Climate Change

Barclays' sustainability chief said on Tuesday that the bank expects to increase its efforts in climate planning with clients and has made 500 million pounds ($666.20 millions) from transition finance and sustainable low-carbon financing by 2024. The bank stated that it would adhere to its target of net-zero emission by mid-century - despite the political backlash in the United States against climate-related measures - but the pace of the change in the economy is being tested by diverging policies, the continued reliance on conventional energy by many economies, and other factors. Daniel Hanna said that Barclays was committed to the...

Anna Bjerde, the managing director of operations at the World Bank, said this on a recent visit to Australia. This is despite the fact that the United States, its largest shareholder, has reduced its aid in these areas. Bjerde, who met with Pacific Islands' economic ministers in Fiji said that countries in the area continue to be concerned about the effects of climate changes and have grave concerns over food security and increasing debt levels. The bank warns that six Pacific Island nations are at risk of high debt distress. She said that the World Bank will be moving a...

Texas lawmakers held a special meeting on Wednesday to discuss for the first-time the deadly floods which hit the Texas Hill Country in this month and killed at least 137. Senator Charles Perry is the chairperson of the joint Senate and House committee that investigated the preparations for and responses to the floods. The committee does not wish to place blame but instead seeks "constructive policies which will reduce future deaths." Texas Governor Greg Abbott put the investigation at the top of the agenda for a special session of the legislature that began on Monday. Abbott announced on his social...

Mobile homes communities are more resilient when they work together Extreme weather is more likely to affect parks California Mobile Home Parks in High-Risk Zones 37% Rachel Parsons Early July is when the forecast predicts that temperatures will regularly exceed 42 C throughout the summer. The mobile home is one of sixty manufactured homes that make up Comunidad Nuevo Lago. It's located eight miles south of Fresno, in the scorching Central Valley. Perez Sierra stated, "We want the space to be greener so that people can enjoy the area because mobile homes get very hot." Residents weren't allowed to plant...

After reducing an initial set sustainability laws in response to industry criticism earlier this year, the European Union began consultations on further simplifying environmental policies. This move is part the EU's "simplification agenda" to cut red tape and help industries that claim complex legislation across the bloc makes it difficult to compete with their rivals from China and the U.S. where President Donald Trump has slashed regulations. In a consultation that was opened by the European Commission on Tuesday, it said they were screening environmental laws in order to determine those areas where administrative burdens for governments and companies could...

New figures reveal that the amount of "green bonds" sold by governments and banks has dropped by nearly a third in this year due to the rollbacks of climate change policies across the United States, Europe and Australia. Data published by Fitch Ratings agency showed overall "labelled" bond issuance, which also includes other types of sustainability-focused bonds, was down 25% year-on-year to $440 billion, with Q2 also the weakest quarter since 2019. The amount of green bonds, where money is raised for climate or environmental projects, dropped by nearly $100 billion or 32 percent in one year. Meanwhile, the share...

Multilateral bank executives stated on Tuesday that Latin American countries must address regulatory barriers, improve electric interconnection and enhance project structuring for renewable energy to attract the $200 billion investment needed annually to make the energy transformation a reality. The Economic Commission for Latin America and the Caribbean (ECLAC) organized an event in Colombia’s capital Bogota, where executives spoke. Why it's important Energy infrastructure investments in the region are below global averages. This could make it difficult for it to achieve its climate and energy targets. KEY QUOTES Felix Fernandez is the Director for Latin America and the Caribbean of...

Heritage Foundation released a statement stating that Edwin Feulner died at the age of 83. He was the founder and longtime President of the influential U.S. think tank, the Heritage Foundation. The statement on Friday did not mention when Feulner died, or what caused his death. Feulner is a Chicago born political scientist who founded Heritage in 1973. He became president of the organization in 1977 and held that position until 2013. In 1989, Ronald Regan, Republican president of the United States, awarded him with the Presidential Citizens Medal. In a joint press release, current Heritage president Kevin Roberts wrote...

