Published

2 years ago

May 1, 2024

Alice Rush

Teresa Anderson is global lead on climate justice for ActionAid International.

Last month, from Bangladesh to Kenya to Washington DC, over 40,000 activists in nearly 20 countries hit the streets calling on banks, governments and financial institutions to “#FixTheFinance” pushing the planet to the brink.

It’s clear that we can’t address the climate crisis unless we fix the finance flows that are failing the planet. When we know that we have hardly any time left to avoid runaway climate breakdown, it’s absurd that so much of the world’s money is still being poured into fuelling climate change, while barely any is going to the solutions.

Let’s face it – the climate crisis is really about money, and our choices to use it and make it in really stupid ways.

G7 offers tepid response to appeal for “bolder” climate action

Many of the world’s most powerful private banks are holding their Annual General Meetings over the next weeks. Banks like Barclays, HSBC and Citibank are pumping billions into fossil fuel expansion, knowing full well that their decisions directly lead to climate chaos and devastating local pollution, particularly for communities in Africa, Asia and Latin America. At their AGMs they will undoubtedly celebrate their profits, self-congratulate on miniscule policy tweaks, and try to ignore the clamour of climate criticism.

ActionAid research last year showed that these banks are financing an astonishing amount of fossil-fuel and industrial agriculture activities in the Global South, causing land grabs, deforestation, water and soil pollution and loss of livelihoods – all compounding the injustice to communities also getting routinely hit by droughts, floods and cyclones thanks to climate change.

HSBC, for example, is the largest European financer of fossil fuels and agribusiness in the Global South. Barclays is the largest European bank financier to fossil fuels around the world. And Citibank is the largest US financier of fossil fuels in the Global South. The banks have so much power, and so much culpability, much more than most people realise. But they want us to forget the fact that they are working hand in hand with, and profiting from, the industries that are wrecking the planet.

The banks can actually turn off the taps. They can end the finance flows that are fuelling the climate crisis. So to avert catastrophic climate change, the fossil-financing banks must start saying no to the corporations destroying the planet.

But it’s not only private finance that is flawed – public funds are being misused as well. Governments are using far more of their public funds to provide subsidies or tax breaks for fossil fuels and industrial agriculture corporations, than they are for climate action. This is ridiculous – it’s hurting the planet, and its hurting people.

Public funds instead need to be redirected towards just transitions that address climate change and inequality.

There is growing appetite for climate action. But this just isn’t yet matched by willingness to pay for it. Or even to stop profiting from climate destruction.

COP29 finance goal

This year’s COP29 climate talks will be a critical test of rich countries’ commitment to securing a liveable planet. The world’s poorest countries are already bearing the spiralling costs of a warming planet. So far they have only received begrudging, tokenistic pennies from the rich polluting countries to help them cope. The offer of loans instead of grants in the name of climate finance is just rubbing salt into the wounds.

If we want to unleash climate action on a scale to save the planet, rich countries at COP29 will need to agree a far more ambitious new climate finance goal based on grants, not loans.

Because if we want to save our planet, we will actually need to cover the costs.

Tensions rise over who will contribute to new climate finance goal

Last month the International Monetary Fund and the World Bank held their Spring meetings in Washington DC. These institutions are powerful symbols of the planet’s dysfunctional finance systems which urgently need fixing. The World Bank is financing fossil fuels yet being extremely secretive about it. The IMF is pushing climate-devastated countries deeper into debt that often requires further fossil extraction for repayment.

Even as they brand themselves as responsible channels for climate finance, the world’s most powerful financial institutions are pushing our planet to the brink. Their stated aim to get “bigger and better” really amounts to all-out push to get “bigger” but only token tweaks to get “better”. The Spring meetings ended with business-as-usual backslapping. But if they were taking climate change and its consequences seriously, at the very least, the IMF and World Bank would stop financing fossil fuels and cancel the debts that are pushing climate-vulnerable countries into a vicious cycle.

Will blossom of reform bear fruit? Spring Meetings leave too much to do

All of these finance flows need fixing. At the moment, the global financial system is better designed to escalate – rather than address – climate change, vulnerability and inequality. The activists, youth and frontline communities who filled the streets last month hope that their calls to stop financing destruction will be heard in the boardrooms and conferences on the other side of the world.

They say that money talks. This is the year that the climate movement is going to make sure it listens.

The post How to fix the finance flows that are pushing our planet to the brink appeared first on Climate Home News.

How to fix the finance flows that are pushing our planet to the brink

Climate Change

Greenpeace’s Dutch Anti-SLAPP Case Against Oil Pipeline Giant Advances

Published

7 hours ago

June 21, 2026

Alice Rush

But a $345 million U.S. verdict against the environmental group hangs over the case.

By Dana Drugmand

A lawsuit filed by Greenpeace International against the U.S.-based fossil fuel company Energy Transfer in the Netherlands is moving forward after a Dutch court recently ruled in favor of the environmental organization in rejecting the company’s bid to toss out the case.

