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Global Carbon Credits Index Launched in UK (Int'l Report)
IHS Markit, Climate Finance Partners
Date: 2019-09-27
London, UK-headquartered information and analytics provider IHS Markit reports the launch of its Global Carbon Index, the first benchmark for the global price of carbon credits.

The Index tracks the performance of the largest, most liquid and most accessible tradable carbon markets -- the European Union Emission Trading System (EU ETS), the California Cap-and-Trade Program, and the Regional Greenhouse Gas Initiative (RGGI). The index is calculated using OPIS data and carbon credit futures pricing in those markets.

The IHS Markit Global Carbon Index was developed in consultation with Climate Finance Partners, a specialist in climate finance. IHS Markit is also well known for its daily OPIS Carbon Market Report, national carbon policies database and for developing industry standard methodologies for greenhouse gas accounting and disclosures. Its research and expertise on carbon policy impact, low-carbon and cleantech technologies and carbon risk management guide companies in energy, petrochemical, automotive, shipping, agriculture and other sectors critical to the global economy. (Source: IHS Markit , 25 Sept., 2019) Contact: IHS Markit, www.ihsmarkit.com

More Low-Carbon Energy News RGGI,  EU ETS,  IHS Markit Carbon Market,  Carbon Credit,  


Moroccan Energy Efficiency Project Scores NAMA Funding (Int'l.)
Morocco
Date: 2019-09-20
In Rabat, the Moroccan Ministry of National Territorial Development and Urban Planning is reporting receipt of €20 million in funding from the Berlin-based NAMA Facility, an international climate finance program. The funding will be used for building energy efficiency projects.

According to the Ministry, the building sector is "one of the major energy-consuming areas in Morocco, it represents 33 pct of the final energy consumption and records a strong growth of the annual energy consumption." Morocco's energy efficiency strategy aims to achieve energy savings of around 20 pct. (Source: Morocco World News, 19 Sept., 2019) Contact: NAMA Facility, www.nama-facility.org

More Low-Carbon Energy News Energy Efficiency,  


EIB Loans to Fund 21 Spanish Wind Farms (Int'l., Funding)
European Investment Bank
Date: 2019-08-09
The European Investment Bank (EIB) reports it will provide €385 million in loan funding for Alfanar Group's construction of 21 wind farms totaling 547 MW in Andalusia, Asturias, Castilla-La Mancha, Castilla Leon, Galicia and Navarra in Spain.

The EIB, the world's first and largest issuer of green bonds, is the long-term lending institution of the European Union owned by its 28 Member States. The EIB aims to dedicate at least 25 pct of its investments to climate change mitigation and adaptation, supporting low-carbon growth with climate resilience. In 2018, and for the ninth consecutive year, the EIB exceeded its climate finance target, providing €16.2 billion to promote climate action. (Source: European Commission, PR, 8 Aug., 2019) Contact: European Commission, www.eceuropa.eu

More Low-Carbon Energy News European Investment Bank ,  Wind,  


EU, Ethiopia Ink €36 Mn Climate Finance Deal (Int'l, Funding)
EU,Ethiopia
Date: 2019-07-22
The EU is reporting a €36 million financing agreement with the Government of Ethiopia for that country's climate change budget supporting program. The program focuses on cutting forestry and industrial carbon and other greenhouse gas emissions and mitigating the impact of climate change.

The bulk of the EU's €33 million will be channeled through the Ethiopian government with €3 million of the total used to enhance the country's measurement, reporting and verification systems, to make them complaint with Paris Climate Agreement standards. The funded projects will be administered by the Ethiopian Environment, Forest and Climate Change Commission and the Ministry of Trade and Industry in collaboration with regional states. (Source: EU News, ENA News, Walta, 22 July, 2019)

More Low-Carbon Energy News Climate Finance news,  Climate Change Mitigation news,  Carbon Emissions news,  


UK Unveils Green Finance Net-Zero Emissions Strategy (Int'l)
Minister of State for Energy and Clean Growth
Date: 2019-07-08
In London, the UK Minister of State for Energy and Clean Growth, Hon. Chris Skidmore, is reporting the release of the government's Green Finance Strategy, outlining how the finance sector and better climate disclosure from publicly-listed corporations can drive progress towards wider action on climate change and the push towards net-zero emissions by the year 2050.

