CLIMATE FUNDING
Green bonds - Municipal bodies think change, climate change
Brihanmumbai's ₹10,224 crore FY25 climate budget signifies Indian municipal bodies' shift to sustainability. With Solapur, Vadodara, Bhopal, Indore, and Pimpri-Chinchwad leading green initiatives, CEO Masood Mallick highlights Swachh Bharat Mission, regulatory evolution, and public-private partnerships. NGT's environmental compensation emphasizes compliance, increasing the need for green financing.
Waiting for a COP-out In Deja Vu Baku
COP29 is set to take place in Baku, Azerbaijan, with a focus on enhancing ambition and enabling action for climate change. The event aims to be a 'moment of truth' for the climate community and a test for the Paris Agreement's effectiveness.
Carbon removal industry reckons with a new problem — too many startups
Countering climate change requires reducing planet-warming emissions first. However, inadequate sufficient action means the world would have to draw down CO2 in the atmosphere.
Britain’s economy isn’t seeing growth anywhere near India’s 7% GDP rise — this has caused fewer differences between the Conservatives and Labour: Jaideep Prabhu
The UK election landscape is marked by economic uncertainties post-Brexit, minimal policy distinctions between parties, and environmental concerns driving voter engagement. Influential figures like Farage, Johnson, and Sunak shape political narratives, while climate change discussions underscore the urgency for sustainable solutions amidst global warming threats.
COP29 will be litmus test for Paris agreement: Yalchin Rafiyev
Azerbaijan, the host of the annual UN climate conference COP29, has the duty to lead nations in agreeing on measures to combat climate change at the necessary speed and scale to keep global warming within 1.5°C above pre-industrial levels. Baku will be a moment of truth for the entire climate community, said Yalchin Rafiyev, Azerbaijan's Deputy Foreign Minister and lead negotiator for COP29
Integrating climate finance into India's economic blueprint
Pradeep S. Mehta, Secretary-General of CUTS International, suggested that India's 2024-25 Budget should include dedicated climate finance institutions through public-private partnerships during a webinar on accelerating private investment in climate finance. Mehta stressed the importance of private sector involvement for a sustainable and resilient future, highlighting the need for collaboration, innovation, and commitment.
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Nearly 5 billion people endured extreme heat in June; 619 million affected in India: Report
An analysis by Climate Central revealed that nearly five billion people globally, including 619 million in India, faced extreme heat due to climate change over nine days in June. The report highlighted impacts in several countries, with experts warning that carbon pollution must be reduced to prevent future heat-related disasters.
‘It is beyond belief we’re still subsidising the cause of the climate crisis — we need greater subsidies for renewables over fossil fuels now’
"I think the CBAM, to the extent that it does result in significant revenue from tariffs, should recycle some of those funds in lump sum forms to help countries clean up their production processes and adapt to climate change," says Cameron Hepburn, Battcock Professor of Environmental Economics at the Smith School of Enterprise and the Environment, Oxford University.
Gates’ climate firm sets sights on developing world
Breakthrough Energy advances global innovation, emphasizing cost reduction and universal innovation for sustainable development.
Climate-proofing India's daily bread: The race for resilient wheat
Satveer Singh's family relies on a sack of wheat flour to stave off hunger. They barely manage, aided by government rations, despite irregular supply. Extreme weather has slashed India's wheat production, forcing the government to cut rations and halt exports. Efforts are underway to develop climate-resilient wheat varieties, crucial for food security.
Climate-proofing India's daily bread: The race for resilient wheat
Climate change impacts - including harsher heat, drought and floods - pose a major emerging threat to food security in India and elsewhere, accelerating diverse efforts to introduce crops that are better able to withstand shifting conditions.
Bonn climate talks: Countries leave much to do at COP29
Countries made little progress in finding common ground on the crucial issue of climate finance at the mid-year UN climate talks in Bonn, Germany, even as floods, extreme rains, and brutal heatwaves upended lives and livelihoods in several nations.
UAE's Alterra commits $1 billion to Brookfield’s climate fund
The $5-billion Catalytic Transition Fund (CTF) managed by Brookfield Asset Management receives a $1-billion commitment from UAE's Alterra Management Limited to invest in clean energy and transition assets in emerging economies.
Planet overheating, ban fossil fuel ads: UN chief
UN Secretary-General Antonio Guterres stated humans are as destructive as the meteor that caused the dinosaur extinction, urging a ban on oil, gas, and coal advertising. His comments coincided with scientists reporting the last 12 months as the hottest on record. The global average temperature is 1.63°C above pre-industrial levels. Despite the agreement to phase out fossil fuels at COP28, emissions remain high. Guterres called for taxing fossil fuel profits and reallocating funds to combat climate change, as critical climate talks continue in Bonn ahead of the COP29 summit in November.
