October 28 - November 1, 2024
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In this Week’s Issue: $18.5 billion across 29 deals in Transition Finance ($17.7 billion), NbS ($316 million), Carbon Removal ($50 million), Hard-to-Abate industries ($41 million) and the Blue Economy ($371 million).
10 Essential Deals and Commitments:
Transition Finance
- Lithium Americas closes a $2.26 billion loan to develop lithium mining for batteries
- TPG Rise Climate II raises $5 billion ahead of next close
- Ørsted sells Brookfield a 12.5% stake in its UK offshore wind farms for $2.27 billion
Nature-based Solutions
- The IFC invests $100 million in biodiversity conservation in Ecuador & $50 million in a biodiversity green bond for Colombia
- The ADB issues its first biodiversity theme bond for $100 million
- Craigmore Sustainables raises $60 million for its New Zealand-based forest fund
- Aviva Investors launches a new carbon removal fund focused on NbS and engineered carbon capture solutions
Hard-to-Abate Emissions
Carbon Removal
Blue Economy
News Highlights
Policy and Regulation
- Brazil releases an updated plan for reforesting 12 million hectares
- Nature4Climate's NbS policy tracker finds budgets lacking for the majority of policies cataloged
- Carbon Brief publishes analysis of COP16 outcomes
Climate & NbS Finance
- Net-Zero Asset Owner Alliance reports $175 billion in climate investments by members
- More than 500 companies agree to report nature impacts using TNFD guidelines
- Sustainability-linked bonds have their worst quarterly issuance since 2020
Emerging Science
- Brazil’s longest recorded drought stretches on as wet season approaches, with scientists fearing permanent changes
- IUCN conducts first global tree assessment and finds 25% of species worldwide are at risk of extinction
- A new paper examines the usage of NbS for economic recovery
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Nature-based Solutions ≥ $1M
Commitments and deals
Deals
- The International Finance Corporation (IFC) has announced an investment loan of up to $100 million in Produbanco, Ecuador, to support sustainable development initiatives. The loan will be used for projects focused on biodiversity conservation, climate-smart initiatives, and increasing access to finance for women-owned SMEs. This marks the first loan in Ecuador with a specific emphasis on biodiversity finance, aiming to address environmental challenges while stimulating economic growth and job creation. IFC will also provide advisory services to enhance Produbanco's capabilities in managing biodiversity finance and climate risks.
ADB issues first biodiversity and nature theme bond [adb]
- The Asian Development Bank (ADB) has issued its first biodiversity and nature theme bond, raising AUD150 million (US$100 million) to finance eligible projects in Asia and the Pacific. The 10-year bond, arranged by Credit Agricole CIB and purchased by Dai-ichi Life Insurance Company, aims to mobilize private sector capital for biodiversity protection and sustainable management initiatives. This issuance supports the UN Sustainable Development Goals and aligns with the Kunming-Montreal Global Biodiversity Framework. ADB is also expected to launch an environmental action plan for 2024-2030 focused on creating a road map for its climate and nature approaches.
- Craigmore Sustainables has raised NZ 100 million ($60 million) for its Totara Forestry Partnership, launched in 2021 with a target of NZ $200 million to NZ $300 million, aiming for a final close in 2025 and projected returns exceeding 6%. The partnership focuses on a portfolio of Pinus radiata forests and native species riparian zones on New Zealand's North Island, with approximately one-third of investor returns expected from carbon credits traded on New Zealand's Emissions Trading Scheme (ETS). The strategy prioritizes properties near ports and mills to enhance logistics and access.
- The International Finance Corporation (IFC) has committed up to $50 million to a biodiversity green bond issued by Banco Davivienda to fund projects focused on conserving and restoring biodiversity in Colombia. The bond will finance climate-smart agriculture, reforestation, and sustainable resource management. IFC will also provide advisory services to help Davivienda enhance its green framework and project financing capabilities. This issuance represents a significant step in advancing sustainable finance and biodiversity protection in Latin America.
