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Wall Street investors have earned billions financing activities linked to deforestation in the tropics, with forest loss reaching record highs last year. But a major proposal by Brazil’s COP30 presidency wants to turn financial markets into allies of the rainforest.

The Tropical Forest Forever Facility (TFFF), a proposed new fund seeking to raise cash for conservation efforts in tropical countries, is set to be launched at the COP30 climate summit in Belém later this year.

Brazilian President Luiz Inácio Lula da Silva has rallied behind the initiative and secured key endorsements from the eight South American nations home to the entire Amazon Basin. Private banks and countries in the BRICS group of large emerging economies have voiced support.

COP30 president André Corrêa do Lago has said “the TFFF is the right answer for forest conservation”.

The initiative comes as developing countries have complained about being unable to access existing forest funds at the Global Environment Facility (GEF), while foreign aid budgets which have funded forest conservation shrink in the US and Europe.

Yet finance needs in developing countries are large and growing, with estimates ranging between $20 billion and $72 billion every year to protect forests. In contrast, in 2022, the total finance destined for forests was just $2.3 billion.

    What is the Tropical Forest Forever Facility (TFFF)? 

      The TFFF is being proposed as a blended finance instrument, with funding from both public and private sources. It would seek to directly pay tropical countries that can show effective forest protection.

      On paper, the TFFF will get its money similarly to an investment fund. Donor countries and private investors put their money in the fund, which then invests the capital in financial markets. A part of the returns is used to pay back investors and what remains is allocated to forest protection in tropical countries.

      “Think of a bank that runs normal market operations but that directs its profits not to shareholders but to forests,” said João Paulo de Resende, undersecretary for economic and fiscal affairs at Brazil’s Ministry of Finance.

      In its most recent version, Brazilian officials propose that the fund starts with $125 billion in capital, of which $25 billion would come from donor countries and $100 billion from private investors.

      The payments to forest countries would depend on the returns of the fund, but an 8% yield would allow the fund to pay at a rate of about $4 per hectare of protected forest — which in total could raise an estimated $2.8 billion for rainforests every year.

      The Brazilian government has said donor countries could include the United Kingdom, Norway and the United Arab Emirates, while private investors endorsing the fund include investment managers PIMCO, Bank of America and Barclays.

      Recipients would include tropical countries in major rainforest basins such as Colombia, the Democratic Republic of Congo (DRC) and Indonesia, among others.

      An aerial view shows deforestation near a forest on the border between Amazonia and Cerrado in Nova Xavantina, Mato Grosso state, Brazil in 2021 (REUTERS/Amanda Perobelli)

      How is the TFFF different from other climate funds? 

        Other UN funds like the Green Climate Fund (GCF) or the GEF mostly give out one-time grants to countries that reduce emissions through projects and programmes to protect or restore forests (an approach known as REDD+). The TFFF would instead aim to reward countries that have kept their forests standing and can show results.

        This “results-based payments” system is not new – the GCF, for example, gave out more than $500 million between 2015 and 2020 in this way. However, a fund solely for countries that can show success in preventing deforestation is a new way to target large intact rainforests, which struggle to receive REDD+ funding, said Torbjørn Gjefsen, international forest finance advisor at the Rainforest Foundation Norway.

        “There is complementarity. It’s not competing with REDD+,” said Gjefsen. “If fully operational, it will substantially increase the amount of funding available for this kind of results-based payments.”

        Amid a context of tighter foreign aid spending, another key difference is that the TFFF would seek to attract investments rather than depending on donations from public budgets.

        The fund’s concept note claims that, if fully operational, the one-time investment from donor countries would allow payments to forest nations for as much as 40 years in the future.

        Finally, unlike the other UN environmental funds, the TFFF is being proposed as a mechanism hosted by the World Bank outside of UN environmental conventions.

        Sandra Guzman, founder of the Climate Finance Group for Latin America and the Caribbean (GFLAC), said this could potentially help convince large developing countries like China to contribute funds without having to assume donor-country responsibilities at the UN negotiations. Chinese officials have welcomed the TFFF and said they “hope it plays a positive role”.  

        Colombia announces fossil fuel phase-out summit to be held in 2026

        How will the TFFF make money from financial markets? 

          In tapping financial markets, the TFFF will have to also deal with risk. If investments don’t generate the expected yields, payments to forest countries would need to be paused and paid out later, de Resende said.

