The UN’s Green Climate Fund (GCF) is considering borrowing money from banks and other investors in order to meet a goal set by governments at COP29 in November to increase spending by a group of funds that support developing countries.
At the talks in Baku, under pressure from small island nations and the Least Developed Countries (LDCs), all governments agreed to “pursue efforts to at least triple annual outflows” between 2022 and 2030 from UN climate funds like the GCF.
But with climate finance from wealthy governments faltering, Alain Beauvillard, the GCF’s director of strategy, policy and innovation, told Climate Home that the fund was considering tapping capital markets to help meet this goal.
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He said the GCF has an “ambitious” goal to manage $50 billion by 2030 – set in 2023 by its executive director – but foreign aid budgets are “not growing fast, some are falling and basically Ukraine is taking the greatest part”, so “we need some other sources of funding”.
The GCF will also look at accessing international financial assets called Special Drawing Rights and benefiting from proposals for global taxes on polluting economic sectors, he added.
Climate justice
But borrowing is controversial. Harjeet Singh, a frequent observer of GCF board meetings and director of the Satat Sampada Climate Foundation in India, told Climate Home that “turning to capital markets to scale up climate finance may address short-term funding gaps but fundamentally undermines the principles of climate justice”.
In his view, it “prioritises profit-driven projects like renewable energy over critical adaptation efforts and addressing loss and damage – both of which are essential for vulnerable communities bearing the brunt of the climate crisis”.
Those lending money to the GCF on financial markets would expect to be paid back with interest. While clean energy projects generally produce revenue which the GCF could use to pay off lenders, it is harder to make profit from rebuilding a hurricane victim’s house or constructing a seawall to defend against rising sea levels.
The COP29 language about tripling outflows from the climate funds was only added into the finance agreement at midnight on the last night of the tense summit, giving governments no time to debate the exact wording. The amounts and details have yet to be worked out.
Michai Robertson, finance negotiator for the Alliance of Small Island States (AOSIS), told Climate Home that its inclusion was a compromise made to them and the LDCs, following a dramatic temporary walk-out on the last afternoon of the talks.
While government aid agencies like USAID and multilateral development banks (MDBs) like the World Bank are at least largely controlled by developed countries, the GCF has a board made up of an equal number of developed and developing country representatives.
Aid agencies and MDBs often favour finance in the form of loans, emissions-cutting projects and big countries as recipients of their money. But the GCF has a mandate to invest half of its money in adapting to climate change, 50% of which goes to LDCs, small island developing states and African governments.
Open to interpretation
Richard Sherman, a South African climate negotiator who was at COP29, told Climate Home that developing countries assumed that tripling outflows from these funds also meant tripling inflows “and definitely not doing three times more with what they are currently getting”.
“Now it seems the Baku language means everything to anyone,” he said. “This will probably be the start of endless negotiations of what we actually agreed to.”
Sherman warned that the GCF’s board and its trustee – the World Bank – would have to agree if the GCF is to enter the capital markets, adding that getting money from SDRs and solidarity levies would also be “complicated”. He called these proposals “stock-standard developing-country treasury approaches”.
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Some UN funds already borrow money. In 2022, the International Fund for Agricultural Development was the first UN agency other than the World Bank to access the capital markets to lend to rural communities in poverty.
Last Tuesday, the Climate Investment Funds (CIF) – one of the world’s largest multilateral climate funds – issued its first bond, borrowing $500 million to lend to clean technology project developers in developing countries. This process was begun by former CIF head Mafalda Duarte, who now leads the GCF.
Current CIF head Tariye Gbadegesin called the bond issue “a historic moment for climate finance” which would “multiply the funds available for scaling up clean technology and infrastructure in developing countries – not in ten years, but now, when it’s most critically needed”.
She noted that demand for the bonds was more than six times higher than supply, describing this as “an enormous vote of confidence and a sign of the keen market interest in backing high-quality clean energy projects”.
Carbon levy for adaptation funding
When it comes to adaptation, the business case for going to the financial markets is far less clear. That leaves the UN climate funds that are focused on supporting projects to help vulnerable communities protect themselves from extreme weather and rising seas with fewer options for meeting the COP29 goal.
