COP26 – Mark Carney announces $130 trillion dollar alignment to fight climate change, from the private sector, including international banks.
Highlights the need to capitalize firms and projects that support the transition to net zero, over those that do not. Western banks must use science based pathways in their assessment. Business models must have credible plans for the transition. The full story can be read here
COP26 – 2.7 degree rise in global temperature built into current commitments.
The UN has warned that much more has to be done. Ambiguity around current net zero pledges. Net zero pledges, if met woud hold heating to 2.2 degrees. The 1.5 degree aspiration would need a halving of emissions within 8 years. The full story can be read here
COP26 – Over 100 countries, including Brazil, agree to end and reverse global deforestation.
The pledge includes: Conservation of forests and other terrestrial ecosystems and acceleration of their restoration. Trade and development policies, which promote sustainable development, and commodity production. Implement redesign agricultural policies and programmes to incentivise sustainable agriculture. The full commitment can be read here
COP26 – The ending of a coal fuelled global economy on the horizon
A consortium of banks, businesses and governments have committed to a coal free future. 23 countries have commited to phase out coal power. Tier 1 Banks have committed to end international funding of new coal power. Additional 190-strong coalition agrees to phase out coal power. The full story can be read here
COP26 – Methane pledge signed by 105 countries in Glasgow
The methane pledge, announced by the US and EU earlier in the year, has now been signed by 105 countries at the COP26 conference. Key points of the pledge include: Methane emissions cut by 30% by 2030 Global warming of 0.2 degrees would be prevented by the successful achievement of the pledge China, India and […]
TCFD releases its latest status report
The TCFD has continued the roll out of its reporting framework for scope 1, 2 and 3 emissions. This publication details where countries are adopting reporting frameworks that align with that framework. Brazil, EU, UK Switzerland, Hong Kong, Singapore, New Zealand and Japan have all announced TCFD aligned requirements The International Financial reporting Standards (IFRS) […]
IEA releases its ‘Energy Outlook 2021’
The International Energy Agency has released its 2021 ‘Energy Outlook Report’. Some key findings are: Renewable energy creation saw significant growth through COVID and electrification of personal transport is growing rapidly. Oil and coal are rebounding after COVID, and consequently CO2 emissions are rising at near record rates Pressure on the system is likely to […]
ECB warns banks that they are at severe risk from climate change
The ECB has released its bloc-wide stress test results with both a warning to banks about the impact on their balance sheets and an invitation to the ‘golden opportunity’ that investment in the new green economy represents. Short term ‘orderly’ transition is needed to avoid significant financial impacts Physical impacts are highly regionalized within the […]
US doubles its climate funding pledge
Addressing the United Nations, President Biden has increased the US funding pledge for fighting climate change to 11.4 billion dollars by 2024 The announcement follows an earlier April pledge to double the amount to 5.7 billion dollars Critics are saying the amount needed is actually closer to 40 billion dollars per year Current UN member […]
UN releases report on countries’ climate action plans – much more needed!
The UN report brings together the collective efforts of countries with Nationally Determined Contributions (NDCs). Whilst the reports shows progress, efforts need to ‘redouble’ if the target of global heating of below 2 percent by the end of the century. The report covers 191 parties’ NDCs CO2 emissions need to be reduced by 45% globally […]
