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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

☆ It remains politically challenging for China to rein in coal-fired power plants, says analyst
▼ + stars: | 2023-07-18 | 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 EmailIt remains politically challenging for China to rein in coal-fired power plants, says analystByford Tsang, senior policy advisor at E3G, speaks to CNBC's Dan Murphy and Samantha Vadas about U.S. climate envoy John Kerry's climate diplomacy push in China.

Persons: Byford Tsang, CNBC's Dan Murphy, Samantha Vadas, John Kerry's Locations: China

Earlier this month, U.S. Treasury Secretary Janet Yellen said contributions from Beijing could boost U.N. climate funds. It has, however, signalled a willingness to offer climate finance to developing countries through different instruments, like a South-South Climate Cooperation fund it launched in 2015. And the United States hopes that China will unveil its domestic plans to tackle the issue before the next U.N. climate conference in December. Global emissions levels have only risen since. The United States tends to look at overall national emissions, ignoring both historical emissions and the per-capita breakdown.

Persons: Janet Yellen, Donald Trump's, Joe Biden, John Kerry, Xie Zhenhua, Kerry, Xie, David Stanway, Katy Daigle, Jacqueline Wong Organizations: European Union, Treasury, Climate Cooperation, Technological, Biden, Kerry, Microvast Holdings, Global, European, Thomson Locations: BEIJING, China, United, Beijing, U.S, U.N, Rio de Janeiro, United States, Xinjiang, Paris, Glasgow, 1.5C, European Union, COP28, Dubai, Singapore

Washington is seeking to protect U.S. manufacturers from low-cost competitors in China, including those it suspects of using forced labor, which Beijing denies. Both countries say they should be able to collaborate on climate change regardless of other disagreements. After Pelosi's August trip to Taiwan, a democratically-governed island that China claims as part of its territory, Beijing said it would halt all dialogue with Washington on climate change. The two countries only resumed informal climate talks in November at the COP27 summit in Egypt. During Yellen's visit last month, she made a public push to get China to participate in the UN-run funds to help poorer nations address climate change.

Persons: Kerry, John Kerry, Xie Zhenhua, David Sandalow, Biden, Antony Blinken, Janet Yellen, Li Shuo, Nancy Pelosi, Pelosi's, Alden Meyer, Yellen's, Fang Li, Valerie Volcovici, David Stanway, John Stonestreet Organizations: Observers, UN, U.S, Center, Global Energy, Greenpeace, Trump, ., Centre for Research, Energy, Clean, Global Energy Monitor, World Resources Institute, Thomson Locations: COP28 WASHINGTON, United States, China, Beijing, Washington, Paris, Taiwan, U.S, Xinjiang, Egypt, Singapore

But the lure for OCI and others of making ammonia with a smaller carbon footprint is a business with potential beyond the farm. is the question, and I think it's a good question," OCI CEO Ahmed El-Hoshy told Reuters, when asked why his company is betting on producing so-called "blue ammonia." But even with U.S. support, blue ammonia economics hinge on further government incentives. If utility premiums don't emerge, OCI plans to use its Texas blue ammonia to make fertilizer in The Netherlands, where the company has under-utilized its plants due to high natural gas prices. OCI's Texas plant, to start production in 2025, will produce 1.1 million metric tons annually.

Persons: Ahmed El, Hoshy, Alexander Derricott, TD Cowen, JERA, Yara, Stephan Werner, Werner, Katrine Petersen, Petersen, Chris Bohn, Oystein Kalleklev, Harald Fotland, Fotland, Rod Nickel, Yuka Obayashi, Anna Driver Organizations: Reuters, OCI, REUTERS, Group, CF Industries, Gulf, CF, Yara, Mitsui, Mitsubishi, Nutrien, Investors, Germany's DWS, International Maritime Organization, Flex LNG, Avance, Victoria Klesty, Thomson Locations: Beaumont , Texas, U.S, Texas, Japan, South Korea, Netherlands, United States, El, OCI's Texas, Gulf Coast, Winnipeg , Manitoba, Oslo, Tokyo, Bengaluru

☆ China is set to shatter its wind and solar target five years early, new report finds
▼ + stars: | 2023-06-29 | by ( Caolán Magee | ) edition.cnn.com time to read: +3 min

CNN —China is on track to double its wind and solar energy capacity and hit its 2030 clean energy targets five years early, a new report has found. Solar capacity in China is now greater than the rest of the world combined. “China is rapidly and successfully scaling up its deployment of renewable power and has become the largest investor into renewables globally. This is both a cause and consequence of rapidly falling costs of renewable energy as compared to coal power,” he said. Tsang hopes that relative cheapness of renewable energy will persuade China to kick its coal habit.