Greenpeace’s Dutch Anti-SLAPP Case Against Oil Pipeline Giant Advances

Climate Change

The Search for Super Reefs

Published

7 hours ago

June 21, 2026

Alice Rush

Go behind the scenes with executive editor Vernon Loeb and oceans correspondent Teresa Tomassoni as they discuss the search for heat-resilient coral reefs that are somehow defying the odds to survive a warming planet.

By Teresa Tomassoni

The world has already lost more than half of its coral reefs, and most of what remains is at risk of disappearing in the next 25 years.

The Search for Super Reefs

Climate Change

DeBriefed 19 June 2026: Bonn talks end in ‘gridlock’ | Energy’s ‘new era’ | Oceans in climate negotiations

Published

1 day ago

June 20, 2026

Alice Rush

Welcome to Carbon Brief’s DeBriefed.
An essential guide to the week’s key developments relating to climate change.

This week

Bonn talks close

‘SIDE-STEPPING AND STALLING’: UN climate talks in Bonn have ended in “gridlock”, according to Climate Home News. The outlet reported on the failure to balance developing countries’ need for climate-adaptation finance with “richer nations’ desire to move forward” on emissions cuts. It added that both topics were subject to “rule 16”, meaning no agreement could be reached and work will be pushed to the COP31 summit in Turkey. Inside Climate News quoted UN climate executive secretary Simon Stiell, who said the talks had seen “side-stepping and stalling”.

JUST TRANSITION: One “glimmer of hope” came from negotiations on achieving a “just transition”, reported Euronews. The news outlet said negotiators “made headway on operationalising the Belém-Antalya mechanism”, intended to support people in the shift to a low-carbon economy. However, Politico concluded that much of the focus in Bonn had “shift[ed] to efforts outside diplomatic talks – raising questions about the future of global climate negotiations”.

‘ATTACKING SCIENCE’: Agence France-Presse reported on the EU, Switzerland and “dozens of developing nations” warning of “attacks on science” by a “small group of fossil-fuels interests” in Bonn. Table Briefings explained that “the 1.5C target is increasingly being challenged” and the role of the UN climate-science panel – the Intergovernmental Panel on Climate Change (IPCC) – in an upcoming assessment of global climate progress “remains controversial”. See Carbon Brief’s full write-up of the talks for more detail.

US-Iran deal

PRICE DROP: The US and Iran announced that they have reached an interim agreement to halt the war and reopen the strait of Hormuz, reported Bloomberg. Oil prices have fallen, as the “long-awaited deal” began the process of “eas[ing]” the global energy crisis triggered by the conflict, according to the New York Times. The Associated Press noted that high fuel prices will “likely outlast the Iran war”.

‘OIL GLUT’: The Financial Times reported that the International Energy Agency (IEA) has forecast a “glut of oil” emerging next year, if the peace deal holds. The IEA said this would allow countries to build new strategic reserves, as they “review their energy strategies and policies in response to the crisis”, according to Reuters.

‘NEW ERA’: Agence France-Presse reported that oil and gas companies have “few illusions about a return to normal for the Gulf energy industry after more than three months of blockage”. One analyst told the newswire that the war “showed the oil and gas industry that Hormuz risk is no longer just a geopolitical headline”.

Around the world

OCEAN MONITOR: The Trump administration is “abandoning its plan” to dismantle a $368m ocean monitoring system key for tracking climate change after a “bipartisan backlash on Capitol Hill”, reported the New York Times.
CORAL HAVEN: The New York Times covered preliminary research, presented at the Our Ocean Conference in Kenya, suggesting there could be three times as many “coral refugia” – where corals are relatively safe from climate change – than previously thought.
BAD CREDIT: Down to Earth reported that the first carbon credits issued under the Paris Agreement’s new Article 6.4 mechanism are “facing scrutiny over alleged links to institutions controlled by Myanmar’s military junta”.
OIL BACKTRACK: Reuters reported that oil-and-gas company Equinor has dropped a renewable-energy target and scaled back clean investments, while another Reuters story noted that Shell is selling off its offshore wind assets.

1.1 billion

The number of children facing “at least three overlapping climate hazards”, according to a new Unicef report covered by Agence France-Presse.

Latest climate research

Including the “permafrost carbon-climate feedback” in climate models increases the chance of exceeding “tipping elements” – such as the Greenland ice sheets, Atlantic Meridional Overturning Circulation or Amazon rainforest – by up to 50% | Environmental Research Letters
The intensity of influenza outbreaks could decline in temperate regions, but increase in tropical areas over the next century, as the climate warms | PNAS Nexus
European snow cover has declined by 20% for December and January since the start of the industrial era, revealing an “unprecedented ongoing shrinkage of European winters” | Communications Earth & Environment

(For more, see Carbon Brief’s in-depth daily summaries of the top climate news stories on Monday, Tuesday, Wednesday, Thursday and Friday.)

