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☆ CNBC Daily Open: The COP28 heat is on
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The S&P 500 ticked down 0.09% to end at 4,550.58, and the Nasdaq Composite slipped by 0.16% to 14,258.49. The force is risingSalesforce shares rose 7% in extended trading on Wednesday after the cloud software vendor's third-quarter earnings topped analysts' estimates. [PRO] Beware crowded tradesThe S&P 500 is up more than 8% in November, putting it on track for its biggest monthly gain since July 2022.

Persons: Dow Jones, Jensen, Jensen Huang, CNBC's Andrew Ross Sorkin, Huang, Morgan Stanley, Russell Organizations: Expo, CNBC, Dow Jones, Dow, Nasdaq, Commerce Department, Gross, Federal Reserve, United Auto Workers, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volkswagen, Volvo, General Motors, Nvidia Locations: Dubai, United Arab Emirates, U.S, China

☆ CNBC Daily Open: The heat is truly on COP28
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Japan's Nikkei 225 closed 0.5% higher, clocking monthly gains of more than 8%, while South Korea's KOSPI finished the day up 0.6%, advancing more than 11% this month. [PRO] Golden crossesThree stocks are on the verge of taking off, according to a chart pattern closely watched by technical analysts. The phenomenon, known as a "golden cross," occurs when a stock's 50-day moving average share price rises above the longer-term 200-day moving average.

Persons: KOSPI, China's, Rebooting, Sam Altman, Altman Organizations: Expo, CNBC, Nikkei, Dow Jones, National Bureau of Statistics, Microsoft, Auto, United Auto Workers, Volvo, BMW, Mercedes, Benz, Hyundai, Honda, Toyota, Detroit, General Motors Locations: Dubai, United Arab Emirates, Asia, Pacific, South, Hong Kong, China, OpenAI, U.S

☆ European markets open higher ahead of euro zone inflation data
▼ + stars: | 2023-11-30 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets opened higher Thursday, with regional investors keeping a close eye on the release of preliminary euro zone inflation data for November. Earlier on Thursday, economic data showed that French inflation slowed to 3.4% on an annual basis in November, down from the October reading of 4%. European markets had closed higher Wednesday after data released in the afternoon showed German inflation eased to 2.3% in November, significantly more than the 2.6% forecast in a Reuters poll. European markets are also keeping a close eye on the COP28 climate summit that begins Thursday and the OPEC+ meeting of major oil producers. Elsewhere Thursday, final third-quarter gross domestic product data for France is also due, as are German unemployment figures for November.

Organizations: Organization of Petroleum Locations: London, OPEC, Russia, France

This year is “virtually certain” to be the hottest year in recorded history, the World Meteorological Organization announced on Thursday at COP28, the United Nations climate summit in Dubai where delegates from nearly 200 countries, including many heads of state and government, have gathered. The organization said 2023 has been about 1.4 degrees Celsius, or about 2.5 degrees Fahrenheit, above the global average preindustrial temperature from 1850 to 1990. The past nine years have collectively been the warmest in 174 years of recorded scientific observations, with the previous single-year records set in 2020 and 2016. This comes in addition to record greenhouse gas concentrations, sea levels and concentrations of methane. “It’s a deafening cacophony of broken records,” Petteri Taalas, the secretary general of the World Meteorological Organization, said in Dubai.

Persons: ” Petteri Taalas Organizations: World Meteorological Organization Locations: COP28, United Nations, Dubai

☆ Impossible not to be disappointed at failure to meet Paris goals, says former UNFCCC advisor
▼ + stars: | 2023-11-30 | 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 EmailImpossible not to be disappointed at failure to meet Paris goals, says former UNFCCC advisorTom Rivett-Carnac, former executive advisor at the UNFCCC (United Nations Framework Convention on Climate Change), discusses how countries are attempting to meet their nationally determined contributions, and explains what COP28 chief Sultan Al Jaber can do to restore credibility after allegations that he planned to use the event to make oil deals.