Persons: Dorothy Mei, ” Martin Weil, Xi, Greg Baker, Byford Tsang, ”, Tsang Organizations: CNN, Global Energy Monitor, Center for Research, Energy, Clean Air, Getty, IEA Locations: China, Beijing, AFP, ERG

The World Bank and others also said they would start adding clauses to lending terms that allow vulnerable states to suspend debt repayments when natural disaster strikes. Specifically, for the first time, the document acknowledged the potential need for richer countries to provide fresh money to multilateral development institutions like the World Bank. Another first was in the explicit target for multilateral development banks to leverage "at least" $100 billion a year in private sector capital when they lend. All eyes now turn to more traditional events later in the year, including the International Monetary Fund and World Bank annual meetings, a G20 meeting in September and the COP28 climate talks in Dubai. Persaud said his focus would be on making sure the plan to scale up multilateral development bank lending was in place by the time of annual meetings in October, and that pilot work began on reducing the cost of capital for developing countries.

Persons: Macron, Mia Mottley, Avinash Persaud, What's, Persaud, Teresa Anderson, They've, Sonia Dunlop, Simon Jessop, Leigh Thomas, Tommy Reggiori Wilkes, Mark Heinrich Our Organizations: Global, Pact, Reuters, World Bank, International Maritime Organisation, Paris Summit, Climate Justice, ActionAid, International Monetary Fund, Bank, Thomson Locations: Barbados, PARIS, Bridgetown, Zambia, Paris, Dubai

Japan's insistence on continuing to rely on gas may delay reaching global climate change goals, especially as its energy companies reap large profits from their investments in the sector, climate activists say. "But I think Japanese companies will generally hesitate to be involved in gas projects in the future, especially those with long lead times. Japan's support for gas clashes with findings that new investments in gas, which is mainly composed of the greenhouse gas methane and produces CO2 emissions when burned for energy, would undermine climate goals. But, gas investments have been lucrative for Japan's energy companies resulting in record profits. But, Japan's stated intention to lower its carbon emissions may mean these gas investments carry some risk.

☆ G7 vows to step up moves to renewable energy, zero carbon
▼ + stars: | 2023-04-16 | by ( ) www.cnbc.com time to read: +6 min

Japan won endorsements from fellow G-7 countries for its own national strategy emphasizing so-called clean coal, hydrogen and nuclear energy to help ensure its energy security. The stipulation that countries rely on "predominantly" clean energy by 2035 leaves room for the continuation of fossil-fuel-fired power. The G-7 nations account for 40% of the world's economic activity and a quarter of global carbon emissions. The document crafted in Sapporo included significant amounts of nuance to allow for differences between the G-7 energy strategies, climate advocates said. "I think energy security is being exaggerated in some cases," Kerry said, pointing to Germany's progress in embracing renewable energy.

"The G7 countries have agreed that the first response to the energy crisis must be to reduce energy and gas consumption… For the first time ever, the G7 said that we must accelerate the phasing out of all unabated fossil fuels... The event has also put focus on the need to help emerging countries reduce emissions, including through financing. Nishimura said ministers would like to discuss ways to use finance to help reduce carbon in so-called "hard-to-abate" industries, which include chemicals, shipping and steel. "Developed countries first need to follow through on the $100 billion pledge they made to developing countries over a decade ago." G7 countries must exert "much stronger leadership" in leveraging financial and technology resources to help developing countries reduce emissions, Meyer said.

SAPPORO, Japan, April 15 (Reuters) - Members of the Group of Seven rich nations must act to help emerging countries reduce emissions, including the financing of decarbonisation in "hard-to-abate" industries, Japan's economy and trade minister said on Saturday. Ministers from the G7 are meeting for climate and energy talks in the Japan's northern city of Sapporo on Saturday and Sunday, as part of Japan's G7 presidency this year. The issue of emissions in emerging markets has long been a focus for developed countries. However, the world's richest countries need to do more to help emerging nations reduce carbon, said Alden Meyer, a senior associate at E3G, a climate change think tank. There needs to be "much stronger leadership" from G7 countries in leveraging financial and technology resources to help developing countries reduce emissions, Meyer said.