BNDES loans $6.6 million for biogas project [renewables now]
- The BNDES Climate Fund has provided the Tambora facility in Parana with a $6.6 million loan to expand its biomethane and biogas production facility. The project, which is owned by Geo bio gas&carbon, hopes to increase its biomethane and biogas production capacity to up to 1,500 and 3,500 normal meters cubed per hour respectively.
Transition Finance ≥ $100M
Commitments and deals
Commitments
- The UK government’s autumn budget includes £3.9 billion ($5.1 billion) in 2025/2026 for Carbon Capture, Usage, and Storage (CCUS) projects to decarbonize industry and contracts with 11 green hydrogen producers. Additionally, £125 million will be allocated to establish Great British Energy in Aberdeen, while £134 million will support port infrastructure for floating offshore wind. These investments aim to advance the country’s clean energy capabilities, including hydrogen and offshore wind. The budget also includes the reinstatement of climate as a priority for the Bank of England, and the implementation of a Carbon Border Adjustment Mechanism in 2027. However, the capitalization of Great British Energy was less than 2% of the £8.3 billion promised during the election campaign, alongside lukewarm funding for environmental and flood protection programs.
Deals
- The Biden-Harris Administration has invested nearly $3 billion to modernize U.S. ports with zero-emission technology, including hydrogen-powered vehicles, through the EPA's Clean Ports Program. This initiative, supported by funding from the Inflation Reduction Act, will fund 55 projects across 27 states to reduce emissions and diesel pollution and advance hydrogen and electric infrastructure.
Lithium Americas closes $2.26 billion loan [businesswire]
- The U.S. Department of Energy (DOE) has finalized a $2.26 billion loan for Lithium Americas to develop the Thacker Pass lithium mine in Nevada, a major part of U.S. efforts to reduce reliance on China for critical minerals. The project, expected to start production by the late 2020s, will supply General Motors and produce 40,000 metric tons of battery-grade lithium per year. Construction is set to take three years or more. The project’s cost has risen to nearly $2.93 billion due to higher engineering costs and union labor agreements.
Brookfield purchases a 12.5% stake in Ørsted’s UK wind farms for $2.1 billion [renewables now]
- Ørsted has sold a 12.45% stake in four UK offshore wind farms (Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension) to Brookfield Asset Management for £1.745 billion ($2.27 billion). Ørsted will retain a 37.55% interest in the farms, which have long-term CfD contracts. The deal is part of Ørsted's farm-down program and includes a call option allowing Ørsted to repurchase the assets within 2-7 years. The transaction is expected to close by the end of 2024 and represents Brookfield's first investment in UK offshore wind.
ACWA Power Co secures 4 project financing deals for $1.78 billion [renewables now]
- ACWA, a Saudi renewable developer, has completed five project financing and investment deals totaling $1.78 billion. The projects are global in scope and include
- $690 million to finance future projects in the Gulf Cooperation Council, 2. $240 million in an equity bridge loan from the IFC, with proceeds allocated to construct two 1GW capacity solar parks, two 334 MW batteries, and 500 km of high voltage transmission lines in Uzbekistan.
- $241 million loans to construct the 500 MW Sazagan 1 and 2 solar parks, with an expected combined output of 2400 GWH annually,
- $800 million for a 500 MW wind with integrated 2000-MWh battery storage project in Morocco, as well as $54 million for a clean energy R&D center in Shanghai.
- France-based energy utility EDF and Emirates state energy company Masdar, with support from financial institutions like First Abu Dhabi Bank and Emirates NBD, have secured a USD 1.5 billion financial close for a multi-utilities energy facility that will power the Amaala luxury resort in Saudi Arabia. The project includes a 250-MW solar farm, 700-MWh battery storage, desalination, and wastewater treatment plants. The project aims to cut 350,000 tonnes of CO2 emissions annually, and power the resort complex entirely with renewable energy.
Bruc plans to invest $1.12 billion in Spanish solar farms [renewables now]
- Bruc has announced plans to invest €1.03 billion through 2028 in Spanish solar development, on top of an already invested €1.23 billion. The investment is expected to expand Bruc's portfolio to 3112 MW of plants in operation in 4 Spanish provinces. Once fully operational, the plants will generate 3.02 TWh annually, the equivalent of 25% of Andalusian household power needs.
