The head of the United Nations climate body, Simon Stiell, said on Wednesday a “quantum leap” in climate finance is needed for many countries to be able to submit strong new climate action plans next year.
“It’s hard for any government to invest in renewables or climate resilience when the treasury coffers are bare, debt servicing costs have overtaken health spending, new borrowing is impossible and the wolves of poverty are at the door,” he said in a major speech at the Chatham House think-tank in London.
Climate finance has traditionally consisted mainly of wealthy governments and multilateral development banks giving loans and grants to developing countries to help them reduce planet-heating emissions and adapt to climate change.
But Stiell’s speech focused heavily on other sources of finance, which would not burden taxpayers in rich nations but are unlikely to be agreed in time for next year’s round of climate plans under the Paris Agreement.
Stiell said governments must agree at the Cop29 UN climate summit this year “a new target for climate finance that meets developing country needs”. But, he added, “it’s not enough to agree a target. We need a new deal on climate finance between developed and developing countries.”
Billionaires and boats
That would include “new sources of international climate finance, as the G20, International Maritime Organization (IMO) and others are working on”, he noted.
The Brazilian government, as chair of the G20, wants the group’s 20 major economies to agree a minimum tax on billionaires, and has hinted that some of this levy could be spent on climate finance.
Spring Meetings can jump-start financial reform for food and climate
But this has not been agreed – and is likely to prove controversial. E3G analyst Sima Kammourieh said geopolitical splits over the wars in Ukraine and Gaza had held back G20 negotiations, as had the recent death of the Brazilian diplomat leading the discussions, Daniel Machado da Fonseca.
Governments at the IMO, meanwhile, have agreed to put a price on shipping emissions. But the IMO and government shipping negotiators have suggested they want most of this money to be used to clean up the shipping industry, not for broader climate finance such as the new UN loss and damage fund.
Spring meetings
Ahead of next week’s spring meetings of the World Bank and International Monetary Fund (IMF), Stiell reiterated his support for the Bridgetown Agenda, a set of international financial reforms that would shift more multilateral funding into tackling climate change.
“The Spring Meetings are not a dress rehearsal. Averting a climate-driven economic catastrophe is core business,” Stiell said. “It can’t slip between the cracks of different mandates.”
So far, the biggest reform agreed is a change to the World Bank’s debt-to-equity ratio of 1%. That will free up $4 billion a year – but while reformers are calling for more, opponents fear credit rating agencies will downgrade the bank, making it more expensive to borrow money.
European court rules climate inaction by states breaches human rights
The newest proposal in Stiell’s speech was his call for the IMF to make “more use” of an obscure pot of money called the Catastrophe Containment Relief Trust (CCRT).
The CCRT provides grants for debt relief to the world’s poorest countries when they are hit by disasters that meet a preset threshold of destruction.
But the IMF’s latest annual report described the trust as “critically underfunded” with “insufficient resources to provide significant relief” when another disaster strikes.
Old-fashioned finance?
French President Emmanuel Macron has been a vocal supporter of a new global pact on finance that would push more money into climate action into debt-strapped developing nations, hosting many world leaders at a summit in Paris last year to discuss the reforms.
But last month, France cut its aid budget by 12.5%. The UK has also reduced its aid spending in recent years, and shuffled the numbers to count more as climate finance – while a potential Donald Trump victory threatens the US’s already relatively low level of international climate funding.
Former French diplomat, Laurence Tubiana, who is now chair of the European Climate Foundation, told journalists yesterday that in Europe the “fiscal space is just non-existent”, adding “the agenda of the day is to cut public spending”.
But Sara Jane Ahmed, finance adviser to the V20 group of climate-vulnerable countries, told Climate Home that rich nations can create more fiscal space by printing money, borrowing, taxing or cutting spending elsewhere.
In London, Stiell said a “quantum leap in climate finance is both essential and entirely achievable”, and argued that providing more is in the interests of powerful developed countries.
Without climate finance, he said, poorer nations would not submit bold new climate plans and then “all economies, the G7’s included, will soon be in serious and permanent strife”.
The post UN climate chief calls for “quantum leap in climate finance” appeared first on Climate Home News.