The UN’s Adaptation Fund, which has blazed a trail for this type of finance for 17 years, has to go cap in hand to wealthy government donors every year to solicit contributions in a bid to meet an annual target that is now set at $300 million. That is a challenge when national budgets are tight and needs are growing across proliferating climate funds.
For example, the fund garnered contributions of only around $133 million through COP29 last year – and while it’s not living hand to mouth, it has a significant pipeline of projects seeking funding. Given this tough backdrop, its head Mikko Ollikainen told Climate Home it was encouraging to see donor governments commit to tripling outflows, which he took as “a vote of confidence” in the Adaptation Fund’s work.
“The direction of travel is quite clear – that the needs are increasing and the adaptation finance gap is growing, and the decision from Baku would enable us to partly bridge that gap,” he said. “But, of course, this needs to be implemented – and then the finance, the funds would need to materialise to match this target that the (government) parties have set.”
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For the Adaptation Fund, the COP29 decision means increasing its allocations to projects and programmes to $400 million a year by 2030, which translates into an annual growth rate of 25%, Ollikainen said.
There is one other source of finance the Adaptation Fund can look to: countries have agreed it can receive a 5% levy on emissions reductions registered with the new UN carbon market – which could see credits start to change hands this year after its rulebook was finalised at COP29.
But previous experience with a similar levy on an earlier version of a UN offsetting regime, the Clean Development Mechanism, was disappointing. Revenue amounted to only 10% of the Adaptation Fund’s resources due to rock-bottom emissions permit prices.
Ollikainen said “there hasn’t been any sort of authoritative estimate of what we might be expecting” from the new market but welcomed the fact that countries had set a quantitative target for UN climate funds for the first time, signalling they are willing to ensure it is met.
Pressure on funds
Two other multilateral funds that mainly channel money for adaptation projects in poorer countries – the Least Developed Countries Fund and the Special Climate Change Fund – have struggled even more to get what they need, cancelling donor events at COP29 due to a lack of commitments.
Joe Thwaites, senior advocate for international climate finance with the US-based Natural Resources Defense Council, said the COP29 goal amounts to tripling outflows from all the funds combined to an annual $5.2 billion.
Donor governments will need to make new pledges to help them reach the the target, but it also puts pressure on the funds themselves to do more with the money they have in their coffers, he said, noting that “getting the money out of the door… has been one of the challenges”.
“It doesn’t get countries off the hook but if [the funds] can manage their money better, they could leverage that and get greater outflows off the same capital base,” Thwaites said.
(Reporting by Joe Lo; additional reporting by Megan Rowling; editing by Megan Rowling)
The post Green Climate Fund looks at capital-market borrowing to meet COP29 goal appeared first on Climate Home News.
Green Climate Fund looks at capital-market borrowing to meet COP29 goal
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Climate Change
Factcheck: Trump’s false claims about the IPCC and ‘RCP8.5’ climate scenario
Among a flurry of posts on social media last weekend, US president Donald Trump declared “good riddance” to a specific emissions scenario used in global climate projections.
The “RCP8.5” scenario, which envisages a future of very high carbon emissions, was “wrong, wrong, wrong”, the president wrote in block capitals.
This was “just admitted” by the UN’s “top climate committee”, he falsely claimed, referring to the Intergovernmental Panel on Climate Change (IPCC).
The post was quickly picked up by right-leaning media, amplifying Trump’s misrepresentation of emissions scenarios and the role of the IPCC.
His claim follows the publication of a new set of emissions scenarios that will feed into the next IPCC reports.
While the new scenarios no longer include such high emissions as in RCP8.5, they also show it is “not possible” to limit global warming to 1.5C above pre-industrial levels without significant “overshoot”, one of the authors tells Carbon Brief.
Moreover, projections suggest that the world is still on course for between 2.5C and 3C of warming, another author says.
This level of warming was previously described as “catastrophic” by the UN.
In this factcheck, Carbon Brief looks at Trump’s comments, the debate around RCP8.5 and the “good” and “bad” news within the latest scenarios.
- What did Trump say?
- What is RCP8.5?
- Why is RCP8.5 so hotly debated?
- How has RCP8.5 been replaced?
- How is the IPCC involved?
What did Trump say?
In the late evening of Saturday 16 May, Trump posted the following message on his Truth Social social-media platform:
“Dumocrats” is a derogatory nickname for Democrat politicians, debuted by the president in a televised Fox News interview on Thursday 14 May, according to the Independent.
