Of the total, $46.6 billion was used for climate mitigation and the remaining $14.9 billion was used to help countries build resilience in tackling the impact of global warming.
The seven banks include: African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank Group (IDB Group), World Bank Group (WBG) and the Islamic Development Bank (IsDB).
Download the 2019 Joint Report on Multilateral Development Banks' Climate Finance
report HERE. (Source: African Development Bank, Mercom India, Aug., 2020) Contact: African Development Bank, www.afdb.org
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From 2020, the aviation industry aims cap net emissions and cut emissions to half 2005 levels by 2050. To that end, Airlines have invested some $1 trillion in new aircraft since 2009, and signed forward purchase agreements for sustainable aviation fuel (SAF) amounting to approximately $6 billion.
In addition, the introduction of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) will ensure carbon-neutral growth on international flights from 2020 and raise around $40 billion in climate finance. (Source: IATA, PR, 28 Dec., 2019) Contact: IATA, Carsten Spohr, Chairman, Michael Gill, Director Aviation Environment, Alexandre de Juniac, CEO, +41 22 770 2967, (514) 874-0202 - Montreal Office, www.iata.org; CORSIA, www.icao.int
More Low-Carbon Energy News CORSIA, International Air Transport Association,
The GCF grant will be implemented by the Caribbean Natural Resources Institute (CANARI) in collaboration with national designated authorities and leading civil society organizations in the Caribbean Community (CARICOM) Member States from 2020-2022. It aims to build the capacity of civil society organizations, including their knowledge, skills and organizational structures, to access climate finance and deliver climate change adaptation and mitigation projects. It also seeks to strengthen institutional mechanisms to enable civil society voice and participation in climate change decision-making nationally and regionally.
CARICOM members include Antigua and Barbuda, Belize, Grenada, Jamaica, Saint Kitts and Nevis, Saint Lucia and Suriname.
The GCF is a funding mechanism under the United Nations Framework Convention on Climate Change (UNFCCC) that supports climate change adaptation and mitigation in developing countries. The GCF's Readiness Support and Preparatory Grant Facility, which supports capacity building to enhance design and delivery of adaptation and mitigation projects, provided the $1.29 million grant. (Source: Caribbean Natural Resources Institute, St.Lucia News, 16 Dec., 2019) Contact: Green Climate Fund, +82.32.458.6059, email@example.com, www.greenclimate.fund
More Low-Carbon Energy News Green Climate Fund, Climate Change, Carbon Emissions,
The two institutions will cooperate on supporting eligible TDB Member States to access Green Climate Fund resources to enable them to adapt to the changing climate and develop along a low-emission pathway.
The African TDB is a multilateral, treaty-based development financial institution, with assets of $6 billion and the mandate to finance and foster trade, regional economic integration and sustainable development through trade finance, project and infrastructure finance, asset management and advisory services. The Bank supports sustainable development, including the reduction of climate risks and expansion of clean energy -- in line with the 2015 Paris Climate Agreement.
(Source: Eastern and Southern African Trade and Development Bank, UN Environment Program, PR, 5 Nov., 2019) Contact: Eastern and Southern African Trade and Development Bank, Michael Awori, COO, www.tdbgroup.org; UNEP, www.unenvironment.org
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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
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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,
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,
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)
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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,
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,
More Low-Carbon Energy News Climate Change, Climate Change Mitigation, Climate Finance,
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,
"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,
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,
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 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,
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,
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,