UN climate chief calls for “quantum leap in climate finance”
Saturday, 17 October 2026
7.18 AM AWST
Hi folks! We’re joining you live from the Rainbow Warrior where we will be providing you with updates as our four activists continue scaling and occupying Woodside’s gas platform. The activists are peacefully protesting against Woodside’s latest gas expansion plans, the Browse project, which would see up to 57 toxic wells drilled at Scott Reef.
“Right now our activists are scaling Woodside’s massive Floating Production Unit. They are scaling the South-East pillar and the underside of the Helideck. They’ll be setting up camp soon and have plenty of provisions with them – so stick around!”
5:45 AM AWST
Our RHIBS are in the water! We’ve deployed our four activists and our ship crew on our small fast boats, headed to the gas platform. We’re carrying crew and equipment, plenty of food, all of our safety climbing gear, some big banners, cameras and a whole lot of heart… someone even has something to read after they get settled in.
5:26 AM AWST
Before sunrise activists prepared to launch RHIBS from the Rainbow Warrior.
Looking for a front seat view?
You can follow along with the Live Rainbow Warrior bow cam here!
Looking for more?
Follow us on Instagram for a peek behind the scenes and hear from our Rainbow Warrior crew.
Live blog: Greenpeace activists occupy Woodside gas project to save Scott Reef
Climate Change
Greenpeace activists climb and occupy Woodside’s Scarborough gas project calling on the Australian government to “Stop Woodside’s Dirty Gas” and “Save Scott Reef”
PERTH, Saturday 17 October 2026 — Four Greenpeace Australia Pacific activists are scaling and occupying a Floating Production Unit at Woodside’s Scarborough gas project off the coast of Western Australia, displaying banners reading: “Stop Woodside’s Dirty Gas. Save Scott Reef.”
- Photos and video available here and here. More will be uploaded throughout the day.
- Content and live updates will be uploaded to a live blog and to Instagram
Early this morning at 05:45 AWST, Greenpeace Australia Pacific activists launched from the Rainbow Warrior, Greenpeace’s flagship vessel, scaling and attaching themselves to a Floating Production Unit (FPU), a key piece of gas processing infrastructure at the Scarborough gas field over 200km off the coast of Exmouth.
Woodside has since confirmed it has initiated a temporary shut down of the FPU.
Greenpeace Australia Pacific is occupying the gas platform in peaceful protest of Woodside’s plans to drill for oil and gas at Scott Reef as part of its Browse proposal.
David Ritter, CEO at Greenpeace Australia Pacific, said: “Greenpeace Australia Pacific is taking action today to expose the unacceptable risk to Scott Reef posed by Woodside’s plans.
“Australians love our oceans. Woodside’s reckless Browse gas proposal would turn the magnificent Scott Reef into an industrial gas zone. Woodside wants to drill up to 57 toxic wells around Scott Reef, Australia’s largest oceanic reef, home to nesting green sea turtles, and endangered species like pygmy blue whales and the dusky sea snake; it is a place like nowhere else on Earth.
“Woodside has an alarming track record of oil spills, incidents and environmental neglect, and can’t be trusted with our oceans. From whaling in Albany in the seventies, to Woodside’s threat to Scott Reef today, there’s more than fifty years of history, of Greenpeace taking action off WA’s coasts to protect our oceans.
“There’s no future in new gas projects. Our future is in secure homegrown renewable energy, green industry and exports, where communities and places like Scott Reef are protected — there’s no future in dirty gas shipped offshore.
“The prospect of drilling for oil or gas on the Great Barrier Reef would be considered absolute madness today, but that is exactly the decision before the government: save Scott Reef or risk its destruction at the hands of a gas corporation.”
From aboard the Floating Production Unit, Dr Chris Holden, Greenpeace Australia Pacific activist said: “As a doctor, when I see new fossil fuel projects like Woodside’s Browse project being put forward, I can’t help but think about the impact this is going to have on the health of our communities and planet, and feel a sense of duty to act.
“Not only will this project do irrevocable harm to nature at Scott Reef, it will have a terrible impact on our climate, putting all of our lives at risk.
