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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 climatechange. Climate Risk Management in the U.S.
” The latest Food Waste Index Report (2024) , compiled by the United Nations Environment Programme (UNEP) and co-authored by WRAP, found that the world wastes over a billion tonnes of food – one fifth of all food available to consumers at the retail, food service and household level annually.
“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.
Investors are warming to opportunities stemming from climatechange, and other takeaways from COP28. COP28, the latest United Nations Conference of the Parties on climatechange, delivered mixed results on some key agenda items but provided new insights into climate-related opportunities and the initiatives needed to implement them.
Jessica Smith, Nature Lead at the UNEP FI, says it’s time for biodiversity to take its place alongside climate in investor priorities. Smith says there needs more understanding of the progress already made aligning finance with climate risk, which is set out in Article 2.1c of the Paris Agreement on ClimateChange. “We
The global economy relies on the health of the ocean, says Dennis Fritsch, Project Coordinator, Sustainable Blue Economy Finance at the United Nations Environment Programme Finance Initiative (UNEP FI). UNEP FI is working towards integrating the use of sustainable finance practices in support of ocean health by the global financial community.
Sustainable finance, until recently still a niche activity, is now a mainstream strategic consideration for banks, asset managers and insurers. Usher says asset managers are not alone; many members of the Net Zero Banking Alliance have taken a similar view, choosing to side with management on climate for the time being.
The RCWs provide a platform for policymakers, practitioners, businesses and civil society to exchange on climate solutions, barriers to overcome, and opportunities realized in different regions.
DESCRIPTION: The 27th United Nations (UN) Conference of the Parties (COP), which took place this November in Sharm El Sheikh, Egypt, marked a significant milestone in developing action against climatechange. Climatechange inequality, contributors and sufferers, has been a key agenda item at COP for many years.
The investor-led initiative will be advised by UNEP and is backed by the Archbishop of Canterbury, Archbishop of Cape Town and the UN-convened Principles for Responsible Investment (PRI). It will further attempt to identify where existing ESG data can be consolidated, so investors and corporates can align.
Neither the world’s financial firepower nor the impact of climatechange is spread evenly, which means funding the transition to net zero is much harder and more urgent for emerging markets and developing economies (EMDEs) compared to developed ones. . NZAOA members collectively control more than US$10 trillion in assets. .
According to the UN Environment Programme – Finance Initiative (UNEP FI), the finance sector has ground to make up too, albeit at least some of the responsibility for this also sits with governments. Private sector investment in nature had swollen to US$102 billion by May 2024, an eleven-fold increase on May 2022, apparently.
trillion globally, according to the World Bank from a mere US$15 billion in 2013. She adds that, this is why ICMA partnered with other organisations such as the IFC and UNEP FI, “because they all have their own specific guidance for blue ….we As of January 2023, green bonds had raised US$2.5 What are the notable blue bond issuances?
Not following suit – The European Central Bank (ECB) said banks do not yet sufficiently incorporate climate risk into their stress-testing frameworks and internal models. Further, almost two-thirds of banks’ income from non-financial corporate customers stems from GHG-intensive industries.
Climatechange mitigation remains important, but the need to finance adaptation measures is becoming urgent, says Lindsey Stewart, Director of Investment Stewardship Research, Morningstar. “I I don’t believe in fairytales or sermons or stories about money, baby sister, but thank you for the cigarette.”
With adaptation finance flows remaining dangerously low to meet climate goals, has COP28 made a difference? World Bank President Ajay Banga announced a commitment to devote 45% of its annual finance to climate by 2025. Developed countries have also been asked to prepare a report on doubling by COP29. billion fund.
Increased private sector funding seen as critical to acceleration of investments to meet climatechange, biodiversity and land degradation targets. . The report said delaying action “was no longer an option” in light of the impacts of climatechange, species extinction and land degradation. “
Some have attempted to apply the concept of emergency triage to the gradual threat of climatechange, arguing that environmental and social due diligence must be deprioritised to ensure a rapid response to the global crisis. Rights and inclusiveness be damned, they argue, we need action.
Financial institutions still don’t have expertise to handle net zero transition, according UNEP FI-backed report. The qualification was subject to a pilot phase involving candidates across 60 different firms, including asset managers, asset owners, consultants and banks.
COP27 must boost Africa’s adaptation to the physical risks of climatechange, says Amal-Lee Amin, Head of ClimateChange at British International Investment. Africa contributes less than 3% to global emissions but is the most vulnerable continent in the world to the negative impacts form climatechange.
Every year more than 2 billion tonnes of municipal solid waste (MSW) is produced across the planet, as shown in the UN Environment Programme’s (UNEP) Global Waste Management Outlook 2024. It’s very much driven by UN SDGs and the UNEP priorities,” Mollin explained. billion tonnes. The economic cost is also substantial.
Addressing system-level risks and considering climate goals is not only permitted but may be required by existing investor duties and obligations. Consequently, investment portfolios may remain exposed to sustainability risks from climatechange.
