Climate Change

The World Bank Group announced on Monday that it will "retire", its previous goal of?dedicating?45%?of its annual lending resources towards projects with climate benefits, but extend the long-standing Climate Change Action Plan which was due to expire Tuesday. The lender for development, under pressure from the Trump Administration to abandon the climate-lending target set during the Biden administration of 2023, announced in a press release that it would shift its focus to lending outcomes rather than input goals. Ajay Banaga, the World Bank president, was originally charged with extracting more climate loan resources from the bank's balance sheet. He has...

A federal judge granted a preliminary order on Friday, blocking an Indiana law that requires new disclosures by proxy advisers. This is the third legal victory for Institutional Shareholder Services (ISS) and Glass Lewis in their fight against Republican legislators' restrictions. Both firms offer advice on how shareholders can vote at annual corporate meetings. Republican politicians have long been sympathetic to business concerns about executive compensation. Recently, they have also claimed that the firms favor shareholder resolutions that focus on environmental, governance, or social (ESG) issues like climate change and workforce diversity. Three recent cases where proxy firms gained the...

The French development minister made an 11th-hour appeal to the World Bank, Thursday. He urged?it not to give in to pressure from the United States, its largest shareholder, and to stick to the climate finance target that is due to expire at the end this month. The U.S. administration of President Donald Trump has asked the World Bank to abandon its target to dedicate 45% to climate-related lending and instead focus on core development, including a returning to fossil fuels projects. Climate Change Action Plan (CCAP) has been extended for an additional year, but it is likely to expire without...

A?U.S. A federal appeals court rejected Friday the bid by the Environmental Protection Agency to remove Biden-era pollution limits for soot from coal-fired factories and power plants. This was a "setback" for the Trump administrations efforts at deregulatory. Last year, the EPA under Donald Trump asked the court to invalidate its 2024 rule. The agency claimed that it had acted unreasonable by not taking into account costs when setting the standard. The court rejected the petition and left in place the annual limit for fine particulate matter (PM 2.5) of 9 micrograms/cubic meter. The EPA, after initially defending its new...

The French development minister made an 11th-hour appeal to the World Bank on Thursday. He urged it to "resist the pressure of its largest shareholder, the United States, and stick to a climate financing target that is due to expire at the end this month. The U.S. administration of President Donald Trump has asked the World Bank to abandon its target to dedicate 45% to climate-related lending and instead focus on core development, including a resurgence in fossil fuel projects. CCAP (Climate Change Action Plan) has been extended for a year, but many Europeans and other World Bank investors are...

H&M's CEO Daniel Erver announced on Thursday that the retailer is adapting its clothing and marketing calendar in order to account for longer, warmer summers. This comes as Europe was gripped by a deadly heatwave for the fourth day. Erver said that H&M will design autumnal collections using lighter materials in order to appeal to shoppers as temperatures continue to rise until September. In an interview, Erver said that "we see the trend that summer is longer." "If it's 35 degrees in August (Celsius) or even 35 degrees in September, you want to update your wardrobe." The unseasonably warm weather...

United?Nations?Secretary-General Antonio Guterres stated on?Wednesday? that climate adaptation should be treated as an important priority by governments -- and valued appropriately by the financial system. As climate risks increase and funding gaps widen, this must become a top priority. Guterres said that as droughts, flooding and other extreme weather conditions affect communities around the world, adaptation has been chronically underfunded and undervalued. "Finance Ministers, Central Banks, Planning Ministries and Public Investment Authorities must 'treat climate risks as core economic policies in order to mobilize greater domestic resources," said he, urging government to 'incorporate climate risk into everything from fiscal policy...

A U.S. court of appeals ruled Tuesday that President Donald Trump's government does not have to restore dozens of exhibits it has removed from national parks, including those on slavery and climate changes. A unanimous three-judge panel from the Boston-based First U.S. Circuit Court of Appeals temporarily halted a judge’s July 3 deadline that the National Park Service must reinstall exhibits taken down under a Trump Directive targeting displays "inappropriately disparaging Americans past or present." Angel Kelley, a U.S. district judge in Boston, concluded that the displays had been removed as part the illegal effort by the administration to "rewrite...

