ESG Insider: Developed countries exceeded $100B climate pledge – OECD
S&P Global Sustainable1
Your Single Source of Essential Sustainability Intelligence
Developed countries met and exceeded a commitment to provide $100 billion annually in climate finance for developing countries for the first time, according to the Organisation for Economic Cooperation and Development (OECD).
Developed countries met and exceeded a commitment to provide $100 billion annually in climate finance for developing countries for the first time, according to the Organisation for Economic Cooperation and Development (OECD). Developed nations mobilized $115.9 billion in 2022, the OECD wrote, surpassing a commitment made in 2009 to provide $100 billion annually by 2020 to fund climate change mitigation and adaptation in developing countries. Data collected by the OECD showed that funding toward this pledge had totaled less than $90 billion per year until jumping in 2022.
The funding will help countries most vulnerable to climate change adapt to extreme weather events and mitigate their greenhouse gas emissions.
"Exceeding this annual commitment materially by more than 15% is an important and symbolic achievement which goes some way towards making up for the two-year delay, which should help build trust," OECD Secretary-General Mathias Cormann said in a statement. "We encourage developed countries to keep up the momentum, also to leverage it further with additional policy efforts to boost private climate finance."
In this week’s newsletter, we explore how data, AI and standards can help address sustainability challenges and look at a new report from S&P Global Ratings and S&P Global Mobility on electric-vehicle uptake in China. We also examine the latest sustainability-related regulatory developments in our monthly tracker and assess expectations of a surge in power demand from data centers that could benefit clean power producers.
This week’s ESG Insider podcast brings you the latest installment in our 'Women in Leadership'?series. We?speak to Hanmi Bank?President and CEO Bonnie Lee about how the?Los Angeles-based community bank serves diverse communities.
?
Chart of the Week
?
European power sector abuzz with expected demand uptick from datacenters, AI?
The buzz in the US power sector around datacenters and AI is quickly filtering across to Europe, where low-carbon power producers are relishing the prospect of an increase in electricity demand, S&P Global Market Intelligence reports.
?
How data, AI and standards can help address sustainability challenges?
Financial institutions, banks, corporates and investors convened in London in May for the third annual S&P Global Sustainable1 Summit. Panelists and keynote speakers discussed how data is one of the biggest challenges facing investors and how AI and sustainability standards can help.?
ESG Regulatory Tracker — April 2024
In S&P Global Sustainable1’s monthly regulatory tracker, we look at South Korea’s proposal to align with standards developed by the International Sustainability Standards Board (ISSB), the UK’s guidance on transition planning for carbon-intensive sectors and new US rules aimed at reducing emissions.?
??
China ahead in delivering affordable electric mobility?
In China, battery-electric vehicle penetration is expanding rapidly due to low manufacturing costs, substantial government support and an abundance of affordable products, according to a report by S&P Global Ratings and S&P Global Mobility.?
领英推荐
Podcast
ESG Insider Podcast
Women in Leadership: Los Angeles bank CEO on serving diverse communities In this week’s ESG Insider podcast, Hanmi Bank President and CEO Bonnie Lee describes?the lender's?approach to diversity and the importance of building a company that reflects the markets it serves. She also says empathy plays an important role in her leadership style – because ultimately, "banking is really a people business." >>Listen on Spotify?or Apple Podcasts
?
Upcoming Events?
S&P Global, June 6, Tokyo, Japan
S&P Global Market Intelligence, June 6, Online
Times Higher Education Event Network, June 10-13, Bangkok, Thailand
Reuters Events, June 11-12, London, UK
S&P Global Sustainable1, June 12, Online
E3G June, 22-30 London, UK
GreenFin 24 (June 17-19, NYC) is the premier event for sustainable finance professionals harnessing the power of capital markets to realize a net zero economy. Form valuable connections, get up to speed on emerging trends, and discover the latest product and services to accelerate your organization’s sustainability strategy. Apply the 20% discount code SPGF24 when you register today: https://bit.ly/3xhRQfC
?