One Planet Summit Highlights the EU's Climate Leadership

As evidenced by the recent One Planet Summit, the EU and its member states are leading climate action. In the EU, governments, businesses and investors are all engaged in hopeful efforts and initiatives designed to combat climate change.

On the anniversary of the signing of the Paris Climate agreement on December 12, French President Macron convened a summit to encourage private and public financing for the implementation of the Paris agreement. The One Planet Summit was attended by governments, corporations and other organizations. At this event the European Union announced that it would invest at least €9 billion (US$10 billion) on clean energy, sustainable cities and agriculture. Even Theresa May, the less than green-minded prime minister of the UK, acknowledged the need for wealthy nations to help the developing world. She pledged to contribute £140 million to help poorer countries manage climate change.

European nations are also working towards the goal of eradicating emissions. Germany is already a climate leader and that nation has announced that it will slash its greenhouse gas emissions by as much as 95 percent by 2050. France has emerged as the global climate leader. The country in engaged in serious emission reduction efforts through the adoption of a host of forward looking initiatives.

The EU and its member states are leading producers of renewable energy. engaged in consorted efforts to reduce emissions, ratchet-up climate finance, move away from fossil fuels, grow the green economy, and invest in agricultural adaptation.

The EU's efforts are all the more important in the face of the fiasco that is the Trump administration. Trump has eviscerated the US government's climate action plan. Trump announced that he is withdrawing from the 2015 Paris Climate agreement.

The US is now the only nation on Earth that has will not honor to their emissions reduction pledges. In the face of an historically irresponsible US government the EU is leading nations, organizations and individuals who are committed to the goals of the Paris Accord.

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France Shows Trump What Climate Leadership Looks Like

France is leading climate action. The host nation for the signing of the historic Paris Agreement has repeatedly refuted Trump's climate denial while adopting a raft of measures as part of an ambitious national climate plan.  It is fair to say that with its support of science, climate focused political agenda, and progressive climate plan France is one of the most sustainable countries in the world.  French efforts have been ongoing for years and include everything from mandatory sustainability reporting to the problem of food waste. In May France announced that it was moving forward with 17 GW of clean energy investments. These are just some of the reason France has emerged as a global climate leader.


Science

The US under Donald Trump is the only nation in the world that is not signed on to the Paris Climate Agreement. In reponse to Trump's contempt for climate science, France awarded "Make Our Planet Great Again" grants to 18 researchers including 13 US climate scientists. The research grants will extend throughout the remainder of Trump's term (assuming he is able to avoid impeachment). The laureates include professors and researchers from Cornell University, Columbia University, and Stanford University.

Following Trump's withdrawal from the Paris Accord in June French President Emmanuel Macron said that France would cover the US share of funding for a U.N. climate change panel. When Macron and former California governor Arnold Schwarzenegger met in July they made fun of Trump's climate denial. "Now we will deliver together to make the planet great again," Macron said.

He also sent out an invitation to US climate scientists saying:

"To all scientists, engineers, entrepreneurs who were disappointed by the decision of the President of the United States I want to say that they will find in France a second homeland. I call them to come and work here, with us on concrete solutions for our climate and our environment. I can assure you that France will not give up the fight".

Macron awarded 3-5 year long climate research grants worth between €1 - €1.5 million. The grants cover research for climate modeling as well as well as the technological and social challenges associated with transitioning away from fossil fuels. At the beginning of 2018, France is teaming up with Germany to provide €60 million worth of grants to 50 projects.

Macron said during the ceremony: “We will be there to replace US financing of climate research. If we want to prepare for the changes of tomorrow, we need science”.

As reported by the Star one of the awardees lamented the "devaluing of science by this administration" These remarks came from Louis Derry, a leading professor of Earth and atmospheric sciences at Cornell, who also said that he is happy to be free of the "crazy stuff that goes on in Congress and with the current administration".

Another grant recipient is Núria Teixidó Ullod, a visiting scientist at Hopkins Marine Station of Stanford University. Her research revealed the relationship between fossil fuels and drought. Another recipient of the French grant is Alessandra Giannini. Giannini is a Research Scientist at Columbia University. Giannini is well known for having conducted research that makes a causal connection between global warming and drought.