          The Brazilian government’s estimates show that if the TFFF had been operating in the last 20 years, it would have been under financial stress on two occasions: during the 2008 financial crisis and during the COVID-19 pandemic. The TFFF’s models project a 60% chance that payments to forest countries would need to be slightly reduced at some point in the fund’s lifespan.

          The Brazilian authorities remain optimistic, as most value fluctuations are likely to be small, they say. Resende said that “over the long run, this risk is minimal.”

          The TFFF’s main strategy is to get cheap money from investors and lend money to emerging economies at much higher interest rates. Emerging market bonds would account for as much as 80% of its investments.

          Critics say this could be a risky strategy, which is precisely why these emerging countries pay higher interest rates. “The risk of Egypt’s state bond is just not the same as the risk of US treasury bonds,” said Max Alexander Matthey, co-founder of Climate Impact Auctions.

          Another key point is that, for the fund to achieve the promised payments, it would need to borrow money at a very low cost, so it would need a top-category AAA rating from credit rating agencies. Brazilian authorities have been in discussion with agencies on this and have said they aim to receive a “shadow rating” for the TFFF before COP30.

          As part of the strategy, the fund will also exclude any investments in polluting industries such as coal, oil and gas. 

          Can COP30 turn adaptation talks into real-world investments?

          Who is allowed to receive payments from the TFFF? 

            According to the fund’s concept note, the 74 countries that are home to rainforests could be eligible to apply for TFFF payments if they meet the required criteria.

            To access funds, tropical countries must demonstrate that they are reducing deforestation in a defined area, have a robust forest measurement system and a set of forest policies, and demonstrate that the payments will not replace national resources.

            Countries would also have to commit to reserve at least 20% of payments for Indigenous people. While an important step, Guzman said this could be tricky in practice because of the challenges of directly transferring funds to these communities.

            “Indigenous communities do not always have formal legal structures or administrative capacity,” she said. “It’s not easy, but it is desirable that communities start building these legal mechanisms.”

            Currently not many forest countries meet the minimum requirements to be eligible for TFFF payments.

            Online platform TFFF Watch, built by NGO Plant for the Planet, estimates that major countries like the DRC and Indonesia would not qualify for payments due to high deforestation rates, and would be missing on annual deals worth $400 million and $450 million respectively.

            On the other hand, Papua New Guinea would be greatly benefitted if the TFFF went into operation exactly as laid out in its concept note, according to TFFF Watch. The country is already eligible for around $120 million in annual rewards, the platform estimates.

            As shown by recent wildfires in the Amazon, some countries could end up losing or seeing some of their forests degraded even with robust protections. In these cases, countries would get their payments cut by the same ratio as they lose forests.

            Yet once they do access TFFF funding, forest countries will have full authority over how to use the funds.

            Brazilian government authorities have sent a letter of intent to the World Bank, which will have to decide by October whether it will host the TFFF. By COP30, Brazil plans to sign a declaration of intent with donor countries.

            The post Explainer: Brazil’s “right answer” to forest finance turns to financial markets to keep rainforests standing appeared first on Climate Home News.

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            EU, UK lead push for electrification as “powerful weapon” against fossil fuels

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            Dozens of governments led by the EU and the UK have pledged to throw their political weight behind a rapid electrification of the world’s economy, billed as a “powerful weapon” for cutting reliance on planet-heating fossil fuels.

            At a high-level summit in London’s Mansion House on Tuesday, energy ministers and business leaders were joined by UN secretary-general António Guterres in calling for faster action to curb demand for oil, coal and gas by powering homes, industry and transport with clean electricity.

            Electrification – which spans measures such as switching from petrol cars to electric vehicles – has emerged as a key priority in climate and energy policy circles this year.

            COP31 co-hosts Türkiye and Australia have made a global target for electricity to meet 35% of final energy demand by 2035, up from around 20% today, the main plank of this year’s action agenda for the UN summit. Reaching that level is necessary to keep the 1.5C warming limit within reach, according to the International Renewable Energy Agency (IRENA).

            Turkish COP31 President-Designate Murat Kurum said earlier this month that the host nation would work to forge “a strong global coalition that is ready and determined to act” and promised to facilitate access to technical assistance.

