Wednesday, 9 November 2022, and Day 4 of the international climate summit COP27, was Finance Day.
As the focus at this year’s conference is on adaptation to climate change, the role of private finance in building resilience to physical climate change impacts is key, as this short video explains.
The previous day, Tuesday 8 November, closed with the launch of the Sharm-El-Sheikh Adaptation Agenda – a comprehensive, shared agenda to rally global action around 30 adaptation outcomes that are needed to address the adaptation gap and achieve a resilient world by 2030.
The day also saw the publication of a UN report launched to crack down on corporate ‘greenwashing’ around net-zero claims. The report, Integrity Matters: Net Zero Commitments by Businesses, Financial Institutions, Cities and Regions, was published by a UN-convened high-level expert group that was set up in March 2022 to develop stronger standards and scrutiny of net-zero pledges from non-state entities such as businesses and investors, as well as cities and regions. In laying out ‘red lines’ to prevent “dishonest climate accounting”, the report recommended that non-state actors should no longer be able to claim to be net zero while engaging in deforestation or funding new fossil fuel supply, or lobbying to undermine ambitious government climate policies either directly or through trade associations or other bodies.
It was also announced that CDP, the not-for-profit which runs the global environmental disclosure platform for corporations will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform. This is a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards.
The US also announced for the first time a roadmap for nature-based solutions to fight climate change, strengthen communities, and support local economies.
Ireland was one of nine new countries which signed up to the Global Offshore Wind Alliance, pledging to a rapid ramp up of offshore wind in order to tackle the climate and energy security crises. The alliance was initiated by the International Renewable Energy Agency (IRENA), Denmark and the Global Wind Energy Council. It aims to bring together governments, the private sector, international organisations and other stakeholders to accelerate the deployment of offshore wind power.
Some useful resources
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Coverage of the new report to crackdown on corporate ‘greenwashing’ around net-zero claims in Reuters and the Irish Times
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“There is a growing pressure for governments to force some universal standards and accounting rules on net zero targets” (The Times)
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Debunked: Five common climate myths and why they're wrong: The Journal
Did you know….about the Capacity-building Hubs at COP27?
As far back as 1994, the UNFCCC knew it had to build and enhance relevant capacity to implement climate-mitigation (reducing emissions) and adaptation (adapting to climate change).
To do this, it began establishing ‘Capacity-building Hubs’ at the international climate summits (COPs). Capacity-building hubs are spaces for representation, collaboration, and knowledge sharing, allowing those involved climate change mitigation and adaptation a platform to work together for higher ambition and greater action. Friday 11 November will be the 'Just Transition & Sustainable Economies Day' hub day.
You can find all our COP27 updates, information, guidance and supports to help members understand sustainability and meet the challenges it presents in our online Sustainability Centre.
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