Newsletter 74: UN Climate Change High-Level Champions

Landmark IMO agreement starts shipping race to zero

A monumental agreement charting a course to decarbonise the shipping sector by 2050 was recently adopted by Member States of the International Maritime Organization (IMO).

For the first time, all 175 Member States agreed on a common objective: to achieve net zero GHG emissions by or around 2050 and ensure a just and equitable transition to a 20-30% reduction in shipping emissions by 2030, progressing to a 70-80% reduction by 2040. On a per-ship basis, these measures would require around a 90-95% reduction of GHG intensity by 2040.

The UN Climate Change High-Level Champions for COP 27 and COP 28, Dr Mahmoud Mohieldin and Her Excellency Razan Al Mubarak, welcomed the commitment as a vital step towards the goal to keep global warming to 1.5 °C and ensure a just and equitable transition.?

H.E. Razan Al Mubarak, said the outcome: “...shows what is possible through international cooperation, building consensus and working together in addressing the urgency of the climate crisis. The emission targets landed in this strategy, including the 2030 Breakthrough, send a clear signal that shipping is part of the climate solution.”?

Dr Mahmoud Mohieldin added: “ …this revised strategy which aims to achieve net-zero emissions in the shipping industry by 2050 is a positive step particularly for developing economies. Several African countries are already poised to become major players in a green hydrogen economy, which can help the shipping industry reduce its GHG emissions.”

H.E. Razan Al Mubarak echoed this sentiment in a recent? Thomson Reuters article stating that shifting the shipping sector to zero emission fuels would create immense potential to “buoy up all boats,” especially lower income regions, such as Africa and India, through increased resilience and economic growth.

The IMO’s agreed GHG strategy:

1. Sets a level of ambition to keep 1.5C within reach, reducing shipping GHG emissions to net zero by or around 2050 with ambitious, robust interim check-points for 2030 and 2040.
2. Commits to a lifecycle approach for assessing emissions to avoid shifting emissions from sea to land.
3. Specifies a clear and rapid timeline for adopting and applying binding regulatory measures.
4. Commits to a green transition for shipping that will be just and equitable; leaving no one behind.

As ships being built now will be in service by 2040, all ship orders from now onwards must be capable of running on zero emission fuels by 2040, if they are to be useful for their full lifespan. The Baltic and International Maritime Council (BIMCO), the world's largest direct-membership organisation for shipowners, charterers, shipbrokers and agents, commented, “The BIMCO secretariat is of the firm belief that the revised IMO strategy is a game changer for the shipping industry, and it is important for all to understand its implications for both existing and new ships.”?

Global mandatory measures and regulations will enter into force in 2027, consisting of a global GHG fuel standard and an economic measure that sets a price on GHG emissions based on full lifecycle emissions. John Butler, President & CEO of the World Shipping Council (WSC) commented, “The next two years will be critical – for 2050 targets to be achievable IMO member nations must develop and agree on a lifecycle-based global fuel standard and economic measure by 2025, so they can be implemented by 2027.”

With this resolution firing the starting gun on the race to zero emission shipping, we call for companies across the maritime value chain to join the 76 maritime actors already in the Race to Zero - to collaborate on the shift to a decarbonized shipping sector.

Dr Mohieldin addresses the European Regional Forum, Frankfurt

Mohieldin attended the Second European Regional Forum on ‘Climate Initiatives to Finance Climate Action and the SDGs during which he? highlighted the role of the Five Regional Roundtables Initiative, held by the COP27 and COP28 Presidencies, the UN Regional Commissions and the High Level Champions, in raising climate finance, by showcasing bankable, investable, and implementable projects to investors.

During his virtual participation at the event in Frankfurt, Mohieldin emphasized the significance of investing in renewable projects, which play a crucial role in reducing carbon emissions. He also stressed the importance of all European actors participating in initiatives related to Critical Raw Materials (CRMs), instrumental in achieving the transition towards low-emission economies.

