German high-speed train

Germany goes greener with $95 billion push for train over plane

By Arne Delfs and Brian Parkin, Bloomberg Germany launched an 86 billion euro ($95 billion) plan to modernize and expand its creaky railway system, a move billed as an effort to make transportation greener. The 10-year plan is not only to upgrade rails, bridges and carriages but also build out capacity and electrify more routes […]

European Parliament Strasbourg

EU sets out trillion euro plan to avert ‘climate crash’

by Marine Strauss, Reuters STRASBOURG, France (Reuters) – The EU budget chief said the bloc needs to invest dedicated funds to avert a “climate crash” as Brussels detailed how it planned to pay for a trillion euro push to cut net C02 emissions to zero by 2050 and protect member countries dependent on coal. The […]

The power of finance to transform our economy

by Gregor Macdonald, The Energy Transition In the spring of this year, the Singapore-based Oversea-Chinese Banking Corporation (OCBC) announced it would halt all future financing for new coal projects, save for two final newbuilds in Vietnam: Van Phong 1 at 1.3 gigawatts (GW) and Vung Ang 2 at 1.2 GW. By November, OCBC, the second […]

Ludington Pumped Storage Facility in Michigan. Image by Consumers Energy

Montana energy storage project lines up financial partner

by Matthew Brown, AP Construction on a $1 billion energy storage system in central Montana could start as soon as next year after its sponsors said Friday they reached a financing agreement with a Danish firm that invests in renewable energy. Carl Borgquist, president of Bozeman-based Absaroka Energy, said the involvement of Copenhagen Infrastructure Partners […]

Hong Kong raises $1 billion in oversubscribed first green bond

by Julia Fioretti, Reuters Hong Kong raised $1 billion from the sale of its first green bond on Wednesday, as the former British colony looks to establish itself as a center for green finance. Hong Kong sold a five-year U.S. dollar-denominated green bond with a coupon of 2.5%, attracting over $4 billion in orders from […]

With climate losses rising, central banks push greener finance

by Reed Landberg, Bloomberg With insurers shouldering a record $160 billion in climate-related losses from last year alone, a group including 30 central banks called for measures to spur green finance and better assessment of the risks from higher global temperatures. The move led by the Bank of France, Bank of England and People’s Bank […]

Despite rising demand for EVs, bankers prefer to finance coal instead of lithium mines

by David Stringer and Mariko Ishikawa, Bloomberg After clinching a deal with a Chinese battery maker in 2016, James Brown figured bankers would be eager to fund his new lithium mine. Altura Mining Ltd. was racing to ship the raw material from Australia to the world’s biggest electric vehicle market as demand was surging. Instead, […]

RBS cuts lending to new coal and Arctic oil projects

by Press Association, The Guardian Royal Bank of Scotland will no longer fund Arctic oil projects and has pledged to cut lending to firms profiting largely from coal as part of an updated energy policy. The changes cover the mining, power and oil and gas sectors and are aimed at taking a tougher line on […]

‘Great news for the climate’ as banking giant ditches tar sands, arctic drilling

by Andrea Germanos, Common Dreams  In a move being hailed as a win for the climate, banking giant BNP Paribas announced Wednesday that it is severing ties with companies whose main business is connected to shale and/or oil from tar sands, will stop financing transportation projects for such fuels, and will not finance any oil or gas […]

Roof-top solar by solartradeassociation

JPMorgan Chase commits to 100% renewable energy by 2020 & facilitating $200 billion in clean energy financing by 2025

by Joshua S. Hill, Clean Technica Multinational banking giant JPMorgan Chase has announced it is committing to sourcing 100% of its energy needs from renewable energy by 2020 and a promise to facilitate $200 billion in clean financing through 2025. For those of us who have been covering global warming science and clean technology for […]