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CIF capital markets mechanism raises $500m with inaugural bond

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The Climate Investment Funds (CIF) capital markets mechanism (CCMM) raised $500m through its debut bond, marking a historic step in mobilising finance for climate action. The bond was six times oversubscribed, attracting over $3bn in global investor interest. This inaugural bond, part of CCMM’s borrowing programme launched at COP29 in November 2024, aims to scale up clean technology and infrastructure projects in developing countries.  Final pricing was set at +36.6 basis points over the three-year…

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India rejects Baku Finance Goal at COP29, calls it inequitable

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The COP29 summit in Baku, Azerbaijan, concluded with the adoption of the Baku Finance Goal (BFG), which commits developed nations to mobilize $300 billion annually by 2035 and aims for $1.3 trillion in long-term climate finance for developing countries.  The agreement also finalized Article 6 negotiations, enabling high-integrity carbon markets expected to generate $1 trillion annually by 2050. India rejected the deal, deeming it inadequate and inequitable, citing its failure to meet the $1.3 trillion…

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India rejects $300 billion climate finance deal at COP29 as “unfair” and “stage-managed”

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India has strongly opposed the adoption of a $300 billion annual climate finance package for the Global South by 2035 at the UN climate conference COP29 in Baku, Azerbaijan.  India argued the package is inadequate compared to the $1.3 trillion annually that the Global South has demanded to combat climate change impacts and transition to low-carbon economies.  Developed countries, historically the largest emitters of greenhouse gases, are expected to finance, provide technology, and support capacity-building…

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MDBs pledge $120 billion for low-income nations at COP29

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At COP29 in Baku, Azerbaijan, leading multilateral development banks (MDBs) announced plans to collectively mobilize $120 billion annually in climate financing for low- and middle-income countries by 2030, with $42 billion dedicated to adaptation.  The private sector is expected to contribute an additional $65 billion each year. High-income countries are set to receive $50 billion annually in climate finance, including $7 billion for adaptation.  The MDBs exceeded their 2025 climate finance projections by a 25%…

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COP29: IEEFA pushes banks to reorient lending for renewables, $400 billion annual funding shortfall

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The Institute for Energy Economics and Financial Analysis (IEEFA) has urged global action at the 29th Conference of Parties (COP29), emphasizing a $400 billion annual investment gap to meet renewable energy targets by 2030. Labelling COP29 as the “climate finance COP,” IEEFA’s new briefing highlights the need for policies incentivizing banks to redirect lending toward renewables. IEEFA’s report notes a significant rise in global renewable energy investments, increasing by 73%-78% from $329-424 billion in 2019…

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World leaders gather in Baku for pre-COP29 meeting

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Ahead of the 29th Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, global leaders gathered in Baku, Azerbaijan, for the pre-COP meeting from 10–11 October.  The session, titled Enhance Ambition and Enable Action, aimed to progress key negotiations before the main summit in November. The event is focused on limiting global warming to 1.5°C, as per the 2015 Paris Agreement. A key priority at the pre-COP meeting was setting a…