Green Climate Fund

Green municipal bonds grow as many Indian cities seek climate funding

Surat, in Gujarat, along with Pimpri Chinchwad in the western part of the country and southern city Coimbatore are all finalising proposals

COP29 leaders unveil new climate funding and energy storage goals

Over 120 countries pledged at last year's COP28 summit in Dubai, for example, to triple renewable energy capacity by 2030

India provided more climate finance than many rich nations in 2022: Report

India contributed USD 1.28 billion in climate finance through multilateral development banks (MDBs) in 2022, surpassing the contributions of many developed countries, according to a new analysis. The analysis, conducted by the UK-based think tank ODI and the Zurich Climate Resilience Alliance, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and Saudi Arabia. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 ...

Developed countries fulfilled $100 bn climate finance promise in 2022: OECD

Developed countries met their long-standing promise of mobilizing USD 100 billion a year to help developing countries mitigate and adapt to climate change in 2022, according to the latest data published by the Organisation for Economic Co-operation and Development (OECD) on Wednesday. This promise was made in Copenhagen in 2009 and was supposed to be met by 2020. Delays in achieving the USD 100 billion goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. Developing nations argue they cannot be expected to reduce CO2 emissions faster if developed countries - historically responsible for climate change - do not provide enhanced financial support. According to the OECD, developed countries provided USD 115.9 billion in climate finance to developing countries in 2022. The data showed that public climate finance (bilateral and multilateral funds attributable to developed countries) accounted fo

Eversource Capital, India's top climate investor, seeks to raise $1 bn

Eversource's 32-member team is already on the look out for projects and companies that seek to combat climate change to invest in from the next fund

Annual climate finance requirement estimated to cross $10 trn by 2050: CAG

The annual climate finance requirements are estimated to cross USD 10 trillion by 2050, and failure to meet the funding demands will intensify socio-economic consequences related to climate-linked disasters, Comptroller and Auditor General of India Girish Chandra Murmu on Tuesday. Climate financing is key to collective efforts to move towards a more resilient and sustainable future, he said while addressing a one-day seminar on Climate Financing here. "As climate change intensifies, so does the urgency for robust climate finance mechanisms to fund adaptation, mitigation, and resilience-building efforts worldwide," he said. The CAG further stated that annual climate finance needs are estimated to increase substantially, reaching well beyond USD 10 trillion annually by 2050. "Failing to meet these financial demands will exacerbate the rise in global temperatures, simultaneously intensifying socio-economic consequences of climate-related disasters. Unfortunately, despite the stark ...

Sidbi secures first green climate fund project worth $120 million

Development bank Sidbi on Monday said it has secured approval from the Green Climate Fund (GCF) for its first anchored project, Avaana Sustainability Fund (ASF), valued at USD 120 million. The closure was announced at the 38th board meeting of the GCF, which will invest USD 24.5 million in the fund, in Kigali, Rwanda, on March 5, Sidbi, an accredited entity of GCF, said in a statement. The primary aim of the ASF project is to invest in early-stage companies harnessing technology-led innovation to spur climate solutions and sustainability in the country. The anticipated outcomes include significant contributions to climate change mitigation, adaptation, and the enhancement of resilience in vulnerable sectors of the economy. This is the first project anchored by Sidbi including the first secured for the country in the past few years and will go a long way in advancing the country's nationally determined contributions by effecting substantial global changes through its proficiency in .

SBI launches green rupee term-deposit scheme for climate-friendly projects

Country's largest lender State Bank of India (SBI) on Friday launched a green rupee term-deposit scheme with an aim to finance environment-friendly projects. The bank said the scheme is open to all individuals including non-resident Indians and offers investors the flexibility to choose from three distinct tenors: 1,111 days, 1,777 days, and 2,222 days. Currently, the scheme is available through the branch network and it will soon be made available through digital channels such as Yono and online banking, chairman Dinesh Khara said in a statement.

CEA reiterates India's stand for more climate funds from developed nations

Citing studies by the United Nations agencies and independent studies, the report said that the developed world has fallen short on its climate action

COP28: UAE president announces $30 bn fund to bridge climate finance gap

In collaboration with global asset managers BlackRock, Brookfield and TPG, ALTÉRRA has committed $6.5 billion to climate-dedicated funds for global investments, including the Global South

UK to give $2 bn to Green Climate Fund in biggest single funding commitment

The UK on Sunday said it will provide USD 2 billion to the Green Climate Fund in its "biggest" single funding commitment to help the world tackle climate change. The British High Commission in India said Prime Minister Rishi Sunak announced the financial contribution to help the world's most vulnerable people adapt to and mitigate the impact of climate change. Sunak is currently in New Delhi to attend the two-day G20 Summit, which began on Saturday. "The UK is stepping up and delivering on our climate commitments, both by decarbonising our own economy and supporting the world's most vulnerable to deal with the impact of climate change," Sunak said, addressing the G20 leaders. "This is the kind of leadership that the world rightly expects from G20 countries. And this government will continue to lead by example in making the UK, and the world, more prosperous and secure," he said.

Green causes get less than 10% of CSR money, platform launched to up funds

Stating that environmental causes accounted for less than a tenth of corporate social responsibility (CSR) funding between 2015 and 2021, the International Climate Collaborative (ICC) on Thursday launched a dedicated platform to help funnel more resources for such purposes. The 'Earth Exponential' platform, which is backed by JSW Foundation, will bring together funders and non-profits and showcase credible, high-impact and India-led climate solutions, as per an official statement. The statement said in the seven years to 2021, environment-related causes got Rs 6,183 crore of the overall funding of Rs 67,193 crore in CSR. The platform will be curating, evaluating and displaying home-grown climate projects, and enabling them to scale by matching them to funders, it said. It aims to reduce entry barriers for funders through simplified solution discovery and knowledge building, the statement said. "India's home-grown climate solutions offer immense potential to address climate change

Govt to finance green bond projects and initiatives under 9 categories

Proceeds will be deposited in the Consolidated Fund of India

SBI's PE arm hikes climate fund's target 5 times to Rs 2,000 crore

SBICap Ventures has already got commitment from European Investment Bank (EIB) for about Rs 215 crore.

India Inc and climate: Janet Yellen's voice will boom louder John Kerry's

The aim: ensure banks and insurers across the globe adhere to "climate-responsible financing", thereby making it costlier for India and China to finance their fossil fuel needs

Decolonising climate action

If inequality of consumption is recognised as the major obstacle to tackling the climate crisis, then the conversation would be different

Nabard signs $100-mn agreement with Green Climate Fund to boost solar power

Nabard is the NIE for Adaptation Fund of UNFCC and National Adaption Fund for Climate Change

India blocks Pak project at green climate fund meet

Says project technically flawed