Targeted investments are required to save our cities from the climate-related risks flagged by the IPCC. The effects of climatechange aren’t limited to distant ice caps. It’s therefore vital that cities are built or renovated to be more sustainable and resilient in the face of climatechange-induced extreme weather events.
The practical realities of the finance sector’s climatechange commitments were in focus this week. The future of his Glasgow Financial Alliance for Net Zero was in question after media reports that major US banks were threatening to quit rather than accept legal risks that might arise from tougher membership rules.
The only company that has attempted DSM exploitation, Nautilus Minerals, went bankrupt in 2019 as it unsuccessfully attempted to develop its Solwara 1 deep sea copper, gold and silver project off the coast of Papua New Guinea, causing large losses for several banks, including ABN Amro and ING Group.
Jam open the closing window – The UN Environment Programme’s Emissions Gap Report 2022 was the most sobering of the many pre-COP27 analyses published this week, highlighting the inadequacy of our efforts to tackle the causes of climatechange. Current pledges will nudge global warming down from its present 2.8°C C course to 2.5°C
How can communities halt deforestation and restore degraded nature to address climatechange? Amazon Sustainable Landscapes Program – Connecting people and institutions to connect landscapes and avoid tipping points November 16, 2022 | 13:00 - 15:00 EET GEF/World Bank Pavilion (Blue Zone) or watch the livestream here.
Further, a recent report by the UN Environment Programme (UNEP) and the Sabin Center for ClimateChange Law at Columbia University, showed that climate litigation is becoming an integral part of securing climate action and justice.
The impact of poor air quality The release of greenhouse gases into the atmosphere is well known to contribute to climatechange, with carbon dioxide and methane being the subject of many global and national mitigation strategies that aim to break the vicious cycle of global warming. World Bank. trillion, equivalent to 6.1
This rebranding signals a sharpened focus on technologies and solutions that regenerate rather than deplete and that strengthen resilience, particularly for communities most impacted by climatechange. Debt financing for climate tech soared from $13.9 billion in 2021 to $45.6
In late April, the UK High Court ruled that charity trustees can consider climatechange factors when making decisions over their investments, even if it means making lower returns. How are attitudes changing? How does fiduciary duty relate to sustainable investment?
The news is disappointing to say the least, given the group’s vital role in the net zero transition and the battle against climatechange, with disagreements centring around the intended tripling of renewable energy capacities by 2030, resulting in officials issuing an outcome statement rather than a joint communique.
Equally, one cannot accurately assess nature-related risks without considering climate,” the report added. A number of nature-related issues caused by climatechange – such as desertification and ocean acidification – were recently highlighted in the latest report by the Intergovernmental Panel on ClimateChange (IPCC). “We
The Taskforce for Nature-related Financial Disclosures (TNFD) has published its final recommendations for nature-related risk management and disclosure, serving as a tool to “operationalise” the achievement of Target 15 of the Kunming-Montreal Global Biodiversity Framework (GBF). According to Tony Goldner, Executive Director of TNFD, the recommendations (..)
In addition, institutions should have interim decarbonisation targets that are “consistent” with the 2030 target, set by the Intergovernmental Panel on ClimateChange , of reducing CO2 emissions by around 45% from 2010 levels. A number of large US banks are reported to be on the verge of leaving GFANZ. Heading for the exit?
UN ClimateChange’s NDC synthesis report found they would collectively only deliver a 5.3% C of climatechange by 2100. Stronger wording might have been possible, but this was a big step in the right direction,” said Remco Fischer, Climate Lead, UN Environment Programme Finance Initiative (UNEP FI).
That’s also a legal risk from their perspective.” The European Banking Federation (EBF) raised similar concerns to EFAMA and Eurosif, and added in its consultation response that it had to be recognised that a large part of investable companies were not subject to ESRS.
Banks and other financial intuitions (FIs) have the potential to help transition land-use to become ‘nature positive’ in addition to ‘net zero’, by redirecting investment to sustainable land-use projects. UNEP is working with national institutions and FIs to strengthen domestic regulatory frameworks in order to address this challenge.
The economic consequences of the COVID-19 pandemic caused CO2 emissions from buildings and construction to fall significantly in 2020, but a lack of real transformation in the sector means that emissions will keep rising and contribute to dangerous climatechange, according to the 2021 Global Status Report for Buildings and Construction.
As negotiations unfolded at the Bonn ClimateChange Conference earlier this month, the politicisation of an existential and global threat was clear to see. What made negotiators’ incremental progress even more frustrating was that the squabbling was underpinned by the realities of a rapidly warming planet.
Europe says its mandatory ESRS will provide investors the information they need to understand the sustainability impact of the companies in which they invest on issues such as climatechange, biodiversity loss and human rights. C.” On Europe’s newly adopted ESRS, r3.0
“We will formally launch NA100 at the end of June or beginning of July, which will include putting out the list of 100 focus companies and outlining our methodology,” he added.
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