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☆ At Africa’s First Climate Summit, a Clear Call to the World: Invest in Us
▼ + stars: | 2023-09-06 | by ( Max Bearak | More About Max Bearak | ) www.nytimes.com time to read: +1 min

Heads of state from across Africa concluded an inaugural climate summit on Wednesday in Nairobi, Kenya’s capital, by issuing a declaration that called for an urgent restructuring of the way wealthier nations engage with the continent. The declaration stressed numerous times that rather than being a hapless victim, Africa was primed for leadership on clean energy and environmental stewardship. This lack of financing is one of the biggest issues dividing rich and poor nations as the world struggles to slash carbon dioxide emissions. It will be one of the main points of contention at the United Nations global climate summit starting Nov. 30 in Dubai. The historic gathering in Nairobi was partly an effort by poorer nations to amplify their argument.

Organizations: United Nations Locations: Africa, Nairobi, Kenya’s, Dubai

☆ Leaders gather in Nairobi for the African Climate Summit
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLeaders gather in Nairobi for the African Climate SummitLeaders pledge hundreds of millions of dollars in carbon credits at the Africa Climate Summit. CNBC Africa's Teryanne Chebet and Dan Murphy for more.

Persons: Chebet, Dan Murphy Organizations: African Climate, Africa Climate Summit, CNBC Locations: Nairobi, Africa

REUTERS/John Muchucha Acquire Licensing RightsSummaryCompanies Fossil fuel subsidies hampering green energy rolloutMore clarity needed on rules for carbon marketsCalls echo Africa Climate Summit on faster actionLONDON, Sept 6 (Reuters) - Ditch fossil fuel subsidies, agree the rules for carbon markets and provide more finance to emerging markets. That was the clear message from business leaders at the Reuters IMPACT conference in London on Wednesday about what they say needs to happen at the forthcoming COP28 climate summit. The meeting of world leaders in Dubai beginning late November is seen as a crucial test of countries' willingness to accelerate action to limit global warming, with efforts so far doing little to stem global carbon emissions. Despite this, failure to remove fossil fuel subsidies would make it harder to expand renewable energy in some countries, Ingka's van der Poel said. "My concern is that we have very little hopes for that ambition to be raised during COP28," she said.

Persons: John Muchucha, Peter Van der Poel, Anél Bosman, Ingka's van der Poel, Helena Viñes, Preeti Srivastav, Andy Griffiths, Richa Naidu, William James, Helen Reid, Simon Jessop, Alexander Smith Organizations: REUTERS, Reuters IMPACT, Ingka Investments, Africa Climate Summit, Nedbank Corporate, Investment Banking, Sustainable Finance, Asahi Europe, Diageo, Thomson Locations: Nairobi, Kenya, London, Dubai, Africa

NAIROBI, Kenya (AP) — Climate change is “relentlessly eating away” at Africa’s economic progress and it’s time to have a global conversation about a carbon tax on polluters, Kenya’s president declared Tuesday as the first Africa Climate Summit got underway. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many. Africa has more than 30 of the world’s most indebted countries, Kenya’s Cabinet secretary for the environment, Soipan Tuya, said. Africa’s GDP should be revalued for its assets, which include the world's second-largest rainforest and biodiversity, African Development Bank President Akinwumi Adesina said. “It is an African story, and I daresay it’s a global story, too.”___Follow AP’s coverage of the climate at https://apnews.com/climate-and-environment and of Africa at https://apnews.com/hub/africa

Persons: William Ruto, Tuya, John Kerry, Kerry, Joe Biden, ” Ruto, ”, Ruto, “ It’s, Sahle, Zewde, Akinwumi Adesina, Adesina, Martha Lusweti, Antonio Guterres, Ursula Von der Leyen, lullabies, Sierra, Julius Maada Organizations: Africa Climate Summit, European Union, Kenyan, United, United Arab Emirates, Development Bank, ”, International Monetary Fund Locations: NAIROBI, Kenya, Africa, China, United States, U.S, United Arab, United Nations, Europe, U.N, Africa's, Nigeria's Niger Delta, Uganda, Tanzania, South Africa, Nigeria, Egypt, Congo, africa