By “top climate committee”, the president was presumably referring to the IPCC, the UN body responsible for assessing science about human-caused climate change.
However, the IPCC does not develop, control or own climate scenarios. Moreover, it has not published anything stating that any climate scenario is “wrong”. (For more, see: How is the IPCC involved?)
Nevertheless, right-leaning media outlets have reported on Trump’s comments, in many instances repeating his false assertion that the RCP8.5 climate scenario had been developed by the IPCC.
The New York Post misleadingly claimed that the IPCC “had quietly adjusted” its framework of emission scenarios. The Daily Caller, a pro-Trump conspiratorial US outlet, adds its own falsehoods stating that “IPCC researchers revised their modelling approach last month, swapping the extreme pathway for seven alternative scenarios”. The climate-sceptic Australian claimed that scientists had “quietly scrapped the apocalyptic forecasts that have terrified policymakers and the public”.
With Fox News also covering Trump’s comments, along with an earlier article by the Times, much of the reporting around RCP8.5 in recent days has been driven by media controlled by the climate-sceptic mogul Rupert Murdoch.
It is not the first time the Trump administration has attacked RCP8.5. In an executive order issued in May 2025 – entitled, “Restoring gold-standard science” – the White House included the climate scenario in a list of examples of how the previous government had “used or promoted scientific information in a highly misleading manner”.

Federal agencies, it claimed, had been using RCP8.5 to “assess the potential effects of climate change in a higher warming scenario”, despite scientists warning that “presenting RCP8.5 as a likely outcome is misleading”.
The executive order came after Project 2025 – a policy wishlist for Trump’s second term published in 2023 by the Heritage Foundation, an influential rightwing, climate-sceptic thinktank in the US – criticised the climate scenario.
The manifesto said a “day-one” priority for the new government should be to “eliminate” the US Environmental Protection Agency’s “use of unauthorised regulatory inputs”, such as “unrealistic climate scenarios, including those based on RCP8.5”.
What is RCP8.5?
Scientists use emissions scenarios to explore potential future climates, based on how global energy and land use could change in the decades to come.
These scenarios are not predictions or forecasts of what will happen in the future. Therefore, Trump’s declaration that projections under RCP8.5 were “wrong, wrong, wrong” misrepresents the purpose of emissions scenarios.
Different modelling groups have produced thousands of different scenarios over the years. RCP8.5 was developed by scientists back in the early 2010s as one of a set of four consistent “representative concentration pathways”, or RCPs, for climate modellers to use.
As their name suggests, the RCPs were representative of the vast array of scenarios in the scientific literature.
Their corresponding numbers – 2.6, 4.5, 6.0 and 8.5 – do not describe temperature rise (as some mistakenly assume), but the level of “radiative forcing” that each pathway reaches by 2100. This forcing level is a measure of the change in the Earth’s “energy balance” (in watts per square metre) caused by human-caused greenhouse gas emissions.
As the highest forcing of the set, RCP8.5 was a scenario of very high emissions and extensive global warming.
When it was originally published in 2011, RCP8.5 was intended to reflect the high end – roughly the 90th percentile – of the baseline scenarios available in the scientific literature at the time.
A “baseline” scenario is one that assumes no climate mitigation, explains Dr Chris Smith, senior research scholar at the International Institute for Applied Systems Analysis (IIASA) in Austria. He tells Carbon Brief:
“RCP8.5 was developed as a no-climate-policy scenario, often called ‘reference’ or ‘baseline’ scenarios. These are used to benchmark the actions of climate policy.”
Under RCP8.5, the IPCC’s fifth assessment report (AR5) in 2013 projected a best estimate of 4.3C of temperature rise by 2081-2100, compared to the pre-industrial period, with a “likely” range of 3.2C to 5.4C.
The RCPs were succeeded in 2017 by the “shared socioeconomic pathways”, or SSPs. The SSPs included a set of five socioeconomic “narratives”, which described factors such as population change, economic growth and the rate of technological development.
The SSPs were then used in the IPCC’s sixth assessment (AR6) cycle, which ran over 2015-23. The upper end of the AR6 temperature projections was provided by the successor to RCP8.5, known as SSP5-8.5, which indicated warming of 4.4C by 2081-2100, with a “very likely” range of 3.3C to 5.7C.
