The value of traded global markets for carbon dioxide (CO2) permits reached a record 881 billion euros ($948.75 billion) in 2023, marking a 2% increase on the previous year, analysts at LSEG said on Monday. Many countries and regions have launched emissions trading systems (ETS) to put a price on carbon dioxide (CO2) emissions and… Continue reading Global carbon permit markets reach record €881b in 2023
Category: Climate change
‘Green’ commodity markets: Robust environmental claims vs risk of greenwashing
In October 2023, Apple announced all its products will be ‘100% carbon-neutral by 2030’. This objective, in line with the company’s commitment, emerged following the establishment of partnerships with suppliers for ‘green aluminium’.
‘Tis the season: Deal on fossil fuel reduction signed at COP28
At the COP28 climate summit in Dubai, representatives from nearly 200 countries reached an agreement to start reducing the global consumption of fossil fuels.
Sustainable development in Angola: UK backs €415mn project with loan guarantees
The UK has provided loan guarantees allowing Standard Chartered Bank to organise financing, enabling British exporter Innovo Group to secure a €415 million contract for essential infrastructure projects in Benguela Province, Angola, situated on the west coast adjacent to the Atlantic Ocean.
Report: Greenwashing incidents up 70% globally in 2023
A RepRisk report released on Tuesday revealed a 70% increase in greenwashing incidents by banks and financial services companies globally over the past 12 months, compared to the previous year. The bulk of these incidents were attributed to European financial institutions, with a significant number of the greenwashing claims focusing on fossil fuels. RepRisk, a… Continue reading Report: Greenwashing incidents up 70% globally in 2023
5 common myths about carbon accounting: Is it really worth it?
While a growing portion of the industry starts to seize the opportunities of measuring and managing emissions, many commodity traders still hesitate. Why undertake the complex process of carbon accounting, if it’s hard, if it’s not a legal requirement, and if it only draws attention to their high-carbon products rather than their competitors?
Driving sustainability forward in the CEE region
Trade finance plays a vital role in global economic activities, facilitating the movement of goods and services across borders.
$2bn pledged at UK-US climate finance summit
Financial leaders, corporations, and philanthropists are pooling resources of more than $2 billion to bolster efforts in carbon reduction and climate resilience across Africa, Asia, and Latin America, according to a recent UK-US joint statement. The communication, made by UK’s Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy on Climate… Continue reading $2bn pledged at UK-US climate finance summit
Trade Finance Global announces media partnership with International Trade Centre on the World Export Development Forum
Trade Finance Global (TFG) is pleased to announce its partnership with the International Trade Centre’s (ITC) annual flagship event, the World Export Development Forum (WEDF), taking place on June 26-29, 2023 in Ulaanbaatar, Mongolia.
Green mind-set and green financing: Overcoming sustainability challenges (Part 2)
Following the EBRD 2023 Annual Meeting and Business Forum in Samarkand, Uzbekistan, TFG’s Brian Canup (BC) spoke with Nino Masurashvili (NM), Deputy CEO, Chief Risk Officer, TBC Bank Georgia, who was recognised with the EBRD Sustainability Silver Award. Read this two-part interview to learn more about TBC Bank Georgia, why they were awarded the EBRD Sustainability Silver Award, and their plan for continuing to support Georgian sustainability.
OECD countries reach historic agreement to modernise export credit support for climate-friendly and green projects
A modernisation package agreed in principle by participants will specifically allow countries to offer greater support for green projects while also expanding the use of export credits in the context of an evolving world economy and an increasingly competitive landscape. Within the package of reforms, the Participants agreed to expand the scope of green or… Continue reading OECD countries reach historic agreement to modernise export credit support for climate-friendly and green projects
Port of Los Angeles, Tokyo and Yokohama agree to green shipping corridor
The Port of Los Angeles has entered into separate Memorandum of Understandings (MOUs) with the Port of Tokyo and the Port of Yokohama – to formally collaborate on sustainability and environmental issues. The agreements were signed by Port of Los Angeles officials during the 2023 California Japan Clean Energy Trade Mission, led by California Lt.… Continue reading Port of Los Angeles, Tokyo and Yokohama agree to green shipping corridor
Carbon neutrality in commodity trading: A need for standardisation
While consensus and recognised standards exist for carbon footprint measurement and reporting, carbon offsetting and the quality of underlying projects are still subject to debate.
UKEF announces new debt solution to help developing countries in the face of climate shocks
UK Export Finance (UKEF) announced on Finance Day at COP27, November 8, that it will become the first export credit agency (ECA) to offer Climate Resilient Debt Clauses (CRDC) in its direct sovereign lending. UKEF helps overseas buyers access financial support to make their projects happen, provided they commit to sourcing goods and services from… Continue reading UKEF announces new debt solution to help developing countries in the face of climate shocks
Net-zero: Singapore-Australia sustainability initiative as example of global collaboration
Singapore and Australia share longstanding economic, strategic, and people-to-people ties, underpinned by the Comprehensive Strategic Partnership. These relations and multiple shared interests at regional and global levels have led them to work together to shape a sustainable future for the two nations through a bilateral Green Economy Agreement (GEA). In commencing negotiations, both parties are… Continue reading Net-zero: Singapore-Australia sustainability initiative as example of global collaboration