Boris Johnson says it will be ‘tough’ to meet climate finance targets ahead of COP26

Published

3 years ago

September 21, 2021

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September 19, 2021: Prime Minister Boris Johnson boards RAF Voyager at Stansted Airport ahead of a visit to the United States.

Stefan Rousseau – PA Images | PA Images | Getty Images

There is a six out of 10 chance an agreement on climate finance will be reached before the forthcoming COP26 climate change summit, U.K. Prime Minister Boris Johnson has said.

In remarks made to the media during a flight to New York over the weekend, Johnson was asked about securing commitments related to climate finance and, according to the BBC, environmental targets over the next few days.

“Getting it all done this week is going to be a stretch,” he is reported to have said. “But I think getting it all done by COP, six out of 10. It’s going to be tough, but people need to understand that this is crucial for the world.”

Discussions around finance are set to play a key role at COP26, which will be hosted by the U.K. in the Scottish city of Glasgow between Oct. 31 and Nov. 12.

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According to the U.N., developed nations have previously said they would “jointly mobilize $100 billion per year by 2020 in support of climate action in developing countries.”

This target is proving to be a challenge. Last week, the OECD said climate finance provided and mobilized by developed countries amounted to $79.6 billion in 2019. This represents a rise compared to the figure of $78.3 billion in 2018 but still falls short of the $100 billion.

“The limited progress in overall climate finance volumes between 2018 and 2019 is disappointing, particularly ahead of COP26,” Mathias Cormann, the OECD’s secretary-general, said in a statement reacting to the numbers.

“While appropriately verified data for 2020 will not be available until early next year it is clear that climate finance will remain well short of its target,” Cormann said. “More needs to be done.”

Johnson’s remarks were published by a number of outlets and on Monday morning the BBC broadcast an excerpt of the discussion. Johnson said while the U.K. had made a “big, big pledge” and “greatly reduced our CO2,” it needed other countries to step up to the plate.

“We’ve been emitting for centuries and these newly industrialized countries say ‘well, why should we pay such a big price?’ So the $100 billion a year that we need to raise is to support those countries [to] make the transition.”

The U.K.’s official website for COP26 states it will “bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.”

Described by the United Nations as a legally-binding international treaty on climate change, the Paris Agreement aims to “limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.”

Monday will see Johnson and U.N. Secretary-General António Guterres hold what’s being described as an “informal leaders roundtable on climate action.”

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Block bets on lending expansion after stock slump

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4 hours ago

March 14, 2025

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Block bets on lending expansion after stock slump

In this photo illustration, the logo for the US tech firm “Block” is displayed and reflected in a number of digital screens on March 03, 2023 in London, England.

Leon Neal | Getty Images

With its stock down more than 30% this year and revenue growth slowing, Jack Dorsey’s Block is going bigger in lending.

The company on Thursday said it secured approval from the Federal Deposit Insurance Corporation to originate loans through its banking subsidiary, Square Financial Services, allowing it to offer small-dollar consumer loans directly rather than relying on external banking partners.

It’s an expansion of Cash App Borrow, the company’s short-term lending product. But it comes at a time of increased concerns surrounding consumer credit, with President Trump’s expansive tariffs and widespread government job cuts raising talk of a potential recession.

Transaction losses in Block’s lending segment jumped 39% last quarter, and while the company claims its underwriting model is strong, small-dollar lending is inherently risky.

“Cash App Borrow is designed to provide short-term cash flow in a simple and accessible way when alternatives are notoriously expensive and difficult for consumers to navigate,” Block said in the press release. The company added that the average Cash App Borrow loan was under $100 and about a month in duration.

Block didn’t immediately provide a comment.

In getting approval to operate the lending business out of its own bank, Block says it will be able to offer the product nationwide.

Last month, Block reported quarterly results that missed Wall Street expectations, with revenue growing just 4.5% from a year earlier. The stock plunged 18%, its worst one-day drop since 2020.

Around the same time, Block rolled out Afterpay, its buy now, pay later product, on the Cash App card. Chief Financial Officer Amrita Ahuja told CNBC that the launch aimed to provide customers with more credit options, and positioned Cash App as a banking alternative for some customers. Block acquired Afterpay, which competes with Affirm, for $29 billion in early 2022.

Also this week, Block announced a big investment plan in artificial intelligence.

The company said on Wednesday that it will deploy Nvidia’s AI systems with its latest Blackwell chips to power open-source AI research. Block didn’t say what specifically it’s looking to achieve through its AI buildout, but noted in the press release that it will “start exploring novel solutions for our customers.”

WATCH: Block shares drop after earnings

Block shares drop after reporting earnings and revenue miss

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Kia’s first electric van looks even better in person [Video]

Published

4 hours ago

March 14, 2025

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Kia's first electric van looks even better in person [Video]

Kia is launching its first electric van, the PV5, later this year. If you liked how it looked in pictures, wait until you see it in real life. A production PV5 was spotted in Korea for the first time, giving us a closer look at the futuristic van. See it for yourself in the video below.

Kia’s first electric van spotted in Korea

After teasing it for what seemed like forever, Kia finally took the sheets off the PV5 at its 2025 EV Day event last month.

With its hard-to-miss futuristic design, the PV5 is a near replica of the concept shown at CES last January. The mid-size electric van is set to kick off Kia’s new Platform Beyond Vehicle (PBV) strategy.

The PV5 will initially be available in Passenger, Cargo, and Chassis Cab setups, but with “unprecedented flexibility,” you can expect to see more options soon. Two of the first will be the PV5 Crew, with additional cargo securing options and a Wheelchair-Accessible Vehicle (WAV) version.

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After that, Kia will follow it up with Drop Side, Box Van, Freezer, Box, and Prime variations. It plans to launch a Light Camper conversion.

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Kia PV5 spotted in Korea (Source: HealerTV)

With sales kicking off in the second half of 2025, Kia’s electric van was spotted in Korea for the first time without camouflage. A new video from HealerTV gives us a better idea of what to expect when the PV5 hits dealerships later this year.

The PV5 maintains its techy, almost ahead-of-its-time design. Two exterior body colors were shown: white and a darker grey or black. As the reporter notes, it actually looks like an upgrade from the concept.

Kia did what it could at the back so it didn’t look like a bus, giving it more of a rounded overall shape. You can see how it stands apart from most MPVs you see today.

Like the Volkswagen ID.Buzz, Kia’s PV5 looks more like a minibus. At 4,695 mm long, 1,895 mm wide, and 1,899 mm tall, Kia’s passenger electric van is slightly smaller than the European ID.Buzz model (4,712 mm long, 1,985 mm wide, 1,937 mm tall).

It will be available with 51.5 kWh and 71.2 kWh battery packs, good for up to 400 km (249 miles) WLTP range. The PV5 can also fast charge (10% to 80%) in about 30 minutes. In comparison, powered by an 84 kWh battery, the ID.Buzz now offers up to 293 miles WLTP range.

Kia will launch sales in Korea and Europe later this year, followed by other global markets in 2026. Pre-orders will open soon, so check back for prices.

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Podcast: Trump’s Tesla ad, cheaper Tesla model, Mercedes CLA EV, and more

Published

4 hours ago

March 14, 2025

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Podcast: Trump's Tesla ad, cheaper Tesla model, Mercedes CLA EV, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Trump making an ad for Tesla, upcoming cheaper Tesla models, the unveiling of the new Mercedes CLA EV, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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