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US President Donald Trump grabbed the headlines again at the World Economic Forum, launching his “Board of Peace” for Gaza on the final day of the gathering of political and business leaders. But discussions on climate and energy continued below the media radar.

Climate Home New has been listening in – here are some of the best bits.

Occidental boss: Banks “coming back” to oil and gas

Banks which have previously refused to fund oil and gas projects are “coming back” to the industry, an American oil executive told an event at Davos on Thursday.

Vicki Hollub, CEO of Occidental Petroleum, the world’s 28th most polluting company, said in a conversation with US Energy Secretary Chris Wright that “there was a time” when banks shunned her industry. That, she added, had been a “burden”.

“But some of those banks are now coming back – and in fact I talked to one yesterday that had kind of abandoned us and now are back and wanting to do business in the oil and gas industry,” she said, without revealing the name of the bank.

A report by the London School of Economics last year found that many banks weakened their policies against fossil fuel lending in 2025 and the Net Zero Banking Alliance shut down in October 2025, after many – particularly American – banks left the green initiative.

Azeri oil chief says no spare cash for green tech

European investors appear to have been slower to abandon their climate commitments. Rovshan Najaf, president of SOCAR (the State Oil Company of the Azerbaijan Republic), told a separate Davos panel that his company struggles to get financing from most European commercial banks for its oil and gas operations.

As a result, he said, the firm must use its available cash to fund oil and gas projects – “one of the priority areas” – leaving it with little free capital to invest in lower-carbon fuels like green hydrogen and ammonia, or emissions-reducing technologies such as carbon capture or methane abatement.

Recent COP hosts Brazil and Azerbaijan linked to “super-emitting” methane plumes

Unlike renewables and electrification, there is still no commercial case for funding those potential breakthroughs at scale and making them affordable, he added.

“There should be a big picture approach to all energy mixes and how we can free up the capital [for decarbonisation],” he argued.

Najaf promised last year that the firm would achieve near-zero methane emissions in its oil and gas production by 2035. But, as Climate Home News reported recently, the latest data available from SOCAR shows that its methane emissions more than tripled from 2023 to 2024, when the country hosted COP29.

    US promotes fossil gas to “ally” Europe

    One key reason why SOCAR has been investing in more gas production and export capacity is deals with European governments to help replace Russian gas after the invasion of Ukraine in 2022.

    At Davos, Wright praised Europe for being close to independence from Russian gas, saying it could achieve that goal in the next year or two.

    He called for the EU to weaken its environmental regulations on methane – a particularly potent greenhouse gas – to enable American fossil gas to displace Russian supplies.

    Despite President Donald Trump’s recent threats to take over Greenland, which have caused a growing rift with European leaders, Wright insisted Europe is “our main ally in defending the Western world”.

    The US supplies about a quarter of the EU’s gas imports, a percentage which has risen since Russia’s invasion of Ukraine.

    But overall, the EU’s gas imports are declining and are predicted to keep falling, as the continent moves towards clean energy. On Thursday, data published by think-tank Ember showed that wind and solar generated more EU electricity than fossil fuels in 2025, producing a record 30% of EU power, ahead of fossil fuels at 29%.

    “New era of climate extremes” as global warming fuels devastating impacts in 2025

    On climate change, Wright played down the threat, saying that deaths from extreme weather have declined over the last 100 years.

    While floods, droughts, storms and heatwaves are becoming more frequent and intense as the planet warms, Wright is correct in saying they have caused fewer deaths over this long time period.

    This has largely been the result of economic development and, more recently, climate resilience measures of the kind the Trump administration has drastically reduced US funding for.

    The post Climate at Davos: Oil execs bemoan “burden” of bank boycotts appeared first on Climate Home News.

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    ‘Heat Batteries’ Leave Some City Blocks Scorched

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    Even measures designed to help, like air conditioning, can create vicious cycles that lead to hotter temps. 

    It’s about to get hotter in our nation’s cities. Just how hot it gets depends not only on the weather, but also on infrastructure, working conditions and ZIP codes. 

    ‘Heat Batteries’ Leave Some City Blocks Scorched

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    Türkiye sets COP31 dates and appoints Australian cattle farmer as youth champion

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    The Turkish government has announced the dates and venues for the COP31 leaders’ summit and pre-COP meetings, and appointed a Turkish waste campaigner and Australian cattle farmer as climate “champions”.