              Rallying support for electrification

              Five months before countries are due to sign on to the pledge, efforts to rally support gathered momentum at London Climate Action Week, as a record-breaking heatwave baking the capital underscored the urgency of weaning the world off fossil fuels.

              Guterres said the world faces an “historic opportunity” to turn the page on its dependence on fossil fuels and fully embrace clean electrification powered by renewables.

              “The age of clean electrification is here,” he added. “The question is whether we can build the grids and storage, mobilize the investment, and deliver the infrastructure at the speed and scale required”.

              Without investment and government policies supporting upgrades in infrastructure, ageing power grids are often unable to handle the growing influx of renewable energy, creating bottlenecks and slowing the energy transition, according to the International Energy Agency (IEA).

              Meanwhile, the high upfront costs of buying electric vehicles, heat pumps and industrial equipment remains a challenge to switch households and businesses away from using fossil fuels across the world, according IEA analysts, despite these technologies being cheaper over their whole lifecycle.

              Global coordination platform

              In a bid to overcome these hurdles, the European Commission and the UK government on Tuesday launched a new platform to coordinate global progress on electrification.

              EU energy commissioner Dan Jorgensen said the goal was to build coalitions, draw up policy recommendations, share best practice and secure new funding to speed up the electrification of homes, industry and transport.

              Brazil’s COP30 presidency, the joint Australia-Türkiye COP31 presidency, Ethiopia’s incoming COP32 presidency, Canada, the Philippines and South Korea joined the initiative at launch.

              Jorgensen urged governments worldwide to “choose transformation over turbulence” and switch to clean electricity to make economies and societies more resilient and shield them from future shocks driven by volatile fossil fuels.

              COP31 leaders unveil global targets, with spotlight on electrification

              For many countries, especially those heavily reliant on imported fossil fuels, the oil and gas crisis triggered by the US and Israeli attacks on Iran and the ensuing blockade of the Strait of Hormuz has driven home the urgency of the clean energy transition.

              The UK’s energy secretary Ed Miliband said on Tuesday that, unlike previous fossil fuel shocks, clean electrification now offers the world a clear alternative.

              “An alternative that cannot be disrupted by foreign wars, that isn’t subject to global shocks because it is locked in stable prices at home, and that can create good jobs and drive growth,” he added, “an alternative that can deliver national security, energy security and indeed climate security.”

              At the recent conference on transitioning away from fossil fuels in Santa Marta, a group of 60 governments led by the Netherlands and Colombia said electrification is one of the areas where they can align work with the UN climate talks.

              Financial reforms needed

              Achieving the electrification target – dubbed the “35 by 35” goal – will require significant financial resources. Investments in power grids alone need to double from their current rate to around $1 trillion each year in the next decade, according to IRENA.

              But Guterres said that developing countries are still “starved from investment” in their clean energy sector. He urged deeper reforms of the global financial architecture by reducing lending risk, lowering the cost of capital and attracting more private investment.

              Surangel Whipps Jr., president of the low-lying Pacific island state of Palau, said faster progress in electrification is a “powerful weapon in our arsenal”. But he warned that the energy transition would stall without “fit for purpose investment that is fast, predictable and accessible”.

              The post EU, UK lead push for electrification as “powerful weapon” against fossil fuels appeared first on Climate Home News.

              EU, UK lead push for electrification as “powerful weapon” against fossil fuels

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              Mombasa: Key outcomes from the Our Ocean Conference in Kenya

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              A major ocean conference has ended in Mombasa, Kenya, with just a handful of countries committing to high-level political declarations on banning deep-sea mining, protecting climate-resilient coral reefs and combatting illegal fishing.

              The Our Ocean Conference (OOC) brought together more than 5,000 delegates to discuss marine issues and make voluntary commitments to advance ocean sustainability.

              It was the first time in the conference’s 11 editions that it had been held on African soil.

              African countries played an “important leadership role” at the talks, observers told Carbon Brief, helping to drive ambition on fisheries transparency, a precautionary pause on deep-sea mining and developing proposals for marine protected areas on the high seas.

              Across the three-day conference, attendees also made 320 separate commitments, including new funding for scientific research, improving waste-management programmes to reduce marine pollution and mapping Indigenous groups’ customary waters.

              Some of these commitments were accompanied by announcements of new funding, with a total of $6.4bn “mobilised” across all pledges.

