United Nations Environment Programme Finance Initiative (UNEP FI)’s Post

The sustainability landscape is dancing vigorously. It now moves to a super-unification of taxonomies even before some jurisdictions operationalize the new frameworks. #Climate policy will shift––again. #Brace for #Impact #Policy #Pulse The climate and sustainability landscape is indeed dynamic, and the rapid evolution of taxonomies and frameworks reflects the urgency and complexity of addressing the challenges for green business, equity, and the environment. Whereas efforts to unify taxonomies aim to create consistent sustainability standards across borders, facilitating better comparisons and harmonization of sustainability practices will trigger new adjustments in reporting practices to align with already complex on-ground realities. Different regions, especially, the least-developed countries are at #varying stages of implementing new frameworks, leading to potential inconsistencies and challenges in global coordination. As jurisdictions strive to keep up with these changes, the global policy landscape will inevitably shift again––and again, requiring continuous adaptation and innovation. #Policymakers must therefore be agile in updating and refining regulations to be in sync with emerging standards and practices across different sectors. It will be most important to keep an eye on emerging laws, scientific insights, technological advancements, and societal demands for poverty eradication, better investments, subsidies, and incentives to support better quality of life.

#Budget 2024-25: Sitharaman unveils climate finance taxonomy, experts hail move but concerns over greenwashing persist The taxonomy helps classify economic activities aligned with climate commitments along with broader environmental goals other than climate. According to the United Nations Environment Programme, taxonomies provide clear definitions based on science, help avoid greenwashing and help identify eligible assets, activities or projects that are low-carbon, compatible with low-carbon economic development or environmentally sustainable.

Some great discussions taking place at the Responsible Investor Conference this morning. The session on “Policy and Regulation -Sustainable Finance in the Next EU Legislative Phase”was particularly thought provoking. A few takeaways: - Climate Transition needs a stronger and more supportive regulative environment - Essential to have the courage to raise the subject of climate transition at board level - A clearer definition of transition is needed - There is a transition shaped hole in the EU taxonomy that needs to be filled - The directing of capital towards more sustainable activities in the EU is distracted by form filling #RIEurope2024 #regulation #transition #justtransition #sustainability

Learning from others Sustainable Finance and EU Taxonomy: Commission takes further steps to channel money towards sustainable activities The European Commission has today adopted an ambitious and comprehensive package of measures to help improve the flow of money towards sustainable activities across the European Union. By enabling investors to re-orient investments towards more sustainable measures will be instrumental in making Europe climate neutral by 2050. https://lnkd.in/gFNUjM2D

We are thrilled to have been accepted as a member in the Paris Agreement Article 6 Implementation Partnership also known as A6IP. We are joining 69 countries and 34 organisations/NGO's in the quest for #transparent and high integrity carbon markets, these include: #Japan #australia #germany #switzerland #UK #worldbank #unfccc #iea #ebrd #africandevelopmentbank #undp "We stress the importance of the implementation of Article 6 of the Paris Agreement, which has potential to enhance climate actions. We also recognize the need for capacity building in particular in developing countries for implementation of Article 6 and enhanced transparency framework under Article 13 in the Paris Agreement as well as to increase the readiness for accessing climate finance resources for private and public sectors to support national and global climate objectives and international cooperation. In order to promote global emission reductions, early and steady implementation of a “high integrity carbon market” that ensures environmental integrity based on Article 6 of the Paris Agreement is key to further deepening reduction particularly in developing and emerging countries." #carbonmarkets #climatechange #climatetech #ai #carbonaccounting #carbonemissions #empati Stewart Dodd Sarvapali (Gopal) Ramchurn Oliver Nunn Dong Huynh Darren Orbart José Fernando Martínez Paz Asim Poptani Elliot Salisbury https://a6partnership.org/

🙋 Today the IEU held a webinar for Green Climate Fund Secretariat staff on emerging findings from the Independent Evaluation of the GCF's Investment Framework. The talk was followed by an open Q&A with Secretariat staff. In this webinar, IEU’s Martin Prowse and Viktoriya Khan presented key emerging findings from the evaluation on themes such as effectiveness, sustainability, and coherence.    🔗 To find out more about the progress of the evaluation, click here:  https://lnkd.in/gDcBMQXZ   #Evaluations #ClimateFinance

