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It’s hard for an oil giant to ignore: in 2021, Shell labelled fossil fuel divestment campaigns a “material risk.” C above pre-industrial levels, according to the United Nations Environment Programme (UNEP). There’s also incentive for the banks and other institutions financing these fossil fuel companies to sell off assets as well.
Greater scope and depth needed to keep pace with demand for more holistic approaches to climate risk management by banks and investors. The report is based on the practical user experience of almost 50 banks and investors using available climate risk management tools and includes 15 case studies.
According to global consulting firm McKinsey , helping higher-emission industries and economies pivot to a lower-carbon economy would involve spending US$275 trillion on physical assets for energy and land-use systems between 2021 and 2050. 1 The average annual spend of US$9.2 trillion would be US$3.5 trillion more than the current outlay.
The NZIA was launched in 2021 by eight insurance and reinsurance companies – including AXA, Allianz and Scor as founding members – and by early 2023 grew to nearly 30 members representing approximately 15% of global premium volume. The announcements come amidst building pressure from Republican politicians in the U.S.,
Jessica Smith, Nature Lead at the UNEP FI, says it’s time for biodiversity to take its place alongside climate in investor priorities. UNEP FI is going to play a big role in in the year ahead in the piloting programmes to work out what this will look like.”. Innovative finance.
The global economy relies on the health of the ocean, says Dennis Fritsch, Project Coordinator, Sustainable Blue Economy Finance at the United Nations Environment Programme Finance Initiative (UNEP FI). UNEP FI is working towards integrating the use of sustainable finance practices in support of ocean health by the global financial community.
Sustainable finance, until recently still a niche activity, is now a mainstream strategic consideration for banks, asset managers and insurers. Usher says asset managers are not alone; many members of the Net Zero Banking Alliance have taken a similar view, choosing to side with management on climate for the time being. Race to zero.
SDSN had a busy 2021 where a number of our networks, programs, and teams supported the progress towards achievement of the Sustainable Development Goals (SDGs) and the Paris Climate Agreement. The 2021 Networks in Action report, launched in November, features all the major accomplishments of these national, regional and thematic networks.
Spanish insurance company MAPFRE announced today that it has decided to discontinue its membership in in the Net-Zero Insurance Alliance (NZIA), marking the latest in a string of major insurers exiting the UN Environment Program (UNEP)-backed climate action-focused industry group.
Alliance extends net zero targets to capital markets activities, as frameworks provide more tailored approach for banks’ transition strategies. The second of the four guidelines requires banks to establish an emissions baseline and annually measure and report the emissions profile of loans and investments. billion from Barclays.
The findings are based on an examination of nearly 500 publicly available insurance company responses to the National Association of Insurance Commissioners’ (NAIC) 2021 Climate Risk Disclosure Survey, which implemented Task Force on Climate-related Financial Disclosures (TCFD) recommendations for the first time. ET Thursday, July 27.
Representatives from international organizations and multilateral development banks shared their views on how the concept of multidimensional vulnerability and associated measurement tools can help support better resource allocation and help strengthen resilience and emergency response in the context of SIDS.
In 2021, the Cisco Foundation made a bold commitment to address the climate crisis, pledging $100 million over 10 years to fund innovative climate solutions. billion in 2021 to $45.6 billion in 2024, as companies transition from venture capital to bank loans and other funding sources ( Net Zero Insights ). billion ( Pitchbook ).
Every year more than 2 billion tonnes of municipal solid waste (MSW) is produced across the planet, as shown in the UN Environment Programme’s (UNEP) Global Waste Management Outlook 2024. Launched in 2021, it is a multi-thematic Article 9 fund, meaning it has distinct sustainability objectives. billion tonnes.
Financial institutions still don’t have expertise to handle net zero transition, according UNEP FI-backed report. The qualification was subject to a pilot phase involving candidates across 60 different firms, including asset managers, asset owners, consultants and banks.
This is unequivocal and unsustainable (IPCC 2021). in 2021 to 10,042 TWh, a new all-time high and 2% above the previous record set in 2018. Currently, humanity uses the equivalent of 1.7 planets to provide the resources needed to produce goods and absorb waste (Global Footprint Network 2020).
Other financial institutions that have introduced new policies excluding DSM from financing include Lloyds Banking Group , European Investment Bank (EIB) and Standard Chartered. Global automakers, including Volkswagen, BMW and Volvo have also signed a public statement of support for a moratorium on DSM “as a matter of precaution”.
The Central Bank of Azerbaijan (CBA) launched a taxonomy standardisation initiative, and in summarising the outcomes of COP29, the United Nations Environment Programme Finance Initiative (UNEP FI) noted the agreement on an urgent need to scale adaptation finance, using concessional finance, metrics and taxonomies in mobilising private investment.
There are several financing questions to answer too – areas where developing nations in particular are keen for ‘stories about money’ to transform into cash in the bank. A 2021 paper by the BlackRock Investment Institute opined that the US$100 billion financing target for developing market transition was “not sufficient”.
Because of their multiple benefits, investments in NbS would represent “good value for money” at a time of global macroeconomic uncertainty, said Ivo Mulder, Head of the Climate Finance Unit at the UN Environment Programme (UNEP). . Where finance flows, action follows,” she said, adding: “Where finance flows lag, commitments wither.” .
