{"id":50010340,"date":"2017-12-14T19:00:30","date_gmt":"2017-12-14T19:00:30","guid":{"rendered":"https:\/\/stage.dialogochino.net\/?p=10340"},"modified":"2023-01-25T15:34:30","modified_gmt":"2023-01-25T15:34:30","slug":"10340-one-planet-summit-raises-ambition-on-climate-finance","status":"publish","type":"post","link":"https:\/\/dialogue.earth\/en\/climate\/10340-one-planet-summit-raises-ambition-on-climate-finance\/","title":{"rendered":"One Planet Summit raises ambition on climate finance"},"content":{"rendered":"

On December 12, global heads of state, mayors and business leaders gathered in Paris to celebrate the second anniversary of the Paris Climate Agreement. The One Planet Summit featured a range of high profile announcements on climate finance from governments, banks, business, and investors.<\/p>\n

The United States is the only country not to have accepted the Paris Agreement so President Trump was\u00a0reportedly not invited<\/a>. But the summit shows that Trump\u2019s position has not dampened global climate action. With the risks of climate change\u00a0rising on the global agenda<\/a>, momentum continues to build in finance and business, as well as by governments.<\/p>\n

Shifting from coal to clean<\/h2>\n

One of the headline announcements was from the World Bank Group, which will\u00a0stop investing<\/a>\u00a0in upstream oil and gas from 2019. This matters because according to recent data, it continued to spend on oil and gas after the Paris deal, investing around a billion dollars in\u00a0fossil fuel exploration<\/a>\u00a0in 2016.<\/p>\n

Momentum to phase out coal was also given a boost. The \u201cPowering Past Coal\u201d alliance led by the UK and Canada added Sweden and California to its membership, plus 24 new businesses. However, a major test will be whether it can sign up an\u00a0emerging economy in Asia<\/a>\u00a0where much new coal investment is located.<\/p>\n

In another major announcement, the 23 largest national and regional development banks agreed to align their finance with the Paris Agreement. The International Development Finance Club (IDFC<\/a>) represents over 69 countries and holds assets of more than US$4 trillion (26.5 trillion yuan). Its largest member is China Development Bank, which had\u00a0US$130 billion<\/a>\u00a0(860 billion yuan) of commitments in 2015.<\/p>\n

Ensuring that finance from large public banks is in line with Paris is essential because public institutions can help to boost private investment in sustainable projects by reducing risks. For example, the State Bank of India highlighted a new partnership with the World Bank to provide\u00a0new lines of credit<\/a>\u00a0for rooftop solar energy, which should encourage more investment in the sector.<\/p>\n

The World Bank also announced it will\u00a0apply a shadow carbon price<\/a>\u00a0on all projects in high-emitting sectors to take account of pollution costs. Former US Secretary of State John\u00a0Kerry described pricing carbon as the \u201csingle biggest thing we can do\u201d on climate change.<\/p>\n

China was also in the spotlight at the summit. Top green finance official Ma Jun said that by 2020 \u201cevery listed company in China must disclose information on environmental impacts\u201d. China may have a third of the world\u2019s installed clean energy capacity, but the\u00a0climate impacts of its overseas investments<\/a>\u00a0through its Belt and Road Initiative are causing concern. Ma Jun acknowledged that\u00a0emissions from the Belt and Road<\/a>\u00a0\u201ccould be three times China\u2019s emissions\u201d if nothing is done.<\/p>\n

Private sector actions<\/h2>\n

There were numerous pledges from the private sector on pulling funding out of fossil fuels. French insurance giant AXA will phase out insurance for\u00a0new coal construction projects<\/a>\u00a0and Dutch Bank ING will\u00a0end coal lending<\/a>\u00a0by 2025.<\/p>\n

Global investors also launched the five-year\u00a0Climate Action 100+<\/a>\u00a0to curb their emissions. Impressively, investors with more than US$26.3 trillion (174 trillion yuan) in assets have signed up.<\/p>\n

2017 has been a year of green finance opportunities, with global issuance on green bonds reaching US$100 billion (662 billion yuan) and HSBC recently launching the world\u2019s first\u00a0US$1billion sustainable development bond<\/a>\u00a0(6.62 billion yuan).<\/p>\n

Bank of England\u00a0governor Mark Carney, revealed\u00a0more than 230 companies<\/a>\u00a0have committed to the Task Force on Climate-related Financial Disclosures, representing a market capitalisation of over US$6.3 trillion (41.7 billion yuan). The Task Force recommends companies reveal information about harmful investment, which Carney said is now \u201centering the mainstream\u201d.<\/p>\n

Japan\u2019s pension fund GPIF, the largest pension fund in the world, announced a \u201cscience based target\u201d to reduce greenhouse gas emissions. Japan is aiming for 100 companies to have such a target by 2020, ensuring a reduction in fossil investments.<\/p>\n

Opportunities for cities<\/h2>\n

The new initiatives pose opportunities for Asia\u2019s fast-growing cities. Signatories of the Global Covenant of Mayors, which include 34 cities in East and South Asia, represent more than 10% of the world\u2019s population. This group announced a new climate partnership with the\u00a0World Bank<\/a>\u00a0to invest US$4.5 billion (30 billion yuan) in 150 cities around the world. The European Bank for Reconstruction and Development will also invest heavily in cities following the launch of its\u00a0Green Cities Climate Finance Accelerator<\/a>.<\/p>\n

With unprecedented hurricanes devastating several Caribbean islands this year, their leaders will now create the world\u2019s first \u201cclimate smart zone<\/a>\u201d to implement an ambitious US$8 billion (53 billion yuan) plan, including 100% renewable energy. And thinking long term,\u00a0Costa Rica, Ethiopia, Germany and Sweden<\/a>\u00a0were among 14 countries promising to develop plans to be carbon neutral by 2050.<\/p>\n

Finally, China is expected to launch its emission trading scheme soon. As the world\u2019s\u00a0leading energy financer<\/a>, China is pivotal to achieving the Paris Agreement. After these high-profile announcements by development banks, investors and insurers, attention will now turn to China and its efforts to green both its financial system and overseas investments.<\/p>\n

This article was first published by chinadialogue<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Paris Agreement\u2019s second anniversary was met with numerous commitments on green finance<\/p>\n","protected":false},"author":40000225,"featured_media":50023995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[761],"tags":[535,544,547,585],"hashtags":[],"country":[20000110,50040700],"class_list":["post-50010340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","tag-divestment","tag-finance","tag-fossil-fuels","tag-renewables","country-china","country-united-states-of-america"],"acf":[],"yoast_head":"\nOne Planet Summit raises ambition on climate finance | Dialogue Earth<\/title>\n<meta name=\"description\" content=\"The Paris Agreement\u2019s second anniversary was met with numerous commitments on green finance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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