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Credit: Rogelio Gonzalez/Unsplash
Californians to vote on $10 billion climate bond in November
California's Legislature agreed on a $10 billion climate resilience bond for the November 2024 ballot, addressing climate impacts amid a budget shortfall.
In short:
- California lawmakers reached a compromise on a $10 billion climate bond after budget cuts affected climate initiatives.
- The bond focuses on aiding communities most affected by climate change, with specific allocations for water, wildfire and air quality projects.
- Approval is pending, with lawmakers required to finalize by Wednesday.
Key quote:
"Our historically underserved communities on the front lines of the climate crisis could not afford to wait any longer."
— Eduardo Garcia, California Assemblymember.
Why this matters:
The bond aims to address urgent climate issues while promoting equity for disadvantaged communities. This initiative could provide significant improvements in infrastructure, resilience and public health, enhancing California's climate adaptation efforts.
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Credit: Songquan Deng/Big Stock Photo
Japan innovates with climate bonds to fund green technology
Japan, leveraging its technological prowess, has become the first country to issue sovereign bonds specifically for funding climate change initiatives and green technology.
In short:
- Japan has initiated the sale of climate bonds, aiming to raise 20 trillion yen to support its green transition, referred to as GX.
- The bonds are designed to attract private investment into projects like low-cost wind power, carbon recycling, and advanced batteries.
- This move is part of Japan's broader goal to halve its greenhouse gas emissions by the end of the decade and achieve zero emissions by 2050.
Key quote:
"This bond shows clearly how governments, and others, can raise funds to invest in that transition. It marks a significant milestone in transition finance."
— Sean Kidney, head of the Climate Bonds Initiative.
Why this matters:
Japan's innovative approach to financing its green transition through climate bonds represents a significant step in global efforts to combat climate change. It sets an example for how countries can mobilize private capital for sustainable development and technological advancements in clean energy.
Be sure to read Douglas Fischer’s 2019 article: Financial markets push for sustainability, climate accountability.
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What are green bonds? How to make money funding a neighbor's solar panels
Last month, I bought my first Green Liberty Bond. Modeled on the war bonds that raised billions of dollars to fight World War II, my Green Liberty Bond aims to win the fight against climate change — at least in Connecticut.
thehill.com
Swift action on green financing is key to combating climate change
As President Joe Biden and the Securities and Exchange Commission consider enhanced climate-risk reporting and stepped-up climate change mitigation initiatives, there is one key area that demands his Administration's greater attention – greening of the financial markets.
Photo by John Middelkoop on Unsplash
Funding for climate disasters 'failing' those most vulnerable, says IFRC
The number of disasters caused by extreme weather and climate-related events is surging, the International Federation of Red Cross and Red Crescent Societies says, but funding is not getting to where it is most needed.
carbontracker.org
The future’s not in plastics: Why plastics demand won’t rescue the oil sector
The oil and petrochemical industries are betting their future growth prospects on demand for plastics. But plastics demand is likely to peak as the world starts to transition from a linear plastic system to a circular one and governments act to hit climate targets.
www.fastcompany.com
Bond delivers with hyperlocal, electric-trike-driving couriers
Bond is opening a series of small warehouses in basements and storefronts to do delivery differently than the big carriers, in the hopes of making urban delivery quicker and lower-emission.
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