Financing

Financial Pledges for REDD+ Slow to be Disbursed, Finds Report

Jan 27th, 2015 | By
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Only a small fraction of the $7.3 billion pledged under the Reducing Emissions from Deforestation and Degradation (REDD+) program has actually been disbursed, find a new report that tracked REDD+ finance in seven countries. The REDD+ eXpenditures Tracking Initiative (REDDX) initiative, led by Forest Trends, analyzed REDD+ financial flows between 2009 and 2012 in Brazil,

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New Report Identifies Key Innovations to Bridge Sustainable Development Investment Gap

Jan 22nd, 2015 | By
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A new report released today by the United Nations Environment Programme (UNEP) identifies critical innovations in the US$300+ trillion global financial system, which, if brought to scale, could help close the widening sustainable development investment gap. The report is being launched at the World Economic Forum at Davos – at the outset of what promises

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States, Donors Must do More to Tackle Rising Disaster Risk: U.N.

Jan 15th, 2015 | By
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(Thomson Reuters Foundation) – As economic losses from disasters rise around the world, more effort is needed to reduce the risks from extreme weather and earthquakes in every area, from infrastructure to health, the United Nations disaster prevention chief said. Margareta Wahlström, head of the U.N. Office for Disaster Risk Reduction (UNISDR), said in an

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World Bank Extends $508.4m Credit for Strengthening Power Infrastructure in Nepal and Ukraine

Dec 30th, 2014 | By
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The World Bank has approved two loans amounting to $508.4m for power projects in Nepal and Ukraine. The first one for $130m is for the Grid Solar and Energy Efficiency Project in Nepal. It has been allowed for a 38 year maturity period, which can be further extended for a six year grace period. The

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How Much Should be Invested to Beat Climate Change?

Dec 18th, 2014 | By
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Last week’s climate conference in Lima ended with countries agreeing to a framework for setting national pledges to be submitted next year. Although viewed by some as a compromise, the Lima agreement sets the stage for a global deal when the Paris climate conference is held in 2015. How much investment would be needed to

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THT 10 YEARS AGO: ADB Loan for Women Empowerment

Dec 17th, 2014 | By




Asian Development Bank (ADB) will promote greater economic, social, legal, and political empowerment of poor rural women in Nepal, particularly those from ethnic minorities and lower castes, through a $10 million loan approved today, states a press release issued here today. The loan, for the Gender Equality and Empowerment of Women Project, will target women

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U.N. Carbon Scheme Investors Unlikely to Get Lifeline From Lima

Dec 12th, 2014 | By
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Reuters: Hundreds of companies in developing countries that invested in projects to generate UN-backed carbon credits had hoped the Lima climate talks would yield measures boosting the price of the credits, but they are likely to be disappointed. Negotiators and carbon market experts say that discussions at the UN climate conference have not seriously addressed

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COP20: Make or Break for Developing Countries on New Climate Deal

Dec 4th, 2014 | By
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On Monday, the first day of the 20th U.N. Climate Change Conference in Lima, Peru, the atmosphere was hopeful but with an undertone of urgency as UNFCCC Executive Secretary Christiana Figueres noted COP20 “must make history” in the battle against global warming. “This is it” was the message coming from delegates and observers in the hallways in

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Hundreds of Millions of Dollars Committed to Developing Countries for Ozone Layer Protection

Nov 28th, 2014 | By
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Developing countries are to receive over US$507 million under the Montreal Protocol to ensure the continued phase-out of the ozone depleting substance hydrochlorofluorocarbons (HCFCs). The 197 parties to the Vienna Convention and Montreal Protocol also decided to further discuss in a special meeting all issues related to hydrofluorocarbons (HFCs) management. HFCs have high greenhouse gas

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ADB Provides Rs 6 Billion in Loan‚ Grant for Water Supply‚ Sanitation

Nov 26th, 2014 | By




The Asian Development Bank (ADB) has agreed to provide a loan assistance of SDR 38.921 million (equivalent to Rs 5.78 billion) and grant assistance of $1.3 million (equivalent to Rs 127.40 million) to the government for implementation of the Third Small Town Water Supply and Sanitation Project in Nepal. An agreement to this effect was

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Can New Global Fund Rescue Those Worst Hit by Climate Change?