              Several non-governmental organisations also released new reports during the conference, on topics ranging from the implementation of marine protected areas to “climate-resilient” coral reefs.

              Observers told Carbon Brief that the commitments and discussions at the conference were “positive steps”, but added that these pledges must now be backed up by action.

              During the opening ceremony, former US secretary of state John Kerry urged delegates to move “from commitments to implementation”.

              Here, Carbon Brief outlines the key takeaways from the OOC across five major climate-related topics.

              Background

              The OOC was first held in Washington DC in 2014, where it was championed by Kerry.

              The conference aims to “identify action-based solutions and make tangible commitments” towards addressing key issues facing the ocean, such as climate change and overfishing. It does so through voluntary commitments made by governments, non-governmental organisations, civil society groups and others.

              These commitments align with the six “pillars” of the conference:

              • The ocean-climate nexus
              • Marine pollution
              • Marine protected areas
              • Maritime security
              • Sustainable blue economy
              • Sustainable fisheries

              Since then, the conference has been held annually (with the exceptions of 2020 and 2021 during the Covid pandemic), with the host city changing every year.

              Each edition of the conference is very different, attendees told Carbon Brief, and the host country plays a large role in setting the conference’s priorities.

              For example, at the 2024 conference, held in Athens, Greece, shipping and sustainable tourism were discussed at length alongside the six existing pillars.

              At this year’s summit, extra attention was paid to the roles of local communities in achieving a “healthy” ocean.

              Since 2025, the conference has had its own dedicated secretariat, hosted at the research organisation, the World Resources Institute (WRI). (Prior to that, the US Department of State acted as the de-facto secretariat.) 

              Marine protected area, Torre del Cerrano, Pineto, Italy.
              Marine protected area, Torre del Cerrano, Pineto, Italy. Credit: Fabrizio Troiani / Alamy Stock Photo

              Conference participants told Carbon Brief that the OOC has been “highly successful” in achieving its aims over the past decade. 

              An analysis of the first 10 years of the conference, published by WRI in 2025, found that of a total 2,618 commitments made at the OOC, around 1,130 had been completed and a further 1,005 were in progress.

              In Mombasa this year, 104 countries and organisations made a total of 320 voluntary commitments. More than one-quarter of these commitments were made in the “sustainable blue economy” action area.

              According to the preliminary report released by the secretariat at the conclusion of the OOC, the commitments made at the conference represent $6.4bn in “mobilised” finance. However, it is unclear from the report how much of this figure is new committed funding.

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              Marine protected areas

              Marine protected areas (MPAs) are one of the six key action areas of the Our Ocean Conference.

              A June 2026 independent assessment of the MPA-related commitments at previous editions of the OOC found that the conference has “made an outsized contribution to global marine conservation efforts”.

              According to the analysis, more than one-third of the Earth’s MPAs stemmed from announcements made at the OOC – a total area of more than 10m square kilometres (km2).

              This progress is the result of nearly two-thirds of MPA-related OOC commitments already fully implemented, the assessment says, while most of the remaining commitments “show evidence of progress”.

              If all pledged MPAs were to be implemented, it would represent protection for around 14.4m km2 or 4% of the ocean.

              The chart below shows the number of pledged actions related to MPAs and other area-based conservation methods that were pledged at the OOC between 2014 and 2025, coloured by the progress made on each commitment.

              Map of marine protected areas around the world
              Degree of completion of MPA commitments made at the OOC between 2014 and 2025. Blue indicates evidence of completion, while yellow shows some evidence of progress and red shows no evidence of progress. Source: Sullivan-Stack et al. (2026)

              Several groups announced new MPAs – or the completion of previously announced MPA designations – at the OOC.

              These included the establishment this year of two new MPAs in the Juan Fernández region of Chile, protecting a total of around 337,000km2 of ocean, and the approval of the Azores Marine Park, which will span 287,000km2 – making it the largest network of protected areas in the north Atlantic Ocean.

              However, despite the progress made in designating MPAs, further work is needed to ensure that these areas are truly protected, experts told Carbon Brief in Mombasa.

              A report released by the Smithsonian Tropical Research Institute (STRI) at the summit detailed the “implementation gap” facing MPAs. It noted that “at least half of existing MPAs remain unimplemented or operationally ineffective”, while just 3.5% of the global ocean is “fully and highly” protected.

