Simon Jessop

A group of climate vulnerable nations is using a U.N. meeting this week to push for a credit ratings overhaul, arguing ratings should reflect climate resilience measures, an advisor to the group told Reuters.

Multilateral lender Climate Investment Funds will back a $500 million plan to help drought-prone Ethiopia restore degraded land, protect its forests and bolster food security, it said on Wednesday.

The group demanded an explicit commitment in any final deal on finance at COP29 to double financing to help them adapt to climate change.

The amount of finance provided to developing countries to help them adapt to the impacts of climate change is far short of the $359 billion a year needed even after the biggest annual increase yet, a U.N. report on Thursday showed.

Multilateral lender Climate Investment Funds (CIF) has agreed to back a $1 billion plan to upgrade Turkey's electricity grid so it can handle more renewable energy by providing an initial investment to the project, it said on Thursday.

European private equity firm Verdane has raised 700 million euros ($755 million) for its second fund focused on companies helping to decarbonise the economy, its managing partner told Reuters.

Morgan Stanley has lowered its expectations for cutting emissions from its corporate lending portfolio as the world is moving too slowly to a greener economy, the bank's chief sustainability officer told Reuters.

A new guide for countries and companies seeking financing for activities that have a positive and verifiable social or environmental impact could unlock an extra $200 billion a year for sustainable development, a JPMorgan executive told Reuters.

The World Bank is looking to free up emergency funds for Lebanon, potentially including up to $100 million through the use of special clauses in existing loan deals, its managing director of operations told Reuters.

The multilateral Climate Investment Funds said on Thursday it would invest up to $1 billion to help accelerate the development of technologies to cut climate-damaging industrial sector emissions in developing countries.