![]() ![]() Making carbon markets work better for Africa in particular, will be important at COP27. Voluntary carbon markets, which were decried as spigots of greenwash a year ago, are the focus of detailed work to establish guardrails and rules that will ensure that high integrity markets lead to emissions reductions and removal as well as a steady flow of resources to countries and communities, that can produce high-quality carbon credits, such as Gabon. And while that has proven a complex process to move forward, elements of new funding and flows are subject to intense work across a wide array of partners. These JET-Ps follow the agreement to channel $8.5bn to South Africa at COP26. Senegal is in line, and a platform for India is in focus. Yet, there will be important efforts to build on the financing for Just Energy Transition Partnerships (JET-Ps) – with new platforms on the cards for Indonesia and Vietnam. Public finance still won't hit the $100bn. ![]() Ever-practical Egyptian ministers have been clear that they want to move from pledges to specific applicable policies and practices that are aimed at securing effective implementation. Integrity lies at the heart of the financial sector's role in climate action and there will be greater scrutiny of commitments at Sharm. Now attacks come from the right for being “woke” capitalism. Previously, net-zero claims were attacked from the left for greenwash. ![]() With one eye on the November elections, states such as Texas and Florida are attacking ESG investment trends and the financial sector's move to establish net-zero goals is hitting inevitable bumps in the transition road. Twelve months on, GFANZ is validating its signatories' claims some asset managers have exited amid the uncertainty and some large US banks, led by the most prominent banker of fossil fuels, JP Morgan, have expressed doubts in public. ![]() That number was made possible by aggressive shepherding of reluctant US banks in the weeks before the summit. So what can we hope for? Despite these crises, success means progress on finance.Īt COP26 in Glasgow, the failure to deliver even belatedly on a promised $100bn a year of climate finance by 2020 was somewhat obscured by the heralding of private finance: $130 trillion of assets under management from 450 financial institutions, grouped as the Glasgow Finance Alliance for Net Zero (GFANZ). Meanwhile, low-income countries are at the end of broken vaccine promises, climate finance, and clean energy investments. REUTERS/Siphiwe SibekoĬhina and US relations, at the core of climate diplomacy as the two largest emitters, are in the chiller, and Europe faces recession and a test of all it stands for in the face of Vladimir Putin's aggression. Trucks and cars are seen driving past while smoke rises from the Duvha coal-based power station owned by state power utility Eskom, in Emalahleni, in Mpumalanga province, South Africa, June 3, 2021. And in the traditionally hard-to-abate sectors such as steel, cement, shipping, and aviation, we see technological progress and coalitions formed to drive progress. The second is hope: the possibility of a renewable energy revolution, as technologies improve, prices fall, storage develops, and the electric vehicle transformation takes off. We have failed to mobilize promised green finance and made insufficient progress in greening the financial system. The first is one of dismay that politics has let science down: we are subsidizing fossil fuels more, and deforesting faster. They will gather 30 years after countries first agreed the framework convention on climate change, and seven years after the world decided in Paris to act to limit warming to well below 2 degrees celsius from pre-industrial levels and, in so doing, to leave no one behind.ĬOP27 will take place amid compound crises and two competing climate narratives. October 10 - In fewer than 30 days, the caravan of climate negotiators, ministers, heads of state, media, industry, and financiers will descend on Sharm El-Sheikh, Egypt for the 27th round of climate negotiations (COP27). ![]()
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