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Climate Fund

All articles tagged with #climate fund

climate-change2 years ago•7 min saved

COP28's Climate Fund: From Promises to Reality

The United Nations climate summit, COP28, is facing the challenge of securing the necessary funds to address the climate crisis. Vice President Kamala Harris promised $3 billion for the Green Climate Fund, but the Biden administration is uncertain about Congress approving the funds. Additionally, a new carbon credit initiative involving major companies aims to support developing countries in transitioning to renewable energy. However, the lack of government funding remains a significant obstacle. Developing countries require substantial financial support to cope with climate impacts and transition to renewable energy, but current funding falls far short of the estimated need. The success of COP28 will depend on whether it can secure the required funds to address climate change.

via The New York Times|

#climate-change #climate-crisis #climate-fund

climate-change2 years ago•2 min saved

UAE's $30 Billion Climate Fund Bridges Global Climate Finance Gap

The United Arab Emirates (UAE) has pledged $30 billion to a new climate-oriented fund called Alterra, with BlackRock, Brookfield, and TPG as launch partners. The fund aims to attract $250 billion in investments by 2030 and will focus on improving access to financing for developing nations and directing private markets towards climate investments. The announcement was made during the COP28 climate summit in the UAE, where the country has faced scrutiny over its energy transition intentions. The fund will be chaired by Sultan al-Jaber, President of COP28 and CEO of Abu Dhabi National Oil Company, and overseen by Abu Dhabi-based asset manager Lunate.

via CNBC|

#alterra #blackrock #brookfield

climate-change2 years ago•3 min saved

COP28: Striking a Crucial Global Climate Deal

Countries are expected to reach an agreement on the creation of an international fund to assist communities affected by climate-related disasters at the COP28 climate summit in Dubai. The draft agreement, which includes a provision for voluntary contributions, is likely to be adopted on the opening day of the summit. However, the amount of funding and its source are still undecided. The agreement would remove a contentious issue from the conference agenda and allow delegates to focus on addressing the root cause of climate change. The United States, previously opposed to financial redress for climate damage, has expressed support for the fund. The focus now shifts to raising the necessary funds, with small island nations calling for at least $100 billion over the first four years of operation.

via POLITICO|

#climate-change #climate-finance #climate-fund

climate-change2 years ago

German Top Court Rejects €60bn Climate Fund, Dealing Blow to Scholz Government

Germany's top court has ruled that a €60 billion off-budget climate fund, established to finance measures to reduce greenhouse gas emissions, is unconstitutional. The court argued that the fund, which was set up outside the regular budgetary process, violated the parliament's budgetary rights. The decision is seen as a blow to Germany's environmental policy and may require the government to find alternative ways to finance climate initiatives.

via Financial Times|

#climate-change #climate-fund #court-decision

politics2 years ago•2 min saved

German Court Rejects Scholz Government's Budget Plan, Shaking Political Landscape

Germany's constitutional court has ruled that the government's re-allocation of 60 billion euros ($65 billion) of unused debt from the pandemic era to a climate fund was illegal, dealing a blow to Chancellor Olaf Scholz's coalition. The ruling sets a precedent for fiscal responses in future crises and could trigger tensions within the coalition. The court found that the budget maneuver violated Germany's Basic Law and the debt ceiling can only be exceeded in emergencies, which the transfer of funds to the climate fund did not satisfy. The ruling puts pressure on budget deliberations and requires the government to find alternative funding for the climate fund.

via CNBC|

#budget #climate-fund #constitutional-court

climate-change2 years ago•1 min saved

Climate Fund Talks Collapse Amidst Global Disputes and Blame Game

Talks on the creation of a new fund to assist vulnerable countries in recovering from climate disasters have collapsed, with developing countries blaming the US for insisting on housing the fund in the World Bank, which is dominated by highly developed economies. The EU, which also supports the World Bank as the host, was accused of hiding behind the US. The failure to reach an agreement on contentious issues, including the fund's headquarters, has led to disappointment among developed and developing parties. Another meeting is expected to be scheduled in November to find a deal before the COP28 global climate talks.

via POLITICO Europe|

#climate-change #climate-fund #eu