Fund for climate-exposed Pacific nation invests in fossil fuels

Sunken Nazi warships have emerged from the Danube as water levels drop during Europe’s scorching heatwave. In Serbia, dozens of World War II German battleships have become visible on the riverbed. The ships, of which there are thought to be up to 200, were deliberately sunk by the Germans as they retreated from the Soviets towards the end of the war. The river’s water levels plummeted last Thursday (30 July) to the lowest levels for 30 years in several countries, including Serbia and Romania. The record-low levels could lead to an energy crisis across several European countries, as low water continues to disrupt cooling systems. In Serbia, the country’s main hydroelectric plant can now only operate at 20% of its capacity.

UN Secretary-General Antonio Guterres said the world is entering “uncharted territory,” cautioning that the developing El Niño will amplify the effects of climate change by bringing more heatwaves, droughts, wildfires and heavy rainfall.

The World Bank Group is providing Fortaleza with a $177 million loan to support fiscal reforms, climate resilience, social housing and more sustainable urban development. The program reflects a broader challenge facing rapidly growing cities: environmental and social ambitions increasingly depend on whether municipal governments can raise revenue, control spending and preserve resources for long-term investment.