In addition he encouraged investors and financiers to participate in financing climate and development projects in developing nations and emerging economies. He also urged these countries to improve their investment environments to meet the needs and requirements of project owners, investors, financiers, and local communities.

The forum was attended by officials from international and regional organizations, as well as European development banks, including Esther Wandel, Head of Investment Funds and Sustainable Finance Division at the German Federal Ministry of Finance, Dmitry Mariyasin, Deputy Executive Secretary of the United Nations Economic Commission for Europe, and Daniel Bouzas, UNEP Regional Coordinator to Europe.

Paris Summit for a New Global Financing Pact - unblocking the climate finance logjam

Around 50 Heads of State and scores of representatives of international, private-sector, and civil-society organisations recently gathered in Paris to forge a ‘New Global Financing Pact.’ The meeting was proposed at COP 27 by Barbados Prime Minister Mia Mottley and French President Emmanuel Macron to fundamentally discuss the overhaul of? the global financial system to unlock climate finance for mitigation, adaptation and nature regeneration.?

High-Level Champions H.E. Razan Al Mubarak and Dr. Mahmoud Mohieldin attended the event with Mohieldin? reporting that steps were taken in the right direction at the Paris Summit, but “...the challenges and opportunities of today’s world demand a greater degree of resolution and persistence to surmount the obstacles to sustainable development.”

H.E. Ms. Al Mubarak also spoke at an event outlining a new roadmap for the development of high-integrity biocredits and Dr. Mahmoud Mohieldin attended discussions on unlocking credit enhancement for sustainability-linked sovereign finance and mobilising GFANZ private capital. In addition, Mohieldin attended the ‘Finance for a just renewable energy and hydrogen economy” event organised by the Green Hydrogen Organisation (GH2) and provided closing remarks at a gathering of the Sustainable Debt Coalition on actionable recommendations on the theme of debt and climate change.

At the Summit, Mohieldin and Bogolo Kenewendo, Special Advisor to the Champions, zeroed in on the hard reality that it is more expensive to borrow money for climate action projects in poor countries than it is in wealthy countries. This logjam is slowing the flow of finance for low-and middle-income countries, from $91bn in 2019 to less than $60bn in 2022, according to the World Bank. To address this, Mohieldin and Kenewendo laid out the Champions’ vision for a new financial architecture, allowing finance to surge into high-quality, shovel-ready projects that will decarbonise developing countries.

A rich vein of bankable projects was showcased at last year’s Regional Finance Forums in the run up to COP 27. For example, over 30 electric motorcycle startups are on a mission to electrify East Africa’s motorcycle-dominated transport sector. With an addressable market of around 20 million motorcycles in use in Africa, and a quarter of those in East Africa, there is a massive investment opportunity to divert transport down a sustainable highway - by introducing cheap, clean-running electric motorcycles. Rwandan start-up Ampersand Solar provides a cleaner, more profitable alternative for the ‘boda boda’ taxi drivers which provide Rwanda’s main source of youth employment. By switching to e-motos, powered with swappable batteries, the boda boda drivers can slash their daily costs by around 40%, compared to running petrol vehicles - while addressing both carbon emissions and air pollution. Ampersand plans to distribute more than 700,000 e-motos, generating $1.7bn in revenues by 2031 - an outsized impact made feasible due to finance, plus an innovative smart ‘Pay-As-You-Go’ mobile payments model for boda boda drivers.

To unlock finance for innovative business models such as Ampersand and many others, the Champions’ propose a “1% for 1.5 °C” model - to extend below-market-rate, or concessional, capital for developing countries. Through this, multilateral development banks, such as the World Bank, could boost climate resilience in developing countries by offering a one percent interest rate, a 10-year grace period, followed by a 20-year repayment period.