Why is RCP8.5 so hotly debated?
Prof Detlef van Vuuren from Utrecht University, a leading figure in the development of emissions scenarios for many years, tells Carbon Brief that RCP8.5 is a “low-probability, high-risk scenario and it was always meant like that”.
The scenario assumed a world without climate policy and was designed to explore the consequences of high levels of greenhouse gases and global warming. It was not, van Vueren says, a “best-guess scenario” of what the future held in store.
However, in some research papers, RCP8.5 was characterised as “business as usual”, suggesting that it was the likely outcome if society did not pursue climate action.
This was “incorrect”, says van Vuuren, noting that RCP8.5 “is not a likely outcome”. He adds: “It’s never been a likely outcome.”
Over time, RCP8.5 became hotly debated in academic circles, with some scientists arguing that such high emissions were becoming increasingly unlikely and others claiming that RCP8.5 was still consistent with historical cumulative carbon dioxide (CO2) emissions.
Carbon Brief unpacked the arguments in this debate in a detailed explainer in 2019.
The charts below, originally included in a 2012 Nature commentary and then updated each year by the authors, shows how projected CO2 emissions under RCP8.5 (red line) compares with the other RCPs (bold coloured lines) and observations (black line).
The left-hand chart shows total CO2 emissions, including land-use change, while the right-hand chart shows CO2 emissions from burning fossil fuels and producing cement – the dominant drivers of 21st century emissions.

While emission trends up to the early 2010s approximately tracked RCP8.5, a flattening of emissions growth in the years since has meant they have not kept pace with the sustained rises that were assumed in the scenario.
Over the past decade, global emissions have more closely tracked RCP4.5, one of the two “medium stabilisation scenarios” of the original four RCPs.
The debate around RCP8.5 has not just focused on current emissions, but also on the scenarios underlying assumptions for the future.
When it was published in 2011, the world had just seen unprecedented growth in global CO2 emissions, which had increased by 30% over the previous decade. Global coal use had increased by nearly 50% over the same period. Cleaner alternatives remained expensive in most countries and the idea of continued rapid growth in coal use seemed realistic.
Critics of RCP8.5 point to its assumptions for a dramatic expansion of coal use in the future, as well as high growth in global population.
For example, in a 2017 paper, two scientists argued that the “return to coal” envisaged in RCP8.5 would require an unprecedented five-fold increase in global coal use by the end of the century. Such an outcome was “exceptionally unlikely”, the authors wrote.
However, others have argued that while high-emissions scenarios are becoming increasingly unlikely, they still have an important role to play. For example, they highlight risks that only emerge under higher levels of warming.
In addition, research has shown that feedbacks in the climate system – where warming triggers the release of more CO2 and methane, which warms the planet further – could mean that human-caused emissions lead to a higher radiative forcing and have a greater climate impact than initially assumed.
How has RCP8.5 been replaced?
As the IPCC heads into its seventh assessment cycle (AR7), scientists have been developing the emissions scenarios and climate model projections that will – eventually – feed into its reports.
For the emissions scenarios, that process – known as ScenarioMIP – started back in 2023 at a meeting in Reading, UK. This involved scientists representing “different climate research communities”, explains van Vuuren.
This “brainstorming” session devised the outlines for the new scenarios, he says. After more meetings, these were subsequently developed into a proposal that was – after review – translated into a journal paper. After review from scientists and the public, the final paper was published in April.
The paper sets out seven all-new emissions scenarios, replacing the SSPs (and its predecessors, the RCPs). For simplicity, the new scenarios are named according to their levels of greenhouse gas emissions.
The figures below show the emissions (left) and the estimated global temperature changes (right) under the proposed scenarios, from the “low-to-negative” emissions scenario (turquoise) up to a “high-emissions” scenario (brown).

(It should be noted that, while the ScenarioMIP paper has been published, there remains an embargo on using the scenario data produced by integrated assessment models – often referred to as IAMs – to publish academic papers, analysis or even social media posts until 1 September this year. Carbon Brief will publish a detailed explainer on the new scenarios once the embargo lifts.)
