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International Finance Corporation Flashes Warning Signs for Green Climate Fund
International Finance Corporation Flashes Warning Signs for Green Climate Fund

The IFC doesn’t know what a lot of its money is doing, and that’s bad. Though the subject matter might at first seem a bit dull, a recent monitoring report of the financial sector lending of the International Finance Corporation (IFC) is a doozy for the warnings it provides to the Green Climate Fund (GCF). The International Finance Corporation (IFC), the World Bank Group’s private sector lending arm, had a financial intermediary (FI) portfolio of…

Five things Trumps Paris Climate Speech got wrong in his attack on Green Climate Fund
Five things Trumps Paris Climate Speech got wrong in his attack on Green Climate Fund

Donald Trump announced this afternoon that the United States will begin the process of withdrawing from the Paris Agreement. During his remarks, Trump made a series of inaccurate and misleading statements about the Green Climate Fund in connection to his withdrawal decision.

Civil Society Concerns Regarding GCF & High Environmental/Social Risk Projects
Civil Society Concerns Regarding GCF & High Environmental/Social Risk Projects

As the Board of the Green Climate Fund prepares to consider its first high risk projects at the upcoming GCF meeting in South Korea October 12-14, more than 100 groups have issued the following statement to express deep concern about the inadequacy of policies and practices in place for financing activities of high social and/or environmental risk. Here's the statement.


Civil Society Statement, September 22, 2016
Concerns Regarding Green Climate Fund and Support…

Getting the GCF We Fought For
Getting the GCF We Fought For

I’ve just returned from attending the 13th meeting of the Board of the Green Climate Fund (GCF). Many of us GCF old-timers[1] can’t help but feel a sense of sincere disappointment. How can anyone who, perhaps naively, looked to the GCF as a people’s alternative to the World Bank not feel at least a bit deflated? Most of the GCF’s resources look to be captured by the same old, same old (i.e. World Bank,…

100 groups call for Climate Investment Funds to sunset
100 groups call for Climate Investment Funds to sunset

Ahead of this week's meeting of the trust funds of the World Bank’s Climate Investment Funds, 100 groups have called for the CIFs to finally sunset, now that the Green Climate Fund is clearly operational. Two-thirds of the groups are from developing countries.

Here's the letter.

June 14, 2016

 

Dear Trust Fund Committee Members of the Strategic Climate Fund and Clean Technology Fund:

 

Now that it has approved projects and is beginning…

5 simple reasons to oppose HSBC and Credit Agricole at the Green Climate Fund
5 simple reasons to oppose HSBC and Credit Agricole at the Green Climate Fund

Either Wednesday or Thursday of this week, the Board of the Green Climate Fund will decide whether or not banking giants HSBC and Credit Agricole will become "accredited entities" of the GCF. Accredited entities are official partners of the GCF; they can receive and manage GCF funds. Here are five simple reasons why the GCF Board should reject their applications for accreditation. Number 1: Scarce public finance must be used to support communities in developing…

Infographic: The Story of Climate Finance – Paying the high cost of climate chaos
Infographic: The Story of Climate Finance – Paying the high cost of climate chaos

Understanding The Story of Climate Finance is fundamental to understanding climate chaos, its high cost for poor countries and the role that the U.S. plays.

To help us all out, Friends of the Earth U.S. created an infographic which visualizes who is most responsible for climate change on a global scale (spoiler alert – the U.S.!); who gets hurt the most, what needs to be done, who should pay, where the money can come…

112 groups demand grants and honest accounting for rich countries’ promised $100 billion in climate finance
112 groups demand grants and honest accounting for rich countries’ promised $100 billion in climate finance

In light of the recent release of the OECD report, “Climate Finance in 2013-14 and the USD 100 billion goal,” and the finance ministerial that took place in Lima, Peru on Oct. 9 on the sidelines of the World Bank/International Monetary Fund annual meetings, 112 groups from around the world sent a letter to those developed country governments that last month issued the Joint Statement on Tracking Progress Towards the $100 billion Goal. The…

Green Climate Fund faces worrisome developments with big banks, bad process
Green Climate Fund faces worrisome developments with big banks, bad process

Developing countries urgently need money -- and lots of it -- to address climate change. To tackle this tremendous challenge, the international community is looking to the newly established United Nations Green Climate Fund to be the primary channel for multilateral climate finance for the poor and the vulnerable in developing countries. But a recent meeting of the GCF board in Korea brought some worrying developments regarding how the fund will work and for whom.…

Should the Green Climate Fund finance “less dirty” energy?
Should the Green Climate Fund finance “less dirty” energy?

Originally posted on Reuters Many governments and financial institutions support the deployment of “less dirty” fossil fuels to fight climate change both domestically and internationally, and claim this is a sane, sensible approach. Let’s try applying this logic to smoking. A heavy smoker walks into her doctor’s office hacking up a lung. The doctor tells her patient that it’s fine to smoke, as long as the cigarettes are filtered. The competence - let alone…