Key outcomes of the Summit include:

• The IMF has fulfilled a pledge to make $100bn in Special Drawing Rights available to climate-vulnerable countries, providing them with much-needed liquidity.
• Senegal reached a $2.7bn deal for clean energy investments from developed countries, while Zambia locked in $6.3bn of debt restructuring.
• World leaders including Joe Biden, Emmanuel Macron, Luiz Inácio Lula da Silva, Ursula von der Leyen, Fumio Kishida and William Ruto signed an open letter, agreeing to collaborate to address the interrelated shocks of intensifying poverty, debt, income disparity - alongside the deterioration of the climate.

These are important developments, but as Mohieldin stressed in a TV interview with “Al Arabiya” from the Paris Summit, curtailing dangerous climate change requires funding of about $2.5 trillion annually. There is much unfinished business that needs to be tackled this year – including at the Africa Climate Summit in September and COP 28 in November, to overhaul the financial system to protect climate-vulnerable countries, and the world at large, from the intensifying climate and nature crises.

Africa Climate Week 2023: A Major Opportunity Ahead

Excitement is building for Africa Climate Week, to be hosted in Nairobi, Kenya, from 4-8th September, which provides a decisive pre-COP 28 moment to unite stakeholders behind a just transition in Africa.?

The Champions will show up in force to drive systems transformation, by encouraging collaboration between cities, regions, businesses and investors, to deliver enormous benefits for the continent and globally through four events under the thematic tracks of:?

1. Energy systems and industry.
2. Cities, urban and rural settlements, infrastructure and transport.
3. Land, oceans, food and water.?
4. Societies, health, livelihoods and economies.?

Importantly, this year, the Champions aim is that adaptation is featured within 50% of both the content and outcomes of each track event that they are planning to convene.?

Registration for ACW2023 is now open. To find out useful information for trip planning and participation in ACW2023, please visit this FAQ page.

‘Advancing Clean Energy Together’ - the 14th Clean Energy Ministerial

The world’s energy community gathered at the 14th Clean Energy Ministerial in Goa, India alongside the G20 Energy Transitions Ministerial meetings. Governments, companies, technologists and civil society came together under this year’s theme, ‘Advancing Clean Energy Together,’ to promote policies and programmes and share knowledge.

The key focus of the Champions was to rally leaders behind the Breakthrough Agenda, which is designed to make key clean technologies attractive, accessible and affordable to all. We already have all of the technologies we need for a 1.5 °C resilient world, now we need to focus on demand creation and raising finance to enable technologies to be deployed at scale. The Climate Champions Team’s Director of Policy and Engagement, Nathan Cooper, led a panel at the event to showcase progress of the Breakthrough Agenda in hard-to abate sectors, including power, steel, and road transport.

Rio De Janeiro embraces Mangrove Breakthrough

Rio De Janeiro’s Secretary of State for the Environment and Sustainability, Thiago Pampolha, recently committed to align the State with the Mangrove Breakthrough initiative, which aims to secure the future of 15 million hectares of mangroves globally by 2030. The State’s proposed initiatives include:?

• The restoration of 59 hectares of mangroves in the Guapimirim Environmental Protection Area and 14 hectares in the Guaratiba Biological Reserve, through the ‘Forests of Tomorrow Program’ and other state initiatives.
• The conservation of mangroves via the ‘Olho no Verde’ forest monitoring program, detecting deforestation using high-resolution satellite images and alerts that are automatically sent to inspection teams.
• The reintroduction of endangered/extinct fauna, including the protected Guará bird, which is a symbol of the mangroves, which will be reintroduced into the State through the ‘Volta Guará’ project.
• The compilation of a State Forest Inventory, to? monitor the quality and quantity of mangroves in the State territory, totalling 18 thousand hectares along 19 coastal municipalities.

The Power to Persuade: finance leaders raise their voices for science-based policy

Leading financial institutions are aligning their advocacy efforts with their net-zero commitments, to drive transformational change in their sector - and beyond. The capacity to persuade is a critical component of the Race to Zero criteria, which involves organisations actively going beyond their internal climate action policies to call for ambitious regulation on net zero and resilience.