    In an open letter, published by the UN climate body on Tuesday, the Turkish environment minister and COP31 President-Designate Murat Kurum said the COP31 World Leaders’ Summit, at which dozens of heads of government are expected, will take place in Antalya, on Türkiye’s south coast, on November 11 and 12.

    Previous leaders’ summits have taken place on the first two days of the COP negotiations or, at last year’s conference in Belém, before the start. But this year’s gathering will take place on the third and fourth day (Wednesday and Thursday) of the November 9-20 talks. Kurum said the summit “will be a key moment in generating political momentum and visibility for COP31”.

    Last November, when Türkiye was chosen as host of the annual UN climate summit, Kurum said that, while the negotiations would be in the resort city of Antalya, the leaders’ summit would take place in the country’s largest city Istanbul. No explanation for the change of decision was given in Kurum’s letter.

    Pacific pre-COP

    Every COP conference is preceded by a smaller pre-COP gathering, attended by government climate negotiators. Because of a deal struck with Australia, which gave up its bid to physically host the summit in exchange for leading the COP31 discussions, this year’s pre-COP will take place on the Pacific island of Fiji, with a “leaders’ event” a 2.5-hour flight north in Tuvalu.

    Kurum’s letter said both events would take place between October 5-8 and “will contribute to reflecting diverse perspectives in an inclusive manner”.

      The letter confirms that Australia’s climate and energy minister, Chris Bowen, will be given the title of “President of Negotiations” and “will have exclusive authority in leading the COP31 Negotiations, in consultation with Türkiye”.

      “I have complete faith in his work,” said Kurum, adding that the two will send out a joint letter “in the coming weeks” which outlines their priorities regarding the negotiations.

      The COP negotiations will be discussed at the annual Petersberg Climate Dialogue in Berlin on April 21 and 22. German State Secretary Jochen Flasbarth recently announced plans to travel to Australia and meet with Bowen to discuss the talks.

      COP31 champions

      In his letter, Kurum announced that Samed Ağırbaş, president of Türkiye’s Zero Waste Foundation, which was set up by the country’s First Lady, has been appointed as the COP31 Climate High-Level Champion, tasked with working with business, cities and regions and civil society to promote climate action.

      Sally Higgins, a young Australian cattle farmer and sustainability consultant who has also carried out research on land-use change, has been appointed as Youth Climate Champion. Kurum said she “is a passionate advocate for climate change and elevating the voices of young people”.

      Turkish officials Fatma Varank, Halil Hasar and Mehmet Ali Kahraman have been appointed as COP31 CEO, Chief Climate Diplomacy Officer and Director of the COP31 Presidency Office respectively. Deputy environment ministers Ömer Bulut and Burak Demiralp will lead on construction and infrastructure, and operational and logistical processes.

      Kurum said Türkiye’s Presidency would continue to use the Troika approach – a term coined two years ago under Azerbaijan’s COP29 Presidency, which worked with the previous Emirati COP28 and subsequent Brazilian COP30 hosts.

      Kurum said the Troika approach offers “stability and predictability by connecting past, current and future presidencies” and that “in this regard” Türkiye and Australia would work “in close cooperation with Azerbaijan and Brazil”. This appears to overlook the 2027 COP32 host – Ethiopia.

      The post Türkiye sets COP31 dates and appoints Australian cattle farmer as youth champion appeared first on Climate Home News.

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      Broken debt system must be fixed to confront future climate shocks

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      Mae Buenaventura is the manager of the debt justice programme of the Asian Peoples’ Movement on Debt and Development, a regional alliance of peoples’ movements, community organizations, coalitions, NGOs and networks

      A potentially historic shift in public debt governance is set to unfold in Washington DC this week as Global South governments take a collective stand to stop a “silent killer” of development financing.

      The first-ever UN-hosted borrowers’ forum will officially be launched on April 15 on the sidelines of the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank. Led by five convening countries – Zambia, Egypt, Nepal, the Maldives and Pakistan – the initiative is one of the key wins of last year’s 4th Financing for Development Conference (FFD4) in Sevilla, Spain.

      The forum’s mandate is to establish a platform for borrower countries, supported by a UN secretariat, “to discuss technical issues, share information and experiences in addressing debt challenges, increase access to technical assistance and capacity-building in debt management, coordinate approaches and strengthen borrower countries’ voices in the global debt architecture”.

      Instead of facing lenders alone, these countries will now use a UN-backed platform to share technical expertise and coordinate their approach to a global debt system that is fundamentally broken.