Climate-vulnerable nations and major development banks have launched a new initiative aimed at providing more affordable and predictable financing for countries that are increasingly faced with climate shocks and increasing debt costs. Climate Vulnerable Forum and its "V20" finance minsters have agreed on the "Vulnerability To Viability (V2V), which brings together 74 economies, as well as more than a dozen lenders from the World Bank to OPEC Fund in Vienna. The plan aims to fill 'financial gaps left behind by global crises and more frequent and severe droughts, floods, or hurricanes? The Compact is focused on providing affordable and concessional...

Europe, Asia, and parts of America are all experiencing scorching temperatures. What are the health risks? Heat can affect health in a number of ways. Heat exhaustion can cause dizziness, headaches and shaking. It is not serious if the person cools off within 30 minutes. Heatstroke is more severe when the core body temperature exceeds 105 degrees Fahrenheit (40,6 degrees Celsius). This is a medical crisis that can cause organ damage or death. Rapid breathing, confusion, seizures and nausea are all symptoms. Who is at Risk? Some people are at greater risk, including babies, older people and people who are...

The?U.S. A court-ordered inventory reveals that the National Park Service removed 51 exhibits at 38 sites in order to comply with President Donald Trump's executive orders targeting displays that "inappropriately disparage Americans living or dead". In a filing by the Trump administration on Wednesday, examples were given from a number of national parks and monuments, including Philadelphia's Independence National Historical Park where a display describing George Washington, America's first president, owning enslaved persons, was removed. The list was provided by the administration at the request of Boston-based U.S. district judge Angel Kelley who, on Friday, ruled that the government had...

The Trump administration was ordered by a federal judge on Friday to restore exhibits and signs that it had removed in parks and monuments across the country because they did not "align with its preferred narrative." U.S. District judge Angel Kelley issued the preliminary injunction in Boston at the request of groups representing park conservators, historians, and scientists who claimed that the U.S. Dept. of the Interior was engaged in a sustained campaign to erase history, and undermine science. Kelley stated that removing?these signs undermines the "integrity of National Parks" and sets a dangerous precedent for censorship. Kelley ordered the...

GIC Re, an Indian reinsurer, plans to focus more on specialty and casualty lines. It will also reduce its dependence on catastrophes and property business abroad. This is due to the increasing number of 'climate-related' losses. Joshi noted that climate change has reshaped global risk patterns. He cited floods in regions with historically low risks, such as South Africa, Dubai, and the severity of hurricanes, storms and cyclones. This shift is a result of reinsurers around the world grappling with increasing losses due to "climate-related disasters", which has led many to reassess exposure to catastrophe and property?risks. A report from?insurance...

Forecasters predict that a strong El Nino pattern will develop in the second part of the year. This pattern is expected to boost temperatures, disrupt?rainfall, and pose risks to crops around the world. What is El Nino? Why are soft commodities, or those grown in tropical areas, particularly vulnerable? EL NINO El Nino occurs when trade winds weaken, causing a periodic increase in sea surface temperature. El Nino occurs in nature every two to seven year and lasts between nine and twelve months. Weather patterns typically result in hotter temperatures around the world, droughts in some regions, such as Australia,...

A new report released on Wednesday shows that deadly landslides and floods in Indonesia's Sumatra have killed at least 7% the population of critically endangered tapanuli apes. At least 1,200 people were killed and 300,000 homes damaged by the cyclone-induced floods and landslides. Environmental groups blamed the rapid deforestation on Sumatra for the extent of damage. The report said that at least 58 Tapanuli Orangutans were killed by the floods. These orangutans are native to north Sumatra, in an area called Batang Toru Forest. This forest is also home to the majority of the 800 primates. The report was a...

A 'new report' released on Wednesday shows that deadly floods and landslides in Indonesia last year wiped out at least 7% of Tapanuli orangutans, which are critically endangered. Floods and landslides caused by a cyclone in Sumatra last year killed at least 1,200 and destroyed around 300,000. Environmental groups blamed the deforestation on Sumatra for the severity of the damage. The report cited a'survey of the western block in the forest which is home to the majority of the 800 primates. The report was a joint study of Borneo Futures in Brunei, World Weather Attribution, and Liverpool John Moores University....

