Development banks pump record $35 billion into climate finance
The six largest multilateral development banks spent $35 billion on climate financing in 2017, a 28 percent rise on the previous year and the highest since recording began in 2011.
Finance
Royal Bank of Scotland to stop financing new coal plants, oil sands or arctic oil projects
RBS said it would no longer directly finance new coal-fired power stations or thermal coal mines, oil sands or Arctic oil projects and unsustainable vegetation or peatland clearance projects.
E.U. bank to invest €300 million in Chinese climate projects
The €300 million investment, signed with the Export-Import Bank of China (Eximbank), will be used on a range of climate projects, including sustainable transport, energy efficiency, renewable energy, and water infrastructure.
Small minimum wage rises don’t cause job losses, Reserve Bank of Australia study finds
The study of increases in the minimum award wages is the first of its kind in Australia and provides a boost to unions’ argument in the Fair Work Commission for a $50-a-week increase in the minimum wage.
Lloyds Bank launches £2bn green business lending drive
The company said its aim is to deliver the “most inclusive” green funding in the market, providing businesses with discounted lending to help them invest in measures that curb environmental impacts and boost productivity.
$32 million in Green Climate Fund support to aid climate resilience in Rwanda
The initiative will directly support about 150,000 residents, with wider benefits to more than 380,000 people all who have little resources to mitigate and adapt to climate change, officials say.
HSBC to stop financing most new coal plants, oil sands, arctic drilling
Europe’s largest bank HSBC said on Friday it would mostly stop funding new coal power plants, oil sands and arctic drilling, becoming the latest in a long line of investors to shun the fossil fuels.
European Investment Bank commits $25 million to strengthen African off-grid solar access
The $25 million in financing from the EIB will enable d.light design to develop the installation of solar kits in sub-Saharan Africa and aim to hit its goal of reaching 10 million solar installations within 5 years.
BBVA to mobilize $122 billion by 2025 to fight climate change and drive sustainable development
Pledge 2025 will help the bank align its activity to a 2ºC Scenario and strike a balance between sustainable energy and fossil fuel investments and is based on three lines of action: financing, management and engagement.
Indigenous rights get boost as Green Climate Fund approves $1 billion for new projects
The fund – to which countries have pledged more than $10 billion – adopted a landmark policy to protect indigenous people who often live in or near forests, where the fund plans to back conservation projects.