EIB loans $323 million to REE’s pumped hydroelectric project [renewables now]
- The European Investment Bank will provide $323 million to help Red Electrica de Espana (REE) construct a pumped hydroelectric storage project in the Canary Islands. Once completed, the complex will be able to store 3.5 GWh of power, storing excess renewable power for later use. The project also includes a seawater desalination plant and previously received €90 million from the ERDF.
BETA Technologies raises $300 million for electric aerospace technology [businesswire]
- Beta Technologies, an electric aerospace company based in Vermont, has raised $318 million in series C equity capital to expand the production of its all-electric aircraft, including both conventional and vertical takeoff models. The raise is expected to support the certification of the company's electric motor models and was led by QIA, with increased investment by TPG Rise Climate and Fidelity Management & Research Company.
Primergy closes the $225 million Valley of Fire solar portfolio [primergy]
- Primergy Solar has secured $225 million in project financing for its Valley of Fire (VoF) portfolio, which includes the Gemini Solar + Storage project and five other solar and energy storage projects across Nevada, Colorado, and Arizona. The financing comprises a $125 million tax credit sale for Gemini and a $100 million revolving credit facility with Rabobank. The VoF portfolio totals over 2.65 GW of solar capacity and up to 1.5 GW of battery storage, with projects targeting completion by 2030. Primergy was advised on the transaction by Orrick, Paragon Energy Capital, and Stoel Rives LLP.
CIF provides Turkey with $70 million to support renewables and grid expansion [renewables now]
- The Climate Investment Funds (CIF) has approved $70 million to support Turkey's energy system expansion, with funding from the CIF Renewable Energy Integration investment platform. The funding will contribute to a $790 million project to enhance the national power transmission system and a $330 million investment initiative aimed at increasing the country's battery energy capacity by 7,500 MW. This initiative is expected to prepare Turkey's grid for an additional 60 GW of wind and solar capacity by 2035, with plans to significantly boost solar and wind generation, as part of Turkey's goal of doubling wind capacity from 12 GW to 29.6 GW and quadrupling solar capacity from 14 GW to 53 GW.
Green Climate Fund approves $50 million project to support climate start-ups in Pakistan [dawn]
- The Green Climate Fund (GCF) has approved a $50 million project in Pakistan aimed at developing local climate solutions through its start-up ecosystem. The initiative, implemented by the National Rural Support Programme (NRSP), includes funding for a venture accelerator to support up to 100 ideation-stage start-ups, along with a $15 million first-loss equity commitment as an anchor investor in the $40 million Climaventures Fund. This project seeks to foster innovation in climate solutions amidst Pakistan's vulnerability to climate impacts like droughts and floods.
- Sydney-based climate tech company Neara has secured $45 million in Series C funding led by EQT, with participation from Partners Group, Square Peg Capital, Prosus Ventures, and Skip Capital. Neara develops AI-powered predictive modeling software for infrastructure, which aims to optimize utility network performance and address potential outage risks significantly faster. The company plans to use the funding to expand its capabilities to the telecommunications and public transportation sectors while enhancing energy resilience.
Redoxblox raises $40.7 million funding round [renewables now]
- Energy storage start-up Redoxblox has secured $40.7 million in a Series A funding round, led by Breakthrough Energy Ventures and including other investors such as Bill Gates and Jeff Bezos. The company develops flow battery technology aimed at providing long-duration energy storage solutions, and plans to use the capital to accelerate the commercialization of its battery system and expand its team. The funding will also support scaling up production and advancing its technology.
Fund Formation
TPG secures $5 billion for second Rise Climate private equity fund [new private markets]
- TPG has announced a first close for its second private equity climate fund, Rise Climate II, securing nearly $5 billion in capital commitments, with $4.41 billion already closed. Launched in December 2023, the fund aims to raise additional capital, with notable existing commitments including $1.5 billion from Saudi Arabia's Hassana Investment Company. TPG anticipates that its Rise platform will reach $35 billion in assets under management by the end of 2025.
