CLIMATE FUNDING
Climate change causing more frequent and deadly lightning strikes: Scientists
Scientists highlight the link between climate change and the rise in lightning strikes in India, with recent incidents claiming many lives. The warming climate is fueling more thunderstorms, increasing the risk of deadly lightning strikes. As temperatures continue to climb, the frequency of these events is expected to escalate, particularly in vulnerable areas.
Navigating climate risks: India's financial sector gears up for transparency with RBI's draft guidelines
The introduction of the disclosure framework is a laudable first step, signalling a concerted effort towards addressing climate risks and fostering climate action within the financial sector.
Rich nations failed to meet USD 100 bn climate finance promise in 2022: Oxfam
Oxfam reports rich nations claimed USD 116 billion in 2022 climate finance, but only USD 35 billion was actual aid. The 2009 pledge was USD 100 billion. OECD's figures include market loans; only USD 15 billion was for adaptation. UNEP estimates USD 215-387 billion needed. Baku conference to set new goals. Citing Article 9, aid should be grants.
Climate Change: Emerging variable in monetary policy
The late monsoon arrival and heat waves have led to a projected 5% year-on-year inflation in June, driven by rising food and fuel prices. Central banks worldwide are incorporating climate risks into their models, as supply shocks from climate change present challenges in achieving price stability and economic growth.
Why RBI should be concerned about climate change
Climatic factors are now increasingly playing an important role in influencing food and fuel inflation which tends to affect the overall inflation levels which is emerging as a big area of concern for monetary policy. ET explains how could climate change impact monetary policy.
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.
‘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.
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.
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.
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.
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