference: oceans are essential to mitigating climate change
The third United Nations Ocean Conference has adopted a political declaration entitled: “Our ocean, our future: united for urgent action”, stressing that the ocean plays an essential role in mitigating the adverse effects of climate change.
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15 June 202526 July 2025Climate, Regulation, Updates
OECD: accelerated climate action can drive growth and development
Ambitious climate targets that are underpinned by robust implementation and investment plans can provide economic opportunities, unlock investment, and support sustainable development and growth, while facilitating low-emission transitions, according to a new joint report by the OECD and the United Nations Development Programme (UNDP).