Verdane Idun II closes decarbonization focused IDUN II fund at $758 million [verdane]
- Verdane Idun II has closed its fundraising at €700 million, ($758 million) more than doubling the size of its predecessor fund, Idun I, which closed at €300 million ($325 million). This Article 9 fund will focus on investing in businesses that contribute to decarbonization, particularly in energy transition and resource efficiency, with investments ranging from €20 to €100 million ($21 to $108 million). The fund has attracted commitments from large investors, including Nysnø Climate Investments, Banque de Luxembourg, and the European Investment Fund, and was fully allocated within five months.
Inverness Graham closes Green Light fund for $238 million [businesswire]
- Inverness Graham has closed its Inverness Graham Green Light Fund (the "Fund") at $238 million, almost 20% above its $200 million target. The fund focuses on executing control buyouts of high-growth, lower-middle-market businesses focused on decarbonization and improved environmental outcomes. The fund has already completed 3 investments, across solar and energy efficiency loan servicing software, nutrient use efficiency technology, and agronomic systems.
M&G and responsAbility launch Article 9 sustainable bond fund targeting UN SDGs [esgtoday]
- UK-based asset manager M&G and its impact investing unit, responsAbility Investments, have launched the M&G responsAbility Sustainable Solutions Bond Fund, targeting investment-grade corporate bonds that fund environmental and social projects. Classified as an Article 9 Fund under the EU’s SFDR regulation, the fund focuses on bonds financing projects or companies actively addressing environmental and social challenges. Investments are mapped to the UN SDGs, aiming for impact across six sustainability areas: health, education and work, social inclusion, circular economy, environmental solutions, and climate action.
Carbon Removal ≥ $1M
Commitments and deals
Deals
- Climeworks will mobilize a $50 million investment to expand its Project Cypress Direct Air Capture Hub in southwest Louisiana, which aims to create approximately 450 new jobs. This facility, developed in partnership with Battelle, aims to extract CO2 from the atmosphere and is expected to begin production by the end of 2027, following a final investment decision anticipated in 2026. The project has received initial funding of $50 million from the U.S. Department of Energy and seeks to benefit from Louisiana's competitive incentives package.
Aviva Investors launches carbon removal fund targeting nature-based and engineered solutions [ipe]
- Aviva Investors has launched a carbon removal fund aimed at investing in both nature-based and engineered solutions for carbon capture. The fund will support projects such as afforestation, peatland and mangrove restoration, and alternative technologies like enhanced rock weathering. It seeks to provide measurable co-benefits, including biodiversity enhancement and improved water quality while targeting investors focused on decarbonization pathways. The fund will operate globally, investing in both temperate and tropical climates, and will comply with Article 9 of the Sustainable Finance Disclosure Regulation.
Hard to Abate Sectors ≥ $1M
Commitments and deals
Deals
- Andium, an IIoT and remote monitoring specialist, raised $21.7M in Series B funding led by Aramco Ventures, with participation from Climate Investment, Intrepid Financial Partners, and other investors. This funding will expand Andium's global operations, enhance R&D, and expand its services in industrial automation and emissions monitoring. Andium's AI-driven system monitors emissions and ESG metrics to help oil and gas companies reduce emissions from assets and comply with regulations.
DOE grants Furno Materials $20 million for low-carbon cement production pilot [furno]
- Furno Materials received a $20 million grant from the U.S. Department of Energy to support Project OZ, a modular, low-carbon cement plant in Chicago. The project will demonstrate Furno’s cement technology, which reduces CO2 emissions by 70% and uses upcycled materials to replace up to 44% of limestone used. Ozinga has agreed to provide raw materials and guarantee off-take for the project.
Blue Economy ≥ $1M
Commitments and deals
Commitments
Barbados plans to issue $300 million water-focused debt conversion [environmental finance]
- Barbados has announced plans to conduct a $300 million debt restructuring, with the proceeds invested in water resources throughout the country. The Green Climate Fund will provide $40 million to facilitate the deal, which follows the country's 2022, $150 million debt for nature swap.