Nov 20th, 2014 | By
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(Thomson Reuters Foundation) – When U.S. President Barack Obama announced a $3 billion pledge to a new international climate change fund, he made a point of highlighting how the money would help poor countries hit by worsening extreme weather and rising seas. Climate change adaptation – measures that protect people and assets, such as early

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Rich Countries ‘Backsliding’ on Climate Finance

Nov 18th, 2014 | By
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The $10bn (£6bn) in climate aid which Britain and other rich countries are expected to formally pledge this week represents a backsliding on earlier climate finance transfers, according to observers. Countries are together expected to offer around $10bn to the Green Climate Fund (GCF) at a meeting in Berlin on Thursday, with the UK becoming

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WB Suspends Grant Assistance to Nepal

Oct 15th, 2014 | By




The Himalayan Times: The World Bank Group has suspended its grant assistance to Nepal citing the country falls in the group of nations with low risk of debt distress, but has pledged to provide soft loan of Rs 700 billion. Of the total soft loan of Rs 700 billion, the country has already received commitment

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ADB to Fund USD 120 Million for Bhutan’s Hydropower Project

Sep 30th, 2014 | By




IANS: The Asian Development Bank will fund $120 million towards Bhutan’s 118 MW Nikachu hydropower project, whose total estimated project cost is $200 million dollars. The project is modelled on public-private partnership (PPP) lines, with Druk Green Power Corporation (DGPC), and the debt to equity ratio of 65:35. Nikachu is the second project to be

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US to Provide $70 Million to Nepal for Disaster Resilience

Sep 4th, 2014 | By




The Himalayan Times: The United States’ Embassy in Nepal on Wednesday announced three new programmes with up to US Dollar 70 million to help Nepali communities recover from natural disasters. According to the Embassy, the projects will be implemented through the US Agency for International Development (USAID). The Embassy said two additional projects will be launched focusing on

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ADB to Support Landslide Control Project in Myagdi

Sep 1st, 2014 | By




The Asian Development Bank (ADB) has decided to provide financial support for the Lampata Landslide Control Project in Myagdi district. A mission team led by ADB Representative Laxmi Adhikari, who arrived in Myagdi to inspect the landslide in Babiyachaur VDC-5, has agreed to provide support through the Decentralized Rural Infrastructure and Livelihood Project (DRILIP) under the

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Green Bonds Market Grows by 60% in a Year

Jul 17th, 2014 | By
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The Guardian: The market for green bonds has grown 60% this year compared to 2013, surpassing expectations and leading experts to say a niche has now become mainstream. The climate bonds initiative (CBI) and HSBC said on Thursday that green bonds with a total value of $18.3bn (£10.7bn) were issued in the first half of 2014.

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France to Partner India on Climate Change, Proposes 1 bn Euro Credit Line

Jul 2nd, 2014 | By




IANS: French Foreign Minister Laurent Fabius Tuesday called for greater cooperation between France and India to tackle climate change and offered a proposed credit line of 1 billion Euro to enable sutainable urban development. “In order to boost our cooperation, I am happy to announce that France has decided to propose a credit line of up to 1

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Government to Pump Nu 2.2 Bn in Irrigation

Jun 29th, 2014 | By
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Recognising that climate change is altering weather patterns, which in turn affect crop production in Bhutan, specifically paddy cultivation, the government will invest Nu 2.2B into irrigation in the next five years. Monsoon rains arriving later, and ending sooner than usual, is disrupting crop production and farm productivity, which, in Bhutan, mostly means rice. In

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Global and National Finance to Tackle Climate Change

Jun 22nd, 2014 | By




The developed countries have pledged to provide $100 billion each year, starting from 2020, to the developing countries to help them tackle climate change. The United Nations Framework Convention on Climate Change (UNFCCC) has set up a new Green Climate Fund (GCF) to handle the money. The GCF is a separate entity with its own

