*[Enwl-eng] Vladimir, here is the latest news from the High-level Climate Champions!
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Wed Apr 21 13:52:08 MSK 2021
UN Climate Change
Global Climate Action
21 April 2021
High Level Climate Champions
Newsletter
Finance Unites for Net Zero
The world’s biggest banks, asset owners and asset managers are uniting today to launch the Glasgow Financial Alliance for Net Zero (GFANZ) - bringing the full breadth of the financial system together, for the first time, under a single framework for driving the transition to zero emissions.
Coming ahead of the US Leaders Summit on Climate, on Thursday and Friday, GFANZ unites more than 160 firms, responsible for over US$70 trillion, behind robust goals for net zero emissions by 2050. It includes the newly launched Net Zero Banking Alliance and the existing Net Zero Asset Managers Initiative, the UN-convened Asset Owner Alliance and the Paris-Aligned Investor Initiative. The soon-to-be-launched UN-convened Net-Zero Insurance Alliance will add leading insurers and reinsurers into the GFANZ fold.
The Alliance will be launched at the US Climate Action Week virtual event today - COP26 & The Global Financial Alliance for Net Zero, at 4pm BST/ 11am EDT.
The event will be hosted by Mark Carney, the UK Prime Minister’s Finance Advisor for COP26 and UN Special Envoy for Climate Action and Finance, alongside the UNFCCC High-Level Champions and the UN Race to Zero campaign.
If we are to meet the challenge - and seize the opportunity - of creating a healthy, resilient, zero-emissions economy by 2050, then every finance commitment needs to take climate change into account. Bringing together the full financial system - from asset managers to owners to insurers to banks to ratings agencies to stock exchanges - GFANZ will raise the bar on the finance sector’s climate targets and coordinate action.
Calculations suggest that the financial system is funding a global temperature increase of more than 3°C, and that over $50 trillion of investment is needed to reach net zero emissions by 2050. The funding gap is still pegged at 60-85 percent of that sum.
All GFANZ member alliances must be accredited by the Race to Zero, which sets robust criteria to ensure that members set interim and long term targets for reaching net zero emissions by 2050 and regularly report on their progress.
Bankers and Insurers for Net Zero
The industry-led Net Zero Banking Alliance, convened by the UN, also launches today, with 43 banks from 23 countries, and combined assets of $28.5 trillion. They include Bank of America Merrill Lynch, Barclays, Citi Group, HSBC, Morgan Stanley, NatWest and Standard Chartered.
The banks aim to transition the operational and attributable emissions from their lending and investment portfolios in line with net zero by 2050. They will also set a science-based interim target for 2030 or sooner within 18 months of joining, and targets for every five years onwards. Their first 2030 targets will focus on the most emissions-intensive sectors in their portfolios, including agriculture, oil and gas, coal, cement, iron and steel, transport and real estate.
The UN-convened Net Zero Insurance Alliance is expected to launch at the COP26 summit. It will be established by AXA, Allianz, Aviva, Munich Re, SCOR, Swiss Re and Zurich Insurance Group.
US Companies Lead The Charge
On the eve of the Leaders Summit on Climate, major companies including Walmart, Visa, Netflix, Etsy and Twitter are leading a cohort of ambitious US companies joining the Race to Zero through the Business Ambition for 1.5°C campaign, setting science-based targets with robust interim goals and immediate action plans.
This comes after 310 businesses signed an open letter calling on the US to at least halve its emissions by 2030, including some of the largest companies in the US - Apple, Facebook, Microsoft, McDonald’s, Google, Nike and Starbucks.
The Race to Zero has grown by 20 percent in the last month, now counting nearly 3,400 companies, cities, states, regions and universities. The US is the second-largest country for corporate climate action, with 301 companies.
The We Mean Business Coalition and Ceres, which supported the open letter from companies, are hosting an event today to talk about business climate action, featuring US Energy Secretary Jennifer Granholm and leaders from Danish energy company Ørsted, cement giant LafargeHolcim and IKEA Retail US.
In Case You Missed It
a.. More than a third of the global mobile industry by revenue has now committed to credible net zero emissions targets, making it the first industry to announce a critical breakthrough. While the sector is committed to eliminating its emissions, it believes its biggest contribution will be helping other sectors reduce their emissions through digitalisation.
a.. Race to Zero partner Health Care Without Harm launched a first-of-its-kind global roadmap for decarbonizing the health care sector in a way that boosts resilience and health equity. The sector accounts for 4.4 percent of net global emissions.
a.. COP26 President Alok Sharma wrote an open letter setting out the expectations he has heard for negotiations at the summit and the UK’s plans for accelerating progress. The priorities are “inclusive action” - including through the Marrakech Partnership - as well as the Paris Rulebook, adaptation, loss and damage, finance and mitigation.
a.. Two days after the letter was published, the COP Bureau agreed to hold a virtual meeting to advance preparations for the COP26, from 31 May to 17 June. The informal discussion follows the Bureau’s principle of maximizing progress and minimizing delay. Decisions will only be adopted at the next formal meeting in person.
a.. A new report by the Oxford Sustainable Finance Programme, tracking how the cost of debt for fossil fuels and renewables have changed over the past 20 years, finds that loan spreads for coal mines have increased by 54 percent, and for coal power plants by 38 percent, over the last decade.
a.. Danish energy company Ørsted has released a white paper telling the story of how it transformed from a coal-intensive power generator with a growing oil and gas production into a green energy company - and why it was the best strategic, financial and environmental approach.
a.. The new Race to Zero Built Environment System Map enables policymakers, businesses, investors, innovators and people to explore and visualize their roles in the shift to a decarbonized built environment. The digital platform was created by the UN High-level Climate Action Champions and built environment experts.
Mark Your Calendars
a.. COP26 & The Glasgow Financial Alliance for Net Zero: 21 April
b.. Climate Leaders Hour - Business Meets Government: 21 April
c.. All In For Climate: How a Whole-of-Society Approach Can Accelerate the Race to Zero, hosted by Alliances for Climate Action: 21 April
d.. US Climate Action Week: 19-23 April
e.. Earth Day: 22 April
f.. US Leaders Summit on Climate: 22-23 April
g.. International NGO Leaders on Business and Government Collaboration: 23 April
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Subject: Vladimir, here is the latest news from the High-level Climate Champions!
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