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Your Climate Action Diary - 49

Year 2023 • Week 43 • Anushthatri Sharma
Hi,

Hope you are well !

Speed and Scale in Climate-Action is a lot about Climate Finance ! But where will this "finance" (aka MONEY) come from? Who will pay the bill for all the work that needs to be done?

For our readers following the climate-news-cycle with us, I am sure you have seen several climate-finance cycles over the last 3 years, as have we. The big climate-financial promises !

This week's newsletter highlights this trend. Within the last 2 weeks we have major developments in "finance' rooted in - bilateral international relationships, multilateral banks & the World Bank, itself !

It's encouraging that these news developments now appear to be more frequent and in scale. But, let's also hope/stay vigilant that the executions of these funds remain delivery focused.

Happy Reading ! 

Regards, 
Harish
Team - OnePointFive Tribe

India, Japan Launch $600 Million Fund for Environmental Investments

The National Investment & Infrastructure Fund (NIIF) has partnered with the Japan Bank for International Cooperation (JBIC) to establish a $600 million India-Japan Fund. The fund will prioritize investments in environmental sustainability & low carbon emissions. The Indian government will contribute 49% of the fund, while JBIC will contribute 51%. This fund aligns with the shared priorities of India & Japan in climate & environment.

Multilateral-Development-Banks Make Record Climate Finance

Multilateral Development Banks (MDBs) provided a record $60.7 billion in climate finance to low & middle-income economies in 2022, exceeding their 2025 climate finance targets. Of this funding, 63% supported climate change mitigation, 37% focused on adaptation. MDBs allocated $38.8 billion to high-income economies, primarily for climate change mitigation.

Opposition To Green Reforms At World Bank

During a World Bank steering committee meeting in Marrakech, Gulf states, Saudi Arabia & Russia opposed the bank's green reforms & urged continued funding for fossil fuels. They emphasized the importance of maintaining a diverse energy mix, including fossil fuels, for global energy access. Saudi Arabia and Bahrain also called for increased investment in carbon capture and storage (CCS) technology. The World Bank has reduced support for fossil fuel projects in recent years, but critics argue it should explicitly prohibit such financing in alignment with climate goals.

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