☆ EU was set to ban internal combustion engine cars. Then Germany suddenly changed its mind
▼ + stars: | 2023-03-24 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +8 min

CNN —When EU lawmakers voted to ban the sale of new combustion engine cars in the bloc by 2035, it was a landmark victory for climate. With cars and vans responsible for around 15% of its total greenhouse gas emissions, a phase-out of polluting vehicles is a key part of EU climate policy. The law envisions a total ban on the sale of new diesel and gasoline cars by 2035. Germany is now pushing against the idea that all internal combustion engines must be banned. Other European countries, including Italy, Poland and the Czech Republic, have joined Germany in demanding the exception.

☆ Yellen says World Bank nominee's credentials will overcome selection criticism
▼ + stars: | 2023-02-25 | by ( David Lawder | ) www.reuters.com time to read: +3 min

BENGALURU (Reuters) - U.S. Treasury Secretary Janet Yellen said on Saturday that she believes the strong qualifications of the U.S. nominee to lead the World Bank, ex-Mastercard CEO Ajay Banga, will overcome any criticism of the selection process. FILE PHOTO: Ajay Banga, President and CEO Mastercard attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich/File PhotoIn an interview, Yellen affirmed her support for the longstanding tradition of the United States choosing the World Bank’s leader and Europe choosing the head of the International Monetary Fund. As the World Bank’s largest shareholder with 16.35% of its voting power, the United States wields strong influence over the bank’s policies, and the lender’s president works closely with the Treasury Department. Yellen is pressing the World Bank to refine a package of sweeping reforms aimed at vastly expanding its lending resource and mission to tackle climate change and other global challenges.

FCA officials said the sector will begin adapting ahead of the rules, as it did with similar rules in the European Union. They rejected concern among lawmakers the new regime would create "bubbles" as money flocked to the fewer funds that qualify as sustainable. Lawmakers on the committee examining the FCA's proposals put Cummings on the defensive over his criticism that too many funds will be excluded. Kate Levick, associate director of sustainable finance at think tank E3G, told the hearing the FCA's plan "would remove the significant amount of greenwashing currently in the market". ($1 = 0.8290 pounds)Reporting by Tommy Reggiori Wilkes and Huw Jones; Editing by Mark Potter and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Creative green finance can go a long way in 2023
▼ + stars: | 2023-01-23 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

PARIS, Jan 23 (Reuters Breakingviews) - Rich democracies are increasingly keen to help the Global South fight climate change. Though they will struggle to write big cheques, there are ways to make a little cash go a long way. The good news is rich countries have ways to get money flowing without dipping much into their own pockets. One plan is for multilateral development banks (MDBs) to use their balance sheets more aggressively to fight climate change. Rich countries should therefore put more capital into those MDBs that show the most enthusiasm for the task.

☆ Historic compensation fund approved at U.N. climate talks
▼ + stars: | 2022-11-20 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

The decision establishes a fund for what negotiators call loss and damage. Early Sunday morning, delegates approved the compensation fund but had not dealt with the contentious issues of an overall temperature goal, emissions cutting and the desire to target all fossil fuels for phase down. This year’s talks “were very focused on the fund and less on the mitigation (cutting emissions) part,” Eide added. However, that fight was overshadowed by the historic compensation fund. But like all climate financials, it is one thing to create a fund, it’s another to get money flowing in and out, she said.

☆ Analysis: Climate damage fund trumps 1.5C push as COP27 summit nears end
▼ + stars: | 2022-11-19 | by ( Megan Rowling | ) www.reuters.com time to read: +7 min

The focus on loss and damage certainly reflects that," said David Waskow, director of the international climate initiative at the U.S.-based World Resources Institute. Since COP26, only about 30 countries have strengthened their national plans to cut fossil fuel emissions. FOSSIL FUEL OMISSION? Progress toward reducing fossil fuel use - and the resulting climate-warming emissions - was less clear in the proposed deal. "Unabated" fuels are those whose emissions are not captured in some way to prevent them entering the atmosphere and adding to climate change.

☆ Time running out for climate deals on final day of COP27
▼ + stars: | 2022-11-18 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

Global climate talks approached crunch time on Friday, the final scheduled day of negotiations that are expected to go past their deadline as chances of a deal still looked unclear. The document contained few new proposed solutions for curbing oil and gas emissions and repairing damage caused by climate change. The proposal would tie compensation for climate disasters to tougher emissions cuts, two of the thorniest issues at the meeting. In climate negotiations, loss and damage refers to the idea that rich nations, which have historically done the most to contribute to climate change, should compensate developing countries most impacted. Antigua and Barbuda’s environment minister says they have concerns about the EU proposal, while the environmental advocacy group Action Aid called it a “wolf in sheep’s clothing” because it doesn’t go far enough.