☆ Clean Energy Projects Are Booming Everywhere. Except in Poor Nations.
▼ + stars: | 2023-09-04 | by ( Max Bearak | More About Max Bearak | ) www.nytimes.com time to read: +1 min

The world is racing ahead with enormous investments in renewable energy, for the first time this year plowing more money into solar power than oil. But the world’s poorest countries, mostly in Africa, are effectively priced out of the action by a global lending system that considers them too risky for investment. Only 2 percent of global investment in renewable energy has been in Africa, where nearly a billion people have little or no access to electricity. Clean energy projects would help stabilize their countries and economies, they say, reducing the very risk that investors say they fear. It’s an issue that looms large this week at a climate summit in Kenya, as it will at climate talks sponsored by the United Nations later this year in Dubai.

Persons: Archip Lobo Organizations: United Nations Locations: Africa, Kenya, Dubai, Congo

☆ Oil giant led by COP28 boss to spend an ‘eyewatering’ $1 billion a month on fossil fuels this decade, Global Witness says
▼ + stars: | 2023-09-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

UAE oil giant ADNOC — run by the president of the COP28 climate conference — is expected to spend more than $1 billion every month this decade on fossil fuels, according to new analysis by international NGO Global Witness. It comes ahead of the COP28 climate summit, with Dubai set to host the U.N.'s annual conference from Nov. 30 through to Dec. 12. The person overseeing the talks, Sultan al-Jaber, is chief executive of ADNOC (the Abu Dhabi National Oil Company) — one of the world's largest oil and gas firms. His position as both COP28 president and ADNOC CEO caused dismay among civil society groups and U.S. and EU lawmakers, although several government ministers have since defended his appointment. It means that ADNOC is forecast to spend nearly seven times more on fossil fuels through to 2030 than it does on "low-carbon solution" projects.

Persons: Sultan Al Jaber, Sultan al, Jaber Organizations: Abu Dhabi National Oil Company, UAE, Global, ADNOC, CNBC Locations: Abu Dhabi, Brussels, Dubai, Paris

☆ Africa Climate Summit: Electric motorcycle startup Spiro expands into Kenya
▼ + stars: | 2023-09-04 | by ( Nell Lewis | ) edition.cnn.com time to read: +6 min

CNN —Spiro, a startup looking to eliminate fuel-guzzling motorbikes and scooters from the roads by trading them in for electric two-wheelers, is expanding to Kenya. Ahead of the first Africa Climate Summit, which kicked off in Kenya’s capital Nairobi today, the host government announced on Friday that the e-bike and battery-swapping startup would be entering the East African country with its biggest deployment yet: 1.2 million electric vehicles. In Kenya, they will be offered 50,000 Kenyan shillings (about $344) – around a third of the price of a new electric bike – to swap their existing bike for an electric one. Last week, US company Uber also launched an electric motorbike service in Kenya, promising to roll out 3,000 bikes within six months. “We’re surpassing the symbolic but significant milestone of one million electric bikes signed with a government,” says Samain.

Persons: CNN — Spiro, Jules Samain –, polluters, Samain, Spiro, CLEMENT, CLEMENT DI ROMA, ”, ” Spiro, William Ruto, Ampersand, Uber Organizations: CNN, Africa Climate, CLEMENT DI, AFP, Getty, FIA Foundation, Spiro, McKinsey Locations: Kenya, Africa, Kenya’s, Nairobi, West, Benin, Togo, Rwanda, Uganda, China, Mombasa, Saharan Africa, Swedish, Kenyan, East

☆ Africa endures more severe warming than elsewhere, posing risk of conflict
▼ + stars: | 2023-09-04 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

"Africa is responsible for only a fraction of global greenhouse gas emissions but is suffering disproportionately from climate change," the State of the Climate in Africa 2022 report said. On average, each African produced 1.04 tonnes of carbon dioxide emissions in 2021, less than a quarter of the global average. The report said the average rate of warming in Africa was 0.3 degrees Celsius per decade in the 1991-2022 period, compared with 0.2 degrees in the world as a whole. The warming has been fastest in North Africa which has been subject to multiple heatwaves since last year. Overall, the report said that agricultural productivity had fallen due to climate change, noting a decline of 34% since 1961 which is set to drive up import needs sharply.