The strategy features investment and funding increases into green projects, infrastructures and homes and is built on findings from the Task Force on Climate-related Financial Disclosures (TCFD). The strategy calls corporations and asset owners to disclose climate risk and impact data by 2022 and to work with regulators as to whether this becomes a mandatory requirement.

In addition, a £5 million Green Home Finance Fund has been established for green finance education, home energy efficiency grants, green mortgages and other green finance mechanisms. An additional £5.8 billion has been set aside for international climate finance to encourage other nations to act on climate collaboratively.

More than 780 organizations reportedly support of the TCFD, including the world's largest banks, asset managers and pension funds, responsible for assets of $118trn, highlighting the appetite for green finance. (Source: UK Minister of State for Energy and Clean Growth, edie News, 2 July, 2019) Contact: Minister of State for Energy and Clean Growth, UK Energy and Clean Growth Minister, Chris Skidmore, www.gov.uk/government/people/chris-skidmore

More Low-Carbon Energy News Climate Change,  Net-Zero Emissions,  


MDB Climate Finance Hits Record $43.1Bn in 2018 (Ind. Report)
Climate Change,World Bank
Date: 2019-06-28
According to the 2018 Joint Report on Multilateral Development Banks' Climate Finance, climate financing by the world's largest multilateral development banks (MDBs) in developing countries and emerging economies rose to a high of $43.1 billion in 2018, boosting projects that help developing countries cut emissions and address climate risks -- an over 22 pct increase from 2017 where climate finance totaled $35.2 billion.

The report notes that $30.2 billion (70 pct) of the 2018 total was devoted to climate change mitigation investments that aim to reduce harmful greenhouse gas emissions and slow down global warming. The remaining $12.9 billion (30 pct) was invested in climate change adaptation efforts to help address mounting impacts of climate change, including worsening droughts and more extreme weather events from extreme flooding to rising sea levels.

Since 2011, the six MDBS have committed nearly $237 billion in climate finance for developing and emerging economies. MDBs' climate finance aims to ensure that global financial flows are consistent with the Paris Climate Agreement.(Source: World Bank, Modern Diplomacy, June, 2019) Contact: World Bank Group, Mehreen Sheikh, (202) 458-7336, msheikh1@worldbank.org, www.worldbank.org

More Low-Carbon Energy News Climate Change,  Climate Change Mitigation,  Climate Finance,  


Notable Quote
Climate Change
Date: 2019-04-26
"The international community needs more political will to undertake climate change mitigation, adaptation and climate finance activities. We are losing the race for climate change, which could be a disaster for Africa and the world. Africa will pay even higher price because of the dramatic impact in the continent even though Africa doesn't contribute much to the warming of the planet." -- UN Secretary-General Antonio Guterres, speaking at the 32nd ordinary session of the Assembly of the African Union (AU). (Source: IANS, April, 2019)

More Low-Carbon Energy News Climate Change Mitigation,  Climate Change,  Carbon Emissions,  


AfDB Commits to $25Bn Climate Finance Target for 2020-25 (Int'l)
African Development Bank
Date: 2019-03-20
The African Development Bank (AfDB) reports it will double its climate finance commitments for the period 2020-2025 to at least $25 billion. AfDB adds it is on track to achieve its target of allocating 40 pct of its funding to climate finance by 2020.

