Pakistan should seek to suspend international debt repayments and restructure loans after devastating floods triggered a humanitarian emergency and imperilled the country’s finances, a UN policy memorandum argues. The draft paper from the UN Development Programme, seen by the Financial Times, proposes that Pakistan negotiate debt relief with creditors to “stem the climate-change-fuelled crisis”. Pakistan’s…
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World Bank president David Malpass faced mounting pressure to resign after criticism from German and US officials as well as environmental groups over his refusal to say whether he believed in human-caused global warming and complaints about the bank record on climate-related finance. Malpass avoided giving a clear answer three times during a New York…
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This article is an on-site version of our Moral Money newsletter. Sign up here to get the newsletter sent straight to your inbox. Visit our Moral Money hub for all the latest ESG news, opinion and analysis from around the FT With Climate Week in full swing, FT coverage has been shaking up the conversation…
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The US Senate voted on Wednesday to approve an international climate treaty that would phase out the use of potent greenhouse gases used in refrigerators and air conditioners. By a vote of 69 to 27, the Senate agreed that the US should join the 2016 Kigali Amendment, alongside 137 other countries, and pledge to reduce…
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The US Senate voted on Wednesday to approve an international climate treaty that would phase out the use of potent greenhouse gases used in refrigerators and air conditioners. By a vote of 69 to 27, the Senate agreed that the US should join the 2016 Kigali Amendment, alongside 137 other countries, and pledge to reduce…
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Mark Carney conceded that banks were resisting his financial alliance to tackle climate change because they feared that adhering to the rules about lending to fossil fuel companies would expose them to legal claims. Wall Street banks, including JPMorgan, Morgan Stanley and Bank of America, are among those that have threatened to leave the group,…
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This week world leaders have been flocking to the United Nations General Assembly, known as UNGA, in New York, keen to do business face to face after years of disruption. The last time they were gathered at the summit in 2019, global politicians were accused by 16-year-old Greta Thunberg of failing the world’s youth with…
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Ecommerce group Amazon has signed agreements with 71 renewable energy projects to meet its target of running all operations on clean energy by 2025, as it attempts to stem the emissions that have surged with its sales. The company had reached 85 per cent renewable energy supply across its business by the end of 2021,…
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US lawmakers are stepping up scrutiny of the oil and gas industry in three separate hearings linked to investigations into “deceptive” advertising campaigns that misled the public about climate change. In a report released by the Democratic House Natural Resources Committee’s Oversight and Investigations panel, investigators said corporate public relations companies “go far beyond typical…
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This article is an on-site version of our Moral Money newsletter. Sign up here to get the newsletter sent straight to your inbox. Visit our Moral Money hub for all the latest ESG news, opinion and analysis from around the FT UN secretary-general António Guterres has taken every recent opportunity to deliver furious exhortations on…
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