              Closing this gap will require “inclusive, sustained and context-sensitive design, management and funding approaches”, continued the report.

              Dr Ana Spalding, the director of STRI’s Adrienne Arsht community-based resilience solutions initiative, told Carbon Brief that, while MPAs are typically evaluated based on their biodiversity outcomes, the communities that rely on ocean ecosystems are also very important to consider. Focusing on just one aspect or the other will result in an MPA that is not effective, she added:

              “There’s going to be a sweet spot between the two.”

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              High Seas Treaty

              The Agreement on the Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction – also known as the BBNJ Agreement or the High Seas Treaty – entered into force on 17 January 2026.

              This followed the treaty, achieving the necessary 60 state ratifications on 19 September 2025. The week before the OOC, the east African nation of Comoros became the 90th party to ratify the agreement.

              The first Conference of the Parties for the High Seas Treaty will be held in January 2027 in New York City. At that meeting, parties will be tasked with creating the rules of procedure, establishing the subsidiary bodies and carrying out other foundational work.

              Because so many key decisions will be made at this COP1, it is “imperative” to have as many ratifications as possible before the conference begins, said Rebecca Hubbard, director of the High Seas Alliance, a coalition of non-governmental organisations that advocates for protection of the high seas. She added:

              “We hope that well over 100 countries will be party to the agreement by COP1, so that they can be at the decision-making table.”

              Container ship in the Indian Ocean. Image ID:
              Container ship in the Indian Ocean. Credit: imageBROKER.com / Alamy Stock Photo

              One of the key provisions of the High Seas Treaty is that it creates a mechanism for countries to establish MPAs in international waters. This will be key to achieving the “30 by 30” target of protecting 30% of the world’s land and oceans by 2030, Hubbard told Carbon Brief.

              However, establishing a high-seas MPA under the agreement requires a thorough process, including a review by a scientific and technical subsidiary body, a consultation with parties and a vote by the COP. Thus, in order to achieve the “30 by 30” target, parties will need to act swiftly to begin the process of establishing high-seas MPAs, according to Hubbard. She said:

              “It will be very, very tight. It’s definitely possible, but it requires really strong government leadership and prioritisation.”

              She added that it is “essential” that governments begin forming proposals for high-seas MPAs before the COP meets in January, noting that some countries are already doing so.

              At a side event on 16 June, representatives from South Africa and the EU detailed plans to propose a high-seas MPA that would link two existing protected areas in the sub-Antarctic – one South African and one French. Hubbard told Carbon Brief:

              “That’s a really great example of what we can do with the High Seas Treaty – having developed and developing countries working together, sharing knowledge [and] developing scientific approaches together. I think that’s the hopeful future, collaboration [and] cooperation, that the High Seas Treaty really provides.”

              Also at the summit, Senegal, Mauritania, the Gambia and Guinea-Bissau committed to creating “at least two” transboundary west African MPAs.

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              Deep-sea mining

              Although deep-sea mining was not a major focus of the Mombasa talks, it did feature at several side events.

              At a reception held by the Deep Sea Conservation Coalition (DSCC), Prof Rashid Sumaila of the University of British Columbia said the “wrong question is being asked” about deep-sea mining. He continued:

              “It’s not whether they have the minerals, it’s whether extracting them gives a net-positive impact.”

              Sumaila added that evaluating the risk of deep-sea mining will require a cost-benefit analysis that is as “broad and inclusive as possible”.

              At the same reception, the foreign-affairs minister of Malawi, Dr George Chaponda, announced the country’s support of a “precautionary pause” on seabed mining in international waters. This would prohibit mineral exploration in such areas until there is robust scientific evidence showing limited environmental harm.

              In doing so, Malawi became the first African country to support such a pause – and the 41st country overall to support a precautionary pause or moratorium on the activity.

              Chaponda told the assembled guests that Malawi’s existence as a landlocked country did not preclude its involvement in the deep-sea debates, urging:

              “To my fellow landlocked states: geography does not diminish our stake in the ocean.”

              Later in the week, Kenya and Madagascar also announced their support for such a pause.

              In a statement, David Willima, the Africa lead at DSCC, said:

              “The leadership shown by Malawi, Kenya and Madagascar sends a vital signal that African nations are stepping forward to defend the deep ocean and are unwilling to accept the risks of deep-sea mining.”