Deals
- At COP16, a coalition of private philanthropic organizations, including the Arcadia, Bezos Earth Fund, Bloomberg Philanthropies, Blue Nature Alliance, and Schmidt Ocean Institute, announced a $51.7 million commitment to support the creation of Marine Protected Areas (MPAs) on the high seas. This funding aims to accelerate the development of high-quality MPAs in areas beyond national jurisdiction to achieve the 30×30 ocean conservation target established by the Kunming-Montreal Global Biodiversity Framework. The funds will specifically support initiatives to build international consensus on governance for high-seas MPAs under the newly adopted High Seas Treaty, which allows for the establishment of protected zones in the high seas. Additionally, the funding will also go toward capacity-building efforts, with an emphasis on Indigenous leadership, scientific research to identify priority conservation areas, and financial mechanisms to sustain long-term ocean health.
AgDevCo invests $10 million in Tropo Farms to enhance Ghana's aquaculture capacity [globenewswire]
- AgDevCo has signed a long-term investment agreement of $10 million with Tropo Farms, a tilapia producer in West Africa, to enhance Ghana's aquaculture industry. The investment will finance the construction of a modern processing facility and production equipment, increasing Tropo Farms' capacity to 30,000 tonnes within five years. This initiative aims to meet the growing local demand for high-quality, affordable fish, contributing to improved nutrition and food security in the region.
Europe launches a $9.7 million initiative to innovate in the seaweed sector [the fish site]
- The €9 million ($9.7 million) I3-4-Seaweed project was launched inEurope, to fund and enhance innovation and collaboration in the EU's seaweed sector. Involving partners from six countries, the initiative aims to develop sustainable seaweed applications, including food, cosmetics, and bioplastics. It will support six investment cases focused on sustainable practices and technology, offering financial support to 30 startups and SMEs. The project also plans regional awareness campaigns to promote seaweed products and their potential benefits.
- The Global Fund for Coral Reefs (GFCR), managed by Pegasus Capital Advisors, has invested an undisclosed amount in Oceanpick, Sri Lanka's leading oceanic barramundi farm, certified by Best Aquaculture Practices and Aquaculture Stewardship Council. This investment aims to promote sustainable aquaculture practices, provide alternative livelihoods for coastal communities, and support climate resilience in the face of challenges like rising sea levels and destructive fishing practices. Oceanpick, founded in 2012, operates the country's first commercial-scale offshore farm, producing barramundi for international markets while enhancing local economic development and ecosystem health.
Research and Knowledge Sharing
Grow your climate finance expertise For more key insights on policy and science, check out Nature 4 Climate & Subscribe to their newsletter for more weekly updates.
Policy and Regulations
Carbonbrief analyzes key outcomes from CBD COP16 [carbon brief]
- The Convention on Biodiversity's COP16 ended on a mixed note on the morning of November 2nd, 2024, with negotiators failing to reach a consensus on developing a fund under the auspices of the COP before negotiators departed and quorum was broken. Consensus was reached on a benefit-sharing mechanism for genetic resources known as the "Cali fund" and the creation of a new permanent body for indigenous peoples to offer their views at future COPs. Carbon Brief has published an extensive review of these outcomes and others in a post-cop summary. One key insight was that, following a steep lag in NBSAP adoption before the summit, COP16 finished with 119 countries submitting national targets, and 44 submitting full plans. Countries that had not submitted action plans were urged to submit them before October 2025, though no penalties were established. Rules for monitoring NBSAPS were also laid out, including a mandate to submit headline indicator reports in 2026 and 2029. Global reviews of NBSAP implementation were also mandated in 2026 and 2028.
- Nature4Climate's 4th edition of the NbS policy tracker analyses over 1,300 policies across 190 countries, finding that, while policies that align finance with climate and biodiversity goals have grown in number and scope, only one-third of nature-related policies published since the Paris Agreement have had allocated budgets. However, out of 300 new policies reviewed for the tracker, 40% had budgets of financing mentioned. The study also found that only 19% of policies reference Indigenous Peoples and less than .5% address Indigenous People's equity specifically. The report provides a global mapping of current nature policies, along with recommendations for creating investable NDCs, developing carbon markets, and empowering Indigenous Peoples.
