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Canada isn’t alone in its climate contradiction. The 2023 Production Gap Report , released by UNEP, the Stockholm Environment Institute and other partners, found that 19 leading energy-producing countries are planning to extract twice as much fossil fuel supply in 2030 as the maximum that can be burned to keep the world on a 1.5°C
COP28 may have not delivered all it promised, but investors now have a clearer idea of how the path to netzero will impact their portfolios. The first-ever mention of “transitioning away from fossil fuels” in COP final text was regarded as a major milestone on the path to netzero, even by those who acknowledged its multiple caveats.
trillion in 2023, but notes that this still falls short of the estimated $4.8 trillion annually required to reach netzero emissions by 2050, and adds that policies to date have focused primarily on developed markets, while emerging markets and developing economies (EMDEs) are still facing significant underinvestment.
The United Nations Environment Program (UNEP) released the Global Production Gap Report on 8 November 2023. Governments in aggregate are planning to produce more than double the amount of fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C.
The proposed solution for netzero targets and progress aims to improve transparency and accountability, but will need to consider existing guidance. But there is still room for hope that netzero commitments – and subsequent progress on decarbonisation – can be transparent, aligned and ambitious.
“Investors and companies are increasingly setting climate and nature targets, but once those are in place, they need to be thinking more about how to redirect capital [in line with these goals],” Ivo Mulder , Head of the Climate Finance Unit at the UN Environment Programme (UNEP), told ESG Investor. trillion in 2022.
The UN Environment Programme (UNEP) has discontinued the Net-Zero Insurance Alliance (NZIA), which suffered an exodus of most of its members in spring 2023 due to antitrust risks.
Alliance extends netzero targets to capital markets activities, as frameworks provide more tailored approach for banks’ transition strategies. Founded in April 2021 by UNEP FI, the NZBA has 143 members overseeing US$74 trillion in capital. As both thresholds were “comfortably cleared”.
If approved, it will lead to the setting up of RAF as a standardised template for organisations to submit their netzero pledges and transition plans for publication in GCAP, says Gillod. But, Gillod is also cautious about how much impact the UNFCCC’s RAF can actually have. “It
The UN Environment Programme’s (UNEP) 2023 Emissions Gap Report – aptly titled ‘Broken Record’ – clearly states that the world is a long way from limiting global warming to 1.5°C The ‘ 2023 LT-LEDS Synthesis Report ’ said that 97% of assessed LT-LEDS include adaptation-related information.
Thu, 01/05/2023 - 15:45. For those of us in the building industry, it means a steadfast urgency to accelerate our commitment to drive the total carbon of buildings to zero. C increase– to do this requires a reduction in GHG emissions of 50% by 2030 on a path to netzero by 2050. Reflecting on COP27 and Rallying for SBTi.
The alliance is doing exactly what it set out to do ,” Remco Fischer, Climate Lead at the UN Environment Programme Finance Initiative (UNEP FI), told ESG Investor. Now that the rubber has hit the road, we are showing [how] promises have led to targets and targets have led to members taking action.
July 25, 2023 /3BL/ - A new report released today by the Ceres Accelerator for Sustainable Capital Markets and the California Department of Insurance reveals that insurance companies are pursuing a wide variety of strategies to manage the increasing risks associated with climate change. Climate Risk Management in the U.S.
The ISSB’s climate and general sustainability standards, which were created to serve as a global baseline for reporting across jurisdictions, are expected to be finalised in early 2023. Target 15 will likely be realised through the TNFD framework , with the final version expected to be published September 2023. .
Stuart Lemmon, Global Managing Director for the NetZero Transformation Practice at EcoAct, an Atos company, outlines the elements of a credible corporate climate strategy and explains why we should embrace scrutiny and work collectively on the path to netzero. o C remains highly uncertain. Navigating without a road map.
General Motors announced it was delaying its plans to produce 400,000 EVs by the end of 2023 to mid-2024, citing battery supply issues. It is working to address these systemic environmental and social risks and ensure a just transition to netzero.
After peaking in 2021 with a record $48 billion in global venture and growth equity investment, the sector saw a third successive year of decline in 2024, dropping to $30 billiona 14% decrease from 2023 and a 37% drop from its 2021 peak ( Sightline Climate ). billion ( Pitchbook ). Debt financing for climate tech soared from $13.9
Earlier this month, the UN Environment Programme (UNEP) published its 2023 ‘ Adaptation Gap Report ’, which highlighted that EMDEs’ forecast climate adaptation finance needs are now ten to 18 times larger than existing international public flows. “We At least US$1 trillion of this needs to be annually invested in EMDEs.
In addition to the global stocktake, the UN Environment Programme’s (UNEP) Emissions Gap Report will soon be updated, illustrating the gulf between current commitments and the levels needed to avoid the worst climate impacts. Efforts to limit global warming to 1.5°C
As netzero strategies are taking shape and being implemented, governments , investors and companies are enlisting the natural world in the battle to combat the most catastrophic effects of climate change. There is reason for cautious optimism in 2023, as the conditions emerge to propel NbS up the agendas of stakeholders globally.
million hectares in assets under management, will upgrade its zero deforestation policies by 2023, while Signature will move all of its African farm holdings to regenerative agricultural principles by 2030. Nuveen, with 1.2 Ultimately, a lot of food issues are coming together.”.
As the world experiences record global temperatures and greenhouse gas emissions, the latest Emissions Gap Report from the UN Environment Programme ( UNEP ) found that current pledges under the Paris Agreement put the world on track for a 2.5–2.9°C C above pre-industrial levels. C above pre-industrial levels. For the 1.5°C
Despite the challenging macroeconomic environment, however, Cooper expects the strong focus on sustainable agriculture to drive VC deal activity and valuations higher in 2023. “T Big agriculture and big food have become active venture investors […] and are then buying these companies when they reach scale.”
Despite this trend, commentators like Dan Carlin, UNEP FI’s Task Force on Climate-Related Financial Disclosures (TCFD) Program Lead, have made the case for further engagement with the fossil fuel industry. In fact, the total value of the institutions divesting is estimated to be US$40.5
In March 2021, the Align project was also launched, led by the United Nation’s Environment Programme World Conservation Monitoring Centre (UNEP-WCMC) and funded by the European Commission.
In January, an investor-led initiative was launched to address systemic risks in the mining sector to ensure a just transition to netzero, partly in reaction to a string of mining-related disasters that have generated despair and distrust from local communities and untold environmental damage. in 2018, to 8.6% in 2020, and now 7.2%
C is rapidly falling out of reach , despite the fact most netzero commitments set by governments, investors and companies target a 1.5°C What investors can do instead is continue to demand netzero transition plans aligned with 1.5°C “This summer is giving us a mere taste of our future, and we’re still only at 1.3°C
The NZIA was launched in 2021 by eight insurance and reinsurance companies – including AXA, Allianz and Scor as founding members – and by early 2023 grew to nearly 30 members representing approximately 15% of global premium volume. The post Insurers Exit NetZero Insurance Alliance as U.S.
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