Energy has always made up the majority of investments and construction deals signed through China’s Belt and Road Initiative (BRI). Until very recently these investments were dominated by fossil fuel projects. But in the first half of this year, over 40% of BRI energy projects announced were wind and solar, with 22% each for gas and oil, and zero for coal projects. The reasons include China’s stated commitment to clean energy, avoiding the risk … [Read more...]
COP 27: “Loss & Damage” can become the fourth pillar of climate action, along with mitigation, adaptation and finance
COP27 saw two major outcomes on the finance front: the creation of a “Loss and Damage” fund and a call to reform international financial institutions. It made fewer, if any, advances to reduce emissions, and narrowly missed sending a global call to phase down oil and gas consumption. But funding the emissions reductions of developing and vulnerable nations was a gap that had to be filled, and so this is a big step forward, explains Lola Vallejo … [Read more...]