Brazil announces a 12 million hectare restoration plan [capital reset]
- Brazil has released a new version of Planaveg, an updated reforestation plan designed to restore 12 million hectares across the country by 2030, a voluntary commitment made by the country at the Paris Agreement conference. The finalized plan calls for restoration activities across 9 million hectares of permanent preservation and legal reserve areas, 2 million hectares across public areas, and 1 million hectares across low-productivity rural areas. The federal government is expected to create a restoration monitoring platform to track progress, and international NGOs are expected to participate extensively in funding and executing restoration, with a consortium including CI, WRI, TNC, WWF and the Global Environment Facility currently working on raising a $17 million funding line to restore 600,000 hectares.
- The Sustainable Markets Initiative (SMI) Africa Council has launched the "Natural Capital on African Governments' Balance Sheets" initiative at COP16, aiming to integrate natural capital into national economic frameworks to attract private investments, enhance sovereign credit, and support the African Union’s Nairobi Declaration on Climate Change and Green Growth. The Natural Capital on African Governments’ Balance Sheets initiative will focus on:
- 1. Developing high-quality natural capital projects across African landscapes using advanced technology and innovative investment frameworks.
- 2. Supporting African governments in attracting private investments into natural capital initiatives.
- 3. Collaborating with the international community to create market mechanisms that scale natural capital asset classes globally.
- Deutsche Bank and DZ Bank have been appointed as joint ESG coordinators for Germany's updated Green Bond Framework, set to be finalized in 2025. Since launching its initial Green Bond Framework in 2020, Germany has issued over €73 billion in green bonds. The framework outlines the management and reporting of green securities, and aligns with the country's Sustainable Finance Strategy.
Brazil continues to push back against EUDR [mongabay]
- Despite EU moves to delay the implementation of the EU deforestation regulation, Brazil's Ministry of Agriculture continues to push back against the law. Minister of Agriculture and Livestock Carlos Favaro argued at a panel at the Bloomberg New Economy at B20 business event that the law represented a violation of Brazilian sovereignty and that they might respond by seeking purchasers elsewhere. However, the government continued to emphasize its sustainability efforts, claiming it would reach 100% traceability in the beef sector by 2032. As Brazil allows for legal deforestation, it may never be able to achieve EUDR compliance, a major sticking point in negotiations.
Finance Research and Updates
- The Net-Zero Asset Owner Alliance (NZAOA) reported a record $175 billion investment in climate solutions by its members in 2023, up 38% from $127 billion in 2022. Of its 88 members, 81 have committed to intermediate net-zero targets, aiming for a 26% emissions reduction in key assets by 2025, covering approximately $4.3 trillion of the total $9.5 trillion in assets under management. The Alliance emphasizes the need for stronger policy alignment with net-zero goals, noting a slow global transition despite increased climate investments.
Over 500 companies agree to report along TNFD guidelines [esg today]
- The Taskforce on Nature-related Financial Disclosures has reached a major milestone, with more than 500 companies and financial institutions committing to begin nature-related corporate reporting along TNFD recommended guidelines. The announcement, which came at CBD COP16, represents an increase of more than 50% from the 320 companies reported as signing on earlier in the year. The 502 commitments represent more than $6.5 trillion in market capitalization, $17.7 trillion in AUM, and 25% of the world's systemically important banks.
GFANZ publishes supplemental guidance paper on nature's role in net-zero transition plans [GFANZ]
- GFANZ has published a new supplemental guidance paper detailing how net-zero transition plans can help reduce nature-related GHG emissions and increase nature sinks, with special attention on the distinctive characteristics of nature-related levers for emission reduction or carbon absorption. The paper sets forward objectives, related actions, and guides for reducing nature-related GHG emissions, protecting and increasing nature GHG pathways, and embedding climate-nature considerations into approach and planning, within financial institution's net-zero action plans.
- Sustainable Fisheries Partnership (SFP) has launched the Feed Solutions Toolkit, providing over 80 tools, standards, initiatives, and case studies for seafood companies to address climate, habitat, and biodiversity risks in aquaculture feed. The Toolkit connects seafood companies with tools and resources to make commitments, assess the risks associated with their feed ingredients, and implement improvements. Supported by the Walmart Foundation, the toolkit aims to aid large MNCs like Sainsbury's, Tesco, Thai Union, and Walmart in setting and implementing feed sustainability goals through risk assessment, improvement guidance, and case studies.