Trump is pleased to see these people go because their research flatly contradicts his climate denying narrative.

Politics

Macron has made it clear that climate action will continue regardless of what the ruling US administration does. After it has become clear that the US president has no interest in listening to reason, The French president seems to have decided that Trump is not relevant. Macron is part of a growing chorus that sees Trump as irrelevant. To make the point Trump was not invited to the climate-focused UN and World Bank's "One Planet Summit," that took place one day after the Macron's grant award ceremony.

France must also be acknowledged for having stemmed the tide of right-wing populism. In the wake of Trump's electoral victory, some were concerned that similar dystopia creating governments would pop up all across Europe.

Many are saying that France's rejection of the far right in recent elections killed the momentum that threatened all of Europe. Germans followed the French lead reelected Angela Merkle. Europeans seem to be rejecting the politics of Trump (and UK Prime Minister Theresa May), instead they are embracing progressive centrist forms of government. The importance of France in this respect cannot be overstated. France is a bulwark against the cancerous nationalism that is presently dividing Americans.

The fossil fuel industry pays the Repubublicans handsomely to deny climate science and the recent tax bill is an homage to that relationship. It would appear that Trump and the GOP are using nationalism to mask a plutocracy.

Although Macron's government is decidedly pro-capitalism, they are also anti-corruption. The Trump administration by contrast is the most corrupt administration in Amercian history. 

Economy

France is a model for Republicans who purport to be concerned about the economy and claim to be pro-business. Since 2015 the French economy has been steadily growing. Entrepreneurs seem to be thriving in the country and this has pushed France ahead of the rest of Europe in startup fundraising.Macron acknowledges the importance of climate consideration as both a health concern and an economic issue. This is evident in their appraisal of the Comprehensive Economic and Trade Agreement (CETA) with Canada. In October France announced that they would only ratify the trade deal it will not affect the nation's climate policies and regulations.

France has seen tremendous economic returns from their investments in clean energy.  First with nuclear and increasingly with renewables France is a clean energy titan. France is currently a low carbon energy leader getting more than 75 percent of its electricity from nuclear power. It produces so much energy, in fact, that it exports much of it to nearby nations to the annual tune of $3.2 billion.

"France wants to become the No. 1 green economy." This is part of France's ambitious climate plan. After the announcement Shares of French automaker, PSA Group rose 2.4 percent and Renault SA gained 1.9 percent, making them the day’s best performers on the Bloomberg 500 Autos Index.

Climate plan

In July French Ecological Transition Minister Nicolas Hulot unveiled details of a national climate plan to help France eliminate net carbon emissions by 2050.  Macron's predecessor President Francois Hollande, strongly supported renewable energy and he made bold strides towards ramping up capacity.  Holland announced that France will close all of the nation's coal-fired power plants by 2022.

Macron is continuing Holland's agenda by ramping up renewables and encouraging homeowners to produce their own energy. Last summer Macron announced that he is planning a massive home renovation retrofit program that will reduce energy consumption and cut CO2 emissions.

France is embracing renewables are abandoning fossil fuels. This includes an initiative to end the sale of fossil fuel powered cars by 2040. Hulot said that the government will stop issuing licenses for oil and gas exploration on French territory. "There will be no new exploration licenses for hydrocarbons," Hulot told BFMTV. Hulot has previously indicated that France will offer tax incentives to help get fossil fuel powered vehicles--especially older vehicles--off of the road. Hulot has also expressed an interest in raising diesel taxes.

On the issue of climate change Trump is like Macron's polar opposite just as Scott Pruitt is Huot's evil antithesis. Trump and Pruitt are eroding support for renewables and smoothing the path for more fossil fuel development.  The contrast between the climate focus of Macron's government and the rampant denial in the Trump administration could not be starker. The two governments have diametrically opposed climate narratives. While Macron is charting a course into the future, Trump is reaching back to the darkness that got us here.

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Event - Renewable Energy World International

This event will take place on December 13-15, 2016 in Orlando Florida at the Orange County Convention Center (North and South Halls). Renewable Energy World International tracks are designed to be made horizontally applicable across all technology sectors. Hear from our track champions on what is being covered during these impactful conference sessions.