Persons: Thomas Mukoya, Emma Farge, Peter Graff Organizations: REUTERS, Rights, stoke, World Meteorological Organization, Thomson Locations: Industrial, Nairobi, Kenya, Africa, North Africa, West Africa

☆ Hundreds of millions pledged for African carbon credits at inaugural climate summit
▼ + stars: | 2023-09-04 | by ( Duncan Miriri | ) www.reuters.com time to read: +5 min

Companies Climate FollowVitol SA FollowNAIROBI, Sept 4 (Reuters) - An initiative to boost Africa's carbon credit production 19-fold by 2030 drew hundreds of millions of dollars of pledges on Monday as Kenyan President William Ruto opened the continent's first climate summit. In one of the most anticipated deals, the United Arab Emirates (UAE) committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI). "There hasn't been any success for an African country in attracting climate finance," said Bogolo Kenewendo, a United Nations climate adviser and former trade minister in Botswana. Many African campaigners have opposed the summit's approach to climate finance, and about 500 people marched in downtown Nairobi on Monday to protest. They say carbon credits are a pretext for continued pollution by wealthier countries and corporations, who should instead pay their "climate debt" through direct compensation and debt relief.

Persons: William Ruto, Ruto, Bogolo Kenewendo, Bogolo, Kevin Kariuki, Patricia Scotland, Esa Alexander, we've, Hassan Ghazali, Britain, Sultan Al Jaber, COP28, Duncan Miriri, Simon Jessop, Jefferson Kahinju, Aaron Ross, Hereward Holland, Angus MacSwan, Susan Fenton Organizations: United Arab Emirates, Africa Carbon Markets, United, African Development Bank, Reuters, International Monetary Fund, REUTERS, Climate Asset Management, HSBC Asset Management, Debt, Green, Thomson Locations: NAIROBI, UAE, Nairobi, Africa, United Nations, Botswana, Muloza, Mozambique, Blantyre, Malawi, Liberia, Tanzania, Germany, Kenya

☆ Leaked Recording of U.A.E. Officials Reveals the Nation’s Concern Over Its Public Image
▼ + stars: | 2023-09-01 | by ( Hiroko Tabuchi | More About Hiroko Tabuchi | ) www.nytimes.com time to read: +1 min

When the United Arab Emirates hosts this year’s United Nations climate summit, it will elevate the Gulf nation’s global profile. But the conference is also inviting scrutiny of the Emirates’ record on human rights as well as its position as a leading oil producer. A leaked recording of a February meeting between representatives from the United Arab Emirates and summit organizers provides a candid look at their efforts to respond to the criticism. It also highlights the authoritarian state’s focus on its image, managed through contracts with public relations companies, lobbyists and social media specialists around the world. The Times verified the recording with the person who made it, who asked to remain anonymous out of concerns about retaliation.

Organizations: United Arab Emirates, Emirates, United Arab, Centre, Climate, The New York Times, Times Locations: United Nations, United Arab Emirates, London

☆ African climate summit seeks to shift focus to finance from floods, famine
▼ + stars: | 2023-08-31 | by ( Duncan Miriri | ) www.reuters.com time to read: +5 min

A report last year by the non-profit Climate Policy Initiative found Africa has received only 12% of the finance it needs to cope with climate impacts. The thousands of delegates are expected to debate solutions ahead of a U.N. climate summit next month in New York in September and the COP28 U.N. summit in the United Arab Emirates from the end of November. The summit's organisers also say they expect deals worth hundreds of millions of dollars to be concluded in Nairobi. In June, it hosted an auction where companies from Saudi Arabia bought more than 2.2 million tonnes of carbon credits. One project generating carbon credits in Kenya is BURN Manufacturing's production of clean cooking stoves to replace heavily polluting wood and charcoal-based fires.

