As countries step up borrowing to fund COVID-19 stimulus spending, few governments are paying attention to how climate change could limit their ability to repay the debts, researchers warned on Wednesday. Increasingly severe climate shocks, such as hurricanes, and chronic pressures such as water shortages and drought are already hurting economies, and could worsen in the future, scientists say. But researchers at Oxford University, who estimated national governments issued 193 long-term bonds worth $783 billion in 2020, reviewed investor prospectuses for 50 and found about three-quarters did not disclose any climate-related risks. They also warned that only 18% of total announced COVID-19 recovery spending had been directed to activities that would reduce global emissions, despite calls to “build back better”.
Reuters 7th April 2021 read more »
How Debt and Climate Change Pose ‘Systemic Risk’ to World Economy. With dozens of countries struggling to manage both staggering debt and mounting climate disasters, some financial leaders are calling for green debt relief. How does a country deal with climate disasters when it’s drowning in debt? Not very well, it turns out. Especially not when a global pandemic clobbers its economy. Take Belize, Fiji and Mozambique. Vastly different countries, they are among dozens of nations at the crossroads of two mounting global crises that are drawing the attention of international financial institutions: climate change and debt.
New York Times 7th April 2021 read more »
Sadiq Khan has promised to help create hundreds of thousands of green jobs across the UK capital if he is re-elected as Mayor of London next month. The Labour mayoral candidate yesterday set out plans to support more than 170,000 green jobs through a range of projects, including electrifying London’s bus fleet, increasing the resilience of flood risk areas, and tackling emissions from the city’s buildings. The commitments build on a series of previous green goals for London established under Khan’s leadership, including making the city ‘carbon neutral’ by 2030 and “ensuring London’s transport system is the world’s greenest”. Khan, currently well ahead in the polls for the upcoming election, also last year pitched a £50m Green New Deal to drive progress towards these targets, arguing that tackling environmental and climate problems “are personal to me”. “I don’t want my children to grow up in a world where our very way of life is threatened by the climate crisis,” he said at the time.
Business Green 7th April 2021 read more »