👓July 2024 - Australia's Climate Reporting Plan, emerging obligations👓 ▶️The Australian government plans to enforce mandatory climate reporting for large companies and financial institutions from July 1, 2024. ▶️In June 2023, the Federal Government released a consultation paper, 'Climate-related financial disclosure,' seeking views on the structure and implementation of climate-related financial risk and opportunities disclosure requirements. ▶️The proposed requirements focus on core governance, strategy, details of risks and opportunities, and metrics & targets, similar to the International Sustainability Standards Board (ISSB). ▶️The government is inviting submissions on the implementation of standardised requirements. 📝The following article is a great read https://lnkd.in/gEgXRusR 📝

𝐉𝐮𝐬𝐭 𝐢𝐧 𝐓𝐢𝐦𝐞 "𝐂𝐥𝐢𝐦𝐚𝐭𝐞-𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐃𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐄𝐮𝐫𝐨𝐬𝐲𝐬𝐭𝐞𝐦’𝐬 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐒𝐞𝐜𝐭𝐨𝐫 𝐇𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐟𝐨𝐫 𝐌𝐨𝐧𝐞𝐭𝐚𝐫𝐲 𝐏𝐮𝐫𝐩𝐨𝐬𝐞𝐬" Click here to read more: https://lnkd.in/dBftjfyz To limit global temperature increases to 1.5ºC, the Paris Agreement requires countries to decarbonize their economies and investors to make finance flows consistent with a pathway low greenhouse gas emission. Countries’ efforts to reduce emissions and adapt to the impact of climate change are summarized in Nationally Determined Contributions (#NDCs) which are registered in accordance with the United Nations Framework Convention on Climate Change (#UNFCCC). For the EU, the European Climate Law implements the Paris Agreement in Union law by setting the goal for Europe’s #economy and society to become climate-neutral by 2050 and additionally setting the intermediate target of reducing net emissions by at least 55% by 2030 compared with 1990 levels. The Eurosystem calls on corporates to set and deliver on decarbonization targets in line with the goals of the #ParisAgreement. This report aims to improve transparency on the Eurosystem’s activities and contributes to the ongoing work on climate change. It presents the Eurosystem’s first annual climate-related financial disclosures on its corporate securities holdings purchased for monetary policy purposes under the programs. Author: Marco Zanolli #SustainabilityDisclosures #ClimateRisk #ClimateScores #ClimateStressTesting

As more laws and regulations are effective requiring companies to report on and adhere to standards regarding climate change and sustainability, this strengthens EB-2 NIW applications for #immigrants in ESG (Environmentalism, Sustainability and Governance). SEC has published a new regulation re requirements for businesses to report on climate-related risks, plans and governance. #EB2 #NIW #environmentalism #sustainability #governance #ESG #SEC #Climate #risks #regulations https://lnkd.in/ejUcVR-8

On July 15, the Capacity-building Alliance of Sustainable Investment (CASI) supported the international Platform on Sustainable Finance (IPSF) (under the European Commission) to host a knowledge-sharing session on the Common Ground Taxonomy (CGT) for Sustainable Finance (as part of the EU Climate Dialogues project), together with the Climate Bonds Initiative and Ambire Global. This insightful session introduced the background and need for the #CGT, progress made so far, existing use cases and a few more steps of further evolution. Silvia De Iacovo from the European Commission, Dr Bolu W. and Cheng Lin from CASI set the stage with welcome remarks, establishing a solid foundation for the discussion. This engaging session brought together esteemed speakers including Zofia Wetmańska, Bridget Boulle, Prateek Kumar, Alison O’ Riordan who generously shared their knowledge and expertise. 🌱 The webinar highlighted how the CGT is evolving into a valuable tool for promoting sustainable finance and fostering cross-border cooperation in addressing climate change. It is truly encouraging to witness this initiative gaining momentum and finding practical applications in diverse markets and sectors. Institute of Finance and Sustainability (IFS) #SustainableFinance #CommonGroundTaxonomy #ClimateChange #CASI #ClimateBondsInitiative #AmbreGlobal #EUClimateDialogues