Updates from COP 24 La la la la la. The U.S., Saudi Arabia, Russia and Kuwait objected to the COP “welcoming” the October U.N. report on the impact of a temperature rise of more than 1.5C. They want only to “take note” Institutional investors managing $32 trillion in assets called out governments to boost their ambitions
- The Belgian impact investor is backing Nicaraguan microfinance organizations Fundenuse and Micrédito in rolling out “event-based” insurance policies to 6,000 small farmers.
- Climate adaptation has remained largely overlooked and underinvested. Now, investment funds and vehicles that target adaptation solutions are beginning to line up to move significant amounts of capital.
- What it signals: The willingness of oil and gas majors to play ball with the big capital allocators – who increasingly view climate change as a major systemic risk facing society… and their long-term portfolios – as well as Shell’s desire to be seen at the forefront of the energy transition.
- There’s a mismatch between increasingly dire forecasts of catastrophic climate change and the sedate growth of climate financing.
- The Green for Growth Fund has loaned hundreds of millions of Euros to borrowers, ranging from a hydro-power developer in Albania, a bank in Egypt developing a line of green finance products, and a financial institution in Ukraine helping households reduce energy costs and consumption.
- Investors are increasingly pressing oil companies to account for their climate risk under the recommendations from the Task Force on Climate-related Financial Disclosures