Economics, Trade & Investment

May 2015 Sustainable Energy Finance Update [viewed]

AfDB-ADB-EBRD-EIB-GEF-IDB-OPEC-World BankMay 2015: In May, the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Global Environment Facility (GEF), Inter-American Development Bank (IDB), OPEC (Organization of the Petroleum Exporting Countries) and World Bank announced funding for sustainable energy projects.

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Canada, Mexico, US Partner on Climate Change and Energy [viewed]

mexico_canada_us25 May 2015: The Governments of Canada, Mexico and the US have announced the creation of the North American Energy Ministers' Working Group on Climate Change and Energy. The partnership aims to harmonize efforts and policies toward common climate goals while protecting jobs and the economy. The joint announcement was made by Greg Rickford, Canada's Minister of Natural Resources, Ernest J. Moniz, US Secretary of Energy, and Pedro Joaquín-Coldwell, Mexico Secretary of Energy.

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CIF Expands Investment Opportunities to 72 Countries [viewed]

CIF19 May 2015: Decisions taken during the semi-annual Climate Investment Funds (CIF) governing body meetings will bring the US$8.1 billion CIF to a total of 72 developing and middle-income countries in the areas of renewable energy, technology, sustainable forestry and climate resilience. During the meetings, the CIF earmarked US$100 million to Ghana, Nicaragua and Haiti to help them develop their renewable energy markets.

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IMF Estimates Global Energy Subsidies at US$5.3 Trillion [viewed]

IMF18 May 2015: A study by the International Monetary Fund (IMF) concludes that, despite the decline in energy prices, global energy subsidies are “dramatically higher than previously estimated.” The working paper, which presents updated information on regional and global energy subsidies, argues that subsidy reform is in countries' own interests given related fiscal, environmental and welfare benefits.

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UNDP, UNEP Support Environment and Climate Mainstreaming for Poverty Reduction [viewed]

UNDP UNEPMay 2015: The UN Development Programme (UNDP) – UN Environment Programme (UNEP) Poverty-Environment Initiative (PEI) has published the second edition of a report, titled 'Mainstreaming environment and climate for poverty reduction and sustainable development: A handbook to strengthen planning and budgeting processes,' which supports the integration and implementation of pro-poor, environmental sustainability objectives into national, subnational and sectoral development policies, plans and budgets to contribute to poverty alleviation and an inclusive, green economy.

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GCF Set to Begin Funding Projects [viewed]

green-climate-fund-new23 May 2015: The Government of Japan and the Green Climate Fund (GCF) have signed a contribution arrangement confirming the conversion of Japan's pledge of US$1.5 billion equivalent, which carries the Fund over the required 50% threshold to begin allocating resources for projects and programmes in developing countries.

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Climate Week Paris Showcases Business Leadership on Climate Change [viewed]

climate_week_paris22 May 2015: Planned 200 days in advance of the 21st session of the Conference of the Parties (COP 21) to the UNFCCC, Climate Week Paris highlighted that "climate action makes good business sense." Business leaders, policymakers and non-governmental organizations (NGOs) alike confirmed that a strong global climate change agreement, to be adopted at COP 21, will be a critical signal to the private sector to scale up their low-carbon activities.

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Climate Finance Day Focuses on Shifting Capital to Low-Carbon Economy [viewed]

climate_finance_day22 May 2015: At the Paris 2015 Climate Finance Day, key stakeholders from the financial sector gathered for four roundtables on climate change, which all centered around the theme of shifting trillions of dollars toward the goal of limiting global warming below 2°C above pre-industrial levels. In addition, two platforms for tracking climate actions in the financial sector were announced and speakers throughout the day discussed tools for mitigating risk and transaction costs of climate-friendly projects.

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Stakeholder Launch of Sustainable Innovation Forum 2015 Held at Climate Week Paris [viewed]

climate_action_parisweek21 May 2015: The UN Environment Programme (UNEP) and Climate Action held a Stakeholder Launch of the Sustainable Innovation Forum 2015 (SIF15) at Climate Week Paris, 200 days ahead of the SIF event to be held at the 21st session of the Conference of the Parties (COP 21) to the UNFCCC in December 2015. UNEP and Climate Action partner to host the SIF, which is the largest business-focused event at each COP session.

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Business Leaders Call for Global Climate Deal, Net Zero Emissions [viewed]

climate_week_paris_businessclimate_summit21 May 2015: During the Business & Climate Summit, a key event of Climate Week Paris, leaders of major businesses worldwide called on policymakers to leverage public and private finance to shift to a low-carbon economy, introduce carefully designed and predictable carbon pricing, and eliminate fossil-fuel subsidies. The Summit mobilized over 6.5 million companies from more than 130 countries through 25 business networks, who pledged to lead the global transition to a low-carbon, climate-resilient economy.

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