Climate Finance News - December 26
Canada's Sustainability Disclosure Standards; EU is funding net zero cities; Sustainability reporting trends among A-PAC financial institutions; First Middle East Blue Bond;
In this newsletter
Abu Dhabi: AED25 Million for Social and Environmental Initiatives
Buenos Aires Invests in Renewable Energy
Asia-Pacific Financial Institutions Sustainability Reporting Trends
DOE Re-opens Funding for National Carbon Transport Network
DOE and EPA invest $850M to curb oil and gas methane pollution
DP World issues first Middle East Blue Bond for sustainable projects
Canada Launches First Sustainability Disclosure Standards
Deutsche Bank finances GPG's renewable energy expansion in Australia
EFRAG Delivers Voluntary Sustainability Reporting Standard for SMEs
48 European Cities to Advance Climate Neutrality
Abu Dhabi: AED25 Million for Social and Environmental Initiatives
The Abu Dhabi Government, through the Authority of Social Contribution – Ma’an and Abu Dhabi Commercial Bank (ADCB), has partnered to advance community engagement and social initiatives. ADCB committed to providing AED25 million over five years for social and environmental projects in health, education, and environment sectors. The initiative aims to support Abu Dhabi’s efforts to promote a collaborative and cohesive society and achieve Sustainability Development Goals (SDGs).
Buenos Aires Invests in Renewable Energy
The Buenos Aires province government announced a 400 million pesos investment in eight renewable energy research and development projects through the CyTEB program. Additionally, ~4 billion pesos are being invested in the construction of a new renewable energy research center, which is 70% complete. The center will feature sustainable building practices and renewable energy generation systems.
Asia-Pacific Financial Institutions Sustainability Reporting Trends
A PwC and Centre for Governance and Sustainability (CGS) report analyzed sustainability reporting trends of 129 listed financial institutions across 14 Asia-Pacific jurisdictions. Key findings include that over half have set net-zero commitments, but SBTi usage remains low; a minority use scenario analysis, mostly combining qualitative and quantitative approaches; nearly 50% address nature and biodiversity, with nascent TNFD engagement; over half adopt a double materiality approach; cybersecurity is a top material ESG topic; and external assurance for sustainability reports is common.
DOE Re-opens Funding for National Carbon Transport Network
The U.S. Department of Energy (DOE) re-opened a funding opportunity, making up to $500 million available for projects to expand carbon dioxide (CO2) transportation infrastructure. This aims to accelerate carbon management technology deployment and reduce CO2 emissions. The funding will support the design, development, and building of CO2 transport systems, connecting CO2 emitting sources to storage or conversion sites.
DOE and EPA invest $850M to curb oil and gas methane pollution
The US Department of Energy (DOE) and the Environmental Protection Agency (EPA) announced about $850 million for 43 projects to reduce methane emissions from the oil and gas sector. This funding, from President Biden’s Investing in America agenda, builds on nearly 100 actions to reduce methane pollution. The projects will support small operators, Tribes, and other entities using available and innovative technologies.
DP World issues first Middle East Blue Bond for sustainable projects
UAE-based DP World issued a $100 million Blue Bond, the first of its kind in the Middle East and North Africa region. The bond will fund sustainable projects in marine transportation, port infrastructure, marine ecosystem conservation, and pollution reduction, aligning with UN SDGs 14 and 6. T. Rowe Price Associates, Inc. was the key investor, and Citigroup advised on the bond issuance.
Canada Launches First Sustainability Disclosure Standards
The Canadian Sustainability Standards Board (CSSB) has launched its first Canadian Sustainability Disclosure Standards (CSDSs), CSDS 1 and CSDS 2. These standards align with the global IFRS S1 and S2 baselines, with modifications for Canadian needs. The CSSB finalized these standards and its Criteria for Modification Framework in December 2024, making them part of the CPA Canada Handbook – Sustainability.
Deutsche Bank finances GPG's renewable energy expansion in Australia
Australia-based Global Power Generation Australia (GPG) received a AUD 2.3 billion financing facility from Deutsche Bank to expand its renewable energy portfolio. The portfolio includes eight operating assets (six wind farms, one battery storage project, one solar-hybrid with storage) and additional projects under construction or development, totaling 1 GW of projects in operation, 360 MW under construction, and 510 MW ready for construction. This is Deutsche Bank’s 24th renewable energy asset financed in Australia.
EFRAG Delivers Voluntary Sustainability Reporting Standard for SMEs
The European Commission tasked EFRAG to develop a voluntary sustainability reporting standard for non-listed micro, small and medium enterprises (VSME). EFRAG delivered the VSME Standard to the European Commission on December 17, 2024. The VSME aims to standardize ESG data requests, reducing costs for SMEs and improving their access to lenders, investors, and clients.
48 European Cities to Advance Climate Neutrality
The EU has launched the ‘Enabling City Transformation Programme’, providing €22.6 million to 48 European cities to advance climate neutrality. The program supports sustainable urban development and will fund 26 projects across various cities, focusing on innovative solutions for systemic challenges related to climate action implementation. The projects will run for 18 months, starting in March 2025.
