Ignoring global climate goals ‘could cost fossil fuels firms $1.6tn’

New report warns the gap between the present policy environment and more ambitious Paris climate target poses major risks for investors

World Bank to stop funding oil and gas projects

The World Bank has pledged to stop financing oil and gas projects after 2019. The announcement was made at the One Planet Summit in France earlier this week as part of its plans for effective implementation of the Paris Agreement’s goals. However, in exceptional circumstances, consideration will be given to financing upstream gas in the […]

Nicaragua set to sign Paris climate deal

Nicaragua is to sign the Paris climate agreement, leaving only the US and Syria outside the global pact. Under the agreement, nations across the globe pledged to keep rising global temperatures “well below” 2°C above pre-industrial levels. Nicaragua had previously rejected the agreement, arguing it did not go far enough to tackle the issue. However, […]

MEPs call for higher EU climate goals

Members of the European Parliament (MEPs) are urging the EU to ratchet up its climate goals. In a resolution put to vote this week, ahead of the UN’s COP23 meeting in Bonn next month, they called on the EU to set out a mid-century zero emissions strategy by 2018 in line with the aims of […]

Stop fossil fuel expansion to meet climate goals, urge environmental groups

More than 220 organisations from 55 countries are calling for a managed decline of the fossil fuel industry to meet climate goals. The Lofoten Declaration is demanding action on the supply side to tackle production in line with the Paris climate deal. Signatories include the UK’s ShareAction and Friends of the Earth, Global Greengrants Fund […]

US officially notifies UN of Paris climate exit

The US has officially notified the United Nations (UN) of its intention to withdraw from the Paris climate change pact. UN Secretary-General António Guterres received the notification from the US to exit from the deal “as soon as it is eligible to do so”, unless it identifies “suitable terms for re-engagement”. The notification comes two […]

Greenhouse gas emissions ‘not being recorded officially’

Greenhouse gases are reportedly being emitted into the atmosphere but aren’t being recorded officially. A BBC investigation alleges “large quantities” of a particular gas are being emitted from a location in Italy, which were detected by air monitors in Switzerland, however official submissions to the UN record “just a tiny amount of the substance being […]

Hawaii defies Trump and passes law supporting Paris climate deal

Hawaii has become the first US state to formally adopt pledges backing the Paris climate agreement. Governor David Ige and Hawaii’s county mayors and representatives signed two bills and a mayors’ agreement that support the commitments of the climate accord. It makes Hawaii the first state to go against President Donald Trump, who recently pulled […]

Michael Bloomberg pledges to pay US share of Paris climate funding

Former New York City Mayor Michael Bloomberg has pledged to pay around $15 million (£11.6m) to cover America’s financial commitment to the Paris climate deal. The billionaire’s charitable organisation, Bloomberg Philanthropies, will provide the funding Mr Bloomberg says the UN will lose because of President Donald Trump’s decision to pull out from the landmark Paris […]

UKIP pledges to withdraw from Paris deal, repeal Climate Change Act

The UK Independent Party (UKIP) has vowed to withdraw from the Paris agreement and repeal the Climate Change Act if it wins the general election. It believes the Act, which it claims will cost the UK around £319 million, “has no basis in science” and its aim of cutting greenhouse gas emissions by 80% by […]