The European Bank for Reconstruction and Development (EBRD), the European Union (EU), and the Green Climate Fund (GCF) launched two programs to boost green finance and improve value chains, aiming to foster a green recovery of the Egyptian economy. Working with the EBRD’s local partner banks, the programs cumulatively worth EUR 220 million will offer...Read more »
On October 30, 2020, the South Africa National Department for Cooperative Governance, World Resources Institute (WRI) Ross Center for Sustainable Cities, and the Coalition for Urban Transitions announced a new partnership. It will support a green, resilient, and equitable COVID-19 recovery for cities in South Africa while focusing on implementing the country’s Integrated Urban Development...Read more »
On September 28, the Global Innovation Lab for Climate Finance (the Lab) launched eight innovative finance solutions designed to channel private resources to climate action in developing economies. The instruments pay attention to supporting the most vulnerable populations during and after the pandemic while building long-term resilience. The finance instruments will support nature-based solutions as well...Read more »
The UN Economic Commission for Africa and the Government of Ethiopia signed a Memorandum of Understanding on August 13, 2020, kicking off a USD 3.6 million project on nature-based solutions for water resources infrastructure and community resilience in Ethiopia. The project is part of the Ethiopian Government’s Green Legacy initiative and serves as the official...Read more »
On August 14, 2020, Reuters reported on Nairobi’s increased efforts to expand green infrastructure. The article highlights how such investments address challenges posed by the pandemic and the climate crisis. The Kenyan capital is improving the protection and quality of green spaces, especially along the Nairobi River, while supporting people in need. In March, the...Read more »
On August 6, 2020, the World Bank approved USD 250 million in International Development Association (IDA) credit and grants for Niger. The funds are supposed to help the West African country to develop its human capital and to address challenges caused by the COVID-19 pandemic. The new funding is part of a program series targeted...Read more »
The Senegalese government issued a decree at the beginning of August that exempts 22 different renewable energy equipment types from the value-added tax (VAT). Renewable energy production technologies targeted by this exemption are wind farms, biogas production facilities, solar photovoltaic, and a range of other solar-powered technologies, such as solar water heaters, solar lamp kits,...Read more »
On August 5, 2020, the European Investment Bank (EIB) announced it was directing EUR 300 million toward the COVID-19 response and recovery in African nations. The funding is part of the EIB Team Europe Initiative, designed to help the most vulnerable and exposed countries respond to the immediate health crisis, mitigate social and economic impacts,...Read more »
The Green for Growth Fund, an impact investment fund targeted at mitigating climate change and promoting sustainable economic growth in various countries, has announced on 05. August to provide a top-up loan to Banque du Caire in Egypt. The additional USD 15 million will support financing energy efficiency and resource efficiency measures of small and...Read more »
In this article, Mukhisa Kituyi, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), and Dona Bertarelli, UNCTAD’s new Special Adviser for the Blue Economy, call for a sustainable blue economic recovery and describe what that could look like. The health of the oceans is in steep decline. A natural resource so crucial...Read more »
The UN Environment Programme (UNEP), alongside several partners in the Sustainable Infrastructure Partnership (SIP), developed a set of ten principles for post-COVID-19 recovery focusing on investing in sustainable and resilient infrastructure. The ‘Principles for Recovery’ provide a framework for decision making on infrastructure spending for post-COVID-19 recovery and stimulus packages. The Principles call for decisions...Read more »
On July 15, the World Economic Forum released a new report on the need to address the future of nature, in addition to climate change, in a post-COVID-19 recovery. The report highlights that a business-as-usual approach has no future. In addition to fighting climate change, three systems need to undergo a fundamental transformation to address...Read more »
On July 2020, the UN Environment Programme (UNEP) reported that Ghana is undertaking a National Adaptation Planning (NAP) process, in which it seeks to improve its resilience to climate change and its impacts over the next 60 years. Its NAP process has been supported by the NAP Global Network since 2018. By developing anticipated climate...Read more »
On June 30th 2020, the European Union (EU) and the European Bank for Reconstruction and Development (EBRD) announced a total grant package of EUR 61.3 million to be provided for green and climate resilient investments in Egypt, Morocco and the countries of the Eastern Partnership. By allocating grants to energy efficiency, renewable energy and climate...Read more »