TNFD releases draft guidance on nature transition planning [tnfd]
- The Taskforce on Nature-related Financial Disclosures (TNFD) has published a discussion paper on nature transition planning at CBD COP16. The paper, which is open for feedback, defines nature transition plans, provides guidance on included items and how they should be presented, and walks investors through the steps for creating, integrating, and presenting their plans.
- Environmental Finance Data has found that only $6.7 billion have been raised through sustainability-linked bonds (SLBs) in 2024 so far, representing the weakest quarterly issuance volumes since the end of 2020. At only 30 issuances in Q3 2024, SLBS represented less than 3% of total sustainable bond volumes in the third quarter of 2024, with analysts citing problems with greenwashing and major target misses from previous issuances.
Major environmental NGOS form a coalition to scale debt for nature swaps [wcs]
- Conservation International, The Nature Conservancy, The Pew Charitable Trusts, Re.wild, The Wildlife Conservation Society, and World Wildlife Fund in the US announced at COP16 that they would form a new coalition focused on using sovereign debt conversions, often called "debt-for-nature swaps" to scale climate and conservation outcomes.
Emerging Science
Brazil marks two years of drought in the Amazon, with hopes La Nina will bring rain [npr] [globo] [reuters] [mongabay]
- The end of Brazil's dry season has raised hopes that the rainy season may begin to ease the drought, which has brought river levels across the region to historic lows and affected the entire country, with all regions being affected by low humidity in September. The drought has brought river levels of some Amazon tributaries to the lowest levels ever recorded, with the Solimoes tributary measuring a depth of 9.8 feet in some areas. Other rivers have had to be dredged to allow boat access, which has raised concerns over impacts on aquatic ecosystems, which are already under extreme stress from the drought. While the wet season may bring some relief, experts are worried that dry conditions could set in permanently, marking a transition to a drier climate in parts of the Amazon, and further deforestation.
- Protected Planet has released its 2024 report, which fully assesses global protected and conserved area progress towards the Kunming-Montreal Global Biodiversity Frameworks Target 3, which aims to conserve 30% of the Earth's surface effectively and equitably. The study found that 17.6% of terrestrial, and 8.4% of marine and coastal areas were under some form of protection and conservation, leaving a 16.7 million square kilometers (Km^2) (12.4%) terrestrial gap and 78.3 million Km^2 (21.6%) aquatic environment gap to reach the 2030 target. Progress had been reported by 2020, with 629,000 Km^2 of terrestrial and 1.77 million Km^2 of marine and coastal areas coming under protection. However, the connection of conserved areas was not extensive, with only 8.52% of land both protected and connected to other conserved areas.
IUCN Global Tree assessment finds accelerating rate of decline, 25% of species on red list [conservation international] [IUCN]
- The IUCN has conducted its first global tree assessment and found that more than a quarter of 166,000 surveyed species are at risk in some form, more than double the total number of threatened vertebrate species worldwide. In total, 47,282 species were listed as being at risk of extinction, covering 25% of the total species on the IUCN red list.
A new paper examines the use of NbS for economic recovery [plos]
- A new meta-analysis in PLOS Climate of studies on the use of nature-based interventions for economic recovery from crises found that NbS delivered equal or better economic outcomes to competitor methods. The bio-benefits of NbS were also found to exceed those of some other methods. The paper is based on a review of 66 studies, with 65% reporting positive outcomes for NbS in disaster recovery.
IEA publishes Energy Perspectives 2024 report [IEA]
- The IEA has published its 2024 edition of the Energy Technology Perspectives report, which analyzes the current state of energy technology and supply chains. The report focused on how international trade and manufacturing developments can inform policy maker's decisions when shaping energy transition plans. In particular, the report found that global investment in clean technology manufacturing rose by 50% in 2023 to $235 billion, with 80% going to solar PV and battery manufacturing, and that zero-emission steel, aluminum, and ammonia manufacturing was growing in importance, with an estimated $80 billion average yearly investment needed to achieve net zero by 2050.
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