The Bank's climate finance trajectory has grown from 9 pct in 2016, 28 pct in 2017, and 32 pct in 2018, according to the Afdb. (Source: African Development Bank, Website, Mar., 2019) Contact: African Developement Bank, +216 7110 3900/71103930, +216 7119 4523 - fax., www.afdb.oeg

More Low-Carbon Energy News African Development Bank ,  Climate Change,  


Notable Quote
Climate Change
Date: 2019-02-11
"The international community needs more political will to undertake climate change mitigation, adaptation and climate finance activities. We are losing the race for climate change, which could be a disaster for Africa and the world. Africa will pay even higher price because of the dramatic impact in the continent even though Africa doesn't contribute much to the warming of the planet." -- UN Secretary-General Antonio Guterres, speaking at the 32nd ordinary session of the Assembly of the African Union (AU). (Source: IANS, 9 Feb., 2019)

More Low-Carbon Energy News Climate Change,  


UK, New Zealand Joint Statement on Pacific Climate Change (Opinions, Editorials & Asides)
Climate Change
Date: 2019-01-23
The United Kingdom UK Department for Business, Energy & Industrial Strategy, along with the Gov. of New Zealand, issued the following joint statement on climate change:

"New Zealand and the UK reaffirm a joint commitment to work with Pacific Island countries, which are uniquely affected by the impacts of climate change, to take action to mitigate greenhouse gas emissions, reduce vulnerability and increase resilience to the impacts of climate change.

"The Paris Agreement, signed and ratified by all Pacific Island countries, set the goals of holding the increase in the global average temperature to below 2 degrees Celsius above pre-industrial levels and pursuing efforts to limit the temperatures increase to 1.5 degrees Celsius above pre-industrial levels.

"Pacific countries -- including those with medium to high per capita GDP -- continue to suffer from diseconomies of scale, external economic shocks, uncertainty caused by future climate impacts and catastrophic climatic events. The UK and New Zealand recognize that individual and coordinated action is required to address the vulnerabilities of Pacific Island countries to support their sustainable and prosperous future.

"The UK and New Zealand are committed to supporting international action to address issues of oceans, access to development and climate finance, advice on climate induced migration and issues around climate induced insecurity across the Pacific.

"The UK will open three new diplomatic posts in the Pacific next year -- Vanuatu, Samoa and Tonga -- and a new UK regional development expert will be based in Fiji from 2019 onwards. These new UK posts will work with New Zealand and like minded partners to maximize the impact of multilateral spending to address Pacific Island Countries' vulnerability to climate risks." (Source: UK Department for Business, Energy & Industrial Strategy, 21 Jan., 2019) Contact: UK Department for Business, Energy & Industrial Strategy, www.gov.uk/government/organisations/department-for-business-energy-and-industrial-strategy

More Low-Carbon Energy News Climate Change,  Climate Change Mitigation,  


Increased Climate Finance Aids Caribbean Countries (Int'l)
IDB
Date: 2018-06-27
According to the Washington-based Inter-American Development Bank (IDB), a financing increase of more than 20 pct to a seven-year high of $35.2 billion from the previous year by the world's six largest multilateral development banks (MDBs) has boosted projects that help the Caribbean and other developing countries cut emissions and address climate risks.

The MDBs' latest joint report on climate financing said $27.9 billion -- 79 pct of the 2017 total -- was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming. The remaining 21 pct or $7.4 billion of financing for emerging and developing nations was invested in climate adaptation projects. In 2016, total MDB climate financing totaled US$27.4 billion.

The MDBs, which include the African Development Bank , the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank , the Inter-American Development Bank Group (IDB and IDB Invest) and the World Bank Group (World Bank, IFC and MIGA), account for the vast majority of multilateral development finance. (Source: IDB, Caribbean Life, 23 June, 2018) Contact: IDB, Juan Pablo Bonilla, Climate Change and Sustainability Sector Manager, Therese Turner-Jones, GM Caribbean Country Department, www.iadb.org

More Low-Carbon Energy News IDB,  Climate Change,  Climate Change Mitigation,  Climate Finance,  


MD Banks' Climate Finance Climbs to $35.2bn in 2017 (Int'l Report)
World Bank
Date: 2018-06-20
According to the recent joint report on climate finance, climate financing by the world's six largest Multilateral Development Banks (MDBs) rose to $35.2 billion in 2017 -- a 28 pct jump over 2016. $27.9 billion of the 2017 total was earmarked for climate mitigation projects that aim to reduce emissions and slow down global warming in line with the objectives of the Paris Agreement.