Carbon removal needs to quadruple to meet climate goals, researchers say
New policies are required to drive up demand for CDR, the authors said, with funding for new technologies falling since 2020. The $856 million invested in new startups last year accounted for around 1% of total climate tech spending.
Continuum energy to raise $650 m via bonds
Continuum Green Energy, a renewable energy generator, plans to raise $650 million in bonds to refinance existing debt, with Deutsche Bank, HSBC, JPMorgan, and Standard Chartered Bank as arrangers.
Lenskart $200M secondary deal; Baron bumps up Swiggy’s valuation
Singapore's Temasek and US-based Fidelity have invested $200 million in Lenskart through a secondary share sale. This and more in today’s ETtech Top 5.
Climate tech firm LogicLadder raises $2.5 million in funding from Big Capital, Rainmatter
Sustainability and climate management solutions provider LogicLadder will use the capital to expand in South Asia and North America. The company also expects allocate a maximum of this funding to new product augmentations and capacity expansion, cofounder and CEO Mayank Chauhan told us.
Climate tech has a promising future in India: Hisham Mundol, Chief Advisor, Environmental Defense Fund, India
Environmental Defense Fund (EDF) wants India to become the first major economy to industrialise without carbonising, says Hisham Mundol, Chief Advisor, Environmental Defense Fund, India.
Climate tech startup Cloover raises $114 million in seed funding
German startup Cloover secured $114 million funding led by Lowercarbon Capital to empower smaller installers in offering comprehensive renewable energy solutions. The funding will support expansion into new markets and technology enhancements.
Private philanthropy to expand at 10–15% annually in next five years: Neera Nundy, Partner, Dasra
Private philanthropy is expected to see a significant expansion with family philanthropy seeing a shift towards building a strong ecosystem.
Investors taking a shine to Indian climate tech space
Over the last 12-15 months, investors such as Blume Ventures, Leo Capital and new entrants like Synapses have been betting on climate tech startups. Even global investors are looking to invest in climate tech companies.
UK recovering faster than expected after slipping into technical recession: IMF
The UK economy is approaching a soft landing, with a recovery in growth expected in 2024, strengthening in 2025, IMF said. Soft landing in economic parlance is managing inflation at comfortable levels without hurting economic growth.
MG Motor India signs pact with Vertelo to deliver 3,000 EVs
MG Motor India has partnered with Vertelo to supply 3,000 EVs, aiming for fleet electrification and robust charging infrastructure. The collaboration aligns with a vision for a green and sustainable future, accelerating the shift towards sustainable transportation. MG's EV lineup, including the 'Comet' and 'ZS EV', complements Vertelo's electrification solutions.
Navigating the AI tsunami: IMF boss sounds alarm on job impact, calls for swift action
Artificial intelligence (AI) is predicted to impact the global labor market drastically, potentially affecting up to 60% of jobs in advanced economies and 40% worldwide within two years, according to IMF Managing Director Kristalina Georgieva. Urgent preparation is needed to manage changes and avoid societal inequalities.
How to make every rupee count
The international aid squeeze has led to a reduction in official development assistance (ODA) to food systems, creating a financing gap of $350 billion per year. Multilateral development banks (MDBs) and international financial institutions (IFIs) play a crucial role in this context but need to improve impact assessment and reporting. The World Bank has shown leadership with its scorecard, but more needs to be done to quantify the cost of inaction.
Hedge funds' options bets hand green investors a path to predicting returns
A key finding of the study is that the buildup of hedge fund managers' put and call options on a given green equity can be used to "predict the stock's future returns," George Aragon, a professor at Arizona State University and a co-author of the paper, said in an interview.
ADB open to funding space sector in India: VP Bhargav Dasgupta
The Asian Development Bank is open to funding the space sector in India in addition to focusing on climate finance to mitigate the associated risks, said its Vice President Bhargav Dasgupta on Friday. ADB has done some projects in satellite in the Asia Pacific region, but has not provided any assistance in the Indian space sector.
PSBs plan to set up 'green cells' for climate funding
State-run banks to introduce 'green cells' for ESG risk assessment and green fund management under EASE 7.0. RBI emphasizes 2.5% GDP green financing. SBI chairman pushes for incentives and CRR relaxation in regulatory policies.
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