Building Relationships

Make connections with 20,000 other renewable energy professionals from around the globe. Learn from each other during multiple networking events.

Expand Your Knowledge

Hear from industry experts on topics such as Energy Storage, Distributed Energy Resources, Large Scale Renewables, Global Markets and Utility Integration and more. Conference Tracks CPC Pre-Conference Tracks CEU Training Courses

1,400 Companies to Choose From

Explore the newest technology and see products/services in power generation, renewables, and nuclear. Make deals right from the show floor.

To register click here.

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Event - Renewable Energy World Conference & Expo North America 2016

This event will take place from December 13 to December 15, 2016 in Orlando Florida. This BIG PICTURE' conference, will cover the full landscape of renewables. Attendees will hear from several Renewable Energy World International Committee Members about what HOT industry topics are being covered in this years conference.

Become An Exhibiting Company Showcase Your Brand. Get Results.

Why Exhibit? Get in front of 20,000+ industry professionals from 111 countries. Generate quality leads and reach our concentrated group of targeted decision-makers.

Sponsor And Stand Out Accomplish Your Goals.

Bolster your event investment's ROI by working with the sponsorship team. They'll build a customized option based on your company's goals.

For more information and to register click here.

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Green Banks Leverage Private Investments for Climate Finance

In addition to creating new jobs and improving the environment Green Banks are essential to ramping-up clean energy finance. Such banks are capable of helping to unleash the vast potential of climate focused investing. Green Banks reduce the cost of clean energy and efficiency. They are helping to change market thinking by taking a holistic, long-term view of industry support.

A Green Bank is a government-created institution that facilitates private sector financing for clean technology projects. Different Green Banks have different programs, however, they all leverage public funds to attract private investment.

In addition to providing capital and information these banks encourage private sector investments by helping to mitigate risk. They also help to standardize financial products to make them easier to buy and sell.

The tools used by Green Banks include low-interest or longer-term loans, interest rate buydowns, project equity stakes, small grants, and, as the market develops, credit enhancements.

In the US there are a number of Green Banks including the New York City Energy Efficiency Corporation, the Connecticut Green Bank, the Hawaii GEMS Program and the New Jersey Energy Resiliency Bank.

Internationally Green Banks include the UK Green Investment Bank, the Japanese Green Finance Organization, the Australian Clean Energy Finance Corporation, GreenTech Malaysia.

For years we have watched Green Banks contribute to meaningful climate progress by supporting things like renewables and energy efficiency initiatives.

The potential of green investment banking is huge, however governments can contribute to or detract from this laudable initiative.

As reported by the Independent exactly one year ago, the government in the UK announced plans to sell off part of the first bank in the world established to make money out of environmentally sustainable projects.

Launched by the government in 2012, the UK's Green Investment Bank will be privatized in a move that is expected to generate £1 billion. However, Chuka Umunna, the shadow business secretary, said the bank would be destroyed by privatisation. “It is unclear how the GIB can continue to perform its unique and vital function if it is sold off and it would be incredibly short-sighted if the important role it currently plays was lost,” he said.

In 2014 the Green Investment Bank backed 22 new energy projects worth £2.5 billion and generating enough energy to power 4.2 million UK homes.

As reported by Business Green in 2014, an investment Bank boss said that the UK's Green Investment Bank could mobilize £60 billion if government allows it.

Banks are an important part of creating the necessary infrastructure to support the transition to a low carbon economy. One high profile example is EV charging stations. While electric vehicles are an important part of the transition, green banks can support charging infrastructure which is essential to the widespread adoption of EVs.

As reported by Energy Manager Today, a study by the Center for Climate and Energy Solutions (C2ES) indicates that banks play a key role in the transition to a low carbon economy. This includes both expanding EV infrastructure and clean energy.

As reported by Sustainable Business, the first "Green Bank Academy" was attended by leaders from over 11 states including California, Hawaii, Illinois, Kentucky, Maryland, Massachusetts, Minnesota, New Hampshire, Washington, NY and Connecticut.

Green Banks can help fill the financing gap in the absence of government leadership. Mark Muro from the Brookings Institution, co-host of the Academy explained that Green Banks contribute to, "large-scale progress on big problems when the national government has gone absent."