Scientists warned that climate change is causing unprecedented fire outbreaks in Africa, Asia, and other parts of the world this year. Conditions are expected to worsen as summer in the northern hemisphere approaches and El Nino weather patterns take hold, they said. Scientists warned that fires in the northern hemisphere from January to April had already caused unprecedented damage. They burned more than 150,000,000 hectares of land (370.66,000,000 acres), 20% more than previous records. Researchers said that temperature records may be broken this year. This will cause widespread fires and drought, as well as the effects of climate change caused...

WMO said that the return of El Nino weather conditions is expected as early as this May, and could affect?global temperatures, and a?rainfall pattern. El Nino, as defined by the WMO, is a periodic increase in sea surface temperature over the eastern and central Pacific Ocean. It typically lasts nine to twelve month. It said that a clear'shift' has been observed, with sea surface?temperatures rapidly rising, indicating a high probability of El Nino developing between May and July. Wilfran Moufouma OKia, WMO's Chief of Climate Prediction, said in a press release that "after a period neutral conditions, the climate models...

The Asian Development Bank approved a $500-million policy-based loan for the Philippines to help support its blue?economy. This will focus on protecting the marine ecosystem from threats such as extreme weather conditions and plastic pollution. The?programme will be cofinanced by Agence Francaise de Developpement (French Development Agency) and Germany's KfW Development Bank, each contributing about $235 millions. It aims to ensure environmental resilience as the Philippines taps into its ocean resources via industrial fishing, tourism -and offshore energy. In a press release, ADB Philippines Country director Andrew Jeffries stated that this is ADB’s first extensive multi-sectoral program focused on fostering...

Scientists warn that extreme weather events will only increase in frequency as temperatures continue to rise. At least 188 people were killed by Typhoon Kalmaegi in the Philippines. It also caused extensive damage to farmland and infrastructure across the archipelago. After landing in central Vietnam on Thursday night, the storm destroyed homes and uprooted many trees. The path of destruction of Kalmaegi coincides with the meeting of more than 190 delegates in Brazil's rainforest city of Belem for the latest round in climate talks. Researchers claim that the failure of leaders around the world to control greenhouse gas emission has...

The Norwegian government announced on Thursday that it would contribute around $3 billion to the Tropical Forests Forever Facility. This multilateral fund is intended to support the global conservation of endangered forest. The largest donation announced to date for the new fund proposed in Brazil by the summit's host is this first-reported gift. In a statement, the Norwegian government confirmed that it will contribute up to 30 billion crowns (2.99 billion dollars) to the fund by 2035. The fund aims to use contributions from government to raise more private funding. Brazil and Indonesia each contributed $1 billion to the fund....

Grace Fu, Singapore's Environment Minister, said Thursday that momentum on global climate change is waning, as geopolitical concerns create uncertainty for businesses and governments. The COP30 Climate Summit will take place from November 10-21. She told reporters that, in addition to geopolitical tensions and higher food and energy prices, these "political obstacles" are making it difficult for countries take the necessary climate action. She said that "the fact that the U.S. pulled out of Paris Agreement is an extremely important factor"... but there are also many political considerations." The annual summit is expected to attract around 50,000 delegates from 190...

Fernando Haddad, Brazil's Finance minister, said that mobilizing 10 billion dollars in public resources to the Tropical Forests Forever Facility would be an ambitious but "possible target" for its first-year. The TFFF is a flagship project for Brazil, as it hosts the COP30 Climate Talks. It aims to raise $125 Billion to support global conservation of endangered forest. Haddad, speaking on the sidelines a Bloomberg event held in Sao Paulo said that other nations might indicate contributions to the fund at the United Nations Climate Summit in Belem, Brazil next week. Haddad, a G20 member, said that if a few...

Sumitomo Corp, a Japanese trading company, announced on Monday that it had been granted a grant by the Singapore government to develop ammonia to be used as a marine fuel alternative to decarbonise shipping. Sumitomo stated in a press release that this exclusive funding would support research and development efforts to enhance the safety and efficiency of ammonia supply, or ammonia bunkering, at Singapore's Port. The Maritime Innovation and Technology Fund of Singapore (MINT Fund) was used to award the grant. However, the MPA did not reveal the details of the grant. MPA didn't immediately respond to an 'ask for...