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              Coral reefs

              At the third UN Ocean Conference (UNOC), held in Nice, France, in June 2025, 11 countries and several partner organisations launched the high-level commitment to protect “climate-resilient” coral reefs.

              These are reefs that, according to scientists, have the “best chance of long-term survival in the face of climate change”.

              (UNOC occurs every three years and is specifically focused on achieving the UN Sustainable Development Goal on sustainable ocean use. Unlike the OOC, UNOC results in a negotiated political declaration.)

              A further four countries signed the commitment in Mombasa: Comoros, the Dominican Republic, Kenya and the UK. According to a representative at the launch event, the goal is to reach 31 signatories – representing 80% of the world’s coral cover – by COP31 in Turkey in November this year.

              Signatory governments pledged their commitment to:

              • Identifying climate-resilient reefs and prioritising their protection.
              • Integrating coral-reef protection into national strategies and plans.
              • Enacting policies to reduce the local pressures facing coral reefs, such as overfishing, pollution and overdevelopment.
              • Implementing national reef monitoring programmes and action plans.
              • Ensuring equity and working with local communities in protecting reefs.

              The Mombasa conference also coincided with the presentation of a new study on climate-resilient reefs, covered in the 17 June edition of Carbon Brief’s Cropped newsletter. (The study is currently in the final stages of peer review.)

              Coral reef in Raja Ampat, Indonesia. Credit: Noemi Merz / Ocean Image Bank
              Coral reef in Raja Ampat, Indonesia. Credit: Noemi Merz / Ocean Image Bank

              Building on a 2018 project that identified the 50 coral reefs that “form an optimal portfolio of reefs that are most likely to survive climate change”, the new work mapped more than 165,000km2 of coral reefs across 70 countries. These were found to have the best chances of persisting in the face of climate change and a warming, acidifying ocean.

              Dr Emily Darling, director of coral-reef conservation at the Wildlife Conservation Society and a co-author of the study, told Carbon Brief that “one of the key things countries can do that have these important reefs is elevate them into national policy” across multiple government sectors.

              She added that learning from these reefs will become vital over the coming months as El Niño warms the world’s oceans even further.

              Darling told Carbon Brief:

              “Climate change is not a single blanket on the world’s oceans. There are a lot of pockets of resilience, there are pockets of revolution for corals, and it’s all about finding those places, and how do we support them through the other local pressures that they experience that we know we can manage.”

              Although few monetary coral-related commitments were made at the summit, Norway pledged to allocate NOK 20m ($2m) to the Global Fund for Coral Reefs.

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              Fisheries

              One of the major achievements of the summit was the adoption of the Mombasa Declaration to advance fisheries transparency and combat illegal fishing.

              The declaration “recognise[s]” that illegal, unreported and unregulated (IUU) fishing is a major factor driving the unsustainable use of ocean resources and the degradation of marine ecosystems.

              We celebrate growing global momentum toward achieving sustainable ocean management by 2030. Yet we remain deeply concerned about the threats of overfishing, ecosystem degradation, declining biodiversity, and maritime insecurity. We recognize that these issues are enabled by Illegal, Unreported and Unregulated (IUU) fishing and associated human rights abuses. We highlight that opacity in parts of the global seafood sector undermines efforts to combat IUU fishing and associated abuses, and therefore regard increased fisheries transparency as a critical response. Transparency in ownership structures is especially important to ensure that the ultimate beneficial owners responsible for IUU fishing activities are identified and held accountable.
              Excerpt from the preamble to the Mombasa Declaration. Source: The Mombasa Declaration (2026)

              The declaration, which was signed by 16 national governments – eight of them from Africa – commits parties to follow a set of principles laid out in the Global Charter for Fisheries Transparency. This was developed and promoted by a group of civil society organisations known as the Coalition for Fisheries Transparency.

              The commitments in the Mombasa Declaration fall within four broad categories:

              • Supporting transparency and accountability in the fishing industry.
              • Strengthening monitoring of fishing activities and cooperating with enforcement actions.
              • Building capacity and supporting implementation of transparency reforms.
              • Strengthening ocean-observing systems and promoting the use of open-access data.

              The declaration notes that these principles should “apply to and benefit both small-scale and industrial fisheries” and support “broader ocean-management efforts”.