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Green Climate Fund Could End up Financing Coal and Gas

May 16th, 2014 | By
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The UN’s Green Climate Fund could end up backing coal and oil industries unless effective safeguards are agreed at a meeting next week, says a coalition of over 250 civil society groups. A letter to the GCF board underlines their “grave concern” that lax rules could allow fossil fuel projects to receive finance, undermining the main aims

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Climate Change Research Gets Norwegian Aid

May 1st, 2014 | By




The Hindu: Research on climate change and biodiversity in India received a boost on Tuesday with a Rs. 14-crore grant from the Norwegian Embassy to Bangalore-based Ashoka Trust for Research in Ecology and the Environment (ATREE) for five years. While climate change research in India tends to focus on “adaptation measures” such as crop diversity or

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REDD+ Proposals From DRC, Ghana, Mexico and Nepal Approved by Carbon Fund

Apr 28th, 2014 | By
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Participants from 11 public and private funds will support Emission Reduction Program Idea Notes (ER-PINs) in the selected countries. The DRC is aiming to tackle deforestation in its capital, Kinshasa (pictured right), where the forest has come under increasing pressure from demand for charcoal, timber and food from a growing population. The DRC proposed a model

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Failure to meet deadline: Pakistan may lose $3.8 Million World Bank Fund

Apr 27th, 2014 | By




Pakistan has missed the deadline to sign a formal agreement with World Bank (WB) for 3.8 million dollars Readiness Fund of Forest Carbon Partnership Facility (FCPF) due to bureaucratic hurdles. The FCPF is the World Bank-administered facility that has been set up to compensate developing countries for reductions in carbon dioxide emissions achieved by preserving

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UN’s Carbon Role Questioned as $200 mln Cash Pile Sits Idle

Apr 25th, 2014 | By




Reuters: The U.N. body tasked with channelling hundreds of billions of dollars to cutting emissions is under growing scrutiny as its once booming investment programme dries up, leaving most of its funds unspent while other climate initiatives are short of cash. The Kyoto Protocol’s Clean Development Mechanism (CDM) has helped funnel almost $400 billion into

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Govt Fails to Meet Climate Change Policy Goals

Apr 18th, 2014 | By




The Himalayan Times: The government has failed to meet the specific objectives set in its climate change policy despite allocating billions of rupees annually to address an issue that has global ramifications. The climate change policy adopted by the government in 2011 has stated that 80 per cent of the climate change budget will be diverted

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EU Provides €200m to Help India Combat Climate Change

Apr 3rd, 2014 | By
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The European Investment Bank (EIB) has granted a €200 million (£165.5m) loan to finance projects that will help mitigate climate change in India. India Infrastructure Finance Company Limited (IIFCL) will lend the cash to private companies for investments in renewable energy, energy efficiency and other projects that help cut greenhouse gas emissions in the country.

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UN: We Can Save World’s Forests at a Fraction of Cost of Fossil Fuels Subsidies

Mar 24th, 2014 | By
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Investing $30 billion a year in forest conservation — less than seven percent of the $480 billion spent annually on fossil fuels subsidies — could help stop deforestation while accelerating a transition toward a greener global economy, asserts a new report published by the International Resource Panel (IRP) and the UN REDD Programme. The report,

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India Renewables Budget Takes Big Hit

Mar 20th, 2014 | By
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India’s Ministry for New and Renewable Energy (MNRE) is to have its budget for the coming year slashed. For the financial year of 2014-15 the MNRE has been budgeted INR441 crore (US$72 million). In the last financial year, the MNRE was provided a budget of INR1,500 crore for renewable energy initiatives (US$246 million), but only

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Bangladesh Warns of Rising Climate Change Costs as Donations Plummet

Mar 10th, 2014 | By
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The Guardian: Bangladesh needs $5bn (£3bn) over the next five years to adapt to current climate changes, and the cost is rising each year, according to a lead negotiator for developing countries in the UN climate talks, which resume in Bonn on Monday. It, and other developing countries, may have been promised $30bn as “fast-start finance” before