Persons: Tom Rivett, Sultan Al Jaber Organizations: Paris, UNFCCC, United Nations

☆ Britain's King Charles in UAE to Urge Action on Climate at COP28
▼ + stars: | 2023-11-30 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

By Alexander CornwellDUBAI (Reuters) - Britain's King Charles began a visit to the United Arab Emirates on Thursday, during which he will advocate for greater global action and accountability on climate change at the COP28 summit. It will be his first major speech on climate change since he became monarch in September 2022. Other world leaders including India's Prime Minister Narendra Modi and Britain's Prime Minister Rishi Sunak are also expected to attend the talks. After a year of record temperatures, the pressure is on for this year's summit to accelerate action to limit climate change. Countries, however, are divided over the future of fossil fuel - the burning of which is the main cause of climate change.

Persons: Alexander Cornwell DUBAI, Britain's King Charles, Narendra Modi, Rishi Sunak, Joe Biden, Xi Jinping, King Charles, Sheikh Mohamed bin Zayed Al Nahyan, Sheikh Mohammed bin Rashid Al Nahyan, Simon Stiell, Bola Tinubu, Irfaan Ali, Watt, Alexander Cornwell, Barbara Lewis Organizations: Reuters, United Arab Emirates, India's, Britain's, U.S, United Arab, Organization of, Petroleum, UAE Prime Minister, First Nations, Scottish, Heriot Locations: Gulf, Dubai, United Arab Emirates, United Nations, British, UAE

☆ What to watch at COP28 on Friday?
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

United Arab Emirates Minister of Industry and Advanced Technology and COP28 President Sultan Ahmed Al Jaber speaks during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, November 30, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - This year's COP28 climate summit, being held in the glitzy Middle East city of Dubai, clicks into its first full day of scheduled events on Friday. Britain's King Charles III, who has spent decades working on environmental issues, is expected to address the conference. A second day of leaders' speeches is planned for Saturday. The summit's opening on Thursday featured pleas by the COP28 president, Sultan Ahmed al-Jaber, for all parties to work together toward a consensus on the future of fossil fuels.

Persons: Sultan Ahmed Al Jaber, Amr Alfiky, Britain's King Charles III, William Ruto, Tayyip Erdogan, Volodymyr Zelenskiy, Prince Mohammed bin Salman Al Saud, Sultan Ahmed al, Jaber, Katy Daigle, Lisa Shumaker Organizations: United Arab Emirates Minister of Industry, Advanced Technology, United Nations, Change, United Arab Emirates, REUTERS, Rights, Kenyan, Saudi, Thomson Locations: Dubai, United Arab, East

☆ ‘Backtracking:’ A year of climate failures ahead of a crucial summit
▼ + stars: | 2023-11-30 | by ( Laura Paddison | ) edition.cnn.com time to read: +11 min

And yet, even as the climate crisis inserts itself viscerally into people’s lives, experts say the year has seen alarming backsliding on climate action. Green policies have been watered down, huge new oil and gas projects have been greenlit and coal has had something of a resurgence. As countries gather in Dubai for the UN’s COP28 climate summit, there are “high expectations,” said Harjeet Singh, the head of global political strategy at nonprofit Climate Action Network International. It sent worrying signals about climate backtracking, said Elisa Giannelli, a senior policy advisor at climate think tank E3G. Around 50% of its total capital spending needs to go toward clean energy projects by 2030, according to the report.

Persons: ”, Harjeet Singh, Kaveh Guilanpour, Singh, Biden, “, Erik Grafe, Joe Biden, Countess, Norway —, Elisa Giannelli, “ It’s, Rishi Sunak, Joeri Rogelj, Flora Champenois, It’s, Bernd Lauter, ” Rogelj, Darren Woods, Bernard Looney, Fatih Birol, Guilanpour, Claire Fyson, ” Fyson, “ we’re, ” CNN’s Ella Nilsen, Ivana Kottasová, Gan Organizations: CNN, United Nations, Action, “, Climate, Energy Solutions, US Department of Interior, Imperial College London, Global Energy Monitor, GEM, Getty, BP, Chevron, ExxonMobil, Shell, Exxon, IEA, Climate Analytics Locations: Canada, Libyan, Dubai, Alaska, Washington ,, Australia, Norway, Europe, Germany, China, Asia, Ukraine, Eschweiler, COP28

