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climate action and investments, as private and public sector leaders raise ambition commitments and policies to capitalize on the opportunities of the netzero transition. But to meet our climate goals and complete the transition to a just and inclusive netzero economy by 2050, more work lies ahead.
End of Week Notes Another reason to redouble active ownership efforts The sense of optimism that permeated the first week of the COP26 global climate summit in Glasgow took a sobering turn this week as overall commitments appeared to fall short of the goal of limiting global temperatures from rising more than 1.5 degrees Celsius.
The latest netzero signals of change include a solar boost for South Africa’s grid and a successful energy efficiency trial for UK companies. GFANZ confirmed that the chapter will launch in June, and will support local financial institutions to decarbonize their investments and help the country to meet its netzero goal.
COP26 saw the world’s nations come together and make new environmental pledges, including a US-China agreement to boost cooperation in combating climate change, India’s pledge to achieve netzero by 2070 and 23 countries committing to phasing out coal. Investors now focus on sustainable outcomes.
C – as called for in the Paris Agreement – emissions need to be reduced by 45% by 2030 and reach netzero by 2050. This is in contrast to the results following Glasgow’s COP26 in 2021, with 30% of investors agreeing that it boosted the chances of meeting the targets and more agreeing than disagreeing (29%) with the statement.
According to the International Energy Agency (IEA), US$4 trillion needs to be invested in renewable energy globally every year by 2030 to achieve netzero by 2050. At least US$1 trillion of this needs to be annually invested in EMDEs. There is ample investment opportunity, he noted.
“It isn’t necessarily the case that investors don’t want to invest in adaptation projects, but rather that there is a more limited pipeline of bankable and scaled projects,” Leticia Ferreras Astorqui, Vice President of Development Finance at Allianz Global Investors, said during a webinar launching the report. .
“Drawing from experiences in other regions, the UK has an opportunity to consider various use cases, prioritise them, and tailor the taxonomy to suit these purposes, particularly as it launches its taxonomy consultation in the autumn,” GTAG Member Kate Levick said during a webinar on 8 September.
SDSN also worked closely with Monash University, ClimateWorks Centre, and a globally representative Academic Advisory Panel on a NetZero Campus Guide, to be formally launched in early 2023. The launch webinar featured interventions from the French representative to the ILO Governing Body and German government.
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