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Climate Financing

All articles tagged with #climate financing

climate-change2 years ago

"Record-breaking Pledges: Massive Funding for African Carbon Credits at Climate Summit"

The Africa Carbon Markets Initiative (ACMI) received pledges of hundreds of millions of dollars at Africa's first climate summit, including a commitment of $450 million from investors in the United Arab Emirates (UAE). African leaders are promoting market-based financing instruments like carbon credits to attract climate investment and mobilize funding. However, some speakers at the summit expressed concerns about the slow progress in climate financing for Africa, citing the perception of the continent as too risky for investors. The summit aims to showcase Africa as a destination for climate investment and plans to issue a declaration outlining Africa's position ahead of the upcoming U.N. climate conference and COP28.

via Reuters|
#africa#carbon-credits#climate-change
climate-change2 years ago

Addressing Climate Injustice: Reparations for Vulnerable Nations

Climate negotiators representing multiple countries are discussing the details of the United Nations' "loss and damage" fund, which aims to provide compensation for poor nations affected by climate change. The fund's location, management, eligibility criteria, and funding sources are being determined. The committee is considering whether to host the fund within existing institutions like the IMF or create a new one. Loss and damage funding covers expenses related to extreme weather, ecosystem destruction, and non-economic losses. Small island developing states and least developed countries are advocating for this funding, which is estimated to reach $671 billion annually by 2030. However, current funding is less than $500 million per year. The conversation around climate reparations is gaining momentum, but resistance remains, and many believe that additional financing mechanisms, such as taxes and levies, are needed to meet the funding requirements.

via Al Jazeera English|
#climate-change#climate-financing#climate-reparations
climate-change2 years ago

Global push for renewable energy targets and end to fossil fuel age

Germany has called for an ambitious target for renewable energy to "ring in the end of the fossil fuel age" and limit global warming to 1.5 degrees Celsius. The proposal flips the script on a previous push to set a deadline for phasing out all fossil fuels, which faced stiff resistance from major oil and gas exporting nations. The COP28 chair has urged nations to triple renewables capacity by 2030 and called on developed countries to deliver a long-promised $100bn climate package for developing countries. Diplomats attending the meeting in Berlin will also be discussing how to ramp up various forms of financial aid for developing countries hardest hit by climate change.

via Al Jazeera English|
#climate-change#climate-financing#cop28