Financial systems are the endoskeletons of our economies, and the three limbs of the system: insurance, banking and investment carry tremendous potential to drive transformation, through engagement. For example, when finance institutions advocate for self-regulation to create a level playing field for decarbonisation, this can send positive and impactful signals to governments. Areas where banks, insurers and investors can advocate for change include internalising the cost of carbon pollution onto corporate balance sheets, introducing emissions trading schemes, and campaigning to phase out fossil fuel subsidies.

Net Zero Asset Managers (NZAM) member, Aviva Investors, for example, has proposed an ambitious roadmap to reset and repurpose the global financial architecture - by reorienting markets to support, not undermine, the Paris Agreement goals, and working in the collective interests of all countries and stakeholders.

In 1944, the original Bretton Woods Conference created the financial architecture the world needed to lift us from the Second World War. Now, Aviva has set out a vision to hold a ‘New Bretton Woods’ meeting in 2024 to realign the priorities of the global financial system to deal with climate change. Aviva’s Climate Emergency Roadmap for the International Financial Architecture is clear: a meaningful cost on carbon – with clear market guidance on the rising future price curve, increases in minimum pricing and measures to avoid carbon leakage – “...is a necessary and essential part of the required response to the climate emergency.”?

Aviva is also advocating for the creation of a ‘unified global transition plan,’ combining the transition plans of all governments, policymakers, regulators, supervisors, market participants and corporations. This vision for transition plans as a lever for accountability is evident within the UK government’s Transition Plan Taskforce, (an initiative that Aviva co-chairs), to introduce mandatory transition plans across all corporations, to deliver the country’s legally binding net zero target.

Aviva is not alone; other financial institutions, including Legal & General, Phoenix Group, NN Group and Nordea, also rank highly in InfluenceMap’s league table of companies that direct lobbying towards sustainable finance policy. Forward-thinking investors are also joining the groundswell. The Global Investor Statement to Governments on the Climate Crisis, for example, calls for ambitious government policy to leverage private capital for climate action. It has been signed by 603 investors, representing $41 trillion USD assets under management. The Statement contains bold investor-led policy recommendations, for example, calling for enhanced national commitments; implementation of the Global Methane Pledge; strengthened climate disclosure; and increased climate financing for developing countries.

Actively calling for ambitious net zero policies that bring all actors along shows a wholehearted commitment to tackling climate change. To encourage this in finance and other sectors, such as healthcare and education, Race to Zero recently launched its ‘5th P (Persuade) Handbook’ at London Climate Action Week. The Handbook shows ‘pockets of the future in the present;’ outlining how a wide range of non-Party stakeholders are engaging in science-based advocacy. In this video, climate voices, from the UN High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities - to Influence Map, explain the significance of the ‘5th P’.

London Climate Action Week Advances Global Net Zero, Nature and Resilience Agenda

London Climate Action Week (LCAW) in July hosted a wide range of meetings to drive global impact on net zero, climate adaptation and resilience.?

At the opening of LCAW, and marking the third anniversary of Race to Zero, H.E. Ms. Al Mubarak addressed the Champions-hosted event, ‘The Race is On: Net Zero & Nature Positive for Climate Action’ where she acknowledged the immense challenge of climate change and nature loss, calling it “one of the greatest challenges that we all face.” However, she found hope in “ambition in the real economy,” underscored by the 11,000 Race to Zero members that are driving towards the collective goal to halve emissions by 2030.?

Andrew Steer, President & CEO of the Bezos Earth Fund, reinforced this point, highlighting the vital role of “tipping points” — moments of dramatic, rapid change — that are emerging in various sectors, such as green hydrogen. For example, Steer pointed out that the cost of an electrolyzer, a significant component of green hydrogen production, has fallen by 70% in the last decade, providing major investment opportunities in low-income countries that are rich in renewable resources, such as India and countries across Africa.?