☆ A Climate Summit Begins With Fossil Fuels, and Frustration, Going Strong
▼ + stars: | 2023-11-30 | by ( David Gelles | More About David Gelles | ) www.nytimes.com time to read: +1 min

As leaders from nearly every nation on the planet gather on Thursday in the United Arab Emirates to confront global warming, many are carrying a sense of disillusionment into the annual climate summit convened by the United Nations. Countries talk about the need to cut the pollution that is dangerously heating the planet, but emissions are reaching record highs this year. Rich countries have pledged to help poor countries transition away from coal, oil and gas, but have largely failed to fulfill their promises for financial aid. After 27 years of meetings, countries still can’t agree to stop burning fossil fuels, which scientists say is the main driver of climate change. “There is skepticism of this COP — where it is and who is running it,” said Ani Dasgupta, president of the World Resources Institute, a research organization.

Persons: ”, Ani Dasgupta Organizations: United, United Nations, World Resources Institute Locations: United Arab Emirates

☆ Pope Says He Has Acute, Infectious Bronchitis
▼ + stars: | 2023-11-30 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

VATICAN CITY (Reuters) - Pope Francis on Thursday said he was suffering from a highly infectious and acute form of bronchitis that has prevented him from making the trip to Dubai this weekend for the COP28 climate summit. It is a very acute, infectious bronchitis," he said. Francis said he had no fever but was on antibiotics, confirming what the Vatican said in a statement on Wednesday. During another audience on Thursday with theologians, the pope said: "Pray for me. Cardinal Secretary of State Pietro Parolin told reporters on Wednesday he expected to lead the Vatican's delegation at the climate talks in Dubai.

Persons: Pope Francis, Francis, didn't, Vatican, Pietro Parolin, Alvise Armellini, Janet Lawrence Organizations: VATICAN CITY Locations: Dubai

☆ Pope says he has acute, infectious bronchitis
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

Pope Francis leads the Angelus prayer from Santa Marta chapel at the Vatican, November 26, 2023. Vatican Media/Handout via REUTERS/File Photo Acquire Licensing RightsVATICAN CITY, Nov 30 (Reuters) - Pope Francis on Thursday said he was suffering from a highly infectious and acute form of bronchitis that has prevented him from making the trip to Dubai this weekend for the COP28 climate summit. It is a very acute, infectious bronchitis," he said. During another audience on Thursday with theologians, the pope said: "Pray for me. Cardinal Secretary of State Pietro Parolin told reporters on Wednesday he expected to lead the Vatican's delegation at the climate talks in Dubai.

Persons: Pope Francis, Francis, didn't, Vatican, Pietro Parolin, Alvise Armellini, Janet Lawrence Organizations: Vatican, Handout, REUTERS, CITY, Thomson Locations: Santa Marta, Dubai

☆ Emerging world needs climate finance and to burn coal, India says
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mukesh Gupta/File Photo Acquire Licensing RightsNEW DELHI, Nov 30 (Reuters) - Emerging economies need climate finance, help with technology and the right to pursue development, India's Prime Minister Narendra Modi said on Thursday before leaving for the UN climate summit in Dubai. The COP28 summit opened in Dubai on Thursday for two weeks of talks. Emerging powers, including India and China, often blame the developed world for having used more than its share of the available carbon resources. Earlier on Thursday, Foreign Secretary Vinay Mohan Kwatra said coal would remain India's main source of energy for years to come. "Coal is, and would, remain an important part of India's energy needs," he told reporters.

Persons: Mukesh Gupta, Narendra Modi, Vinay Mohan Kwatra, Kwatra, Sarita Chaganti Singh, Jacqueline Wong, Miral Fahmy, Barbara Lewis Organizations: REUTERS, India's, Reuters, Thomson Locations: Jammu, DELHI, Dubai, India, China, France, United States, COP28

☆ Climate crisis: The price of inaction far exceeds the price of action, WEF president says
▼ + stars: | 2023-11-30 | 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 EmailClimate crisis: The price of inaction far exceeds the price of action, WEF president saysBorge Brende, president of the World Economic Forum, speaks to CNBC's Dan Murphy and Steve Sedgwick at COP28 in the United Arab Emirates.