Of the total, $7.4 billion financing for emerging and developing nations was invested in climate adaptation projects that help economies deal with the effects of climate change -- unusual levels of rain, worsening droughts and extreme weather events.

Of the 2017 total, 81 pct was provided as loans and other financial instruments such as policy-based lending, grants, guarantees, equity and lines of credit. Latin America, Sub-Saharan Africa and East Asia and the Pacific were the three major developing regions receiving the funds. The report contains a breakdown of climate finance by country.

Multilateral banks began publishing their climate investment in developing countries and emerging economies jointly in 2011, and in 2015 MDBs and the International Development Finance Club agreed joint principles for tracking climate adaptation and mitigation finance. (Source: World Bank, New Telegram, 19 June, 2018) Contact: World Bank, John Roome, (202) 473-3373, www.worldbank.org/en/about/people/j/john-roome

More Low-Carbon Energy News World Bank,  Climate Change,  Climate Change Mitigation,  Climate Finance,  


GCF, EBRD Launch $1.4Bn Climate Finance Programme (Int'l. Funding)
European Bank for Reconstruction and Development, Green Climate Fund
Date: 2017-11-17
The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are reporting the launch of the Sustainable Energy Financing Facilities programme to support climate investments in Africa, the Asia Pacific and Eastern Europe.

GCF will contribute $378 million to the programme while the EBRD will provide a loan of $973 million along with a $34-million grant. GCF and EBRD will rely on local financial institutions to finance more than 20,000 scalable and replicable projects across industrial, commercial, residential, transport and agricultural sectors. The goal is to establish self-sustaining markets in the areas of energy efficiency, renewable energy and climate resilience. (Source: EBRD, Renewables Now, Others, Nov., 2017) Contact: European Bank for Reconstruction and Development, +44 (0) 207 338 6000, www.ebrd.com; Green Climate Fund, +82.32.458.6010, www.greenclimate.fund

More Low-Carbon Energy News European Bank for Reconstruction and Development ,  Green Climate Fund,  


EU Expecting COP23 Affirmation of Paris Climate Agreement Targets, Progress (Opinions, Editorials & Asides)
COP23, Paris Climate Agreement
Date: 2017-11-13
At the opening of the COP23 meeting in Bonn, the European Commission (EC) reported that the European Union cuts it greenhouse gas emissions 23 pct between 1990 and 2016, while the economy grew by 53 pct over the same period. According to the EC's latest report -- Two years after Paris -- Progress towards meeting the EU's climate commitments -- the falling emissions in a growing economy is a strong confirmation that the EU's remains firmly on track to meet its 2020 greenhouse gas emissions reduction target.

Under the Paris agreement, the EU has committed to cut CO2 emissions by at least 40% pct by 2030 while modernizing the EU's economy and delivering on jobs and growth for all European citizens. In 2016, EU emissions decreased by 0.7 pct while GDP grew by 1.9 pct.

The EU is one of the major economies with the lowest per capita emissions, and the emissions per unit of GDP continue to fall. The progress report also looks at the EU's contribution to international climate action. In 2016, the EU and its Member States continued to be a major provider of climate finance to developing countries, increasing their overall contribution to last year reach €20.2 billion. (Source: EU, EC,New Europe Online/KG, 7 Nov., 2017)

More Low-Carbon Energy News COP23,  Carbon Emissions,  Climate Change,  


EBRD Ups Egyptian, Serbian Wind, Solar Investments (Int'l)
European Bank for Reconstruction and Development
Date: 2017-10-20
In London, the UK-headquartered European Bank for Reconstruction and Development (EBRD) reports it is financing more than 1 GW of new renewables capacity in 2017. To date, the Bank has invested more than €4 billion directly in renewable energy, supporting projects in over 20 countries and funding more than 6.5 GW of capacity.