Captured

The more than 2m battery electric vehicles (BEVs), 1m “plug-in” hybrids (PHEVs) and 100,000 electric vans on UK roads are already saving drivers a total of around £3bn a year, according to new Carbon Brief analysis. This amounts to savings of more than £1,100 a year in fuel costs for each BEV driver in the UK. The analysis comes amid reports in UK media this week that the government is considering “watering down” its EV sales targets.

Spotlight

Oceans rising at UN climate talks

The state of the world’s oceans is inextricably linked to the changing climate – and many delegates at UN climate talks want to see more focus on this issue, reports Carbon Brief.

Oceans are often described as the world’s “greatest ally” against climate change – absorbing 30% of carbon dioxide (CO2) emissions and most of the heat generated by those emissions.

They are also the site of important climate solutions, such as huge offshore windfarms and the shipping industry’s transition to cleaner fuels.

At the same time, the oceans themselves present a growing danger to coastal communities and sea life due to sea level rise, marine heatwaves and ocean acidification.

These diverse issues have led to growing calls within the UN climate process for more focus on oceans. During climate negotiations this week in Bonn – known as SB64 – nations and civil society had a chance to air these views during an “ocean and climate change dialogue”.

‘Elevate action’

Oceans first entered UN climate outcomes in 2019, when the final COP25 negotiated text requested a new “dialogue” on “the ocean and climate change to consider how to strengthen mitigation and adaptation action”.

The following years saw this dialogue established as an annual event. However, the political weight of these discussions has been limited.

COP31 is being co-led by Turkey and Australia, but with Pacific islands playing a supporting role. These small islands sometimes self-identify as “large ocean states”, stressing the ocean’s centrality in their societies.

In Bonn, figures from across the presidency threw their weight behind this issue. Chris Bowen, an Australian minister and incoming COP31 “president of negotiations”, told attendees:

“Australia, Turkey and the Pacific see an important opportunity to elevate ocean-based climate action.”

Ocean dialogue breakout group. Credit: IISD/ENB, Maja Schmidt-Thomé.

Strategies and finance

The two-day dialogue in Bonn involved a series of panels, statements and breakout groups.

One of the main topics was how oceans are integrated into national climate plans under the Paris Agreement, known as “nationally determined contributions” (NDCs).

Three-quarters of the latest round of NDCs mention oceans, with conservation of “blue carbon” ecosystems the most frequently described action. (Landscapes such as mangroves can both absorb CO2 and protect coastal areas.)

Delegates also discussed alignment with the UN biodiversity process, as well as ocean finance, which currently makes up less than 1% of all climate finance.

(As discussions were taking place in Bonn, country officials also gathered in Mombasa, Kenya for the 11th Our Ocean Conference. Carbon Brief’s associate editor Giuliana Viglione attended the conference and will publish a full summary shortly.)

Developing countries were clear that many of the ocean-related actions in their NDCs would depend on receiving more financial support.

‘Political momentum’

With the backing of the COP31 presidency, delegates were hopeful about where this year’s dialogue could lead.

Charles Hamilton, an advisor for the Bahamas who spoke for the Alliance of Small Island States (AOSIS) in the dialogue, told Carbon Brief that island representatives “are not traveling thousands of miles to just talk and pat ourselves on the back”. He added:

“A dialogue that just remains a dialogue is just more talk – no action.”

Given that, he said “discussions in the dialogue must move into COP decisions and the decisions must be actioned”, noting the importance of finance.

Marina Corrêa, oceans lead at WWF-Brazil, pointed to an upcoming UN climate change Standing Committee on Finance forum as a space to ramp up pressure on ocean finance.

More broadly, she wanted to see the presidencies translate their support into a “leader-level ocean initiative” that could “mainstream” oceans across negotiations.

“We have a really interesting opportunity, in terms of political momentum,” Corrêa told Carbon Brief.

Watch, read, listen

‘HOTTER THAN HELL’: An episode of the BBC’s Rare Earth podcast titled “hotter than hell” considered the issue of extreme heat, with input from experts and “people facing up to the hottest temperatures on the planet”.

NOT BROKEN?: John Drake, a professor of ecology at the University of Georgia, wrote an essay for Aeon – also re-published as a Guardian “long read” – questioning the framing of ecosystems and climate systems “breaking down”.

ON COURSE: On his Volts podcast, US climate journalist David Roberts interviewed UK climate minister Katie White, quizzing her about whether the UK will “stay the course with its climate plans”.

Coming up

20-28 June: London climate action week
21 June: Colombia presidential runoff
24 June: UK Climate Change Committee progress in reducing emissions 2026 report to parliament

Pick of the jobs

Mongabay, managing editor – Africa | Salary: Unknown. Location: Global
Contexte, environment reporter – Brussels | Salary: €45,000-€60,000. Location: Brussels
Climate 200, communications director | Salary: Unknown. Location: Australia
Energy Tracker Asia, energy transition correspondent | Salary: $3,000-$4,000 per month. Location: South-east Asia (remote)

DeBriefed is edited by Daisy Dunne. Please send any tips or feedback to debriefed@carbonbrief.org.

This is an online version of Carbon Brief’s weekly DeBriefed email newsletter. Subscribe for free here.