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Getting the finance to flow
THE PANDEMIC IS AN OPPORTUNITY TO MAKE FINANCIAL CHOICES COMPATIBLE WITH CLIMATE ACTION
The effects of Covid-19 are likely to be temporary, while the threat posed by climate change will remain.
The coronavirus crisis should be a wake-up call for the world, showing what can happen when experts and science are ignored. It can be the trigger needed to take climate change forecasts seriously. Now is the time for us to grasp the full range of opportunities offered by this emergency and make the right financial choices to reduce the threats posed by climate change and increase economic and societal resilience.
Stories include:
- UPFRONT — GETTING THE FINANCE TO FLOW
- DEVELOPMENT BANKS STRUGGLE WITH FOSSIL FUEL LOCK-IN
- A BOND FOR THE ENERGY TRANSITION
- FINANCE DRIES UP FOR COAL, BUT FLOWS ON FOR OIL AND GAS
- EU USHERS IN GAME-CHANGING FINANCIAL RULES
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To create demand for sustainable finance, governments should integrate climate criteria into their procurement and in how they draft policies and regulations
An EU taxonomy to define green investments is expected to enter into force in 2021, but some experts want it to be used immediately to inform stimulus packages aimed at dealing with the social and economic fallout from the Covid-19 pandemic
Europe is considering taking the bold step of introducing a border carbon adjustment tariff on goods imported from regions where carbon pricing is lacking, placing trade right in the middle of its climate ambitions
The UK is often cited as a leader in the transition to a clean energy economy, even though some British public money still flows to oil and fossil gas projects overseas
COVID-19 may have reduced emissions in the short-term, but much more needs to happen to slash fossil fuel use to meet climate targets
The world’s development banks are funnelling ever-greater volumes of finance into clean energy — but the challenge of shifting entire economies away from climate-wrecking activity and towards actions that align investment goals with those of the Paris Agreement requires a more holistic approach
Politically there is broad support in Denmark for financing the green transition through taxes and a carbon emissions tax proposal has been welcomed by parties across the political spectrum, but industry opposition could ultimately quash the idea
China has pledged to peak carbon emissions by 2030 at the latest, but its economic plan for 2021-2025 is expected to approve the building of more coal-powered plants
Many believe the ECB and other central banks should bring climate considerations into the rulebook governing what they support and how
The concept of transition bonds began as an idea to sell bonds that were difficult to market as green bonds, mainly natural gas bonds, but has evolved into an opportunity to accelerate decarbonisation efforts