Persons: Borge Brende, CNBC's Dan Murphy, Steve Sedgwick Organizations: Economic, United Locations: COP28, United Arab Emirates

Helping these countries, which face some of the biggest risks from climate change, access these will be a key aim during the COP28 climate talks underway in Dubai. Ambitions for results at COP28 got off to a good start on the opening day on Thursday when countries approved plans for the climate disaster fund, after months of negotiations. About 60% of low-income countries are either in or at high risk of debt distress, the CDP said. The Central Asia Regional Economic Cooperation Program, for example, aims to agree a disaster relief bond issuance and a regional risk transfer facility, the ADB's Principal Disaster Risk Insurance and Finance Specialist, Thomas Kessler, told Reuters. "We are ready to scale up climate protection through early warning systems, anticipatory cash, climate insurance and community-based resilience projects," said Gernot Laganda, director of Climate and Disaster Risk Reduction at the United Nations World Food Programme.

Persons: COP28, Ekhosuehi Iyahen, IDF's Iyahen, Michèle Plichta, Lydia Poole, Odile Renaud, Basso, Thomas Kessler, Otis, Gernot Laganda, Alessandro Parodi, Simon Jessop, Libby George, Karin Strohecker, Susan Fenton Organizations: Insurance, Forum, PAF, Disaster, European Bank for Reconstruction, Global, Swiss, Central Asia Regional Economic Cooperation, Finance, Reuters, UN, University of Cambridge's Institute for Sustainability Leadership, United Nations, Food, Thomson Locations: GDANSK, LONDON, Dubai, London, Mexico

TEL AVIV, Israel (AP) — U.S. Secretary of State Antony Blinken on Thursday stepped up calls for Israel to comply with international law as it wages its war against Hamas in Gaza. But he also said it is imperative that Israel protect civilians if it starts major military operations in southern Gaza. Netanyahu said he told Blinken, “This is the same Hamas that carried out the terrible massacre on Oct. 7, the same Hamas that tries to murder us everywhere. Blinken told Abbas "he would continue to insist on full accountability for those responsible,” the State Department said. Blinken also told Abbas that “the United States remains committed to advancing tangible steps for a Palestinian state,” it said.

Persons: Antony Blinken, Blinken, Biden, Joe Biden's, Benjamin Netanyahu, Blinken “, West Bank ”, Netanyahu, ”, —, ” Netanyahu, Mahmoud Abbas, Abbas Organizations: —, Joe Biden's Democratic Party, Israeli, State Department, West Bank, United Arab Emirates Locations: TEL AVIV, Israel, Gaza, U.S, Jerusalem, Palestinian, United States, Dubai

LITTLETON, Colorado, Nov 30 (Reuters) - Over 60% of global electricity generated so far in 2023 was produced by fossil fuels, despite the ongoing aggressive roll-out of renewable energy sources in every major economy. Fossil fuels remain the primary source of global electricity despite steep gains in clean power outputBut with the energy systems of so many influential countries still so dependent on fossil fuels, there is little chance that COP28 meetings will yield the kind of bold power sector overhauls that ardent climate activists may hope for. Global electricity generation by sourceCoal's staying power as the main pillar of the global electricity generation system is at odds with widely held assumptions that coal is being phased out of power systems due to plant closures seen in Western economies in recent years. GAS ON THE UPNatural gas has the second largest share of electricity generation globally, accounting for around 22.6% of total generation so far this year. RENEWABLE REPLACEMENTSWorldwide, electricity generation from renewable sources has grown at nearly triple the pace of fossil fuels since 2019, providing a boost to supporters of the energy transition away from fossil fuels.

Persons: Gavin Maguire, Christopher Cushing Organizations: United Nations, Global, Reuters, Thomson Locations: LITTLETON , Colorado, United States, China, India, Japan, Poland, Turkey, Dubai, Europe, North America, Asia, Indonesia, Philippines, Germany, South Korea

The assessment could become politically divisive as it sets the stage for the next few years of global action in cutting planet-warming emissions. Based on the results, countries may be pressed to set more ambitious climate policies or to contribute more financing to help developing countries adopt clean energy. In September, the United Nations offered an early stocktake assessment that revealed countries were far behind in meeting climate goals. HOW WILL THE STOCKTAKE DRIVE CLIMATE ACTION? What then needs to be decided... what do we then do from here," Dan Jorgensen, Denmark's Global Climate Policy Minister, told Reuters.