When compared to the SSPs that came before, the range in future emissions in the new scenarios “will be smaller”, the authors say in the paper:
“On the high-end of the range, the…high emission levels (quantified by SSP5-8.5) have become implausible, based on trends in the costs of renewables, the emergence of climate policy and recent emission trends…At the low end, many…emission trajectories have become inconsistent with observed trends during the 2020-30 period.”
In other words, the combination of technological progress and action on climate change that, to date, remains insufficient, means that scenarios of very high or very low emissions are now not considered plausible.
Another way of looking at it is that the “range of potential futures has narrowed”, explains Smith, one of the authors on the paper.
If you “draw a fan or plume of potential future emissions that start in 2025”, it lies entirely within the spread of scenarios from a decade ago, he says:
“So you’ve ruled out futures at the high end. You’ve also ruled out futures at the low end – so it’s now not possible to limit warming to 1.5C, at least in the short term or the medium term.
This is a mix of “good” and “bad” news, Smith adds.
“In the latest set of scenarios, the lowest [scenario sees] peaking at about 1.7C, so we’ve also lost that low end, but the good news is we’ve lost the high end…Back in 2010, RCP8.5 wasn’t an implausible future, we’ve now made it an implausible future, because we’ve actually bent the curve [on emissions] enough to eliminate that possibility.”
The new “high” scenario projects warming in 2100 of closer to 3.2C (with a range of 2.5C to 4.3C).
To be clear, this “high” scenario would still come with catastrophic climate impacts, even if the level of warming would remain slightly below what was set out in RCP8.5.
Van Vuuren adds that the world is “now on a trajectory to 2.5-3C of warming”. As a result, “we don’t have any scenario anymore that can reach 1.5C with limited overshoot – we will have a significant overshoot”.
How is the IPCC involved?
Contrary to Trump’s claims, the common set of future emissions scenarios used by climate scientists are not developed by the IPCC, the UN climate-science body that produces landmark reports about climate change.
Instead, the development process described above is driven by a group of Earth system modelling experts convened by the Coupled Model Intercomparison Project (CMIP).
CMIP – an initiative of another UN body, the World Climate Research Programme – coordinates the work of dozens of climate modelling centres around the world.
Working in six-to-eight year cycles, CMIP asks modelling centres around the world to run a common set of climate-model experiments – simulations that use the same inputs and conditions – that allows for results to be collected together and more easily compared.
For experiments that explore how the climate might change in the future, modelling centres are instructed to run simulations against a fixed set of future climate scenarios, each with different levels of concentrations of greenhouse gases, aerosols and other drivers of climate change.
These future emissions scenarios are revisited each time CMIP embarks on a new “phase” of climate-modelling coordination, to reflect advances in scientific understanding and the pace of real-world climate action.
The group tasked with producing the design of future scenarios, as well as the “input files” for climate models, is the “scenario model intercomparison project”, or ScenarioMIP.
CMIP aligns its work with the schedule of the IPCC, coordinating a new set of model runs for each IPCC assessment cycle.
For example, the IPCC’s AR5 in 2013 featured climate models from the fifth phase of CMIP (CMIP5), whereas AR6 in 2021 used climate models from CMIP’s sixth phase (CMIP6).
AR7 will feature models from CMIP’s ongoing seventh phase (CMIP7). The first results from CMIP7 model runs are expected later this year.
The IPCC is consulted during the CMIP process, van Vuuren tells Carbon Brief, but their input is “no different from any other review comment” that the ScenarioMIP team received.
Thus, while the IPCC relies on model runs coordinated by CMIP in its landmark reports, it does not play a role in designing future emissions scenarios, nor in deciding when they should be retired.
Dr Robert Vautard, co-chair of IPCC AR7 Working Group I, tells Carbon Brief that the IPCC does not “do or coordinate research”. Its role, he says, is to “synthesise existing knowledge” and produce “regular” reviews of climate-science literature.
He adds that ScenarioMIP is just one set of scenarios the climate-science body assesses in its reports:
“IPCC assesses all scenarios, or sets of scenarios, that the scientific community produces. IPCC does not produce scenarios. CMIP7 will be [one] set of scenarios assessed by IPCC [for AR7] – but there will be many others.”
The post Factcheck: Trump’s false claims about the IPCC and ‘RCP8.5’ climate scenario appeared first on Carbon Brief.
Factcheck: Trump’s false claims about the IPCC and ‘RCP8.5’ climate scenario
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