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Forgetting Forests

Mar 3rd, 2014 | By




Business Standard: Astonishingly, it has taken the government close to a decade to sanction funds for the Green India Mission, which was one of the eight missions under the National Action Plan on Climate Change. The Cabinet Committee on Economic Affairs has, at long last, approved an outlay of Rs 46,000 crore for this ambitious programme to

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Green Climate Fund Aims to Allocate Half of Money for Adaptation

Feb 25th, 2014 | By
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(Thomson Reuters Foundation) – The board of the fledgling U.N. Green Climate Fund, which is likely to handle billions of dollars in climate finance in the coming years, has decided to aim for an equal “50:50” balance between funding for climate change mitigation and adaptation “over time”. It will also aim to allocate no less

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Green Climate Fund Board Hails Success Despite Slow Progress

Feb 24th, 2014 | By
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The Green Climate Fund board says last week’s planning meeting made progress, despite only agreeing two of the eight requirements essential for the fund to become operational. A three day gathering in Bali ended with a decision to split funding equally between mitigation and adaptation efforts, devoting 50% of adaptation monies to climate vulnerable regions.

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$100bn Green Climate Fund Future to be Decided at Bali Summit

Feb 20th, 2014 | By
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Green Climate Fund (GCF) board members are meeting in Indonesia this week to draw up and clear action plan to raise $100 billion a year for low carbon investments in developing countries. A crucial meeting in Bali, Indonesia this week will bring diplomats together with the aim of finalising a plan for the $100bn United

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Govt to Clear Rs 13,000 Crore Fund for Green India Mission Tomorrow

Feb 20th, 2014 | By




Times News Network: Government may on Thursday clear Rs 13,000 crore fund for its much awaited ‘Green India Mission’ which aims at enhancing carbon sinks through large scale afforestation across the country. The Mission is part of the Centre’s plan to fight climate change by increasing the forest cover by 10 million hectare in the next

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China Commits $330bn to Combat Water Pollution

Feb 19th, 2014 | By
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The Chinese government has revealed plans to invest up to ¥2 trillion (US$330 billion) in projects aimed at combating water pollution as the country expands its efforts to address environmental concerns. The Ministry of Environmental Protection (MEP) has set the ¥2 trillion budget which exceeds the ¥1.7 trillion that was recently announced to tackle the

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Pakistan’s Keyal Khwar Hydro Project Receives €100m EIB Loan

Feb 19th, 2014 | By




The Government of Pakistan has been awarded a €100m long-term loan by the European Investment Bank (EIB) for the construction of the Keyal Khwar hydropower project. To be constructed by the Water and Power Development Authority (WAPDA), the project calls for the construction of a 128MW run-of-river hydropower plant with a small 1.5ha reservoir for

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India’s Plan For World’s Biggest Solar Project Needs Funding Help

Feb 12th, 2014 | By




India recently announced its intention to build the world’s biggest solar energy plant — a grid of solar panels spanning an expanse of land larger than Manhattan and producing as much as 4,000 megawatts, roughly the output of four nuclear reactors. But the project’s total costs are expected to be prohibitively expensive, moving India’s renewable

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Centre Okays Plan to Assess Impact of Climate Change

Jan 22nd, 2014 | By




Times News Network: Amid all-round criticism from environmentalists for ignoring sensitive green issues under new environment minister M Veerappa Moily, the government has approved a pending Rs 290 crore scheme to build capacity at both central and state levels to assess impact of climate change in vulnerable areas and associated risks. Besides, it also cleared a proposal to

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Climate Change Is a Challenge For Sustainable Development

Jan 16th, 2014 | By




Climate change is the most significant challenge to achieving sustainable development, and it threatens to drag millions of people into grinding poverty. At the same time, we have never had better know-how and solutions available to avert the crisis and create opportunities for a better life for people all over the world. Climate change is

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ADB Boosts Development Funding