Persons: Alex Flores, Claudia Morales, Dan Jorgensen, Kate Abnett, Katy Daigle, Josie Kao Organizations: REUTERS, Rights, United Nations, European Union, Policy, Reuters, Thomson Locations: Lake Titicaca, Bolivia, Rights DUBAI, Dubai, Paris

The sources said the UAE would provide the bulk of the money and private equity firm TPG and infrastructure investor Brookfield would also be involved. Two sources said the money would be overseen by UAE-backed investor Lunate Capital. A view of Dubai's Expo City during the United Nations Climate Change Conference (COP28) Climate Summit in Dubai, United Arab Emirates, November 30, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsA second source said BlackRock, TPG and Brookfield would allocate money currently housed in other funds to the UAE fund and that talks over the fund began after the summer and carried on through October. Additional reporting by Andres Gonzales, Anousha Sakoui and Elisa Martinuzzi in London Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Lunate, Amr Alfiky, Andres Gonzales, Anousha Sakoui, Elisa Martinuzzi, Susan Fenton Organizations: Lunate, BlackRock, TPG, Brookfield, United, Reuters, Lunate Capital, Financial Times, Dubai's, United Nations, Change, United Arab Emirates, REUTERS, UAE, COP28, Thomson Locations: UAE, DUBAI, United Arab Emirates, Dubai, United Arab, BlackRock, Brookfield, London

☆ Renewables: The 'real big money' has to be invested by private companies, says WEF president
▼ + stars: | 2023-11-30 | 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 EmailRenewables: The 'real big money' has to be invested by private companies, says WEF presidentBorge Brende, president of the World Economic Forum, speaks to CNBC's Dan Murphy and Steve Sedgwick at COP28 in the United Arab Emirates.

Persons: Borge Brende, CNBC's Dan Murphy, Steve Sedgwick Organizations: Renewables, Economic, United Locations: COP28, United Arab Emirates

☆ Leaders Back a Climate Fund and Voice Frustrations at COP28
▼ + stars: | 2023-11-30 | by ( Matthew Cullen | ) www.nytimes.com time to read: +1 min

On the first day of the U.N.’s climate summit, known as COP28, diplomats from nearly 200 countries approved a draft plan for a fund to help poor countries hit by climate disasters. The speedy adoption of the fund, which developing nations fought more than 30 years to create, was widely viewed as a positive sign for the two-week summit in Dubai. Some climate advocates are frustrated that COP28 is being hosted by the United Arab Emirates, which is ramping up its production of oil and has been accused of using its host position to promote its fossil fuels. However, David said that recent developments offered hope for the summit. Two weeks ago, the U.S. and China, the world’s two biggest polluters, agreed to accelerate efforts to sharply increase clean energy, although they didn’t provide a timeline.

Persons: ”, David Gelles, David Organizations: United Arab Emirates Locations: Dubai, U.S, China

☆ COP28: What to expect from the UN's high-stakes climate change summit
▼ + stars: | 2023-11-30 | by ( Sean Conlon | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCOP28: What to expect from the UN's high-stakes climate change summitThe United States and China are ramping up their climate cooperation, agreeing earlier this month to triple renewable energy capacity globally by 2030 and "operationalize" a bilateral working group, among others. The move comes just weeks before nations gather at the 28th United Nations climate summit, also known as COP28. Here's what to know about the two-week conference.

Organizations: 28th United Locations: United States, China, 28th United Nations

WHAT'S HAPPENED SINCE THE LAST ONEThe world has gotten hotter since last year’s conference in Egypt. Burning fossil fuels that sends carbon into the atmosphere remains the main cause of global warming, and production continues to grow. Climate campaigners say efforts to develop wind, solar and other alternative energies are not going fast enough. Global warming has vast implications: It can upend local economies, worsen weather patterns, drive people to migrate, and cause havoc for Indigenous peoples who want to retain their traditional cultures, among many other impacts. Many want to know if oil-rich Gulf states will pony up more money to help developing countries adapt to climate change and switch to greener technologies.