Persons: Finbarr O'Reilly, Soipan Tuya, Amos Wemanya, Chris McKinney, Joseph Ng'ang'a, Duncan Miriri, Christophe Van Der, Aaron Ross, Barbara Lewis Organizations: REUTERS, Rights, Initiative, Kenyan Environment, United, United Arab Emirates, Kenya, Africa Carbon Markets, Thomson Locations: Haute Uele, Congo, Rights NAIROBI, Africa, Nairobi, New York, United Arab, Gabon, Saudi Arabia, Kenya, Egypt

☆ Rare protests flare in regime-held Syria as Assad seeks international rehabilitation
▼ + stars: | 2023-08-30 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

The protests, which are taking place in areas governed by President Bashar al-Assad’s regime, have so far shown no signs of abating. The Druze are Syria’s third largest religious minority making up 3% to 4% of the country’s population, according to Minority Rights Group International. While the largest protests are clustered around al-Sir Square in Suwayda city, other, smaller ones are scattered across the governorate, Marouf said. “If protests spread deeper into regime territories, those chances (of violent crackdown) will surge.”All eyes are on Assad’s next moves. If Assad attends, it would be his first appearance on the world stage since the start of the civil war in 2011.

Persons: Bashar al, disgruntlement, Assad, haven’t, ”, Charles Lister, ” Lister, “ Long, ” Rayan Marouf, Marouf, “, ” Marouf, Hafez, Syria’s, Geir Pedersen, Pedersen Organizations: CNN, Group, Middle East Institute, UN, Arab League, Sir, UN Security Council, Sky News, ISIS, Security, United, United Arab Emirates Locations: Syria’s, Syria, Washington , DC, Russia, Iran, Suwayda governorate, Suwayda, Jaramana, Damascus, “, Idlib, Aleppo, United Arab, Dubai

In climate negotiations, "loss and damage" refers to existing costs incurred from climate-fueled weather impacts, such last year's devastating Pakistan flooding. The U.S. is part of a 24-country committee deciding how the fund will work before the COP28 climate summit in Dubai can officially adopt it this year. Both voted to approve new funding arrangements under the condition that the fund not be about liability for rich countries and compensation. Instead, both Washington and Brussels say the fund should be filled from myriad sources including industry taxes, philanthropic donations or other schemes. The world’s least developed nations want the fund to be limited to the neediest nations.

Persons: Akhtar Soomro, that's, ”, Sue Biniaz, Biniaz, Christina Chan, “, “ That’s, Avinash Persaud, Mia Mottley, Persaud, Dileimy Orzoco, Valerie Volcovici, Katy Daigle, Josie Kao Organizations: REUTERS, Rights, . State Department, Reuters, The, State Department, EU, Nonprofit, Thomson Locations: Sehwan, Pakistan, U.S, Washington, The U.S, Dubai, Dominican Republic, Paris, Brussels, China, Barbados, Philippines

☆ Brazil govt pushes Congress to approve 'green' bills before COP28
▼ + stars: | 2023-08-18 | by ( Leticia Fucuchima | ) www.reuters.com time to read: +3 min

[1/2] A view of a wind farm is seen in the city of Osorio, in southern Brazil, November 30, 2007. Rollemberg said the government-sponsored bills would be focused on four main topics: establishing a new carbon market, regulating offshore wind power, launching the "Fuel of the Future" project and regulating green hydrogen. That bill might be submitted to Congress as early as next week, the secretary said. It's more than enough time for Congress to pass all the bills," Rollemberg said. The South American nation is set to host the U.N. climate talks in 2025 in the Amazonian town of Belem.

Persons: Jamil Bittar, Rodrigo Rollemberg, Luiz Inacio Lula da Silva, Jair Bolsonaro, Lula, Rollemberg, Leticia Fucuchima, Gabriel Araujo, Marguerita Choy Organizations: REUTERS, Rights, Boeing, SAO PAULO, Reuters, United Nations, SAF, Thomson Locations: Osorio, Brazil, BRAZIL, Dubai, Belem

☆ Fact Check-John Kerry did not say US farmers should ‘go extinct’
▼ + stars: | 2023-08-14 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

U.S. climate envoy John Kerry did not say that farms, farmers or farming should be abolished during remarks at a climate summit in May, as suggested in social media posts that recirculated a misleading article headline claiming Kerry said U.S. farmers should become extinct. On May 10, the final day of the summit, Kerry said that cutting greenhouse gas emissions in agriculture was necessary to combat climate change, Reuters reported at the time (here). However, there is no record of Kerry having made a statement suggesting farmers should be eliminated and a State Department spokesperson said the claim is false. He does not say farmers should “go extinct”. John Kerry did not say, “it’s time for U.S. farmers to go extinct” at a climate summit in May.

