The Climate Investment Fund (CIF) has announced the launch of a $1 billion Industry Decarbonization Program, selecting Brazil, Egypt, Mexico, Namibia, South Africa, Türkiye, and Uzbekistan as the first countries to participate. This initiative is the first global concessional finance programme focused on helping developing nations decarbonise their high-emission industrial sectors. It targets hard-to-abate industries…
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…
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…
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…
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…
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…
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…