In this new announcement, the EBRD is financing 16 new solar power plants totaling 750 MW in Egypt including the 1.8 GW Benban solar site -- the largest solar installation on the African continent. The EBRD has also financed two recently completed Serbian wind projects totaling 300 MW.

EBRD investments over the last decade have focused increasingly on sustainable energy in support of climate finance. The EBRD is well on the way to meeting commitments made in the run up to the 2015 Paris Climate Agreement of dedicating 40 pct of its total annual investments to green finance by 2020, the Bank says. (Source: EBRD, New Europe Online/KG, 18 Oct., 2017) Contact: EBRD, +44 (0) 207 338 6000, www.ebrd.com

More Low-Carbon Energy News European Bank for Reconstruction and Development,  EBRD,  Wind,  Solar,  Renewable Energy,  


Green Climate Fund Supporting Egyptian Renewables (Int'l Funding)
Green Climate Fund,EBRD
Date: 2017-08-23
The UN's flagship climate finance Green Climate Fund (GCF) reports it will begin its $150 million loan and $4.7 million grant contribution to a $1 billion renewable energy drive in Egypt next month. The London, UK-headquartered European Bank for Reconstruction and Development (EBRD) will implement the project as well as contribute $2.3 million in grant funding and $350 million of loans. Other international development banks and private sector players are expected to match that investment.

The money, which will support the Egyptian target of generating 20 pct of electricity from renewable sources by 2022, will fund technical assistance with policy and planning and encourage investors to enter the clean energy market.

The GCF, part of the UNFCCC, was established to assist developing countries in adaptation and mitigation practices to counter climate change. (Source: Green Climate Fund, Climate Home, 21 Aug., 2017) Contact: Green Climate Fund, +82.32.458.6010, www.greenclimate.fund EBRD, +44 (0) 207 338 6000, www.ebrd.com; UNFCCC, wwwunfccc.int

More Low-Carbon Energy News UNFCCC,  EBRD,  Green Climate Fund,  Renewable Energy,  


U.S. Climate Finance Facts (Opinions, Editorials & Asides)
Climate Finance,Oxfam
Date: 2017-08-04
"The United States' annual contribution to the Global Climate Finance (GCF) of $500 million is just 0.012 percent of the total US federal budget. If the US would have made the planned payment of $750 million it would have been 0.018 percent of the total federal budget. The $500 million payment is just $1.53 per American per year. The $750 million payment is $2.30 per American per year. By way of contrast, Americans spend $37.32 per person on coffee each year.

"On a per capita basis, Sweden, Luxembourg, Norway, Monaco, United Kingdom, France, Denmark, German, Switzerland and Japan all pledged more to the GCF than the United States.

"In total the United States provided $2.6 billion in 2015 -- 0.06 percent of the total federal budget -- to assist partner countries with climate change adaptation and mitigation efforts through foreign assistance programs. The EU, Japan, France and Germany all provide more finance in absolute terms than the US." (Source: Oxfam America, Annaka Peterson, August, 2017) Contact: Oxfam America, Annaka Peterson, (800) 776-9326 info@oxfamamerica.org, www.oxfamamerica.org

More Low-Carbon Energy News Climate Finance,  


EBRD Ups Green Energy, Energy Efficiency Spending (Int'l)
European Bank for Reconstruction and Development
Date: 2017-06-12
The London, UK-headquartered European Bank for Reconstruction and Development (EBRD) reports that between January and May of this year it increased its Green Economy Transition (GET) green economy financing to €913 million compared to €493 million in the same period of 2016. Ahead of the Paris accord, EBRD committed 40 pct of its annual investments to climate finance by 2020, compared with an average 25 pct in the previous five years.

The bank is applying its private sector investment model to reducing carbon emissions and fighting climate change with energy efficiency and renewable energy projects as well as promoting the transfer of green technology. to its regions (Source: EBRD, Global Trade Review, 7 June, 2017)Contact: EBRD, +44 (0) 207 338 6000, www.ebrd.com

More Low-Carbon Energy News European Bank for Reconstruction and Development ,  


The Climate Trust Forecasts Carbon Market Trends (Ind. Report)
The Carbon Trust
Date: 2017-01-06
In Portland, Oregon, the Climate Trust, a mission-driven nonprofit that specializes in mobilizing conservation finance for climate benefit, has announced its fourth annual prediction list of 10 carbon market trends to watch in 2017.