G20 finance chiefs issued a communiqué on Friday, which emphasized the importance of central banks' independence and the World Trade Organization's role in advancing trade. The following are the main points that the finance ministers, central bank governors, and other participants agreed upon during the two-day Durban meeting, South Africa. Also, we list the policy areas that were left out. Global Economy and Trade The communique highlighted global economic uncertainty caused by conflict, trade tensions and supply chain disruptions. It also highlighted high debt levels and frequent extreme weather and natural disasters. The statement also stated that central bank independence...

Global Environment Facility (GEF), the oldest multilateral climate change fund in the world, plans to issue a new round of wildlife conservation bonds as a way to assist African countries with saving endangered species and eco-systems. In 2022, the World Bank backed rhino bond was the first of many wildlife bonds that provide low-cost funding in exchange for reducing poaching and other measures. Last month, the GEF approved a conservation plan for lemurs in Madagascar. Fred Boltz is the head of programming for the GEF which is affiliated with the World Bank. He told African environment ministers on the sidelines...

The G20 finance chiefs are meeting in South Africa this Thursday, under the shadow cast by President Donald Trump’s tariff threats. Questions will be raised about their ability to work together and tackle global challenges. Since years, the club has been hampered by disagreements among its key players, exacerbated in part by Russia's conflict in Ukraine and Western sanctions against Moscow. Under its motto of "Solidarity Equality Sustainability", the host South Africa has sought to promote an African agenda. Topics include high capital costs and funding climate change action. The G20 is a group that aims to coordinate policy, but...

Lesetja Kganyago, the South African Reserve Bank Governor, said that a "African Agenda" including climate changes and cross-border payments systems is still to be discussed by G20 Finance Chiefs despite fears that tariffs will overshadow this gathering. The U.S. Treasury secretary Scott Bessent missed the G20 Finance Meeting in Durban. This was his second consecutive absence and raised questions about G20's ability to address pressing global challenges. The African agenda was also promoted by Ramaphosa, who used the first G20 presidency of Africa to push for the African agenda. Kganyago said that the African issues had been raised, and all...

China Central Television (CCTV), reported Wednesday that Shanghai had relocated over 280,000 people as a precaution in preparation for heavy rains due to the arrival of tropical cyclones in eastern China. Co-May, a tropical cyclone, made landfall in Zhoushan (Zhejiang Province) in the early morning hours of Wednesday. The maximum sustained wind speed near the centre was 23 metres per second 83 kph. Co-May's winds are less powerful than those of a typhoon, but the Chinese financial center and other cities along the Yangtze Delta have not taken any chances. They cancelled flights and trains, suspended schools and moved people...

Authorities said that heavy rains intensified in Beijing and other provinces of northern China, increasing the risk of disasters such as landslides, flooding and mudslides. They also relocated over 4,000 people. CCTV reported that flash floods, landslides and massive rains continued to hit the northwest suburb of Miyun, Beijing, causing flash flooding and other problems. Many villages were also affected. In recent years, the north of China has experienced record rainfall, which puts densely-populated cities like Beijing at risk of flooding. Scientists attribute the increase in rainfall in China's normally arid north region to global warming. These storms are part...

Authorities have warned that further rain could bring disasters such as landslides, flooding and landslides. CCTV, the state broadcaster, reported that two people were missing and two others dead in Hebei Province on Sunday morning. Fuping, a city in Baoding's industrial district, received 145 mm (5.8 inches) of rain per hour overnight. China's Water Resources Ministry issued flood warnings for 11 provinces, including Beijing and the neighbouring Hebei region, due to small and midsize river flooding and mountain torrents. CCTV reported that floods and landslides have affected many villages within the Miyun district in the capital. The rural town of...

The local government in China's eastern Shandong province reported that heavy rains in the Laiwu District in Jinan had soaked the area in just five hours. This was equivalent to half a year of rain. From midnight on Tuesday until 5am local time the area received maximum rainfall of 364 millimeters (14.3 in), which is half of Jinan’s average annual precipitation, 733 millimeters (28.1 in). Near the mountain villages of Shiwuzi & Zhujiayu in Jinan, flash floods washed away or damaged 19 houses. Authorities said that rescue efforts are in full swing and they were deploying all resources to find...