H.E. Ms. Al Mubarak also promoted regional climate action, encouraging the implementation of metrics for the involvement of women and small and medium-sized enterprises, as well as greater engagement with the world’s youth. Central to progress towards the Paris Agreement goals, she said, was nature. She argued that nature is “not ornamental, but fundamental” in our quest for a net zero and resilient future, reflecting her vision for a nature-positive economy that was recently published in the Economist.

H.E. Razan Al Mubarak, also joined Race to Resilience (RTR) Ambassadors Gonzalo Mu?oz and Feike Sijbesma at the event, ‘Catalyzing Action for Climate Adaptation & Resilience – Making the Business Case,’ co-hosted by Resilience First, a partner of RTR, in collaboration with the World Economic Forum, PwC, and WSP. The event emphasized the six Task Forces that were newly launched to deliver the Sharm-El Sheikh Adaptation Agenda (SAA) and advance the Race to Resilience, and importance of private sector leadership to drive a just transition and catalyze business resilience.

In addition, Dr. Mahmoud Mohieldin spotlighted the Race to Zero’s ?‘5th P Handbook’, a guide for non-state actors on how they can align their advocacy, policy and engagement with net zero goals, in the context of just transition.

New corporate reporting standards launched

An important milestone for corporate sustainability reporting was announced during LCAW, with the establishment of the International Financial Reporting Standards (IFRS)' inaugural company disclosure standards? — which usher in a new era of sustainability-related disclosures in capital markets worldwide. In a discussion focused on policy and regulation, Mardi McBrien, Director of Strategic Affairs at IFRS explained the potential of the International Sustainability Standards Board (ISSB)’s first two sustainability standards: S1, a general requirement standard covering all sustainability information, plus S2, a climate standard based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The new comprehensive standards for biodiversity, land aggregation, and just transition, provide much needed clarity on reporting requirements for areas financially material to businesses, including their supply chains. The increased granularity on corporate disclosure is expected, in turn, to improve investor confidence in the transition and inform investment decisions.?

Marco Rossi, the Director of Standardization and Technical Policy at ISO, also contributed, highlighting that the direction of travel towards standardized reporting metrics is driving ambitious action and integrity in the transition to net zero and nature positive.

The Exchange Group rings the opening bell on climate action

Race to Zero has gained a powerful ally in its mission to decarbonise financial systems. The Exchange Group, which owns the London Stock Exchange, and is a member of the Net Zero Financial Service Providers Alliance (NZFSPA), has become the campaign's latest partner. The partnership demonstrates a shared commitment to promoting ambitious non-Party stakeholder leadership in the quest to halve emissions by 2030.

The Champions commended the Exchange Group’s commitment to a net zero future and expressed their desire for continued collaboration: “We warmly welcome the Net Zero Financial Service Providers Exchange Group as an official partner of the Race to Zero, highlighting the pivotal role of stock exchanges in catalysing the transition to a sustainable future. This partnership harnesses the collective power of financial service providers committed to achieving net zero emissions, exemplifying the collaborative spirit essential to tackling the climate crisis and inspiring others to join the global movement towards a just transition to a net-zero resilient world.”

The Exchange Group's Net Zero Target Framework, developed collaboratively with 56 industry experts from 28 organizations, equips capital market infrastructure operators to set credible net zero targets. The Exchange Group's eight committed members will now turn these targets into actionable steps within their respective markets, customizing their strategies to fit local circumstances and ensuring transparency in reporting progress.

Environmental Defense Fund and CLG Chile join the Race to Zero

The Environmental Defense Fund’ Net Zero Action Accelerator team has joined the Race to Zero as an Accelerator. Bringing cutting-edge science, policy, and economic expertise, they equip leading companies and their value chains with the resources and capacity to act on their emission reduction goals.?