The following trends were identified by The Climate Trust based on interactions with their diverse group of working partners -- government, investors, project developers, large businesses, and the philanthropic community:

  • States, cities, and regions are going to lead the U.S. fight against climate change;
  • Progressive states and foundations will pick up support for domestic climate finance in the absence of federal action.
  • Global climate litigation campaigns will gain momentum during 2017, legitimizing our children's right to a healthy planet.
  • Private industry picks up U.S. government slack making progress towards Paris commitments.
  • . Environmental justice community concerns increasingly built into climate policy discussions throughout the U.S.
  • U.S. citizens become climate refugees in one of the hottest years on record.
  • More native tribes will join carbon markets.
  • China takes the lead in carbon markets, encouraging linkages to fight global climate change.
  • U.S.-based institutional investors will increase commitments to investments that hedge out carbon risk.
  • California Air Resources Board prevails in CalChamber lawsuit and commits to cap and trade.
  • "In 2016, a number of our predictions came to fruition, including an increased number of institutions committing to divest from fossil fuel companies as part of the transition to a clean energy future. The divest movement has provided a valuable market signal to support the needed flows of conservation finance. Riding this wave of interest from large institutions, late last year, The Trust executed a milestone contract with the David and Lucile Packard Foundation -- securing a $5.5 million Program-Related Investment to seed our first-of-its-kind carbon investment fund," said The Climate Trust's Director of Investments Kristen Kleiman.

    The Climate Trust was founded to administer the first legislation in the nation to curb carbon emissions -- the Oregon Carbon Dioxide Standard which requires fossil fuel-fired power plants to reduce or offset their emissions. The Trust provides funding for high-quality projects that reduce pollution. As of June, 2016, over 920,000 tonnes of CO2 have been retired from Oregon projects that are expected to reduce almost 2 million tonnes of emissions over their lifetime. (Source: Climate Trust, PR, 4 Jan., 2017) Contact: The Climate Trust, Sean Penrith, Executive Director, (503) 238-1915, www.climatetrust.org

    More Low-Carbon Energy News The Climate Trust,  Carbon Market,  


    IFC Forests Bond Investors Choose Cash, Carbon Credits Payout (Ind. Report)
    IFC,World Bank,International Finance Corporation
    Date: 2016-11-02
    The World Bank IFC reports the issuance of a new $152 million Forests Bond to support private sector development and prevent deforestation in developing countries. According to the IFC, between $75 billion -$300 billion will be needed to effectively address developing country deforestation.

    The five-year bond has been sold to major global institutional investors -- including CalSTRS, Theehouse Investments LLC, TIAA-CREF, and QBE. Bond proceeds will support IFC's private sector lending in emerging markets. The bond will be listed on the London Stock Exchange. Investors have a choice between a cash or carbon-credit coupon payout.

    Tha carbon credit payout follows the UN Reducing Emissions from Deforestation and Forest Degradation (REDD) scheme which offers economic incentives to reduce deforestation and invest in low-carbon growth.

    IFC developed the Forests Bond with global mining, metals, and petroleum giant BHP Billiton and Conservation International. BHP Billiton provides a price-support mechanism for the Forests Bond. Forests Bond placement agents include Bank of America Merrill Lynch, BNP Paribas and JP Morgan. To date, IFC has raised climate finance through a variety of innovative instruments including $5.6 billion in green bonds, the proceeds of which are invested exclusively in climate-smart projects such as energy efficiency and renewable energy. (Source: IFC, FTSE, Exchange News Direct, 31 Oct., 2016) Contact: IFC World Bank, (202) 473-1000, www.ifc.org

    More Low-Carbon Energy News World Bank IFC,  Carbon Credit,  Deforestation,  

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