Published

2 years ago

June 10, 2024

Alice Rush

Tasneem Essop is executive director of Climate Action Network International and Elizabeth Bast is executive director of Oil Change International.

Rich countries have a bill to pay. A study in the journal Nature says they will owe low- and middle-income countries an estimated $100 trillion-$200 trillion by 2050 since they have caused the climate crisis with their outsized emissions, while developing nations bear the brunt of the impacts.

As negotiators gather in Bonn this week to prepare for November’s COP29 climate summit, wealthy governments have to face the music and pay their fair share of climate finance. With low-income countries struggling with rising seas and spiralling unjust debts, the stakes have never been higher. The good news? Rich countries can deliver the funds needed for climate action. What is lacking is the political will, as usual. But we can change this.

Bonn bulletin: Crunch time for climate finance

At last year’s COP negotiations, world leaders recognised for the first time that all countries must “transition away from fossil fuels” in energy systems. This year they must agree on a new climate finance goal for 2025, which will set a new benchmark for the quantity and terms of the money owed.

Year after year, wealthy countries have failed to pay up. While transitioning away from fossil fuels is technically possible and relatively low-cost, the failure to finance transformative climate solutions like 100% renewable-ready grids, energy access, and programs to support workers and community transitions is one of the key remaining obstacles to tackling the climate crisis. Meanwhile, the lack of funding to adapt and respond to climate impacts means fires, droughts and floods are already bringing devastating consequences.

As UN Climate Change Executive Secretary Simon Stiell has said, “A quantum leap this year in climate finance is both essential and entirely achievable.” But, as negotiations have begun to establish a new global climate finance target, wealthy countries are once again trying to shirk their responsibilities.

Loans and ‘private-sector first’

They have come to the table with only tiny amounts of money. Worse, they argue it should be delivered mostly as loans, investments and guarantees – which they profit from, while climate vulnerable ‘recipient’ countries rack up debt. The US, Canada, UK and their peers claim that there is not enough public money to do anything else. Yet we know they can come up with enormous sums, like for COVID stimulus plans and for bailing out the banks.

Wealthy countries say the private sector can cover most of the costs instead. This ‘private sector first’ approach is particularly emphasized for energy finance. The idea is that all that is needed is a bit of public finance to ‘de-risk’ energy investments and attract much greater sums of private finance.

But as a former World Bank Director has argued, this approach has consistently delivered far less money than promised and “has injustice and inequality built in,” while reducing the role of government action for creating the right market conditions to deliver profits to investors. We need much more public funding to be delivered as grants for a fair energy transition.

Developing countries suggest rich nations tax arms, fashion and tech firms for climate

Rather than relying on the private sector, rich countries can afford the grants and highly concessional finance required for a fast, fair and full phase-out of fossil fuels, which societies and communities want. There is no shortage of public money available to fund climate action at home and abroad. Rather, a lot of it is currently going to the wrong things, like dirty fossil fuels, wars and the super-rich.

The lack of progress is also a symptom of a larger global financial system where a handful of Global North governments and corporations have near-full control. This unjust architecture results in a net $2 trillion a year outflow from low-income countries to high-income countries, historic levels of inequality and food insecurity, and record profits for oil and gas companies.

Make polluters pay

To raise the funds, wealthy governments can start by cutting off the flow of public money to fossil fuels and making polluters pay. The science is clear that there is no room for any new investments in oil, gas or coal infrastructure if we want to secure a liveable planet. And yet governments continue to pour more fuel on the fire, using public money to fund continued fossil fuel expansion to the tune of $1.7 trillion in 2022.

There is already momentum to stop a particularly influential form of fossil fuel support. At the COP26 global climate conference in Glasgow, 41 countries and institutions joined the Clean Energy Transition Partnership (CETP). They pledged to end all direct international public finance for unabated fossil fuels by the end of 2022 and instead prioritise their international public finance for the clean energy transition.

Rich nations meet $100bn climate finance goal – two years late

With the passing of the end of the 2022 deadline, eight out of the sixteen CETP signatories with significant amounts of international energy finance have adopted policies that end fossil fuel support – and we see international fossil finance figures dropping by billions as a result.

Making fossil fuel companies pay for their pollution through a ‘windfall’ tax on fossil fuel companies in the richest countries could raise an estimated $900 billion by 2030. Alongside taxing windfall profits, a progressive tax on extreme wealth starting at 2% would raise $2.5 trillion to 3.6 trillion a year. Brazil currently has a proposal to tax the super-rich globally, which is gaining momentum at the G20.

Canceling illegitimate debts in the Global South can free up even more.

The public money is there for a liveable future for all. As leaders negotiate on the next climate target, we must ensure those most responsible for the climate crisis finally pay up.

The post No shortage of public money to pay for a just energy transition appeared first on Climate Home News.