Environmental Finance reports on 08 June 2020 that Ninety One, an asset manager, recently launched a COVID-19 recovery impact fund in South Africa. This is another example where private sources of financing are used for recovery measures. The fund will have a portfolio of senior debt, subordinated debt, preferred equity, listed equity and private equity....Read more »
Several of the 126 countries participating in the Belt and Road Initiative (BRI) are calling for debt relief, including for infrastructure projects that have been hit by negative economic effects of the COVID-19 pandemic. A range of BRI projects, such as coal-fired power plants, hydropower plants, and oil palm plantations, has been criticized for their...Read more »
On June 8, 2020, the World Trade Organization Secretariat published a report on trade-related developments in relation to the COVID-19 pandemic in least-developed countries (LDCs). The economies of LDCs have been hit extra hard during this pandemic, as many rely on export-sensitive sectors that came to a near standstill (tourism, textiles, etc.), as well as...Read more »
The Italian government unveiled the outline of the national COVID-19 recovery plan, which will allocate a total of EUR 196 billion to six key areas. The plan includes the following investments: EUR 74.3 billion is earmarked for a green revolution and ecologic transition.EUR 48.7 billion will go toward digitalization and innovation.EUR 27.7 billion will be...Read more »
The Government of Finland intends to invest European Union (EU) stimulus funds in reducing carbon emissions and fostering ecological sustainability. Finland will receive about EUR 2.3 billion from the EU’s Recovery and Resilience Facility during 2021–2023. These funds form part of the EUR 750 billion recovery fund that the EU is planning to provide to...Read more »
The Mayor of London, Sadiq Khan, launched the first part of London’s Green New Deal fund. The investments of GBP 10 million aim to boost green jobs, tackle climate change, and address inequalities. This first phase of the package is expected to secure around 1,000 green jobs—for instance, related to solar panel installation and energy...Read more »
The Green Climate Fund (GCF) approved a USD 23.1 million grant towards strengthening the climate resilience of Mongolian herder communities. The project aims to enhance climate-informed natural resources management and sustainable livestock practices, building on traditional cooperative approaches among herders. It will also introduce innovative technologies for the traceability of sustainably sourced livestock products and...Read more »
A new report by the International Institute for Sustainable Development (IISD) tracks G20 countries’ progress in ending government support to fossil fuels and reveals large public money commitments for fossil fuel-intensive sectors in response to the COVID-19 crisis. The report Doubling Back and Doubling Down: G20 Scorecard on Fossil Fuel Funding was developed together with...Read more »
On November 5, 2020, an England-wide nature restoration initiative was launched. It aims to tackle biodiversity loss and climate change, and to help people reconnect with the natural world. Led by Natural England, the Nature Recovery Network (NRN) Delivery Partnership brings together representatives from over 600 organizations, such as RSPB, Wildlife and Countryside Link, and...Read more »
The Government of the United Kingdom announced GBP 134 million in cleantech funding on November 4, 2020. The investments are part of the country’s green recovery efforts and aim to help clean growth projects develop new technologies, create new jobs, drive productivity, and tackle climate change. The GBP 134 million comes from the United Kingdom’s Sustainable...Read more »
New research commissioned by the C40 Global Mayors COVID-19 Recovery Task Force illustrates the benefits of green and just recovery for employment, emissions, and health across the world’s 100 leading cities. The new technical report, published in October 2020, compares how urban greenhouse gas emissions, health, and jobs could develop under a green recovery compared...Read more »
As of October 26, 2020, the European Union (EU) has allotted PHP 3.76 billion in grant funding to the Philippines under the Access to Sustainable Energy Programme. This grant will support sustainable recovery efforts in the Philippines, particularly within the energy sector. During a webinar held on October 22, 2020, the head of the EU...Read more »
On October 26, 2020, The Rockefeller Foundation announced its commitment of USD 1 billion over the next 3 years to strengthen health systems and improve access to clean energy in developing countries. This commitment to green recovery in developing countries intends to rebuild economies and secure a safer future. Beyond the economic benefits that this...Read more »
Researchers from the Global Development Policy Center at Boston University have developed a way to measure the International Monetary Fund’s (IMF) response to the COVID-19 pandemic. The IMF COVID-19 Recovery Index aims to quantify the extent to which the organization recommends (or conditions) borrowing countries to increase their efforts to combat the pandemic, protect vulnerable...Read more »