In 2014 US Green Banks committed to spending $15 billion on energy Projects over 5 years. This investment could be leveraged to over US $40 billion in private investments. Here is a brief review derived from an EDF article on the major Green Banks in the US.

Connecticut's Green Bank

In 2012, Connecticut created the first green bank, known as Clean Energy Finance and Investment Authority or CEFIA. As reported by the EDF, CEFIA’s 2013 annual report indicates that for every dollar of ratepayer funds CEFIA invested, roughly $10 was invested by private sources. Much of this investment was focused on clean energy building upgrades that are part of Connecticut’s Property Assessed Clean Energy program. CEFIA also has an innovative financing solution for solar projects on commercial properties. In 2014 Connecticut's Green Bank (CEFIA), financed 1,160 projects and attracted over $180 million in private capital based on $41 million in state funds, resulting in 26.7 megawatts of new clean energy.

New York’s Green Bank

New York has the largest green bank in the US, with $1 billion in funding. Launched in 2013, New York’s Green Bank focuses on advancing the clean energy market by encouraging business partnerships.

Hawaii's Green Bank

Hawaii's Green Bank called GEMS launched in 2014 with a $150-million green bank called GEMS, that focuses on social justice. The program allows homeowners to finance solar projects that significantly reduce their power costs.

California's Green Bank

In 2014 California introduced a Senate bill that laid the groundwork for attracting private capital for a green bank that launched in 2015.

New Jersey's Green Bank

In 2014, Governor Chris Christie announced plans to launch an Energy Resilience Bank. Though technically not a green bank, the Energy Resilience Bank has proposed using federal Superstorm Sandy funds to finance the resiliency component of infrastructure projects that strengthen the state’s electricity grid during extreme weather events.

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Carbon Capture and Storage is Essential Post Paris

Interest in carbon capture and storage (CCS) has intensified in the wake of the Paris Climate Agreement. CCS refers to a suite of technologies that pull CO2 from a smokestack before it escapes into the air. It is then sequestered in some fashion, most commonly by burying it deep underground. CCS is a much needed technology, if for no other reason than the fact that fossil fuels are likely to be with us for years to come.

There have been a number of notable achievements in the area of CCS in recent years. According to Victor Der, executive advisor and acting general manager – the Americas, Global CCS Institute:

"Up to 28 million metric tons of carbon dioxide emissions will be captured by existing operational carbon capture and storage projects this year."

There are now 22 CCS projects that are either operating or under construction in 2016 representing a 100 percent increase in the last ten years and 14 more projects are in the advanced planning stages.

Ion Engineering completed a pilot project using its proprietary technology in 2015. According to the company, Ion's CCS process was able to capture more than 99 percent of the CO2 from a coal fired facility.

Another older carbon capture project in Port Arthur, Texas succeeded in capturing more than one million tons of CO2. This process was able to capture more than 90 percent of the CO2 from two commercial-scale stream methane reformers.

One of the early CCS projects was one by the Midwest Geological Sequestration Consortium (MGSC). In 2011 they started a three year trial to pump more than one million tonnes of CO2 underground.

The Department of Energy has invested and continue to invest significant sums of money into CCS. According to Environmental Leader, so far, DOE projects have stored almost seven and a half metric tons of CO2.

Shell’s Quest carbon capture and storage project is already operating at commercial scale in Alberta, Canada. The Quest project is designed to capture one third of the emissions generated by the refinement of oil sands amounting to one million tons per year.

Recently, the world’s first steel plant with large-scale CCS launched in Abu Dhabi. The project is a joint venture between Masdar and the Abu Dhabi National Oil Company (ADNOC), and it will sequester 800,000 metric tons of CO2 annually.

In 2016 Aker Solutions announced a carbon capture project at a waste-to-energy plant in Norway which the company expects will capture 90 percent of the CO2 emitted.

CCS is an integral part of mitigation planning. Countries like the United States, Europe and Canada are counting on CCS to enable them to meet their INDC pledges. The European Commission's 2030 climate and energy policy framework depends on CCS and Canadian reports indicated that CCS is essential. .Although the US Environmental Protection Agency has also offered some guidance on the subject,  it has yet to be demonstrated cost effectively.