The finance chiefs of G20 nations were close to agreeing on Friday a position on trade, and other global issues. This would be the first time since Donald Trump won the election and waged a tariff war. To the disappointment of the South African hosts, the G20, which was created as a forum to promote cooperation in the fight against the global financial crisis of 2008, failed to come to a consensus when the finance ministers and central banks met in February. Even though G20 communiqués are not binding and their exact wording is unclear, an agreement in Durban's coastal...

The G20 finance chiefs expressed optimism on Friday about a possible agreement on a position on global trade and other challenges despite the tariffs imposed by U.S. president Donald Trump, which overshadowed the meeting. To the disappointment of the South African hosts, the G20, which was created as a forum to promote cooperation in the fight against the global financial crisis of 2008, failed to come to a consensus when the finance ministers and central banks met in February. Even though G20 communiqués are not legally binding and their exact wording is unclear, an agreement today would be considered a...

South Africa called on G20 nations to show global leadership and cooperation to address challenges, including the rise in trade barriers. The club's finance chiefs were meeting Thursday under the shadows of President Donald Trump’s tariff threats. The G20 has been hindered for years by disagreements among the key players, which have been made worse by Russia's conflict in Ukraine and Western sanctions against Moscow. Under its motto of "Solidarity. Equality. Sustainability", the host South Africa has sought to promote an African agenda. Topics include high capital costs and funding for climate action. Enoch Godongwana, South Africa's finance minister, said...

HSBC, the British bank, joined major U.S. banks in leaving the climate coalition as the ambitions of some governments to achieve net zero dwindled. HSBC stated that while it acknowledged the role played in the development of guiding frameworks for banks to set emission-reduction goals by the Net Zero Banking Alliance (NZBA), the foundation had now been established and the bank decided to withdraw as it prepared to update its net zero transition plan. "We are resolutely committed to supporting our clients in achieving their transition goals and making progress toward our Net Zero by 2050 goal," said an HSBC...

HSBC, a British bank, announced on Friday that it has decided to leave the main climate coalition for banking. However, HSBC remains "resolute" about its goal of achieving net-zero emission across all business lines by the mid-20th century. HSBC's decision to leave Net-Zero Banking Alliance brings it in line with global peers such as JPMorgan Citi, Morgan Stanley Macquarie, and Bank of Montreal, who all left this year. HSBC stated that while the alliance helped to create frameworks for setting emissions-reduction goals, the foundations are now in place. It is preparing to update its net zero transition plan later this...

It was announced on Tuesday that the Brazilian state of Piaui would issue carbon credits as a reward for actions taken to combat deforestation. This will give momentum to other regional initiatives to protect the country's forest. Brazil wants to keep its ambitions in reducing emissions, as it prepares for the next round of climate talks to be held in the Amazonian town of Belem this November. Piaui, unlike traditional forest protection plans proposed by private landowners and involving government and local communities, is focused on public sector efforts. These efforts cover a larger area and are aimed at avoiding...

A top climate official said in comments published by the Financial Times on Monday that the European Union will not sign a joint climate pledge with China during a summit to celebrate a half-century diplomatic relationship. EU climate targets are some of the most ambitious in the world, but have always been based on domestic emission reductions. The bloc has a deadline of mid-September to submit to the UN a new climate target for 2035. Officials from the EU said that Brussels refused Beijing's repeated demands for a climate agreement after the summit between the second and third largest economies...

A top climate official said in comments published by the Financial Times on Monday that the European Union will not sign a joint climate pledge with China during a summit to celebrate a half-century diplomatic relationship. EU climate targets are some of the most ambitious in the world, but have always been based on domestic emission reductions. It faces a deadline of mid-September to submit to the United Nations a new climate target for 2035. Officials from the EU said that Brussels refused Beijing's repeated demands for a climate agreement after the summit between the second and third largest economies...