BP to Pay $18.7 Billion for Deepwater Horizon Oil Spill
Oil sheen from BP Deepwater Horizon oil spill.
BP has agreed to pay $18.7 billion to settle all federal and state claims resulting from the BP/Deepwater Horizon Oil Spill in 2010. The agreement would avert years of litigation over the environmental and economic impacts of a spill which caused barrels of crude oil to leak into the Gulf of Mexico over the course of 87 days and pollute hundreds of miles of sensitive beaches, marshes and mangroves. President and CEO of the Nature Conservancy appealed for a greater focus on leveraging Deepwater Horizon-related funds to repair the natural areas of the Gulf, which would protect the communities against storms and contribute to the economic well-being of the Gulf’s human communities. Read more
Side-Event at FFD3
“Risk and Resilience: Financing for Development in a Volatile and Uncertain World”
On 14 July 2015, United Nations Development Programme (UNDP) and the governments of Switzerland and Nepal co-organized a side event at the Third International Conference on Financing for Development. UNDP’s Director of the Bureau for Policy and Programme Support underlined in his speech that financing can contribute to reducing social, environmental and economic vulnerabilities and enable countries to reduce the risk of conflict, disasters and economic crises. He also pointed out that environmental finance can not only result in an improved environment, but also build resilience and reduce risk. Learn more
World Bank: Development Banks Agree on Common Approach to Measure Climate Finance
The six large multilateral development banks (MDBs) and the International Development Finance Club (IDFC), a network of national, regional and international development banks, have agreed on a common set of principles to track financial commitments that help countries prepare for and build resilience to the impacts of climate change. IDFC and the MDBs agreed that increased support for more climate-resilient infrastructure, natural ecosystem and other adaptation measures is urgently needed. Read more