Cleary Gottlieb Steen & Hamilton LLP’s Post

"We need to create an international #carbon and #biodiversity exchange that will allow governmental and private actors to organize voluntary carbon credit swaps." Emmanuel Macron 27/12/23 #Financialisation of nature as the new tool of (green) imperialism is coming. The fact that it has no environmental integrity is secondary in the fight over resources and power. As for the new Loss and Damage fund, Macron describes it as primarily a means to ‘mobilize new private insurance’. Indeed, this new fund under the supervision of the World Bank is sadly shaping up to be a new political tool to acquire control over new pieces of land and create new private markets for Global North countries, thanks to catastrophe bonds and debt for nature swaps. https://lnkd.in/egM9bjxf

In June, the European Commission unveiled its Strategic Technologies for Europe Platform (STEP), formerly known as the EU Sovereignty Fund 💶 . While touted as the financial leg of the Commission's effort to remain competitive 💪 in the global cleantech race, STEP 👣 hasn't lived up to the high expectations. 🎙️ Cleantech for Europe questioned its direction at a press conference in Brussels, where Skeleton's VP of Government Affairs and Public Relations Arnaud Castaignet joined the discussion with Eulalia Rubio Barcelo (Jacques Delors Institute), Dries Acke (SolarPower Europe), Ciarán Humphreys (I4CE - Institut de l'économie pour le climat / Institute for Climate Economics), Craig Douglas (World Fund) and Suzana Carp (Cleantech for Europe) as moderator. 🎥 Catch Arnaud's opinion here: https://lnkd.in/dHpYjy99 While having a one-stop shop can be positive, this STEP proposal is actually a very small step, far from the initial idea of the sovereignty fund. Like many others, we expected concrete, clear and ambitious measures to reduce international dependencies, accelerate Europe's reindustrialization and introduce a green simplification agenda. 🌱💡 The US Inflation Reduction Act (#IRA) is appealing because it combines ambition, direct support, generous tax credits, and simplicity. STEP, on the other hand, mostly redirects budget money that was already there. As a result, it may do what it was designed to avoid: rely on member states to invest despite fiscal inequalities between them. Europe needs credible resources to achieve its strategic goals and a coordinated approach to ensure that no member state is left behind. We hope that Europeans will work together to forge a new European consensus on an industrial and innovation strategy based on energy security and decarbonization. 🌍 #EU #cleantech #scaleup #energystorage

How do #ClimateBonds help governments achieve their Paris-aligned targets? Climate Bonds Initiative CEO Sean Kidney explains how debt instruments – from #greenbonds to resilience bonds, social bonds and sustainability-linked bonds to blue bonds – finance ambitious #climateaction. Watch this video by the WRI Finance Center:

An innovative new framework determining Pacific Islands countries' “readiness” to access climate finance, from bilateral funders or other international sources, will help match need with money, says Prime Group Chairman Alan Pearson. While a pool of money is there to assist PICs in the face of climate impacts, “they have historically struggled with having the resources and systems in place to access the finance”, Dr Pearson says. He is commending the New Zealand Ministry of Foreign Affairs & Trade for spearheading a solution to what has been an ongoing issue for decades. #climatefinance #innovation #climatechange #climateadaptation #pacificislands

The first ever African Climate Summit ended with a call for a global taxation regime including a carbon tax. In their own words: “We urge world leaders to rally behind the proposal for a [global] carbon taxation regime including a carbon tax on fossil fuel trade, maritime transport and aviation, that may also be augmented by a global financial transaction tax (FTT)) to provide dedicated affordable and accessible finance for climate positive investments at scale and ring fencing of these resources and decision making from geopolitical and national interests”. https://lnkd.in/ddeZ_PVA.

Super interesting. Given that only one African country has a carbon tax (South Africa), I’d guess this is more about loss and damage. Loss and damage has been a very salient topic at recent COPs, and encompasses the losses and damages that have already occurred due to climate change, as well as those that are locked in due to the inertia in the climate system. It is one facet of what is owed to poorer countries by wealthier countries, who account for the bulk of historical emissions and current warming. Such payments would require a funding source, which a carbon tax could of course provide.

🌿 Just wrapped up an enlightening journey with the Green Debt Instrument Modular Training by Climate Bonds Initiative in the Western Balkan region! 🎓 Empowering local authorities with insights into sustainable finance is pivotal for domestic transition and fostering regional cooperation. Excited to leverage knowledge from modules covering GSS+ Bonds Training, Taxonomy essentials, and an ambitious transition roadmap. This paves the way for cheaper capital access and heightened capital flows within and beyond the Western Balkans. #GreenFinance #SustainableDevelopment #RegionalCooperation 🌍💡

The UK’s rollback on #NetZero commitments - a frightening setback. Policy certainty is crucial for accelerating net zero investments. Clear and consistent policies provide stability, allowing investors and businesses to make long-term decisions and allocate resources to sustainable initiatives. #Stafford #Sustainability

More and more financial institutions are supporting the creation of a global treaty against the use of fossil fuels. A group of seventeen leading banks from the Global Alliance for Banking on Values now endorse the Fossil Fuel Non-Proliferation Treaty Initiative. They are at the forefront of a growing number of financial institutions joining the call for the treaty and taking a significant step forward in a global effort to address the root cause of the climate crisis - the production and use of oil, gas and coal. 💡 Read more about Triodos Bank supporting the treaty: initiative: https://lnkd.in/eYjSDhUi 💡 Read the press release about the 17 GABV banks joining here: https://lnkd.in/emc8s9As

More and more financial institutions are supporting the creation of a global treaty against the use of fossil fuels. A group of seventeen leading banks from the Global Alliance for Banking on Values now endorse the Fossil Fuel Non-Proliferation Treaty Initiative. They are at the forefront of a growing number of financial institutions joining the call for the treaty and taking a significant step forward in a global effort to address the root cause of the climate crisis - the production and use of oil, gas and coal. 💡 Read more about Triodos Bank supporting the treaty: initiative: https://lnkd.in/eYjSDhUi 💡 Read the press release about the 17 GABV banks joining here: https://lnkd.in/emc8s9As