Climate Finance Weekly Roundup - Feb 11-17
Japan's GX2040 vision; UNEPFI includes pollution risk in nature assessment frameworks; Scaling biomass electrolysis for producing cost-competitive hydrogen;
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GX2040 Vision for Decarbonized Growth Economy Strategy Approved
(February 17)
Japan has developed the 'GX2040 Vision' aimed at achieving simultaneous energy stability, economic growth, and decarbonization through a strategic investment initiative. The government plans to mobilize approximately 150 trillion yen in public and private investment over the next decade. This revised strategy was necessary due to increasing uncertainties in the investment environment and is intended to increase predictability for future investments toward decarbonization efforts.
Ministry of Economy, Trade and Industry | Japan
Accountability for Nature: Comparison of Nature-related Assessment and Disclosure Frameworks and Standards
(February 17)
The updated report co-authored by UNEP-WCMC and UNEP FI expands its scope to include pollution-related financial risks, which are recognized as major financial and economic risks. It examines how pollution impacts ecosystems, economies, and financial stability, highlighting that pollution now drives economic and financial risks, particularly in sectors like chemicals, manufacturing, agriculture, and energy. Financial institutions are urged to align with global frameworks as reporting requirements shift from voluntary to mandatory.
United Nations Environment | Finance Initiative
UK Government funds mangrove habitat project in Belize
(February 17)
The UK Government through its Sustainable Blue Economies Programme Blue Social Challenge Fund (BSCF) has awarded a grant of £99,191 (approximately BZD250,000) to MarAlliance for the project "Mangrove Habitat for Juvenile Fish Recruitment: Building Local Knowledge and Capacity." This initiative aims to enhance the resilience of Small Island Developing States (SIDS) like Belize against climate change impacts through better ocean management and nature-based solutions. High Commissioner Christine Rowlands emphasized the importance of Mangrove ecosystems in mitigating coastal erosion and supporting fisheries livelihoods.
KI Hydrogen scales biomass electrolysis for green hydrogen
(February 17)
UK-based KI Hydrogen and Wales & West Utilities are collaborating on a £446k project to scale biomass electrolysis for producing cost-effective green hydrogen. This initiative follows a successful Discovery phase funded by the Ofgem Strategic Innovation Fund. The project's goal is to demonstrate the potential for green hydrogen to be produced at cost parity with grey hydrogen, significantly aiding the UK's decarbonisation efforts.
Uganda Green Enterprise Finance Accelerator launches Phase II to support green MSMEs
(February 17)
Uganda Green Enterprise Finance Accelerator (UGEFA) launched Phase II to support micro, small and medium-sized enterprises (MSMEs) in Uganda's green sector. This initiative is funded by the EU and implemented by adelphi global, aiming to enhance financial access for 150 enterprises and strengthen the entrepreneurial ecosystem using innovative financial instruments. UGEFA has previously supported 206 growing green MSMEs, facilitating loans totalling over 31.8 billion UGX (8.3 million euros).
Community-led sustainable agriculture practices in Guatemala
(February 17)
Guatemala-based COINACHI has been supported by the Resilient Highlands Project, financed by the Green Climate Fund (GCF) and implemented by the International Union for Conservation of Nature (IUCN). The project promotes sustainable agricultural practices, increased crop resilience, and improved water management techniques, benefiting 132,000 local community members, including a 32.5% growth in cooperative membership. COINACHI aims for 100% organic production in three to five years, introducing a biofactory for producing bio-inputs such as fertilizers and fungicides.
AIIB and Saudi Arabia Forge Strategic Partnership for Sustainable Investment
(February 17)
The Asian Infrastructure Investment Bank (AIIB) and Saudi Arabia signed a joint declaration of intent, committing to develop a sustainable investment program aimed at addressing power generation, transport, water supply, sanitation, and renewable energy. AIIB seeks to mobilize financing for strategic infrastructure projects in the MENA region, enabling long-term economic and infrastructural growth. The declaration establishes a framework for ongoing collaboration and investment alignment with both AIIB's and Saudi Arabia's development visions.
Asian Infrastructure Investment Bank (AIIB)
BNP Paribas signs agreement with EIB for wind energy investment
(February 13)
France-based BNP Paribas has signed an agreement with the European Investment Bank (EIB) to stimulate up to €8 billion in funding for wind energy projects across the European Union. This initiative unlocks investments for new wind farm projects, improving supply chain efficiency and enhancing grid interconnections. The deal involves a €500 million counter-guarantee from the EIB, allowing BNP Paribas to create a €1 billion portfolio of bank guarantees to support these investments.
European Investment Bank supports climate and innovation financing in France
(February 13)
The European Investment Bank Group (EIB Group) invested €12.6 billion in long-term financing in France in 2024, with €7 billion going to climate action and environmental sustainability. EIB financing supported various projects including a €334 million loan to Verkor for its electric vehicle battery giga-factory and €500 million to Enedis for adapting its network to renewable energy. The EIF allocated €2.6 billion for SMEs and startups, emphasizing green and digital business development.
ICAO establishes global platform to secure financing for aviation sustainability projects
(February 12)
Canada and UAE-based ICAO established the Finvest Hub to connect aviation sustainability projects with investors. The platform will support sustainable aviation fuel production and clean energy infrastructure, prioritizing developing countries. Key partners include Airbus, Boeing, International Power-to-X Hub, and GenZero.
Tilting toward Climate Resilience
(February 11)
S&P introduced the S&P World Climate Resilience Tilted Index, designed to include climate-related factors in its metrics. This index utilizes the S&P Global Sustainable1 Climate Action Framework, focusing on carbon intensity and climate solution revenue exposure. The methodology aims to weight companies with stronger climate resilience and lower carbon footprints, maintaining sector parity and avoiding bias to underrepresented sectors such as Energy and Utilities.
CFM Strengthens Latin America Presence with Inaugural Investments in Colombia
(February 11)
Climate Fund Managers (CFM) has opened its new regional headquarters in Bogotá, Colombia, and reached financial close on its first investments in the country. The investments include renewable energy projects: the PCH Nare hydroelectric plant and the Pétalo del Norte I solar plant. Together, these projects will generate clean energy for 132,000 people, avoid approximately 43,700 tonnes of CO2 emissions annually, and create over 600 jobs.
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Carbon Removal Weekly Roundup - Feb 10-16
These are 13 out of the 41 news stories on Carbon Removal that we published in the past week. You can subscribe on Telborg to get everything, as soon as published.