Persons: ”, Petteri Taalas, Daniel, Hurricane Otis pummeled, King Charles, Narendra Modi, John Kerry, Olaf Scholz, Pope Francis, Sultan al, Jaber, Antonio Guterres Organizations: United Arab Emirates, Hamas, United, 28th “ Conference, Hurricane Otis, Indian, Cargill, AP Locations: DUBAI, United Arab, Israel, Dubai, United Arab Emirates, COP28, WHAT'S, Egypt, Brazil, India, Libya, Hurricane Otis pummeled Mexico, Europe, Paris, Abu Dhabi, Tokyo, Tegucigalpa, Timbuktu, Ukraine, Gaza, Antarctica, Argentina, Uruguay, ___

☆ Create something new instead of trying to reform the old, says Indian renewable energy firm's CEO
▼ + stars: | 2023-11-30 | 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 EmailCreate something new instead of trying to reform the old, says Indian renewable energy firm's CEOReNew CEO Sumant Sinha speaks to CNBC's Dan Murphy and Steve Sedgwick at COP28.

Persons: Sumant Sinha, CNBC's Dan Murphy, Steve Sedgwick Locations: COP28

BRUSSELS/DUBAI, Nov 30 (Reuters) - Countries at the U.N.'s COP28 climate summit opening on Thursday hope to clinch an early deal on a new fund to pay for climate-caused damage, aiming to muster some political goodwill before talks turn to divisive topics including the future of fossil fuels. With finance also high on the meeting agenda, the United Arab Emirates' COP28 presidency published a proposal on the eve of the summit, for countries to adopt a new U.N. climate damage fund - raising hopes among some delegates that this could be among the first deals struck in Dubai. "Opening these negotiations is like opening Pandora's box. Adnan Amin, CEO of the COP28 summit, told Reuters this month the aim was to secure several hundred million U.S. dollars for the climate damage fund during the event. A breakthrough on the climate damage fund - which poorer nations have demanded for years - could help grease the wheels for other compromises.

Persons: Wopke Hoekstra, Adnan Amin, Kate Abnett, Valerie Volcovici, Katy Daigle, Matthew Lewis Organizations: United Arab, Reuters, The European Union, Thomson Locations: BRUSSELS, DUBAI, Dubai, United Arab Emirates, Germany, Denmark, Netherlands, China, UAE, Brussels, Washington

☆ Exclusive: World's top MDBs to launch debt-for-nature swap 'task force' - sources
▼ + stars: | 2023-11-30 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

The task force creation is the most significant step so far in showing that the global club of multilateral lenders, which between them have trillions of dollars worth of firepower, will significantly ramp up their support for these deals. Four sources involved in the plans, which are expected to be announced at the COP summit's 'finance day' on Monday, say the group will formally be called the "Task Force on Sustainability-linked Sovereign Financing for Nature and Climate". It will initially be chaired by the Inter-American Development Bank (IDB) and U.S. government's Development Finance Institution (DFC), said three of the sources with direct knowledge of the matter. Both lenders have been involved in all the recent swaps which have also included Barbados and Gabon. At their simplest, the swaps work by buying up a country's bonds, often at a discount, and then replacing them with cheaper eco-labelled ones that come with the special MDB guarantees.

Persons: Chico Mendes, Amanda Perobelli, MDBs, Marc Jones, Christina Fincher Organizations: Chico, Chico Mendes Institute for Biodiversity Conservation, Institute for, Environment, Resources, REUTERS, Reuters, Force, Sustainability, Nature, Inter, American Development Bank, government's Development Finance, World Bank, European Investment Bank, Development Bank, Asian Development Bank, ADB, Infrastructure Development Bank, Reuters Graphics, Conservancy, Thomson Locations: Pocone, Mato Grosso, Brazil, Belize, Barbados, Gabon, Beijing, U.S, Sri Lanka, Zambia, Kenya, Tanzania, Colombia, Ecuador

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