“Development banks make landmark climate pledge, but no fossil fuel phase out” – Reuters – November 10, 2020

On November 10, 2020 Reuters reported that “(t)he world’s public development banks on Wednesday pledged to align their financial firepower with the Paris Agreement on climate change, but avoided a firm commitment to phase out fossil fuel financing.

At a green finance summit organised by the French government, the world’s 450 public development banks said they would ‘increase the pace and coverage’ of investment in renewable energy, energy efficiency and clean technologies.

However, the group stopped short of pledging to phase out fossil fuel investments, a step announced last week by a smaller group of European development banks, while the Asian Development Bank (ADB) refrained from signing the declaration.”

You may read the article on the Reuters internet site.

“Chile Launches Sustainable Bond Framework” – ESG Today – November 5, 2020

On November 5, 2020 ESG Today reported that “(t)he Republic of Chile’s Ministry of Finance published a new sustainable bond framework, with the support of the Inter-American Development Bank. The new framework expands the county’s existing Green Bond Framework, enabling the country to issue green, social or sustainable bonds. V.E, an affiliate of Moody’s, has provided a Second Party Opinion on the new framework.

The framework outlines eligible social and environmental categories that may be financed by the country’s green, social and sustainable bonds. The categories included under the prior Green Bond Framework included clean transportation, energy efficiency, renewable energy, living natural resources, land use and marine protected areas, water management, and green buildings. The new framework extends the range of sustainable finance eligible projects to nine social categories, including support for the elderly or people with special needs from vulnerable sectors, support for low-income families, support for human rights victims, community support through job creation, access to basic housing, access to education, food security, access to essential health services, and programmes designed to prevent and/or alleviate unemployment derived from socioeconomic crises.”

You may read the article on the ESG Today internet site.