No shortage of public money to pay for a just energy transition

Climate Change

Whale Entanglements in Fishing Gear Surge Off U.S. West Coast During Marine Heatwaves

Published

7 hours ago

February 25, 2026

Alice Rush

New research finds that rising ocean temperatures are shrinking cool-water feeding grounds, pushing humpbacks into gear-heavy waters near shore. Scientists say ocean forecasting tool could help fisheries reduce the risk.

By Teresa Tomassoni

Each spring, humpback whales start to feed off the coast of California and Oregon on dense schools of anchovies, sardines and krill—prey sustained by cool, nutrient-rich water that seasonal winds draw up from the deep ocean.

Whale Entanglements in Fishing Gear Surge Off U.S. West Coast During Marine Heatwaves

Climate Change

Grasslands and Wetlands Are Being Gobbled Up By Agriculture, Mostly Livestock

Published

7 hours ago

February 25, 2026

Alice Rush

A new study takes a first-of-its kind look at how farming converts non-forested areas and major carbon sinks into cropland and pasture.

By Georgina Gustin

Agriculture is widely known to be the biggest driver of forest destruction globally, especially in sprawling, high-profile ecosystems like the Amazon rainforest.

Grasslands and Wetlands Are Being Gobbled Up By Agriculture, Mostly Livestock

Climate Change

Cropped 25 February 2026: Food inflation strikes | El Niño looms | Biodiversity talks stagnate

Published

18 hours ago

February 25, 2026

Alice Rush

We handpick and explain the most important stories at the intersection of climate, land, food and nature over the past fortnight.

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

Key developments

Food inflation on the rise

DELUGE STRIKES FOOD: Extreme rainfall and flooding across the Mediterranean and north Africa has “battered the winter growing regions that feed Europe…threatening food price rises”, reported the Financial Times. Western France has “endured more than 36 days of continuous rain”, while farmers’ associations in Spain’s Andalusia estimate that “20% of all production has been lost”, it added. Policy expert David Barmes told the paper that the “latest storms were part of a wider pattern of climate shocks feeding into food price inflation”.

Sign up to Carbon Brief’s free “Cropped” email newsletter. A fortnightly digest of food, land and nature news and views. Sent to your inbox every other Wednesday.

NO BEEF: The UK’s beef farmers, meanwhile, “face a double blow” from climate change as “relentless rain forces them to keep cows indoors”, while last summer’s drought hit hay supplies, said another Financial Times article. At the same time, indoor growers in south England described a 60% increase in electricity standing charges as a “ticking timebomb” that could “force them to raise their prices or stop production, which will further fuel food price inflation”, wrote the Guardian.

‘TINDERBOX’ AND TARIFFS: A study, covered by the Guardian, warned that major extreme weather and other “shocks” could “spark social unrest and even food riots in the UK”. Experts cited “chronic” vulnerabilities, including climate change, low incomes, poor farming policy and “fragile” supply chains that have made the UK’s food system a “tinderbox”. A New York Times explainer noted that while trade could once guard against food supply shocks, barriers such as tariffs and export controls – which are being “increasingly” used by politicians – “can shut off that safety valve”.

El Niño looms

NEW ENSO INDEX: Researchers have developed a new index for calculating El Niño, the large-scale climate pattern that influences global weather and causes “billions in damages by bringing floods to some regions and drought to others”, reported CNN. It added that climate change is making it more difficult for scientists to observe El Niño patterns by warming up the entire ocean. The outlet said that with the new metric, “scientists can now see it earlier and our long-range weather forecasts will be improved for it.”

WARMING WARNING: Meanwhile, the US Climate Prediction Center announced that there is a 60% chance of the current La Niña conditions shifting towards a neutral state over the next few months, with an El Niño likely to follow in late spring, according to Reuters. The Vibes, a Malaysian news outlet, quoted a climate scientist saying: “If the El Niño does materialise, it could possibly push 2026 or 2027 as the warmest year on record, replacing 2024.”

CROP IMPACTS: Reuters noted that neutral conditions lead to “more stable weather and potentially better crop yields”. However, the newswire added, an El Niño state would mean “worsening drought conditions and issues for the next growing season” to Australia. El Niño also “typically brings a poor south-west monsoon to India, including droughts”, reported the Hindu’s Business Line. A 2024 guest post for Carbon Brief explained that El Niño is linked to crop failure in south-eastern Africa and south-east Asia.