Persons: John Kerry, Kerry, Joe Biden, Kerry’s, “ John Kerry, ‘, Read Organizations: Reuters, Republican, State Department, Agriculture Innovation, Climate Summit, U.S . Farmers, People’s Locations: Washington

That includes a $35 million government procurement program for carbon removal credits, and funding for 14 feasibility studies and 5 engineering and design studies for earlier-stage hub projects. Worsening climate change and inadequate efforts to cut emissions have thrust carbon removal into the spotlight. Although most environmental activists acknowledge that carbon removal will be needed for global climate targets to be met, they are concerned companies could use carbon removal development to give fossil fuel companies cover to maintain production, especially in minority and low-income areas. Erin Burns, director of carbon removal advisory firm Carbon180, said the United States is positioning itself as a leader in this technology. "This is the first major federal investment from any country on carbon removal at this level," Burns said.

Persons: Worley, Jennifer Granholm, Vicki Hollub, Erin Burns, Carbon180, Burns, Valerie Volcovici, Gerry Doyle Organizations: Reuters, REUTERS, Occidental Petroleum Corp, WASHINGTON, U.S . Department of Energy, Department of Energy, DOE, Battelle, Climeworks Corporation, Carbon, Inc, South, South Texas DAC, Occidental 1PointFive, Carbon Engineering Ltd, DAC, Energy Department, United Arab, Occidental, Thomson Locations: Handout, Texas, Louisiana, Cypress, South Texas, Kleberg County , Texas, United Arab Emirates, United States

BELEM, Brazil, Aug 10 (Reuters) - Amazon rainforest nations emerged from a summit this week with a stronger hand to play at upcoming United Nations climate talks, despite the meeting's lackluster final agreement, according to environmental groups. Lula will take that message on the road this year at the G20, United Nations General Assembly and U.N. COP28 climate summit. But he also applauded the symbolism of the eight Amazon countries meeting together for the first time in 14 years and joining their voices with the world's other major rainforests. STRONGER VOICERainforest nations have a stronger unified voice after the meeting, at least on paper, said Luis Roman, a representative of nonprofit WWF Peru. Rainforest nations thus far have focused on past funding commitments.

Persons: It's, Luiz Inacio Lula da Silva, Lula, André Guimarães, Marcio Astrini, Astrini, Luis Roman, Susana Muhamad, Jake Spring, Oliver Griffin, Brad Haynes, Aurora Ellis Organizations: Democratic, United Nations General Assembly, Amazon Environmental Research Institute, Observatory, WWF, Colombia's, Thomson Locations: BELEM, Brazil, Nations, Indonesia, Republic of the Congo, Democratic Republic of Congo, Colombia, Venezuela, Lula, Bolivia, WWF Peru, European, Belem, Bogota

BELEM, Brazil, Aug 9 (Reuters) - A dozen rainforest countries formed a pact on Wednesday at a summit in Brazil to demand developed countries pay to help poorer nations combat climate change and preserve biodiversity. In the joint statement, the dozen countries called for financing mechanisms to be developed for the world to pay for the critical services provided by forests. They also expressed concerns that richer nations have not delivered on a promise to provide $100 billion in climate financing annually to developing countries. Additionally, they called on developed nations to meet an existing commitment to provide $200 billion per year for biodiversity preservation. At last year's climate summit, Brazil, Democratic Republic of Congo and Indonesia agreed to form an alliance to pressure rich countries to pay for conservation.

