Project pipeline development: In addition to the Assets to Flows report, the COP 27 Presidency, the High-Level Champions and the United Nations Regional Commissions, have released an extended compendium comprising a further 128 projects. They also highlight variations in project maturity and deal size - from US$ 10 million to USD 500 million. 

Africa insurance industry to underwrite USD 14 billion of cover for climate risks by 2030. It’s the first time The Nairobi Declaration on Sustainable Insurance signatories have made this financial commitment.

The Independent High-Level Expert Group on Climate Finance commissioned earlier this year by the COP26 Presidency together with the COP27 Presidency and the High-Level Champions, co-chaired by Vera Songwe and Lord Nicholas Stern released their report today. 

Titled “Finance for Action: Scaling up investment for climate and development,” it includes recommendations for scaling up long-term finance for developing countries including the need to integrate climate and development in a holistic manner. 

Net Zero Asset Managers initiative (NZAM) announces initial targets for 86 investors as the total number of asset managers committing to net zero increases to 291. Less than two years since the initiative launched, the latest disclosures take the total number of asset managers that have set initial targets to 169 and represents USD 21.8 trillion committed to be managed in line with achieving net zero by 2050 or sooner.

The Net-Zero Asset Owners Alliance (NZAOA) announces later today that it stands at 80 members with USD10.9 trillion in Assets Under Management (AUM). NZAOA highlighted in their Second Progress Report (Sept 2022) that 44 members have set short-term (2025 and 2030) decarbonization targets. These members represent US$7.1 trillion – two thirds of the total AUM.

Today, the UN-convened Net-Zero Banking Alliance (NZBA) launches its first Progress Report (available at 9am CET on 9 Nov), which captures the intermediate decarbonization targets of over 60 members. The NZBA has nearly tripled in size in just 18 months: from launching in April 2021 with 43 founding members, the Alliance is now comprised of 122 members in 41 countries, representing about 40% of global banking assets.

Paris Aligned Asset Owners (PAAO) initiative publishes its first Progress Report and initial target disclosures for a further 13 signatories. The Inaugural Progress Report showcases innovation and best practice amongst asset owners for turning net zero commitments into action. The new targets mean 40 asset owners have disclosed initial targets since March 2021.

To convert net-zero ambitions into actions, the Glasgow Financial Alliance for Net Zero (GFANZ) has released the Financial Institution Net-zero Transition Plans report, which provides voluntary, pan-sector recommendations and guidance for financial institution net-zero transition plans that are credible and ambitious.  The report identifies the four key financing strategies that collectively define transition finance. 

BloombergNEF (BNEF) has published the Mobilizing Capital Into Emerging Markets and Developing Economies report providing a snapshot of current conditions for energy transition investment in Emerging Markets (EMs) and Developing Economies (DEs). Highlighting the decline in total financing, BNEF calls on all major stakeholder groups to raise their efforts to help EM&DEs transition to lower-carbon energy. 

The Lightsmith Group launches a water harvesting technology pilot in Papua New Guinea with funds from its recently launched Climate Resilience and Adaptation Finance and Technology-transfer facility (CRAFT). 

The Critical Business Actions for Climate Change Adaptation Report - is published by the World Economic Forum (WEF). As companies are becoming acutely aware of climate impacts on their business, they need a framework for responsible action. This paper offers a clear framework while bridging the language of business with the language of climate adaptation, showing how companies can look after their interests while being part of the solution to a major shared global challenge

The V20 and UNEP FI’s Principles for Sustainable Insurance are progressing a Sustainable Insurance Facility - a project pipeline facility to assist V20 membership in scoping financial protection needs of micro, small and medium-sized enterprises. The aim is to facilitate project concept and proposal development.

The UN Climate Change High-Level Champions are calling for action across three Sharm el-Sheikh Adaptation Outcomes for Finance: for public finance actors to increase the volume and share of A&R finance, for private finance actors to help mobilise the USD 140 billion to USD 300 billion needed annually by 2030, and for insurers to institutionalise a longer-term industry approach to A&R. The finance deep-dive report provides additional detail on the Sharm el-Sheikh Adaptation Outcomes for Finance and offers solutions for how they can be delivered

The Maritime Just Transition Task Force launches a new action plan setting out recommendations to upskill seafarers to meet shipping’s decarbonisation goals. The plan is in response to findings from new research which warns that as many as 800,000 seafarers will require additional training by the mid-2030s. 

Leaders from Western Indian Ocean countries share progress on the Great Blue Wall  -  since the launch of the Great Blue Wall at COP26 in Glasgow, two seascapes have been officially designated: The Quirimbas Seascape in Mozambique and the Tanga Pemba Seascape in Tanzania. In addition, the IUCN and Ocean Hub Africa have launched project incubators in both of these seascapes to provide technical assistance and know-how to local entrepreneurs. More than 50 regenerative blue economy projects have been launched as a result of this support.

For more information and webcast, access here

Futures Lab: Accelerating Climate Collaboration 

COP27 Day 2 saw 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 Yearbook of Global Climate Action 2022 was launched yesterday, providing an overview of the state and scope of global climate action in 2022. It outlines what is needed to accelerate sectoral systems transformation, features case studies of real-world climate action projects, highlights some key global climate action topics – particularly regionalization and accountability – and presents the UN Climate Change High-Level Champions’ contribution to these issues.

The High-Level Champions welcome the recommendation of the United Nations’ High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities and the response of the United Nations Secretary-General António Guterres. The Secretary-General highlighted the importance of all net-zero voluntary initiatives to accelerate efforts to standardize progress reports in an open format and via public platforms that feed into the UNFCCC Global Climate Action Portal. He also expressed his belief that the UNFCCC should play a decisive role – and invited the Executive Secretary of the UNFCCC secretariat to present a plan early next year.