Dec 26th, 2013 | By




In its 2013 Sustainability Report, the ADB said it approved $43 billion worth of development projects in 2011 and 2012, a 10% increase from the previous two-year period. “Each approval takes into account economic, social and environmental impacts… ADB investments contributed to providing and improving access to basic services, including funding for education, health, energy,

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Uttarakhand Prepares Rs 9k-cr Action Plan on Climate Change

Dec 24th, 2013 | By




Business Standard: The Uttarakhand government is preparing an investment of Rs 9,000 crore to tackle climate change, said to be one of the causes of frequent natural disasters in the hill state. Floods in June in the state claimed thousands of lives. An action plan was presented at the first meeting of the State Council for Climate Change under

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Environ Min Proposes Slew of Measures on Climate Change

Dec 19th, 2013 | By




Press Trust of India: In a bid to tackle global warming, a proposal has been mooted to launch a new scheme on climate change by implementing a slew of measures including setting up of an institute in the name of Rajiv Gandhi. The ‘Climate Change Action Programme’ will entail an estimated expenditure of Rs 290 crore during

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Funding Boost for Forests and Climate Protection

Dec 17th, 2013 | By
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In a boost for global efforts to combat climate change and tropical deforestation, Norway has pledged $100 million to the Forest Carbon Partnership Facility (FCPF), the World Bank administered facility that was set up to compensate developing countries for reductions in carbon dioxide emissions achieved by preserving their forests. The FCPF consists of two funds:

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Govt Launches New Initiative for Climate Change Adaptation

Dec 17th, 2013 | By




Republica: The government has undertaken a new initiative to integrate climate change adaptation into local development plans. As part of Mainstreaming Climate Change Risk Management in Development Project, initiated by the Ministry of Science, Technology and Environment (MoSTE) and administered by the Asian Development Bank (ADB) with financing from the Climate Investment Fund (CIF), the government

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Forests Preservation: Pakistan Upbeat About World Bank funding

Dec 16th, 2013 | By




Business Recorder: As Pakistan pleads its case at Geneva for Reducing Emissions from Deforestation and Forest Degradation in Developing Countries (REDD) funds, forest owners, government officials and experts on environment appeared hopeful to preserve forests. The REDD is about getting dollars for the carbon saved in forests by not cutting trees. The tons of carbon

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Beijing to Counter Weather-Related Losses With New Strategy

Dec 11th, 2013 | By
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Want China Times: China’s National Development and Reform Commission (NDRC) and several ministries have jointly completed the country’s first national strategy to adapt to extreme weather, which has caused an average annual losses of over 200 billion yuan (US$32.9 billion) and casualties of more than 2,000 people a year, according to the Shanghai-based National Business Daily,

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World Bank Approves Rules Unlocking $390 Million For Forest Conservation

Dec 11th, 2013 | By




Less than a month after the United Nations Framework Convention on Climate Change (UNFCCC) approved the seven decisions that comprise the “REDD Rulebook”, the World Bank’s Forest Carbon Partnership Facility (FCPF) today signed off on a new Methodological Framework for its Carbon Fund. Finalized during a meeting of Carbon Fund Participants in Paris, the new

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Africa’s Action Plan For Climate Change

Dec 7th, 2013 | By
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In a first ever report, presented by the United Nations Environment Programme, the challenges of adapting to the changing climate in Africa are pinpointed. The report titled “Africa Adaptation Gap Report” confirmed that Africa is already committed to spending $7-15bn to adapt to climate change each year as a result of historical emissions. The finding

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UN-Backed Green Fund Hailed As ‘Milestone’ in Global Effort to Tackle Climate Change

Dec 6th, 2013 | By
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UN News Center: Senior United Nations officials hailed the opening in the Republic of Korea today of the UN-backed Green Climate Fund as a significant step in the collective effort to support mitigation, adaptation and resilience measures in developing countries. “Today’s opening of the secretariat – combined with the advances by the Conference of Parties

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$7 Trillion to Fight Climate Change?