On October 1, 2020, Canadian Prime Minister Justin Trudeau announced a plan to position the Canada Infrastructure Bank (CIB) as an important vehicle for a sustainable recovery from the COVID-19 pandemic. The bank will allocate CAD 10 billion within three years to projects that create 60,000 jobs and contribute to a green, low-carbon economy. Priority...Read more »
Political leaders from around the world have launched the Leaders’ Pledge for Nature, committing to reversing biodiversity loss by 2030. Supported by more than 70 countries and several non-state actors, the pledge is meant to send a united signal to step up global ambition for biodiversity, nature, climate, and people. The Leaders’ Pledge for Nature...Read more »
In September 2020, The Guardian reported that a majority of people across Britain supports an ambitious transformation of the United Kingdom into a greener, fairer, and more equal society. The assessment is based on an extensive inquiries by a cross-party group of MPs, which involved over 55,000 people through representative polls, workshops, and telephone conversations....Read more »
The British government has launched its GBP 40 million Green Recovery Challenge Fund, supporting up to 5,000 jobs in areas such as tree planting and nature conservation. Environmental groups can now apply for grants worth GBP 50,000 to GBP 5 million. The fund is aimed at labour-intensive projects that deliver nature-based solutions to climate change...Read more »
The Smart Prosperity Institute has published an article outlining opportunities for a green and inclusive COVID-19 recovery in Canada. The authors underline that some groups within society, especially women, younger workers, persons of colour, and persons with disabilities, have been hit disproportionately hard by the recession. The article, therefore, calls on the government to carefully...Read more »
On September 3, 2020, the French government unveiled details about the country’s new EUR 100 billion economic stimulus package. It is meant to increase the competitiveness of the French economy, boost jobs, and green the economy. One third of the stimulus package, which amounts to 4% of the GDP, is allocated to green measures. According...Read more »
Colombia’s president Ivan Duque sees his country on track to economic recovery. Participating in a virtual conference on August 20, 2020, he discussed the key role of the government’s stimulus and recovery plan, called Compromiso por el Futuro de Colombia. It includes investments over COP 100 billion (about EUR 22 million) and the creation of 1...Read more »
On August 26, 2020, The Guardian reported the creation of a new joint venture that seeks to invest billions in natural capital around the world. HSBC Global Asset Management and Pollination, a climate advisory and investment firm, are forming the world’s largest investment firm dedicated to environmentally friendly projects beyond renewable energy. The plan is...Read more »
In August, the Canadian government announced improved funding opportunities for infrastructure projects in the country. Provinces and territories can redirect up to 10% of the funds they originally received under the Investing in Canada Infrastructure Program to the new COVID-19 Resilience funding stream. The maximum total volume to be reallocated amounts to CAD 3.3 billion....Read more »
On July 29, 2020, the Inter-American Development Bank (IADB) and the International Labour Organization (ILO) published the results of a study that highlights the enormous job creation potential associated with a transition to a net-zero carbon economy in Latin America and the Caribbean. Even though such a transition would terminate around 7.5 million jobs in...Read more »
On 15. July 2020 the European Investment Bank (EIB) approved EUR 16.6 billion of new financing, of which EUR 10.2 billion will be invested for COVID-19 related recovery projects. Investments are earmarked for improving public health services and adapting other public services institutions across several European countries to respond better to the pandemic. Credit lines...Read more »
In June, E3G and the Kigali Cooling Efficiency Program published a report on how climate-friendly cooling can support a clean, resilient Covid-19 recovery. They identified six key opportunities for including sustainable cooling solutions in stimulus packages that can create jobs, reduce emissions, secure the supply chains of medical care products and food, and boost the...Read more »
The Green Bond Bulletin of NN Investment Partners provides excellent insight into the Green and Social Bond markets. In their article from June 30, 2020, NN Investment Partners report on recent developments in the Social Bond and sovereign Green Bond markets in light of the COVID-19 pandemic. They highlight the surge of Social Bond issuances...Read more »
On May 29, 2020, The Guardian reported increasing evidence on the link between exposure to air pollution and COVID-19 infections and death rates. To make societies more resilient and avoid a second wave, tackling air pollution must play a central role in the recovery.
The Inter-American Development Bank supports Guatemala under its REDD+ framework to scale its good practices on sustainable forest management and agriculture. The management of the cardamom value chain in Guatemala is an example of how to make agriculture more resilient in a post-COVID-19 recovery. It is also exemplary in its positive social impact, especially by...Read more »
