Daily Digest for

The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and IOSCO have hosted two virtual workshops focusing on climate risks for financial market infrastructures (FMIs). The workshops, attended by over 300 participants, addressed how different types of FMIs are exposed to climate risks, discussed risk management approaches, and explored how the PFMI can be used to identify, monitor and manage climate risks. The workshops highlighted the need for system-wide approaches to climate risk management and the importance of operational resilience for FMIs.

In Madagascar, the Green Climate Fund (GCF) and Conservation International have implemented a USD 19.3 million climate-smart agriculture program to help farmers adapt to climate change. The program, which received USD 18.5 million in GCF financing, has successfully improved food security and reduced deforestation by introducing drought-resistant crops, mulching techniques, and native fruit trees. The project has shown measurable improvements in farmer food security and is expected to benefit nearly 24,000 people while helping conserve the Ankeniheny-Zahamena and Ambositra-Vondrozo forests.

Switzerland-based ETH Zurich has made several breakthrough developments in climate and sustainability technologies in 2024. These include a new light-based CO2 capture solution, improved lithium metal batteries for EVs, a solar thermal trap for high-temperature industrial processes, efficient rare earth metal recovery from e-waste, and an iron-ore based hydrogen storage system. The university has also found that direct air carbon capture remains twice as expensive as previously estimated.

The UK Government has announced a £15 million increase to steel support funds, bringing the total to £30 million, to support businesses and workers affected by changes at Tata Steel’s Port Talbot site. The funding, part of an £80m Tata Steel Transition Board fund, will provide grants up to £250,000 for businesses to invest in equipment, property, and technology, while also supporting workers through training and job transitions.

The UK government has launched a comprehensive review of energy regulator Ofgem to strengthen consumer protections and improve customer service in the energy market. The review aims to enhance Ofgem’s powers to protect consumers, support clean energy transition, and improve infrastructure investment, including measures for quicker complaint resolution and automatic compensation for consumers.