Category: Climate Finance

Developed and Developing World Both Call for World Bank Climate Reforms

Recent comments by World Bank President, David Malpass, ignited furore, when he refused to acknowledge that the burning of fossil fuels is causing climate change. Whilst he has sought to retract this position, it has been used as a platform for global leaders to act on longstanding frustrations with the World Bank’s role in decarbonisation. At the World Bank’s annual general meeting last week Germany and the United States put forward a joint proposal for the “fundamental reform of the World Bank” to its management, including reforms to its approach to climate change. A group of the world’s most vulnerable 20 countries also floated the possibility of suspending the repayment of their World Bank loans, amounting to $685 billion.

Munich Re has committed to no longer invest in or insure oil and gas

Task Force on Climate Development engages on debt for climate swaps

IMF Floats the Possibility of Debt for Climate Swaps

The IMF has explored the option of debt for climate swaps in a recent working paper, concluding that they may be appropriate in some cases.

South African Just Energy Transition Partnerships: New and Transformative Finance Lacking

Details around the finance provided under South Africa’s $8.5 billion Just Energy Transition Partnership have been vague and unclear, with worrying signs that the terms of finance will make it unfit for purpose.

US Pledges $5 million to Address Methane Emissions in Africa

Rwanda will host the Green Climate Fund (GCF) Board Meeting in March 2023

OECD reports that developed countries fell $17billion short of their climate finance target

Egypt seeks to raise ambition with no “backsliding or backtracking” on commitments

New Zealand releases international climate change finance strategy