SHARM EL-SHEIKH, Egypt, Nov 17 (Reuters) - The U.N. climate agency published a first draft on Thursday of a hoped-for final agreement from the COP27 climate summit, repeating many of last year's goals while leaving contentious issues still to be resolved. The draft repeats the goal from last year's Glasgow Climate Pact "to accelerate measures towards the phase down of unabated coal power and phase out and rationalize inefficient fossil fuel subsidies." The text does not include details for launching such a fund - a key demand from the most climate vulnerable countries, such as island nations. Climate policy experts said there was deep concern about the talks reaching consensus on many key issues. The document is based on requests that delegates from nearly 200 countries have sought to be included in the final deal.

[1/5] Climate activists take part in a protest during the COP27 climate summit, in Sharm el-Sheikh, Egypt, November 16, 2022. "There's still a lot of gaps in the texts," said a spokesperson for Britain's COP26 Presidency, which hosted last year's climate summit in Glasgow. EU climate policy chief Frans Timmermans said the first draft left a lot to be desired. TEMPERATURE TARGETOn limiting the global temperature rise, the document mirrors language included in last year's COP26 agreement. Temperatures have already increased by 1.1C, and are projected to blow past 1.5C without swift and deep cuts to emissions within this decade.

The failure by rich nations to deliver in full on a past pledge to deliver $100 billion in annual climate finance to developing countries has rankled in recent years of climate talks. "We cannot afford a further erosion of trust between the developed and developing countries," said Samoa's Prime Minister Fiame Naomi Mataafa. The burning of fossil fuels is the main cause of climate change, but coal, gas and oil were notably absent in the draft deal. The draft COP27 text did not hint at which route the final deal will take on this issue. "We cannot lose 1.5 at this COP," said Alok Sharma, president of last year's U.N. climate summit, COP26, in Glasgow, Scotland.

☆ Analysis: In final week of COP27 climate talks, success hinges on 'loss and damage'
▼ + stars: | 2022-11-14 | by ( Kate Abnett | ) www.reuters.com time to read: +7 min

[1/2] People pass in front of a wall lit with the sign of COP27 as the COP27 climate summit takes place, at the Green Zone in Sharm el-Sheikh, Egypt November 10, 2022. Some negotiators and observers warn that failure to agree on such "loss and damage" funding could sour the U.N. talks and thwart other deals. At last year's U.N. climate summit all countries agreed to set tougher climate targets this year to keep average global temperature rises to the 1.5C limit that scientists say would avoid global warming’s worst impacts. A relaunch of U.S.-China collaboration on climate change, which China halted earlier this year, could help boost negotiations at COP27. Germany and a group of climate-vulnerable countries launched a "Global Shield" scheme on Monday to attempt to improve insurance for climate disaster-prone countries.

Those pledges include making steep cuts in climate-warming emissions within this decade and contributing to hundreds of billions of dollars needed each year by developing nations already struggling to cope with the impacts of climate change. That could also complicate the talks among government ministers on the so-called cover decisions - which make up the core political deal from the two-week summit. "We haven't seen huge solidarity between the developed and developing countries" but instead "disappointing commitments and action this year, which has dented trust." Developing nations have demanded that COP27 agree to launch a special fund to address loss and damage. The United States and other rich nations are wary of this idea, saying these rapid funds are better channeled through existing programs.

The 27 are expected to back an alternative price benchmark for liquefied natural gas and joint gas buying, after earlier agreeing to cut consumption and introduce levies on windfall profits in the energy industry. But they remain as split as they were months ago on whether and how to cap gas prices to stem high inflation and stave off recession, after Russia cut gas flows following its invasion of Ukraine. They will also discuss emergency spending to mitigate the effects the acute energy crunch has on their economies and 450 million citizens. But given EU countries' diverse energy mix and interests, the meeting risks falling short on concrete action, with other concerns being whether a gas cap would enable Britain to buy cheaper energy or compromise stability of supplies. EU energy ministers meet again next week but another senior EU diplomat said they did not expect more detailed decisions before November.

POSITIONS FAR APART1/6 European Council President Charles Michel attends the European Union leaders' summit in Brussels, Belgium, October 20, 2022. REUTERS/Yves Herman Read MoreThe most contentious issue facing the leaders is whether and how to cap gas prices. The leaders will also discuss emergency spending to cushion their economies and 450 million citizens from the energy crunch. Given EU countries' diverse energy mix and interests, the meeting risks falling short on short-term action to tackle high energy prices ahead of winter. EU energy ministers meet again next week and aim to agree on joint crisis measures in November.

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