Climate Finance News

The European Union, Canada, Japan and climate-vulnerable Pacific Island states are among 47 countries rallying support for a charge on the international shipping sector's greenhouse gas emissions, documents reviewed by Reuters showed.The documents, being discussed at an International Maritime Organization (IMO) meeting now entering a second week, outline four proposals with a combined 47 backers for imposing a fee on each tonne of greenhouse gas the industry produces.Support for…

COP28 has concluded with agreement on a text named The UAE Consensus that aims to set out a climate agenda to keep 1.5°C within reach. The UAE Consensus calls on parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions, includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.The UAE Consensus followed a year of inclusive diplomatic engagements and two weeks of intense negotiations.

The oceans are inextricably connected to the health of the planet, and of humans: they absorb up to 30% of annual greenhouse gas (GHG) emissions and 90% of excess heat, and over 3 billion people — almost half the global population — depend directly on marine and coastal biodiversity for their livelihoods.Healthy coastal ecosystems are also critical to the world’s ability to withstand the impact of climate change. Not only do mangrove forests, for example, hold four times the amount of carbon per hectare as tropical forests…

The International Chamber of Shipping (ICS), which has represented global ship operators throughout the UN Climate Change Conference in Paris, has commented on the latest draft UNFCCC text which – although still not finalized – currently contains no explicit reference to international shipping (or aviation). ICS said it would be helpful for the new agreement to reiterate the vital role of the UN International Maritime Organization in the development of further measures to reduce shipping’s CO2 emissions.

IEA report sees energy efficiency finance becoming established market segment in its own right ... The global energy efficiency market is worth at least $310 billion a year and growing, according to a new report from the International Energy Agency that confirms the position of energy efficiency as the world’s “first fuel”. The report also finds that energy efficiency finance is becoming an established market segment, with innovative new products and standards helping to overcome risks and bringing stability and confidence to the market.

The International Chamber of Shipping (ICS) is representing global shipowners at the United Nations (UNFCCC) Climate Change Conference in Doha (COP 18). At an event in Doha (27 November) hosted by the UN International Maritime Organization (IMO), ICS will report on the further progress being made by shipowners worldwide to reduce their CO2 emissions and improve fuel efficiency. ICS comments on the recent UNFCCC secretariat report on means of long term ‘climate financing’, which…