Wednesday,
3 November, and Thursday, 4 November, saw
the mainstream financial system aligning behind
net zero emissions by 2050, and an acceleration
of the transition to clean energy.
Finance
Goes Green and Resilient
The race
is on for private finance towards net-zero
emissions by 2050 and new partnerships are set
to drive exponential growth in resilience
investments. Find more in-depth news
here.
●
Through
the
Glasgow
Financial Alliance for Net Zero, over
$130 trillion of private capital is now
committed to transforming the economy for net
zero.
GFANZ has
grown 25-fold since April to 450 firms
from 45 countries, according to a new
progress
report.
●
These
GFANZ commitments
can deliver the
estimated $100 trillion of finance needed for
net zero over the next three decades.
That’s 70% of total investments needed,
according to new
analysis by Vivid Economics,
commissioned by the UN Climate Change High-Level
Champions.
●
UK
Chancellor Rishi Sunak announced
new requirements for firms in the UK
to publish plans for decarbonizing through
2050.
●
A
Global
Resilience Index launched to improve the way
insurers, financiers and investors measure the
resilience of countries, companies and supply
chains. A number of grants and investments are
also going towards building resilience in
at-risk countries, including $100 million from
the Green Climate Fund to support new
technologies.
●
The
International Financial Reporting
Standards Foundation also announced a
new International
Sustainability Standards Board to develop
globally consistent climate and broader
sustainability disclosure standards for
the financial markets. Its creation marks the
start of radical collaboration between leading
investor-focused sustainability disclosure
organizations consolidating into one board. Work
begins by June 2022.
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The
Energy Transition
A rapid
transformation of the global energy system is
underway and accelerating. Find more in-depth
news
here.
●
44
countries, and 32 companies and regions, signed
COP26 President
Alok Sharma’s statement on transitioning from
coal to clean power.
●
The
Powering
Past Coal Alliance welcomed seven new
subnational governments, three new energy
companies and 11 new financial institutions
committed to end unabated coal power, in
addition to six countries.
●
The
Beyond
Oil and Gas Alliance previewed,
before it launches on 10 November. It is an
international coalition of governments and
stakeholders working together to facilitate the
managed phaseout of oil and gas
production.
● Two new Green Hydrogen
alliances were launched: the Africa
Green Hydrogen Alliance and LatAm Green Hydrogen
Alliance.
They bring together industry leaders and policy
makers to accelerate zero carbon industry
development in Africa and Latin America, thereby
supporting equitable deep transformation.
● The
Green Hydrogen
Catapult’s collaboration is driving the
cost of green hydrogen production across a key
tipping point to below $2/kg, having increased
that production target from 25GW to 45GW over
the past year, with an emphasis on a global
approach to scaling green hydrogen production in
developing and developed countries.
●
Twelve countries
committed to the largest increase ever in
product efficiency. A global goal of doubling
the efficiency of lighting, cooling,
motors and refrigeration by 2030 with support
from the Climate Group’s
EP100 initiative of 129
businesses.
●
The
Global
Energy Alliance for People & Planet, was
launched by the Rockefeller Foundation with the
aim to mobilize at least US$10 billion for
the rollout of renewable electricity in Africa
and Asia, to help a billion people to overcome
energy poverty and fossil fuel dependence
by 2030. The Alliance issued a call for
transformational country programmes to unleash a
robust pipeline of projects.
● The
plan of establishing a Global Offshore Wind
Alliance in 2022 was announced,
rallying governments and the private sector to
join forces to increase offshore wind ambitions
and implementation towards 2030 and
beyond.
●
Ten pharmaceutical
companies are joining forces to cut indirect
emissions by shifting to renewable
energy. The pharmaceutical and medical
technology sector has hit the Race to Zero
campaign’s
breakthrough in ambition
towards halving emissions within the 2020s.