News and views

DAM-AG-ES: Several South Korean farmers filed a lawsuit against the country’s state-owned utility company, “seek[ing] financial compensation for climate-related agricultural damages”, reported United Press International. Meanwhile, a national climate change assessment for the Philippines found that the country “lost up to $219bn in agricultural damages from typhoons, floods and droughts” over 2000-10, according to Eco-Business.
SCORCHED GRASS: South Africa’s Western Cape province is experiencing “one of the worst droughts in living memory”, which is “scorching grass and killing livestock”, said Reuters. The newswire wrote: “In 2015, a drought almost dried up the taps in the city; farmers say this one has been even more brutal than a decade ago.”
NOUVELLE VEG: New guidelines published under France’s national food, nutrition and climate strategy “urged” citizens to “limit” their meat consumption, reported Euronews. The delayed strategy comes a month after the US government “upended decades of recommendations by touting consumption of red meat and full-fat dairy”, it noted.
COURTING DISASTER: India’s top green court accepted the findings of a committee that “found no flaws” in greenlighting the Great Nicobar project that “will lead to the felling of a million trees” and translocating corals, reported Mongabay. The court found “no good ground to interfere”, despite “threats to a globally unique biodiversity hotspot” and Indigenous tribes at risk of displacement by the project, wrote Frontline.
FISH FALLING: A new study found that fish biomass is “falling by 7.2% from as little as 0.1C of warming per decade”, noted the Guardian. While experts also pointed to the role of overfishing in marine life loss, marine ecologist and study lead author Dr Shahar Chaikin told the outlet: “Our research proves exactly what that biological cost [of warming] looks like underwater.”
TOO HOT FOR COFFEE: According to new analysis by Climate Central, countries where coffee beans are grown “are becoming too hot to cultivate them”, reported the Guardian. The world’s top five coffee-growing countries faced “57 additional days of coffee-harming heat” annually because of climate change, it added.

Spotlight

Nature talks inch forward

This week, Carbon Brief covers the latest round of negotiations under the UN Convention on Biological Diversity (CBD), which occurred in Rome over 16-19 February.

The penultimate set of biodiversity negotiations before October’s Conference of the Parties ended in Rome last week, leaving plenty of unfinished business.

The CBD’s subsidiary body on implementation (SBI) met in the Italian capital for four days to discuss a range of issues, including biodiversity finance and reviewing progress towards the nature targets agreed under the Kunming-Montreal Global Biodiversity Framework (GBF).

However, many of the major sticking points – particularly around finance – will have to wait until later this summer, leaving some observers worried about the capacity for delegates to get through a packed agenda at COP17.

The SBI, along with the subsidiary body on scientific, technical and technological advice (SBSTTA) will both meet in Nairobi, Kenya, later this summer for a final round of talks before COP17 kicks off in Yerevan, Armenia, on 19 October.

Money talks

Finance for nature has long been a sticking point at negotiations under the CBD.

Discussions on a new fund for biodiversity derailed biodiversity talks in Cali, Colombia, in autumn 2024, requiring resumed talks a few months later.

Despite this, finance was barely on the agenda at the SBI meetings in Rome. Delegates discussed three studies on the relationship between debt sustainability and implementation of nature plans, but the more substantive talks are set to take place at the next SBI meeting in Nairobi.

Several parties “highlighted concerns with the imbalance of work” on finance between these SBI talks and the next ones, reported Earth Negotiations Bulletin (ENB).

Lim Li Ching, senior researcher at Third World Network, noted that tensions around finance permeated every aspect of the talks. She told Carbon Brief:

“If you’re talking about the gender plan of action – if there’s little or no financial resources provided to actually put it into practice and implement it, then it’s [just] paper, right? Same with the reporting requirements and obligations.”

Monitoring and reporting

Closely linked to the issue of finance is the obligations of parties to report on their progress towards the goals and targets of the GBF.

Parties do so through the submission of national reports.

Several parties at the talks pointed to a lack of timely funding for driving delays in their reporting, according to ENB.

A note released by the CBD Secretariat in December said that no parties had submitted their national reports yet; by the time of the SBI meetings, only the EU had. It further noted that just 58 parties had submitted their national biodiversity plans, which were initially meant to be published by COP16, in October 2024.

Linda Krueger, director of biodiversity and infrastructure policy at the environmental not-for-profit Nature Conservancy, told Carbon Brief that despite the sparse submissions, parties are “very focused on the national report preparation”. She added:

“Everybody wants to be able to show that we’re on the path and that there still is a pathway to getting to 2030 that’s positive and largely in the right direction.”

Watch, read, listen

NET LOSS: Nigeria’s marine life is being “threatened” by “ghost gear” – nets and other fishing equipment discarded in the ocean – said Dialogue Earth.

COMEBACK CAUSALITY: A Vox long-read looked at whether Costa Rica’s “payments for ecosystem services” programme helped the country turn a corner on deforestation.

HOMEGROWN GOALS: A Straits Times podcast discussed whether import-dependent Singapore can afford to shelve its goal to produce 30% of its food locally by 2030.

‘RUSTING’ RIVERS: The Financial Times took a closer look at a “strange new force blighting the [Arctic] landscape”: rivers turning rust-orange due to global warming.

New science

Lakes in the Congo Basin’s peatlands are releasing carbon that is thousands of years old | Nature Geoscience
Natural non-forest ecosystems – such as grasslands and marshlands – were converted for agriculture at four times the rate of land with tree cover between 2005 and 2020 | Proceedings of the National Academy of Sciences
Around one-quarter of global tree-cover loss over 2001-22 was driven by cropland expansion, pastures and forest plantations for commodity production | Nature Food