Race to Zero also welcomes CLG Chile as an Accelerator of the Race. CLG Chile was formed in 2009, after a visit from His Majesty King Charles III, and due to the joint management of the Faculty of Economics and Business of the University of Chile, the British

Embassy and the British Chilean Chamber of Commerce. The Group is currently made up of 25 leading climate action companies and its objective is to influence public policies in an open, transparent, serious, and informed manner. Supporting its developers in the design of instruments that facilitate the transition towards a carbon-neutral economy, seeking to maintain a favourable space for business and aiming to generate and attract development opportunities for Chile.

Accelerators drive us faster on the Race by enabling the implementation of our criteria, and encouraging future members to join Partner initiatives. Learn more about them here.

Built Environment reaches critical point, as 20% of key actors set ‘Breakthrough Ambition’

The Built Environment sector, a key contributor to global GHG emissions and resource extraction, has achieved a critical point, as 20% of major actors in the value chain, have now aligned their ambition to transform the sector, by joining Race to Zero.

Through joining Race to Zero, these actors, which include The Sustainable City in Dubai and French multinational Saint Gobain, signal an emerging alignment in the sector to achieve the ‘2030 Breakthrough Outcome,’ whereby every project due for completion by 2030 will operate with net zero emissions and have at least 40% less embodied carbon than today’s standards. 20% of the Built Environment’s major actors is momentous as their collective revenues exceed $700 billion, representing a significant level of GHG emissions - together they can drive exponential systems transformation in how human settlements are built and operated.

Despite the emerging alignment of non-Party stakeholders, we must not lose sight of the fact that the Built Environment sector is not on track to achieve decarbonization by 2050, as efforts to decarbonise have been overtaken by the growth of the sector globally. Responsible for almost 40% of global energy-related carbon emissions and 50% of all extracted materials, the Built Environment sector is increasingly recognized as a critical sector for climate action - most recently with the COP 28 Presidency decision to include ‘Built Environment’ within the conference programme.

Race to Resilience latest developments

There has been incredible recent progress in the Race to Resilience (RTR), with the continued efforts of global actors once again proving that the race to a sustainable and resilient future is well and truly on.

The RTR Methodological Advisory Group (MAG) which supports the development and refinement of the RTR metrics framework, welcomes six new members from different backgrounds and expertise.

Adaptation and resilience featured prominently at London Climate Action Week, with the Champions team contributing to events on resilient cities and regions, building standards, re/insurance, and water and sanitation.?

News from Race to Resilience Partners

The International Coalition for Sustainable Infrastructure is calling for case studies for the second issue of the Climate Resilient Infrastructure report. This issue will take a closer look at the relationship between infrastructure and nature and will look to highlight projects that incorporate nature in their design, processes, or materials, or that positively impact natural systems.

The Global Fund for Coral Reefs (GFCR) ?has announced an investment of up to $6 million into Carbonwave, the world's leading developer of ultra-regenerative advanced biomaterials from seaweed. By efficiently up-cycling sargassum seaweed, Carbonwave's biorefinery addresses toxic and reef-damaging substances polluting the ocean and shorelines in Mexico and the wider Mesoamerican Reef (MAR) Region

Build Change launches “Resilient Housing Across the Americas”, a new web-series launched that brings a series of? conversations with leaders across diverse countries and industries discussing the future of housing. See the first episode featuring Mayor Mitch Roth of Hawaii County and stay tuned for future episodes, with World Economic Forum leaders and more.

Extreme Heat Resilience Alliance (EHRA), launched the Heat Season Campaign, to raise awareness around the impacts of extreme heat, drive passion and urgency, reach city decision makers, and provide solutions-focused guidance and act as a catalyst for change.

The Resilience Hub will be back with a pavilion at COP28, as they aim to showcase the level of support and collaboration for resilience as part of the climate action agenda. To do this, they are proposing a ‘community’ mobilisation which will see the wide-range of partners involved in the Race to Resilience.