              At a press conference announcing the launch of the declaration, Ghanaian fisheries and aquaculture minister Emelia Arthur called it a “global testament of our collective commitment to transparent fisheries”. She emphasised the importance of the sector to all aspects of life, saying:

              “Fisheries is nutrition. Fisheries is food security. Fisheries is livelihoods. Fisheries is national security.”

              Fishing boat and gannets, Cornwall, UK.
              Fishing boat and gannets, Cornwall, UK. Credit: David Chapman / Alamy Stock Photo

              Several civil society organisations, philanthropies, community groups and governments also made separate fisheries-related commitments at the summit.

              The EU committed €46m ($52m) through its Horizon Europe research programme to fisheries work, including €32m ($36m) for “adaptive co-management strategies” and €14m ($16m) for research on conservation and sustainable management of migratory fishes.

              The EU and Italy both also announced contributions to the European Maritime, Fisheries and Aquaculture Fund.

              The government of Kenya made nine fisheries-related pledges at the summit, including committing to train compliance officers dedicated to combatting IUU fishing, developing management plans for all of its commercial fisheries and establishing bycatch mitigation measures.

              At the summit, the UN Food and Agriculture Organization launched its biannual “state of world fisheries and aquaculture” report.

              According to the report, the world set a new record for fisheries and aquaculture in 2024 – producing a total of 235m tonnes of fish and algae. This total consisted of nearly 92m tonnes of fish from capture fisheries, 103m tonnes of farmed fish and 40m tonnes of algae production.

              Aerial view of a fish farm.
              Aerial view of a fish farm. Credit: Scharfsinn / Alamy Stock Photo

              The amount of fish produced by capture fisheries has remained largely stable since 2000, while aquaculture production has increased by an average annual percentage rate of just under 5%, according to the report.

              While the largest growth has occurred in Africa, Latin America and the Caribbean, the vast majority of aquaculture production – 89% – occurs in Asia.

              The report also says that more than one-third of the world’s marine fish stocks are overfished, with significant variation based on region and species. It adds that climate change may play an increasing role in driving the unsustainability of fisheries in the future:

              “Despite the uncertainty of climate risks in the short, medium and long term, studies on the impacts of climate change on aquatic food systems around the world increasingly document the relevance and potential success of adaptation measures, urging decision-makers to integrate climate change considerations into fisheries and aquaculture planning and management.”

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              Mombasa: Key outcomes from the Our Ocean Conference in Kenya

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              Did Colombia’s energy transition just come to a halt?

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              Christopher Wright is the principal analyst at CarbonBridge, a decarbonisation consulting firm.

              Less than two months ago, Colombia hosted the world’s first international conference on Transitioning Away from Fossil Fuels. This weekend, however, it appears that Colombia’s first ever leftist presidency has ended. Far-right candidate Abelardo de la Espriella, who was last week strongly endorsed by Donald Trump, will not only take the reins of government but also steer the future of Colombia’s energy transition.

              As the world’s sixth-largest coal exporter, and fourth largest oil exporter in Latin America, Colombia plays a critical role in the world’s energy markets. However, this role had shrunk under President Gustavo Petro’s administration, as it sought to proactively shift the country away from its fossil-fuel based economy, ahead of a potential oil and gas production shortage over the next decade.

              That could all change as De la Espriella’s takes power. Calling himself the Tiger (“El Tigre”), he has promised to focus on deregulation, exploit oil extraction “to the maximum” and leverage the energy sector as a key “engine of growth”.

              Colombia’s world-leading energy transition

              Over the last four years, Colombia has embarked on one of the most rapid and holistic energy transitions anywhere in the world. Shortly after coming to power in 2022, the government of Gustavo Petro halted new oil and gas exploration contracts, suspended all hydraulic fracking pilots, and pledged to end the development of new unabated coal power plants.

              While many of these moves faced domestic and legislative challenges, they were widely praised in climate circles around the world.

              Colombia soon became a pivotal member of the Powering Past Coal Alliance, the Beyond Oil and Gas Alliance and the Fossil Fuel Non-Proliferation Alliance. It then went on to host the biodiversity COP in 2024, launch a $40-billion climate transition investment portfolio, and famously, host the Santa Marta conference earlier this year.