The topic was a focus of high-level talks during COP28’s Finance Day with former Brazil premier Dilma Roussef, President of New Development Bank, talking about the importance of deepening local currency capital markets to lower the cost of capital for organisations on the ground.
This view is shared by a group of ESG experts, including famed lawyer Paul Watchman and former UNEP Finance Initiative Head Paul Clements-Hunt, who recommend the adoption of a more punitive regulatory regime for greenwashing offences and a feasibility study into the potential of stand-alone greenwashing legislation.
The first report of the SPA, launched in 2021 at the COP26 in Glasgow, is the most in-depth and holistic report of its kind on the Amazon. PROJECT ASSISTANT ROLES AND RESPONSIBILITIES The Consultant will Development and implementation a strategy for dialogues with development banks and financial institutions. Analyze data.
The FfB Foundation was set up in March 2021 after the launch of the FfB Pledge in the previous year, which currently has 153 signatories across 24 countries with a collective US$22.6 trillion in AUM.
In 2021, global EV sales more than doubled to 6.6 China made up a huge portion of these sales, almost tripling sales volumes in 2021 to reach 3.4 million, representing nearly 9% of the overall market, according to the International Energy Agency (IEA). million units.
In 2005, a group of investment managers organised under the UN Environment Programme Finance Initiative (UNEP FI) commissioned law firm Freshfields Bruckhaus Deringer to publish a report , ‘A Legal Framework for the Integration of ESG Issues into Institutional Investment’. How does fiduciary duty relate to sustainable investment?
GFANZ was launched in April 2021 and has more than 500 members across its member alliances. Carney was responding to questions from Eric Usher, Head of the UN Environment Programme Finance Initiative (UNEP FI), about his expectations from members of alliances under the GFANZ umbrella which have not set decarbonisation targets for 2025.
trillion by doing so, according to a World Bank report. Extreme climate-related events can reduce a property’s value by between 5-20%, according to the UN Environment Programme Finance Initiative (UNEP FI). Last year, UNEP FI published guidance outlining the kinds of resilient buildings needed to cope with new climate extremes.
The new framework follows a 2021 F4B report which outlined how climate-nature interactions will determine the attractiveness of prospective investments in the future. The F4B framework has been designed for financial institutions, but it can also be adopted by corporates looking to disclose a broader range of environmental risks and impacts.
The economic consequences of the COVID-19 pandemic caused CO2 emissions from buildings and construction to fall significantly in 2020, but a lack of real transformation in the sector means that emissions will keep rising and contribute to dangerous climate change, according to the 2021 Global Status Report for Buildings and Construction.
billion Recovery and Resilience Facility (RRF) , which has dedicated 37% of its funds to climate-related expenditure between 2021-27, but the rest must come from investors, Moody’s said. . Part of this investment will be met by the EU’s €672.5
But it does have credit in the bank. “The GFANZ was launched in April 2021 to unite financial institutions and accelerate net zero transition progress. The UN does a good job of accounting for different governmental interests through a structured forum and ultimately producing joint agreements,” Thomae says.
Further, a recent report by the UN Environment Programme (UNEP) and the Sabin Center for Climate Change Law at Columbia University, showed that climate litigation is becoming an integral part of securing climate action and justice.
This expert group includes representatives from the UNEP World Conservation Monitoring Centre, standard setters EITI and SASB, and investment institutions FTSE Russell and S&P Global. Normative , a?
In 2021, Fidelity International conducted 198 engagements (14% of total engagements for the year) related to nature, including biodiversity, waste management and water usage.
SDSN is proud to have contributed to Chapter 6 "Transforming food systems" of UNEP's 2022 Emissions Gap Report thanks to our FABLE Consortium scientific director Aline Mosnier. Mobilize central banks: central banks are increasingly interested in addressing the climate crisis, but more concrete action on regulations is needed.
A 2022 report from the World Bank estimated that the global health cost of mortality and morbidity caused by exposure to fine particulate matter air pollution in 2019 was $8.1 Source: The first global assessment of air quality legislation, UNEP. Air Pollution: A Case for Action Beyond 2021. World Bank. Accessed 03.03.23
Just prior to COP26, the UN Environment Programme (UNEP) launched the International Methane Emissions Observatory (IMEO) to improve the accuracy and public transparency of human-caused methane emissions. The signatories recognised that rapid action on methane is an essential complement to cuts in CO2 and other greenhouse gases (GHGs).
Dasgupta carried out a review for the UK government in 2021 into the economics of biodiversity, which similarly advocates for measuring national inclusive wealth instead of national income. Inclusive wealth is measured by both the World Bank and UN Environment Programme (Unep). The discrepancies relate mainly to natural capital.
Mon, 03/22/2021 - 00:30. Environment Program Finance Initiative (UNEP FI), have highlighted the importance of redefining fiduciary duty, in order to stimulate long-term sustainable growth and the economic health of companies. Realizing the full potential of stakeholder capitalism. Michael Wilkins.
Leading US banks and insurers will face votes at their upcoming AGMs asking for policies aligned with the International Energy Agency’s (IEA) net zero roadmap , after challenges to shareholder resolutions were rejected. . Regulator refuses requests for no-action relief against shareholder resolutions calling for IEA alignment. .
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