*[Enwl-eng] Here is the latest news from the High-Level Champions!
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Mon Dec 4 21:18:58 MSK 2023
UN Global Climate Action
4 December 2023
Top of the COP
High-Level Champions' Newsletter for COP28
Unlocking fair finance for adaptation, nature and women
Driving the day
Public and private investors are taking steps to remove barriers to climate finance and increase fair investments, with an emphasis on most at-risk communities, adaptation and resilience, nature and women.
Unlocking finance for EMDEs and nature
a.. Billions for nature: The Asian Development Bank (ADB) today launched the Nature Solutions Hub for Asia and the Pacific, aiming to attract at least US$2 billion to investment programmes that incorporate nature-based solutions, with a focus on capital markets. The hub will deploy financing measures to reduce risks in nature-based solutions projects, including guarantees, impact-linked payments, and blended finance.
a.. Investable projects: 19 climate projects in developing countries have received some or all of their funding, valued at around US$1.46 billion, after being featured in the High-Level Champions’ Extended Compendium of Climate-Related Initiatives or been part of a shortlist curated by the Champions, according to the Regional Platforms for Climate Projects published at COP28. Some of these pioneering projects will be showcased at events today focusing on how to unlock climate finance on the ground.
a.. Fit for purpose: Countries, the private sector, MDBs, donors and philanthropists need to shift their approach to climate finance from do-it-alone to co-creation, in order to unlock investments at scale and create investable projects, according to a report published at the beginning of COP by the Independent High-Level Expert Group commissioned by the COP Presidencies and High-Level Champions and co-chaired by Vera Songwe and Nick Stern. Financiers also need to tackle debt constraints on vulnerable countries.
a.. Fit to finance nature: An accompanying report released today – co-authored by Naoko Ishii, H.E. Razan Khalifa Al Mubarak, Frannie Leautier, Vera Sognwe, Izabella Teixeira, and Mari Pangestu – sets out the coordinated public and private sector action needed to rebuild the economy’s relationship with nature, including setting targets and accounting for nature; expanding project finance for nature; and deepening capital markets.
a.. Finance for the Amazon: The Inter-American Development Bank (IDB) is committing up to US$5 billion in additional finance by 2030 to sustainable development projects in the Amazon region, as part of its Amazonia Forever programme, the bank will highlight at a high-level event on nature and water finance today. In addition, the IDB and partners aim to mobilize between US$10-20 billion in financing for the Amazon by 2030.
a.. Building finance capacity: The Global Capacity Building Coalition, launched on Friday, will significantly increase the availability and effectiveness of climate finance technical assistance programmes for financial institutions in emerging and developing economies. The coalition is designed to empower financial institutions to have an impact in their own countries.
a.. African insurance industry leaders: Members of the Nairobi Declaration on Sustainable Investment have introduced new sustainable insurance products related to renewable energy and agriculture, and announced new funding for the Africa Climate Risk Insurance Facility for Adaptation, they announced at an event at COP28 on Sunday. They are carrying out capacity building for the Principles for Sustainable Insurance, the Task Force for Climate-related Disclosure, and the Task Force for Nature-related Disclosure. Membership has grown to 135, from 11 30 months ago.
Net zero transitions
a.. Taskforce on Net Zero Policy: The task force was launched at COP28 on Sunday, and builds on the UN Secretary-General’s High-Level Expert Group’s Integrity Matters report. The Task Force’s goal is to establish a collaborative space that encourages the sharing of knowledge, practices and insights among policy makers and regulators in advancing net zero aligned policy.
a.. Gender-responsive just transition: At least 65 countries have endorsed the Gender-Responsive Just Transition & Climate Action Partnership launching today. It supports the call for gender-responsive climate action to be based on three pillars: better quality data for finance and resource allocation; more effective finance flows to regions worst-hit by climate change; and better education, skills and capacity building for the transition.
a.. Call to action on transition finance: An open letter calling for the increased deployment of transition finance will be announced today by the Rocky Mountain Institute on behalf of 11 NGOs. The signatories call for a shared vision for transition finance and for urgent, mutual action from the financial sector, governments, and issuing entities. The letter underscores the need for further collaboration and action across financial, policy, and corporate stakeholders to mobilize transition finance in pursuit of a rapid, equitable transition.
a.. From commitments to action: More coming this week, with the Glasgow Financial Alliance for Net Zero due to release its progress report later today and the Race to Zero campaign following with its progress report on Wednesday.
Finance for adaptation and resilience
a.. Call for Collaboration: Private finance institutions launched a call for collaboration today with Australia, Chile, Colombia, Guatemala and Switzerland on enhancing an enabling environment to accelerate the mobilization of private finance for adaptation and resilience.
a.. Maritime resilience: A first-of-its kind toolkit is being launched by the High-Level Champions, Resilience Rising and Arup, providing an online one-stop-shop of guidance and tools to help governments, port owners and operators, port users, and investors move towards the Breakthroughs needed by 2030 to build maritime resilience.
a.. Gender-environment data: A new call to action, issued by participants at the conference on gender and environment before COP28, urges world leaders, policymakers and others to produce and use gender-environment data to improve gender-responsive climate and environment commitments.
a.. Task Force on Sovereign Nature and Climate Finance: The world's largest MDBs and international organizations announced a joint declaration and launched a task force to boost sustainability-linked sovereign financing for nature and climate at COP28. The effort is also supported by leading insurance companies.The participating institutions will collaborate to scale climate and nature-linked financing by sovereigns and other public sector entities by improving the access to and affordability of risk mitigation and credit enhancement instruments.
a.. The Dubai Adaptation Billions Challenge, launching today, aims to mobilize US$5-10 billion in private adaptation investment. It is convened by LightSmith Group, a member of the Sharm El-Sheikh Adaptation Agenda Task Force.
a.. Adapting insurance: A report released today by the Race to Resilience campaign’s partner Marsh McLennan sets out five recommendations on how the insurance industry can better adapt to climate change, address barriers, scale impact, seize commercial opportunities and build climate resilience.
About the High-Level Champions
Created under the Paris Agreement, the UN Climate Change High-Level Champions have a mandate to connect the work of national governments with voluntary and collaborative action taken by cities, regions, businesses, investors and civil society worldwide. Through the Race to Zero and Race to Resilience campaigns, the Champions are mobilizing robust, science-based commitments and actions to reduce emissions, build resilience and end nature loss in line with limiting global warming to 1.5C.
For more news from COP28, visit climatechampions.unfccc.int.
Call for major climate action announcements: Global Climate Action
The secretariat is tracking major climate action announcements made at COP 28 – including the launch of initiatives and declarations and the reporting of progress information on existing initiatives and declarations.
The announcements will be featured on the COP 28 Event page of the UNFCCC’s Global Climate Action Portal and will help inform the global climate action outcomes at COP 28. You can notify us of your announcements using this form.
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Subject: Vladimir, here is the latest news from the High-Level Champions!
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