A CO2 Solutions project at Salaberry-de-Valleyfield, Québec came in a cost of $28/metric ton, the lowest demonstrated cost in the industry. However, the real-world reality at present puts the cost of CCS on a coal plant at around $100/ton.

While no one denies that carbon capture is technologically possible, the major obstacle has always been cost. This view is eloquently rendered in a 2016 article by Mike Barnard titled, "Carbon Capture Is Expensive Because of Physics"

"Carbon capture and sequestration is expensive because it has three components, each with its own expensive challenges: capture, distribution, and sequestration."

In March 2015 the Global CCS Institute said:

"The next 18-24 months will see CCS deployed across a range of industries and storage types. A further two large-scale CCS power projects are in construction in the US - the Kemper County Energy Facility in Mississippi and the Petra Nova Carbon Capture Project in Texas. Both projects are expected to be operational in 2016. Also in the US, the Illinois Industrial CCS project slated for launch later this year will capture CO2 from the Archer Daniels Midland corn-to-ethanol plant in Decatur, Illinois for storage in an onshore deep saline formation."

As explained in a December, 2015 report titled Closing the Gap on Climate: Why CCS is a Vital Part of the Solution, governments need to enact supportive policies.

This report indicates that CSS is essential to keep us within the 2 degrees Celsius upper threshold limit. Governments need to pass laws, support regulations and provide incentives to help advance CCS. Governments will likely provide incentives for sequestration in the form of tax credits on a per-ton basis.

We currently have 22 CCS facilities but we will need thousands around the world to make a difference.

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Carbon Air Capture and Storage (Videos)

We need technologies that draw carbon dioxide from the air and either re-use or store it. While we must curtail our carbon emissions we must also find ways to reduce existing levels of atmospheric carbon. Climate change is caused by the buildup of greenhouse gases in the atmosphere, especially carbon. Prior to the dawn of the industrial revolution atmospheric carbon levels were below 300 ppm, they are currently above 400 ppm and climbing.
In 2009 Columbia University Physicist Peter Eisenberger claimed to have invented a machine that could clean carbon from the air. As explained in MIT Technology Review, his company called Global Thermostat uses chemicals called amines rather than sodium hydroxide.

"Negative emissions are definitely needed to restore the atmosphere given that we’re going to far exceed any safe limit for CO2, if there is one," says Daniel Schrag, director of the Harvard University Center for the Environment.

Reducing the emissions that we produce is essential but we need to think about a post-sustainability world. Our current INDC pledges are inadequate as they will not reduce emissions enough to keep up from breaching the 2 Celsius upper threshold limit. We must begin thinking about technologies that will enable us to actively remove carbon from the air.

Carbon Engineering is working on the industrial-scale capture of CO2 from ambient air. This video explains the technology and the rationale behind direct capture of CO2 from the atmosphere and what Carbon Engineering is doing to commercialize air capture.


Below you will find a Carbon Talk, by Dr. Richard Adamson, President of Carbon Management Canada Research Institutes. This video explores the need and the state of  industrial-scale air capture technology development.

Dr. Naoko Ellis, Professor of Chemical Engineering at UBC, introduced the audience to some of the innovative technologies currently under development, including different methods for carbon capture from the air such as amine scrubbers, sorbents, and metal-organic frameworks. She also discussed engineering new forms of hydrocarbon combustion that do not release CO2 and the need to commodify CO2. Following the presentation, discussion during the dialogue touched on the role of technology in creating climate solutions and how carbon pricing can drive economic innovation.

Panelists: -- Richard Adamson, President, CMC Research Institutes -- Naoko Ellis, Professor, Department of Chemical and Biological Engineering at the University of British Columbia


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Green Finance Goes Mainstream in 2016

The world is embracing green finance as never before and all expectations are that this will increase as we move towards a low carbon economy. Financial systems should play an important role in the green economic transition said, Zhou Xiaochuan, the Governor of the People's Bank of China. Zhou was speaking at the Green Finance Symposium which took place on Saturday, April 15th in Washington.
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After years of volatility, green finance is emerging as a central part of our efforts to address climate change and transform our energy infrastructure. Green finance is preoccupied with adapting to the impacts of climate change and/or reducing greenhouse gas emissions. It is the means by which we can stream tremendous amounts of needed capital into emissions free sources of power.