              While fossil fuels still comprise around 7% of Colombia’s GDP and 56% of its total exports, there were already signs that the transition policies had begun to have an effect.

              Coal production last year fell to its lowest level in the last 22 years. According to the Colombian national association of coal producers, coal export volumes declined by 23% in 2025. While the oil sector has not seen an equivalent precipitous drop, production levels have remained historically low since COVID.

              What about its domestic electricity sector?

              Since the 1970s Colombia’s electricity sector has been dominated by large hydro-electric dams, endowing it with some of the lowest carbon electrons anywhere in the world. Today, close to 70% of its electricity supply comes from these large dams.

              However, electricity demand rose by close to 10% under the Petro government. To meet this demand, total installed electricity capacity has expanded by a similar figure, and solar power has made up over 70% of new electricity capacity since.

              As a result, by the end of 2025, gas power generation in the electricity sector had hit its lowest point since 2018. Wind power had doubled, and solar power generation had risen by over 630%. Colombia’s renewable energy association predicts that, by the end of 2026, the country may be home to more than 4.2 GW of installed variable renewable energy capacity.

              Far-right jumps on energy challenges

              Despite the progress, the last three years have been an incredibly challenging period for Colombia’s energy sector.

              During Petro’s first two years in office, inflation remained above 10%, and interest rates stayed above 13% for most of 2023. This put a pause on new energy investments, as foreign direct investment fell by a third since 2022.

              On top of this, Colombia suffered through an El Niño-fuelled drought in 2023-24, crippling its hydro-electric power supply. This forced the country to turn to expensive gas and coal power, just as both sectors had effectively begun to pull back. This sent electricity prices through the roof, increasing nearly 40% in a single year, and led the Petro government to intervene with price controls, aiming to protect everyday Colombians.

                Unsurprisingly, this made energy investors even more cautious. By the end of 2023, GDP growth had plummeted and renewable energy investments fell by 70%. Since then, all the major credit agencies have downgraded the country’s credit rating, making it even shakier to invest.

                As a result, even with the new solar coming online, and 1.2 GW of additional hydro-power from the Ituango dam expected by 2028, the country could still face a major energy deficit by 2027, with permitting delays halting project developments, and 5.1 GW of approved projects unable to reach financial close.

                Challenging domestic debate

                This has led to a challenging domestic debate on energy policy. While 96% of Colombians want to see solar expand further, they have been understandably frustrated by high electricity bills and limited economic growth.

                As a result, De la Espriella’s campaign, which has largely focused on taking a hardline stance to combat growing concerns around security and crime, was relatively open to solar power, but sought to blame Colombia’s current energy crisis on the speed of its current energy transition.

                Branding himself as neither a climate denialist nor “dogmatic environmentalist” the incoming president who will take office in August, will likely seek to revoke the ban on new hydrocarbon exploration contracts, legalise fracking and restructure the national oil company, Ecopetrol.

                While he is unlikely to cancel market-driven projects and may reduce regulatory hold-ups, it is also likely that he will shift away from the government’s recent overwhelming support for long-renewable energy and battery storage projects, which have driven much of the recent uptake in solar power.

                Future of energy transition in doubt

                In a country of close to 54 million people, the final election count was only decided by about 250,000 votes. However, this weekend’s margin belies the magnitude of the shift that will likely now take place.

                With the country facing a potential domestic energy shortage 2027, President-elect De la Espriella has promised to revitalise the hydrocarbon economy, shifting Colombia’s recent energy transition on an entirely new course.

                While this may unlock some regulatory challenges hindering renewables roll-out, broader support mechanisms for solar projects will likely be dismantled, and the broader economic transition abandoned, along with its recent flurry of international climate alliances.

                He will also take his place among a wave of right-leaning Presidents that have swept to power across the continent in the last 18 months. This has seen right-wing electoral victories across Ecuador, Bolivia, Chile, Costa Rica, Argentina and now Colombia, with Peru’s Keiko Fujimori potentially joining the club soon – pending a final vote count.

                With the Brazilian elections scheduled for October, and run-off scenarios between Lula and Flávio Bolsonaro still far too close to call, 2026 will undoubtedly be a pivotal year for Latin America’s energy future.

                The post Did Colombia’s energy transition just come to a halt? appeared first on Climate Home News.

                Did Colombia’s energy transition just come to a halt?

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