“On the Rainbow Warrior I’m carrying a copy of the 2025 Lancet countdown report, which warns that health impacts of climate change are worsening, with millions dying needlessly each year due to fossil fuel dependence, growing emissions, and failure to adequately adapt.
“With warnings like this from the leading global health professionals, our government simply can’t allow fossil fuel projects like Woodside’s Browse project to go ahead. It is their duty to do what is in the best interest of our communities.”
Almost half a million people have signed a petition calling on the government to Save Scott Reef and Woodside’s Browse gas project.
-ENDS-
Notes:
- Dial-in, SimSat and Zoom interviews with Geoff Bice, WA Campaign Lead at Greenpeace Australia Pacific, currently aboard the Rainbow Warrior, can be organised separately
Media contact:
Greenpeace Australia Pacific media team on +61 406 231 892 or +61 407 581 404
The board of the Fund for Responding to Loss and Damage (FRLD) will decide on Thursday on whether to “provisionally set aside” $20 million for Nepal to deal with some of the effects of the climate-driven flood it suffered in August.
The motion, seen by Climate Home News, has been drafted by a group of board members from both developed and developing countries and so is likely to pass easily at the fund’s first-ever extraordinary board meeting on October 22.
It invites the government of Nepal to submit a proposal for how to use the money, with the board then deciding at one of its regular board meetings whether to approve the proposal or not.
While Nepali officials have described $20 million as merely “symbolic” in the face of the $4.8 billion estimated costs of recovery and reconstruction, it would be the first time the new FRLD – agreed in 2022 months after devastating floods in Pakistan – has set aside money for a specific disaster.
Until now the fund has only taken requests through a single call for proposals, launched at COP30 in Belém last November, that gave countries six months to submit requests.
Most of the 180 projects the FRLD is currently considering are designed to help countries avoid damage from future climate disasters, for example by strengthening responses to floods in Bangladesh and Lagos.
The draft decision says Nepal’s proposal will serve as a pilot for how funding requests can be submitted outside of the fund’s current timetable. That could let governments seek funds quickly after a climate disaster strikes, rather than waiting for the next call.
This arrangement would set the fund apart from other United Nations funds designed for climate adaptation or cutting emissions like the Green Climate Fund.
Climate campaigners from Fill the Fund said the draft decision is “a real step forward” as it is “the first time this Fund has moved to respond to a specific disaster”.
Too little, too late
The FRLD was agreed by governments at COP27, set up and operationalised at COP28 in 2023 but has yet to award any money. The 180 funding requests it is currently considering would cost around $2.8 billion, but it only has $350 million to allocate.
The United Nations Secretary-General António Guterres has described the amount of money available in the fund as “ridiculously small” and Fill the Fund said $20 million “is a meaningful signal but it is a drop against an ocean of need”.
A glacial rock and ice collapse sent a torrent of water and debris through Nepal and the Chinese-administered region of Tibet on August 26. It killed more than 1,400 people, left thousands more missing and destroyed homes, bridges, roads and hydropower plants. Nepal’s finance and environment ministers quickly appealed to the FRLD board for funds, saying that “time is of the essence”.
Their call was followed swiftly by a letter from developing country FRLD board members urging the board’s co-chairs to organise an extraordinary meeting to allocate funds to Nepal.
But developed countries initially called for an informal consultation rather than a full board meeting. It took a further 45 days for the board’s co-chairs to organise an extraordinary board meeting for October 22 and to draft a motion for adoption.
Fill the Fund called for a permanent way of the fund rapid responding to disasters as “Nepal should not have required historic letters, an informal drafting group and the Fund’s first-ever extraordinary meeting simply to unlock an emergency response. The next country cannot wait two months and a bureaucratic marathon. Speed must be built in, not improvised.”
The post UN’s loss and damage fund set to give Nepal $20m for flood recovery appeared first on Climate Home News.
UN’s loss and damage fund set to give Nepal $20m for flood recovery
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Live blog: Greenpeace activists occupy Woodside gas project to save Scott Reef
Greenpeace activists climb and occupy Woodside’s Scarborough gas project calling on the Australian government to “Stop Woodside’s Dirty Gas” and “Save Scott Reef”
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