Race to Resilience Solution Stories: Every week, the RTR is showcasing the efforts of partners working towards building the resilience of people and nature worldwide through solution stories. Explore the latest stories here:

Planting the seeds of resilience: How agroforestry is redefining cocoa farming in Central Africa

Partner: The Climakers

Implementer: CNOP-CAF (Concertation Nationale des Organisations Paysannes de Centrafrique)

Country: Central Africa Republic

Impact System: Food and Agriculture

Hectares: 100ha planted

How innovative insurance solutions are protecting Mesoamerican reefs and communities

Partner: Ocean Risk Resilience Alliance (ORRAA),? Insurance Development Forum (IDF) &? Coalition for Climate Resilient Investment (CCRI)

Member: Willis Towers Watson WTW

Implementer: Mesoamerican Reef Fund (MAR Fund)

Countries and region: Mexico, Belize, Guatemala, and Honduras / Latin America and the Caribbean

Impact System: Ocean and Coastal / Finance

How oysters are helping protect Apalachicola’s vulnerable shoreline

Partner: International Coalition for Sustainable Infrastructures (ICSI) / Member: WSP

Implementer: Apalachee Regional Planning CouncilCountry and Region: Franklin County, Florida, USA / North America

Impact systems: Infrastructure / Ocean and Coastal

People directly benefited: < 12,500

Turning money into mortar: Transforming the housing landscape in disaster-prone Philippines

Partner: Build Change

Location & Region: Philippines, Asia

Impact Systems: Infrastructure and Human Settlements / Finance

Direct Beneficiaries: 45,000 people

Building coastal resilience in Portsmouth: A city under siege by the sea

Partner: Cities Race to Resilience

Implementer: Portsmouth Local Authority

Location & Region: Portsmouth, UK. Europe

Impact System: Ocean and Coastal / Infrastructure & Human Settlements

Beneficiaries: + 10,000 homes and 704 commercial properties

Keeping up with the Champions

• H.E. Ms. Al Mubarak and Dr. Mohieldin attend a roundtable on Credibility ahead of the SG’s Climate Ambition Summit. In preparation for the Secretary-General’s Climate Ambition Summit in September this year, both High-Level Champions attended a roundtable on the credibility and accountability of net-zero pledges by non-State actors, convened by the Assistant Secretary-General on Climate Action. During that Meeting, H.E. Ms. Al Mubarak reminded of the urgency to put Nature at the forefront of climate action while Dr. Mohieldin urged more private sector actors to use the Voluntary Carbon Markets platforms to move towards a net zero resilient pathway in a truthful and accountable manner.
• H.E. Ms. Al Mubarak meets US Chamber of Commerce on COP 28 ‘GreenTech Mission’. H.E. Ms. Al Mubarak met with representatives of the U.S. Chamber during a recent ‘GreenTech Business Mission’ to the UAE to connect leading U.S. businesses with potential investment opportunities in the UAE, and to learn about plans and priorities for COP28.?
• Dr Mohieldin highlights need for investment in human capital to achieve ‘triple transition’ at Spanish Ministry of Foreign Affairs event. Mohieldin spoke at a Spanish Ministry of Foreign Affairs workshop entitled ‘The Role of the European Union in Enhancing International Cooperation to Deal with the Digital, Social and Green Transition,’ where he stressed that investment in education, health and employment services is just as important as infrastructure, to achieve a fair, digital, and green transition.
• Green Climate Fund Is Gaining Momentum, Dr Mohieldin Advises GCF Board meeting. During his participation in the 36th meeting of the Green Climate Fund (GCF) board in South Korea, Mohieldin advised that the Fund's second replenishment is gaining momentum among European country contributors and beneficiaries alike.?