Persons: Saint Vincent, Luiz Inacio Lula da Silva, Lula, Jake Spring, Steven Grattan, Miral Fahmy, Deepa Babington Organizations: Our, Democratic, United Nations, Thomson Locations: BELEM, Brazil, Bolivia, Colombia, Democratic Republic of Congo, Ecuador, Guyana, Indonesia, Peru, Republic of Congo, Grenadines, Suriname, Venezuela, Congo, Southeast Asia, United, Republic

BELEM, Brazil, Aug 8 (Reuters) - Eight Amazon nations agreed to a list of unified environmental policies and measures to bolster regional cooperation at a major rainforest summit in Brazil on Tuesday, but failed to agree on a common goal for ending deforestation. The failure of the eight Amazon countries to agree on a pact to protect their own forests points to the larger, global difficulties of forging an agreement to combat climate change. Bolivia and Venezuela are the only Amazon countries not to sign onto a 2021 agreement among more than 100 countries to work toward halting deforestation by 2030. But tensions emerged in the lead up to the summit around diverging positions on deforestation and oil development. Fellow Amazon countries also rebuffed Colombia's leftist President Gustavo Petro's ongoing campaign to end new oil development in the Amazon.

Persons: Luiz Inacio Lula da Silva, Marcio Astrini, Lula, Luis Arce, Mauro Vieira, Ricardo Stuckert, Gustavo Petro's, Petro, Alexandre Silveira, Silveira, Jake Spring, Steven Grattan, Brad Haynes, Rosalba O'Brien, Jason Neely, Peter Graff, Aurora Ellis, Richard Chang Organizations: Climate, Reuters, Bolivian, Brazil's, Amazon Cooperation Treaty Organization, REUTERS, Amazon, Brazil's Energy, United Nations, Thomson Locations: BELEM, Brazil, Brazilian, Belem, Bolivia, Colombia, Peru, Ecuador, Guyana, Suriname, Venezuela

☆ UAE oil giant raises climate goal ahead of key UN summit
▼ + stars: | 2023-07-31 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

The United Arab Emirates supplies nearly 3% of global oil, which is a major source of greenhouse gases. ADNOC said its upstream carbon intensity was around 7 kilograms of carbon dioxide equivalent per barrel of oil equivalent, which is among the lowest in the world. On Monday, it said it aimed to cut carbon intensity by 25% by 2030. Intensity-based targets measure the amount of GHG emissions per unit of energy or barrel of oil and gas produced. It said on Monday its 2022 methane intensity was about 0.07% and its upstream carbon intensity was around 7 kilograms of carbon dioxide equivalent per barrel of oil equivalent, its first such disclosures.

Persons: Sultan, Jaber, ADNOC, Yousef Saba, Hadeel Al Sayegh, Ron Bousso, Nadine Awadalla, Louise Heavens, Alexander Smith Organizations: Abu Dhabi National Oil Company, United Arab Emirates, Dubai, United, Saudi Aramco, U.S, Exxon, Aramco, Thomson Locations: DUBAI, Abu Dhabi, UAE, United Nations, Saudi

☆ Inflation dip puts central bankers in a pickle: podcast
▼ + stars: | 2023-07-27 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

Breakingviews category · July 27, 2023 · 9:08 AM UTCThe world is getting hotter, but when it comes to achieving net zero investors are cooling. In November 2021 many large corporations gathering at the COP26 climate summit in Glasgow committed to decarbonising their operations by 2050 in an attempt to limit global warming to 1.5 degrees Celsius above pre-industrial levels. Less than two years on, despite the world hitting its highest-ever average temperature, the pressure is off. Glencore , the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed.

Persons: what’s Locations: Glasgow

LONDON, July 27(Reuters Breakingviews) - The world is getting hotter, but when it comes to achieving net zero investors are cooling. Glencore (GLEN.L), the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business. True, a listing of Glencore’s enlarged coal business might not happen for a few years. While prices have now more than halved, Glencore‘s coal business would still make $9 billion in EBITDA in 2023 if they averaged $200 a tonne.