Dec 1st, 2013 | By
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Today’s policies to combat climate change cost much more than the benefits they produce. Unfortunately, bad political choices often make these policies even less cost-effective. Consider the European Union’s 20-20 policy, which targets a 20 percent reduction in CO2 emissions below 1990 levels by 2020. It is important to examine this approach, not only because the EU

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More Money For Climate Change: Will Warsaw Deliver?

Nov 29th, 2013 | By
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The Guardian: Following Typhoon Haiyan in the Philippines, there have been increasing calls for more financial investment to prevent climate change. Scientists warn that climate-related disasters such as the Philippines typhoon willbecome more frequent and intense in a warmer world. Ministers attending the UN Climate Change Conference in Warsaw last week were urged to make concrete pledges to increase funding to tackle

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Climate Fund for Developing Nations to be Launched Soon: UN

Nov 22nd, 2013 | By
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Zee News India: The Green Climate Fund pledged by developed nations to foster climate-friendly development in poor and developing countries would be operationalised soon, as demanded by emerging economies like India and China. Speaking at the UN Climate Conference, Co-Chair of the Green Climate Fund board, Manfred Konukiewitz today said that the Fund is on

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MDBs Deliver $27bn in Climate Change Financing

Nov 18th, 2013 | By




Multilateral development banks (MDBs) provided almost $27 billion worldwide in financing to address the challenges of climate change in 2012, according to the second joint MDB report on climate finance. The report was released in line with the commitment by MDBs to enhance the transparency of their investments in climate change mitigation and adaptation. The

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Look Climate Change Issues in Indian Perspective Rather Blindly Following IPCC

Oct 8th, 2013 | By
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Allvoices: Renowned environmental activist and Convener, Forum for a Sustainable Environment Dr. S Jeevananda Reddy suggested that there is a need to look in to climate change issues in Indian perspective rather than blindly following Intergovernmental Panel on Climate Change (IPCC) model based hypothetical studies with low scientific integrity, which have their vested interests. In

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4th Global Meeting Reaffirms Mountain Agenda In New Strategy

Sep 18th, 2013 | By
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In the fourth global meeting of ‘Mountain Partnership’ 17-20 September, at Erzurum in Turkey, over 100 members from around the globe endorsed a new improved sustainable mountain development strategy for 2014-2017. During 1992, at Rio Earth most of the world’s nations at the UN Conference on Environment and Development signed a plan for action, ‘Agenda

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$10 Billion For Climate Resilience?

Sep 13th, 2013 | By
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Trust: The World Meteorological Organization branded 2001-2010 as “a decade of climate extremes”. Over that decade, the yearly average number of severe storms with ‘names’ was 25 percent more than the average of 1981-2010. This surely indicates a severe decade ahead of us. The United Nations’ Global Assessment Report on Disaster Risk Reduction (GAR) 2013

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Has Everest Been Good For Nepal’s Development?

May 30th, 2013 | By
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Guardian: Dawa Steven Sherpa is the new face of Nepal. Born in Khumjung, a village just 12 miles from Everest, he is in his 20s, speaks five languages, has a business degree from a British university, and is the director of a highly successful trekking and guiding company based in Kathmandu. He has climbed Everest

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Climate Investment Funds: Understanding the PPCR in Bangladesh and Nepal

May 27th, 2013 | By
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IIED: The Pilot Programme for Climate Resilience (PPCR) now operates in nine countries and two regions. It aims to support these countries and regions to prepare and implement climate resilience programmes that are long term and integrated into wider poverty reduction and development planning. Sharing early insights gained from the experiences of two pilot countries

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Identifying Low Risk Climate Change Adaptation

Apr 22nd, 2013 | By
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weAdapt: Inherent in every adaptation measure are risks, costs and benefits. A challenge for decision-makers is how to choose adaptations that reduce risks from climate change impacts and provide overwhelmingly beneficial outcomes. This project focused on three catchments in the Murray-Darling Basin to test a method for more integrative climate change adaptation that increased resilience and avoided maladaptation. Water management

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