How the financial sector is taking account of climate-related risks

December 10, 2015 by  
Filed under Insights

This article is contributed by Jovin Hurry, who is reporting from Paris.

COP21

As the ministers now negotiate the details of the COP21 Paris Agreement, some of the top key questions arising are how to finance the promised projects and what climate-related risks to shoulder.

Earlier this year, G20 Finance Ministers and Central Bank Governors asked the Financial Stability Board (FSB) “to convene public- and private- sector participants to review how the financial sector can take account of climate-related issues”.

The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. Read more

Increasing resilience is essential to secure future investment from climate change

December 10, 2015 by  
Filed under Insights

This article is contributed by Jovin Hurry, who is reporting from Paris.

COP21

A climate resilient society and economy is essential to secure hard-won development gains and to ensure that future investment is not lost to climate change. A resilient society and economy suffers little and recovers more quickly from natural disasters.

Sadly, extreme climate already impacts hundreds of millions of people every year, undermining or destroying their livelihoods, their homes and their environment. The Rockefeller Foundation estimates that over the last 30 years, $1 out of every $3 spent on development has been lost as a result of such recurring crises, a total loss of $3.8 trillion worldwide.

The high-level discussion at COP21 in Paris on resilience covered the full spread of peoples’ needs as they face increasing climate impacts. It underlined the fact that building effective resilience cannot be achieved in a disconnected fashion, for example, giving people early warning of extreme climate events may save their lives, but there is no additional economic benefit if they cannot get insurance in the first place. Read more

Cities and climate change: Mobilising investment in low-emission, climate-resilient urban infrastructure

December 9, 2015 by  
Filed under Insights

This article is contributed by Jovin Hurry, who is reporting from Paris.

COP21

Urban areas account for over 70% of energy-related CO2 emissions and the world’s cities produce almost half (37-49%) of all global greenhouse gas emissions, according to the Intergovernmental Panel on Climate Change. Hence, climate action in cities is crucial to addressing the global climate threat.

In his article Five factors that make cities greener for Green Business Singapore, Mr Lothar Herrmann, President and CEO, Siemens Pte Ltd, Singapore, outlined how several cities have already made their infrastructure more efficient and implemented ambitious policies thereby improving their environmental performance.

The “Climate Summit for Local Leaders” last week in Paris City Hall – a historic convening of Local Leaders fighting climate change – revealed it no longer is enough to make a city green, it is about making it climate resilient above all. Read more

How the creative use of public-private capital can accelerate the financing of low carbon transformations

December 9, 2015 by  
Filed under Insights

This article is contributed by Jovin Hurry, who is reporting from Paris.

COP21

Earlier articles on Green Business Singapore such as Shifting into high gear with carbon pricing and The growing financial investment for transition towards a low carbon economy highlighted how climate action from investors, bankers and insurers has increased tremendously, building on the targets and commitments announced at the 2015 UN Climate Summit in Paris.

For instance, by making financing choices – both from a risk and an opportunity perspective – banks realise they can have a huge impact on the real economy. More of them are aligning their policies with climate objectives in order to pursue an orderly path from a fossil fuel economy to a low emitting one. Some have publicly announced that they have stopped financing high emitting sectors. Others have committed to issue or underwrite green bonds that allow for financing new low carbon projects on renewables or energy efficiency. Read more

The growing financial investment for transition towards a low carbon economy

December 4, 2015 by  
Filed under Insights

This article is contributed by Jovin Hurry, who is reporting from Paris.

COP21

“Show me the money” is a common refrain we often hear to bring a pledge to reality, and although we are in the early days of the Paris Climate Summit, voices are demanding that the Paris agreement sends a clear signal that the age of fossil fuels has come to an end and that the dawn of renewables is irreversible, the hard way.

A number of investors are listening and are shifting capital away from fossil fuels and towards clean, renewable energy. Bill Gates and a group of investors have announced the launch of a multi-billion dollar private sector coalition to accelerate clean energy innovation. Read more

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