Persons: what’s, Glencore, Gary Nagle, Nagle, Teck, wouldn’t, There’s, Wael Sawan, Larry Fink, underwhelmed, ” Nagle, Glencore’s, George Hay, Karen Kwok, Peter Thal Larsen, Aditya Munjuluru Organizations: Reuters, Resources, Teck Resources, Bluebell Capital Partners, Investment, International Energy Agency, Reuters Graphics Reuters, Rio Tinto, BHP, GQG Partners, Capital Research Group, BlackRock, Vanguard, Services, Saudi, Aramco, United Nations, of, Pensions, Shell, Financial Times, “, Melbourne Mining, Capital Partners, Thomson Locations: Glasgow, Ukraine, EBITDA, American, U.S, Glencore, London, New York, Europe, Melbourne

☆ Stock Exchange Regulators Back Global Climate-Reporting Rules
▼ + stars: | 2023-07-25 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +5 min

Regulators of the world’s top stock exchanges gave their backing to the international climate-reporting standards framework Tuesday, adding momentum to efforts to establish the rules as the global baseline. The International Organization of Securities Commissions, known as Iosco, endorsed the International Sustainability Standards Board’s recently published climate reporting standard. While some businesses may be waiting to see the completed SEC climate reporting rules, it hopes the advantages of using a single standard worldwide outweigh any disadvantages of being more demanding than the SEC’s coming climate reporting rules. PREVIEWIt is now up to individual countries and jurisdictions to decide if and when they adopt the ISSB standards. “This is a hugely significant step towards a global baseline of sustainability reporting.

Persons: —, Jean, Paul Servais, Benoit Doppagne, “ Iosco, ”, Larry Bradley, Iosco, PwC, KPMG’s Bradley, “, Rochelle Toplensky Organizations: International Organization of Securities Commissions, International, U.S . Commodity Futures Trading Commission, Securities, Exchange, Zuma, SEC, U.S, EU, KPMG, Sustainable Business, Rochelle Locations: Japan, China, Britain, U.S, Australia, Canada, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow

REUTERS/Stringer/File PhotoSummary Countries at odds over which should pay climate financeEU wants China to contribute to climate fundsChina among countries not currently obliged to payBRUSSELS/BEIJING, July 21 (Reuters) - Record-breaking heat in China. The EU, today the biggest contributor of climate finance, has lobbied to expand the pool of donor countries that provide it. Climate finance refers to money that wealthy countries pay toward helping poorer nations reduce CO2 emissions and adapt to a hotter, harsher world. Advocates for the change argue that an expansion needs to happen before a new - and, likely, far bigger - U.N. target for climate finance kicks in after 2025. "It would earn China diplomatic clout, and pressure Western donors to raise their stakes on climate finance," he said.

Persons: Stringer, John Kerry, Janet Yellen, Kerry, Li Qiang, Pa'olelei Luteru, Luteru, Byford Tsang, Kate Abnett, Valerie Volcovici, Katy Daigle, Stephen Coates Organizations: REUTERS, BRUSSELS, U.S, Union, Reuters, EU, United Arab Emirates, of Small, WHO, United, Climate Cooperation, Initiative, Bridgetown Initiative, Thomson Locations: Hangzhou, Zhejiang province, China, EU, BEIJING, COP28, Dubai, Beijing, U.S, Brazil, Saudi Arabia, Qatar, Singapore, States, United States, South Korea, U.N, Barbados, Bridgetown, Brussels

☆ Which countries are paying their 'fair share' to fight climate change?
▼ + stars: | 2023-07-21 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

WHICH COUNTRIES PAY U.N. CLIMATE FINANCE? That analysis suggested only seven countries had paid their "fair share" in 2020 - Denmark, France, Germany, Japan, the Netherlands, Norway and Sweden. By ODI's ranking, the U.S. lags behind every other developed nation, when its past climate finance contributions are compared with what its "fair share" would be. Taken together, the 27-country EU is the biggest provider of climate finance, contributing 23.38 billion euros ($26.15 billion) in 2020.

Persons: Kate Abnett, Katy Daigle Organizations: UN, FINANCE, Economic, European Union, United, WHO, FAIR, U.S, Finance, Thomson Locations: BRUSSELS, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, United States, China, United Arab Emirates, London, U.S, EU, Lincoln

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