Although a precise definition of green finance (GF) is somewhat elusive, generally speaking it can be understood as sustainable investment and banking, where investment and lending decisions are taken on the basis of environmental considerations. This applies to both the public and the private sector and it specifically entails environmental screening and sustainability focused risk assessment.

For years, GF was dismissed as being too risky. Now in the wake of the signing of the Paris climate accord, lenders cannot ignore the economics of climate action that make clean energy an attractive opportunity. Governments began seriously investing in clean technologies in 2005. However, the early years were fraught with challenges, not the least of which was the economic crisis of 2007 – 2008. Nonetheless, between 2005 and 2010, there was a 200 percent increase in the growth of GF.

There is well warranted optimism that 2016 will be the year in which green finance comes of age. Governments, businesses and global organizations are all getting on-board to make this a landmark year for GF.

In an article published in the Huffington Post, Nick Robins, the Co-Director of the UNEP Inquiry into a Sustainable Financial System, said:

"From a strategic perspective, 2015 built a new set of policy foundations for the global economy, signaling new directions for the financial system…So, if 2015 designed the foundations, the task for the financial community in 2016 is to take the practical steps to deliver the reallocation in capital that’s required, and doing this in ways that result in an orderly transition in global markets."

At a G7 meeting last summer, the world’s leading economies agreed to phase out fossil fuels. At this meeting, Angela Merkel said the leading industrialized countries were committed to raising $100 billion in annual climate financing by 2020 from public and private sources.

According to a new report, green finance has what it takes to deliver decisive climate action. The report says that GF is capable of keeping temperatures from rising beyond the upper threshold limits of 1.5 to 2 degrees Celsius set in the Paris climate accord. The report was produced by a partnership between Bloomberg New Energy Finance, Ceres and Ken Locklin of Impax Asset Management. The report, titled Mapping the Gap: The Road From Paris, finds that there is enough money in the global economy to finance the transition to clean sources of energy.

We have gleaned valuable insights about the feasibility of GF from a number of pilot projects. A report from the Climate Investment Fund (CIF) shows that green finance works. The report titled, "Learning by Doing: The CIF’s Contribution to Climate Finance," studied GF in 48 countries. CIF oversees more than $8 billion, which it uses to support projects in cleantech, forests, climate resilience and renewable energy.

This year, the Green Climate Fund has come of age and there are now a wide range of initiatives that support the growth of GF, including the SDGs and a rapidly growing green bond market.  The IMF is now focusing on climate change and the World Bank along with the IBD are contributing to the funding of clean energy in the developing world.

The G20 has indicated that it is committed to green finance. Mark Carney, the Governor of the Bank of England and Chairman of the Financial Stability Board, has said that GF has grown up and it is no longer a “niche”. In March, Carney said that in a bid to mainstream climate friendly funds, the G20 will make green finance a "priority". The G20 has explored the concept through its Green Finance Study Group and the subject will receive special attention at September's G20 meeting in Hangzhou.

Many governments are gearing up to get involved with GF and some nations have already implemented policies. As reported by Bloomberg, Indonesia plans to limit the ability of banks to lend money to projects that are deemed environmentally destructive. While this is a move will curb slash and burn agricultural practices in the country, it can be applied to any set of environmental parameters. A May 2015 WWF report stated that there are four major banks in Indonesia, Malaysia and Singapore that have embedded environmental factors as part of their credit-decision process. Last fall, the Association of Banks in Singapore introduced guidelines on responsible financing.

A 2016 UNEP report titled, "The Financial System We Need," declares that the UK is a global hub for GF. London’s financial community is positioning themselves to lead green finance, while Hong Kong and Singapore are already leaders in GF.

As explained by Achim Steiner, Executive Director of the United Nations Environment, "2016 is set to be the year of green finance. Across the world, we are seeing a growing number of countries aligning their financial systems with the sustainability imperative."

Governments, financial institutions, investors and businesses have been pouring capital into clean energy at ever increasing rates. After a protracted period of intense volatility, green finance has finally arrived. It is now an unstoppable global force that is helping to build a clean power infrastructure.

Source: Global Warming is Real

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