ESG Insider: Major banks partner with UN to release climate adaptation financing guide
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The UN and a group of banks and other organizations released a new set of recommendations for expanding private sector finance for climate adaptation and resilience, with an emphasis on emerging markets.
On April 11, the UN's Office for Disaster Risk Reduction released a Guide for Adaptation and Resilience Finance that it created in partnership with Standard Chartered Bank, professional services firm KPMG International and other major financial institutions, multilateral development banks and nongovernmental organizations.
The document sets out a list of eligible financeable activities, provides guidance on what constitutes an investment in adaptation or and resilience and provides a roadmap for financing and investment opportunities. In announcing the guide, the UN noted that less than 10% of all climate finance currently goes to adaptation. Current funding in this area remains well below the $212 billion in annual investments that are needed through 2030 in developing countries alone, the UN wrote.
In this week’s newsletter, we explore how the US is progressing toward its goal of expanding the nation's carbon capture and storage capabilities. We also look at the April 2024 edition of the Commodity Insights Magazine, which focuses on different aspects of power generation, including decarbonization. And we explore Australia’s plan to support clean energy and green manufacturing projects to compete with the US Inflation Reduction Act.
Ahead of Earth Day on April 22, the ESG Insider podcast launched a miniseries about plastic: how it impacts human health and the environment, how companies and investors are approaching the topic, and what to expect from international plastic treaty negotiations starting April 23.
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Chart of the Week?
Biden's carbon capture plans inch closer to reality amid uptick in well permits
The Biden administration's ambition to capture carbon dioxide on a large scale and inject it back into the ground may have seemed daunting one year ago with only two CO2 storage facilities in the US. But a boost in federal spending for the technology in 2021 and 2022 may finally be bearing fruit after a sudden uptick in permits, S&P Global Commodity Insights reports.
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Commodity Insights Magazine — Balancing Act: power demand and decarbonization
The April 2024 edition of Commodity Insights Magazine dives into the different aspects of power generation, including what's driving demand as well as the key challenges facing policymakers, producers and end-users in the drive toward decarbonization.?
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Australia to unveil new plan for clean energy, green manufacturing: PM
Australia expects to unveil a new plan in 2024 to support clean energy and green manufacturing projects and compete better against other nations' initiatives such as the Inflation Reduction Act in the US, S&P Global Commodity Insights reports.
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US offshore wind power industry recovering after a tough year with canceled projects: experts
The offshore wind power industry along the US East Coast is recovering from a tough 2023, when several developers canceled projects or contracts, dealing a blow to state decarbonization policies that relied on that emissions-free generation. But state regulators acted quickly, and conditions are improving, S&P Global Commodity Insights reports.
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