      Debt grips climate-vulnerable nations

      The human cost of the current debt architecture is staggering. According to the UN trade and development agency, UNCTAD, more than 40% of the global population – roughly 3.4 billion people – live in countries where the government is forced to spend more on debt payments than on the health, education and social protection of its citizens.

      In so-called low-income countries, governments spend an average of 7.5% of their total budgets on debt service, with interest payments consuming up to 20% of total government revenue in these regions.

      The Philippines is a case study in this financial stranglehold. It is part of a global majority forced to watch its public services crumble and infrastructure lag while its wealth is siphoned off to satisfy foreign lenders.

      The policy of automatic appropriations – a legacy of the rule of late former President Ferdinand Marcos Sr. – mandates that debt servicing takes precedence over any other public expenditure, effectively placing the demands of lenders above the needs of the Filipino people. Even as it faces a $1.5 trillion regional financing gap to achieve the Sustainable Development Goals (SDGs) by 2030, its hands remain tied by a legal framework that values credit ratings over human lives.

        As a “middle-income country” (MIC), the Philippines is stuck in a frustrating purgatory. It is often deemed “too wealthy” for the G20’s debt-relief framework, yet too poor to absorb global economic shocks. Last year, Finance Undersecretary Joven Balbosa hit the nail on the head when he called for support that goes “beyond the simplistic income categorization” that ignores a country’s actual vulnerabilities.

        Without an inclusive and equitable global debt architecture, nations including the Philippines are left to navigate catastrophic climate risks and economic shocks with zero fiscal breathing space.

        No respite during climate disasters

        The regional evidence of this systemic failure is everywhere. Take Pakistan, which in 2022 was hit by catastrophic flooding that submerged a third of the country and caused billions in losses. Despite this climate-driven disaster, World Bank data shows that Pakistan made payments in 2023 of $11.8 billion for public and publicly guaranteed (PPG) external debt, while its PPG external debt reached $93 billion that same year, surpassing pre-pandemic debt of $87 billion (2020).

        Sri Lanka followed IMF prescriptions throughout 16 lending programs since 1991, only to become the first Asian country this century to default. Its MIC status prevents application for debt relief and restructuring measures. Today, the Sri Lankan people bear the brunt of harsh conditionalities, including raising VAT from 8% to 15%, slashing food and fuel subsidies, and the erosion of hard-earned worker pensions.

        Residents sit in a Rescue 1122 boat as they evacuate from the flooded area, following monsoon rains and rising water levels of the Chenab River, in Qasim Bela village on the outskirts of Multan in Punjab province, Pakistan, September 11, 2025. REUTERS/Quratulain Asim

        Residents sit in a Rescue 1122 boat as they evacuate from the flooded area, following monsoon rains and rising water levels of the Chenab River, in Qasim Bela village on the outskirts of Multan in Punjab province, Pakistan, September 11, 2025. REUTERS/Quratulain Asim

        Currently, the global rules of lending and borrowing are set by a “creditors’ club” composed of the IMF, the World Bank and the Global Sovereign Debt Roundtable it set up, and the Paris Club.

        These institutions measure “debt sustainability” through a narrow lens of a country’s capacity to make timely repayments. They largely ignore internal economic inequalities, gender disparities and the existential threat of climate change.

        Crises should trigger debt service cancellation

        By organising the new borrowers’ forum, the Global South is signalling that the era of passive “standard-setting” by lenders is over.

        The ultimate goal for global civil society and debt justice movements is the establishment of a UN Debt Convention; a democratic, binding and inclusive framework that governs both lenders and borrowers. This mechanism would ensure that debt restructuring and cancellation are sufficient to allow countries to fulfill their international human rights obligations and implement necessary climate actions.

        Green Climate Fund picks locations for five developing country hubs

        To be truly transformative, debt sustainability analyses must align with human rights and sustainable development needs. This means conducting impact assessments – both before and after loans are issued – to identify “illegitimate” debts that do not benefit the public.

        Crucially, we need an automatic debt service cancellation mechanism that triggers during extreme climatic, environmental or health shocks. We also need a binding global debt registry to ensure that every loan is transparent and subject to public scrutiny.

        Whether the borrowers’ forum becomes a true milestone depends on its courage to challenge the status quo. We can no longer allow debt to act as a “silent killer” of our future. It is time to demand a financial system that serves humanity, not just the balance sheets of the powerful.

        The post Broken debt system must be fixed to confront future climate shocks appeared first on Climate Home News.

        Broken debt system must be fixed to confront future climate shocks

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