• Dr Mohieldin attends launch of the COP 27 Business Leaders Group. At the first meeting of the COP 27 Business Leaders Group, Mohieldin stressed the need to improve capacity building and provide technological solutions in developing countries, as indispensable elements to enable the private sector to participate in a just transition.
• Dr Mohieldin addresses ‘Advocacy for Climate and Development Priorities’ within the OPEC Fund for Development Forum. Speaking at the OPEC Fund for Development Forum, Mohieldin stressed the need to reform the global financing system, to provide sufficient, fair and effective financing for development and climate action.
• Dr Mohieldin addresses Ministerial on Climate Action in Brussels. The meeting was convened to? enhance cooperation in the field of mitigation measures, mechanisms for countries to accelerate global cooperation in the field of renewable energy and energy efficiency in the near term, ways to accelerate the just transition of energy, and achieve the goals of the Paris Agreement and sustainable development.?
• Dr Mohieldin addresses the 2023 Forum of the Standing Committee on Finance (SCF): Financing Just Transitions. During his virtual participation at the event in Bangkok , Mohieldin highlighted that debt swaps for investment in nature and climate, carbon markets and PPPs are vital tools to mobilize climate finance to address the current gap.
• Dr Mohieldin delivers keynote intervention at the first workshop under the Sharm-el Sheikh dialogue in 2023. Mohieldin talked about the ways Article 2, paragraph 1c), of the Paris Agreement, which is about making finance flows consistent with a pathway towards low GHG emissions and climate-resilient development, may complement Article 9 of the Paris Agreement, which stipulates how developed countries provide financial resources to assist developing countries with respect mitigation and adaptation.

In case you missed it

• In a letter from the President-Designate of COP 28, the COP 28 Presidency has announced their priorities and the thematic programme for COP 28, highlighting the sectors and topics raised by stakeholders during consultations, including the themes which are part of the COP agenda each year, and new, critical topics like health, trade and relief, recovery, and peace.
• The Chairs of the subsidiaries bodies of the UNFCCC have prepared guiding questions to support Parties and non-Party stakeholders in preparing for the consideration of outputs component of the first global stocktake (GST), in particular, in preparing submissions of views on the elements for the consideration of outputs component by Friday, 15 September 2023, and in holding events at local, national, regional and international level, in support of the GST. Guidelines on how to make submissions can be found here.??
• The Expression of Interest (EOI) for organising a Side Event or Action Hub at the Middle East and North Africa Climate Week (MENACW) 2023 which is scheduled to take place from 8-12 October 2023 in Riyadh, Saudi Arabia, is now open. To express your interest in organising an event, apply here before 7 August 2023.?
• Extreme weather and climate shocks are becoming more acute in Latin America and the Caribbean, as the long-term warming trend and sea level rise accelerate, causing spiralling impacts on countries and local communities. However, there is the potential to tap into solar and wind resources and the region’s vital role in producing food and ecosystem services that benefit not only the region itself, but the entire planet, according to WMO’s State of the Climate in Latin America and the Caribbean 2022 report.
• UNEP and the UN Climate-Change-convened Fashion Charter launched the Sustainable Fashion Communication Playbook, a guide for consumer-facing communicators in the global fashion industry to align efforts to sustainability targets, incorporating both environmental and social factors.

Mark Your Calendars

• Korea Global Adaptation Week 2023: Incheon, 28 August - 1 September
• GCF Private Investment for Climate Conference 2023: 4-5 September
• Africa Climate Week (ACW 2023): Nairobi, 4-8 September
• Africa Climate Summit: Nairobi, 6-8 September??
• New York Climate Week: 17-24 September
• SDG Summit: United Nations, 18-19 September
• IEA Critical Minerals and Clean Energy Summit, 28 September
• Middle East and North Africa Climate Week (MENACW 2023): Riyadh, 8-12 October
• 8th World Investment Forum 2023: 16-20 October
• Latin America and Caribbean Climate Week (LACCW 2023): Panama City, 23-27 October
• Asia-Pacific Climate Week (APCW 2023): Johor, 13-17 November
• Net Zero Festival: 31 October - 1 November
• COP 28: 30 November - 12 December