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climate finance

PAF first auction named carbon deal of the year

Scott Cantor's picture
Results of the first auction of the Pilot Auction Facility. Photo: PAF


When you think of online auctions, what products come to mind? Perhaps electronics, collectibles or concert tickets, but it’s unlikely that you think of climate finance. However, the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF) recently combined the two, and for this, we are thrilled to be awarded Environmental Finance’s Carbon Deal of the Year 2016.

Delivering on the Paris agreement: Is there a carbon pricing opportunity for India?

Thomas Kerr's picture
Photo: Simone D. McCourtie / World Bank


Negotiators in Paris last December achieved a previously unattainable consensus among all countries — large and small, industrialized and developing — on a target for minimizing climate change.
 
They agreed to hold planetary warming to below 2 degrees Celsius, which can only happen by drastically cutting the greenhouse gas emissions that cause climate change.
 
Adhering to the target requires a de facto energy revolution that transforms economies and societies by weaning the world from dependence on fossil fuels. The magnitude of the task means strategies and spending on a scale far exceeding previous efforts. 

10 practical steps to create an Emissions Trading System

Pierre Guigon's picture
 
10 steps to create an Emissions Trading System. Photo: ICAP

Carbon pricing is increasingly being used by governments and companies around the world as a key strategy to drive climate action while maintaining competitiveness, creating jobs and encouraging innovation. The importance of carbon pricing was amplified in the run up to the global climate change agreement in Paris last December.

As countries move towards the implementation of the Agreement, it is the focus of a World Bank conference in Zurich this week which brings together over 30 developed and developing countries to discuss opportunities and challenges related to the role of carbon pricing in meeting their mitigation ambitions.

Climate change: from negotiations to action

John Roome's picture
Photo: UNFCCC


It has been nearly three months since 195 nations reached a historic agreement at COP21 in Paris to combat climate change and set the world on a path to a low carbon and more resilient future.

And in a little over a month, heads of state and governments will gather in New York to sign the Paris Agreement. Countries will then have one year to ratify the agreement, which will enter into force after it is ratified by at least 55 countries, representing at least 55 percent of global greenhouse gas emissions.

As we approach the signing of the agreement, it's time for countries and companies to seize the momentum from Paris and move from celebration of a landmark deal to action.

So what needs to happen?

Carbon markets in the Paris Agreement - an early holiday gift

Vikram Widge's picture
 Max Edkins / World Bank
COP21 conference center at Le Bourget, near Paris. Photo: Max Edkins / World Bank


Last Saturday, UN climate negotiators from 195 countries agreed on a historic climate change accord in Paris after two weeks of intense negotiations. While many of us were hoping for a hook that would support the use of markets, we were happily surprised to see the extent and detail on carbon markets that was ultimately included in the Paris Agreement.

Weekly wire: The global forum

Roxanne Bauer's picture

World of NewsThese are some of the views and reports relevant to our readers that caught our attention this week.

Corruption Is Just a Symptom, Not the Disease
Wall Street Journal
If you ask development experts, Western politicians and pundits how to end global poverty, you’ll hear one answer more than any other: Fight corruption. Even the Catholic Church agrees. In Nairobi last week, Pope Francis urged young Kenyans, “Please, don’t develop that taste for that sugar which is called corruption.” In a packed stadium in the same city in July, President Barack Obama was even more emphatic: “Corruption holds back every aspect of economic and civil life,” he said. “It’s an anchor that weighs you down and prevents you from achieving what you could.” In Addis Ababa, Ethiopia, two days later, he told the African Union, “Nothing will unlock Africa’s economic potential more than ending the cancer of corruption.”  But this conventional wisdom has it backward. For all its crippling costs, corruption is a symptom, not the disease. To get rid of corruption (and, for that matter, global poverty), we must build and strengthen institutions that work for the people of the developing world, rather than tolerate existing structures that typically serve the narrow, graft-addicted elites that often suck poor nations dry.

Global Media Monitoring Project 2015
Who makes the news?
Every five years since 1995 a growing number of scholars, activists, media professionals and policy-makers around the world has looked forward with intense anticipation to the results from the Global Media Monitoring Project. The 2015 edition, spanning a record number of 114 countries, has been awaited with particular intentness. This 20th anniversary year of the Beijing Platform for Action (BPfA) has catalysed much reflection. Two decades after the BPfA identified the media as one of the ‘areas of particular urgency that stand out as priorities for action’ in advancing gender equality and women’s human rights, where do things stand? The GMMP findings provide some answers.

It is time to be climate operational

Anita Marangoly George's picture
 
 Max Edkins / World Bank

The world forged a historic climate deal in Paris on Saturday, cheered on and celebrated by people around the world. Getting to that agreement has involved years of work and collaboration that resulted in what many of us thought we would not witness in our life time. The agreement is innow it's time for us to help the countries we work with to put their Intended Nationally Determined Contributions (INDCs) into action. 

Being in Paris was exhilarating. The World Bank Group team was active on many frontsthe support for carbon prices, the Africa Climate Business Plan, our work on renewable energy, energy efficiency and contribution to energy access. How do we waste less, pollute less and do more to promote energy access?  

One such initiative that was strongly supported at COP21 was the “Zero Routine Flaring by 2030” Initiative. The one-page text that took almost a year of negotiations and discussion commits endorsers to end routine gas flaring in new oil fields and eliminate ongoing “legacy” gas flaring as soon as possible and no later than 2030. If all oil-producing countries and companies endorse the Initiative, it will make available approximately 140 billion cubic meters of gas each year. If used to generate electricity, this amount of gas could power all of Africa. The Initiative was initially supported by 25 endorsers—pioneers—who recognized ending routine gas flaring as an industry practice is a no brainer and an important contribution that oil and gas companies can make towards addressing climate change. Twenty-two more endorsers have joined since the Initiative was launched to take the total to 47 endorsers representing 100 million tons of CO2 emission reduction each year and more than 40 percent of gas that will no longer be flared. At COP21, Nigeria’s Minister of Environment Amina Mohammed, announced that Nigeria will endorse the Initiative—great news for the people of Nigeria, especially those who live near flare sites.

(See an inspiring video featuring Faith Nwadishi from Nigeria.)

The trillion dollar challenge

Abhishek Bhaskar's picture

 

According to the International Energy Agency (IEA), full implementation of countries’ submitted pledges for low-carbon development will require USD 13.5 trillion in investments in energy efficiency and low-carbon technologies from 2015 to 2030.  That’s almost USD 1 trillion every year. This means all hands need to be on the deck if the global community is to address one of the biggest development challenges of our times.

Time for financial institutions to mainstream climate

Jane Ebinger's picture



Today, a group of 26 financial institutions from across the globe, including the World Bank Group, launched five voluntary Principles for Mainstreaming Climate Action within Financial Institution. The Principles are meant to support and guide financial institutions moving forward in adapting to and promoting climate-smart development, and have been developed based on practices implemented by financial institutions worldwide over the last two decades. 

De-risking climate-smart investments

Rachel Stern's picture
 CIF / World Bank
The city of Ouarzazate in Morocco will host what will become one of the largest solar power plants in the world. Photo: CIF / World Bank


The investment needs for low-carbon, climate-resilience growth are substantial. Public resources can bridge viability gaps and cover risks that private actors are unable or unwilling to bear, while the private sector can bring the financial flows and innovation required to sustain progress. For this partnership to reach its full potential, investors need to be provided with the necessary signals, enabling environments, and incentives to confidently invest in emerging economies.  


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