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By Sharon Kimathi, Energy and ESG Editor, Reuters Digital

Hello!

Money steals today’s focus as a Reuters special investigation reveals how rich countries’ climate pledges are funding peculiar projects around the world. Italy helped a retailer open chocolate and gelato stores across Asia. The United States offered a loan for a coastal hotel expansion in Haiti. Belgium backed the film “La Tierra Roja,” a love story set in the Argentine rainforest. And Japan is financing a new coal plant in Bangladesh and an airport expansion in Egypt.

Elsewhere, India’s Silicon Valley, Bengaluru city – host of more than 3,500 IT companies and startups – will need nearly 28 billion rupees ($339 million) to restore a drainage network damaged by rapid urbanization and floods. Meanwhile, Bosnia’s autonomous Bosniak-Croat Federation is receiving a 46.1 million euro ($50.8 million) loan from the World Bank to help tackle air pollution. 

And keep your eyes peeled on the Reuters Sustainability page on May 5 for features around World Environment Day.

1. Special report: A pledge to fight climate change is sending money to strange places

Wealthy countries have pledged $100 billion a year to help reduce the effects of global warming. But Reuters found large sums going to projects including a coal plant, a hotel and chocolate shops.

A $4.7 million Italian investment helped Venchi, an Italian chocolate and gelato chain. Italy reported the investment to the U.N. as climate finance.  REUTERS/Issei Kato

2. India’s IT hub Bengaluru may need $339 million to fix drainage, avoid flooding, report says
India’s Bengaluru city may need nearly 28 billion rupees ($339 million) to restore a drainage network damaged by unfettered urbanization as repeated floods threaten to disrupt work and life in the IT hub, a report said.

3. World Bank lends $50.8 million to cut air pollution in Bosnian region

The World Bank has approved a 46.1 million euro ($50.8 million) loan to help Bosnia’s autonomous Bosniak-Croat Federation tackle alarming air pollution and its health and economic consequences, the bank said.

4. El Nino may hammer Asian farms with dry weather, but shower American growers

Early signs of hot, dry weather caused by El Nino are threatening food producers across Asia, while American growers are counting on heavier summer rains from the weather phenomenon to alleviate the impact of severe drought.

5. EU looks to 100 unicorns to boost green, digital goals

The European Commission kicked off an initiative to help 100 unicorns scale up to become Europe’s deep tech champions and help drive the bloc’s green and digital objectives.

Amin Salah used to grow wheat near the banks of Iraq’s Euphrates River, but persistent droughts have led him to switch to farming unlikely new grounds deep in the harsh desert of Najaf. Click on the video for more.

Canada’s government is sending the military to the Eastern province of Nova Scotia to help tackle wildfires, and more U.S. firefighters will come to battle the early summer blazes, the minister responsible for emergencies said.

55%

China is expected to account for nearly 55% of global additions of renewable power capacity in both 2023 and 2024, said the International Energy Agency.

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