Sustainability Notice #23 - COP27 Special Edition (14 - 20 November)

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Mazars x ACCA:

COP27 Recaps:

World, COP27: COP27 Final Agreement, Loss and Damage Fund, Gender Gap, EU, China, US, Brazil and G20

What was decided at Cop27 climate talks in Sharm el-Sheikh? (Source Link)

The Sharm el-Sheikh Implementation Plan was gavelled through at dawn on Sunday 20 November 2022, after a two-week climate summit went into overtime.

COP27 climate summit considers new proposal for 'loss and damage' fund (Source Link)

The UN climate agency published a draft proposal for a deal to tackle the issue of "loss and damage" that said the COP27 summit would agree to launch a new fund to help countries cope with the cost of climate damage.

Negotiators at COP27 reach tentative deal on loss and damage, signaling potential for major breakthrough at climate summit (Source Link)

Negotiators at the UN’s COP27 climate summit have reached a tentative agreement to establish a loss and damage fund for nations vulnerable to climate disasters, according to negotiators with the European Union and Africa, as well as non-governmental organizations who are observing the talks.

COP27 negotiators strike potential deal to compensate poorer nations (Source Link)

Negotiators say they have struck a potential breakthrough deal on the thorniest issue of United Nations climate talks - the creation of a fund for compensating poor nations that are victims of extreme weather.

From Lula’s speech to loss and damage protests: Watch the iconic moments from week 2 of COP27 (Source Link)

The conference was supposed to end on Friday - but with negotiations deadlocked on several key issues, it’s set to continue for another day. As the climate talks draw to a close, what were the five key things we learnt last week at COP27?

Leaders and Activists at COP27 Say the Gender Gap in Climate Action is Being Bridged Too Slowly (Source Link)

Research increasingly shows that global warming impacts women far more gravely than men, but they are still left out of the leadership and benefits of climate change adaptation.

COP27: Summit edges towards deal on Loss and Damage, but tensions remain (Source Link)

Observers warn legacy of Glasgow Climate Pact at stake as fraught climate talks enter final hours. Hopes are building that the COP27 Climate Summit in Sharm El Sheikh could deliver a late breakthrough, after reports that the EU and the G77 group of developing economies had reached an agreement on proposals for a new Loss and Damage funding mechanism.

As COP27 deadline slips, UN chief urges negotiators to aim for ‘maximum ambition’ on loss and damage (Source Link)

The 27th UN Climate Change Conference will close at least one day later than expected, the Egyptian Presidency announced, calling for negotiators to “shift gears” so an agreement can be reached on the remaining sticking points.

EU proposes loss and damage fund to help poor countries cope with climate crisis (Source Link)

Deadlocked COP27 climate talks received a boost late on Thursday as the EU proposed a loss and damage fund for vulnerable countries.

With one day to go, COP27 draft deal 'still needs a tremendous amount of work', EU climate lead says (Source Link)

The 20 page document will form the basis of negotiations over the next few days as we move towards an agreement in Sharm El Sheikh. It is based on contributions and requests from almost 200 countries. Though much of the text is likely to be reworked as talks continue, some have already criticised what has and hasn’t been included so far.

Cop27 tees up speed dating for climate investment deals (Source Link)

Speed dating, but for international climate investments. That’s one pitch that is set to be approved at Cop27 climate talks in Sharm el-Sheikh, Egypt. Negotiators have provisionally agreed to hold regular “investment-focused events” as part of a process to cut emissions, known as the mitigation work programme.

Dozens of countries demand fossil fuel phase-out in final Cop27 decision as talks go to wire (Source Link)

Dozens of countries have demanded that the final Cop27 pact put the world on a path to phasing out all fossil fuels as negotiations went down to the wire on Saturday,

Chris Bowen on Cop27’s urgent fight: ‘If we’re not trying to keep to 1.5C then what are we here for?’ (Source Link)

As the Cop27 climate summit in Egypt extends into overtime, Chris Bowen has called for the “strongest possible action” to limit global heating to 1.5C and backed the establishment of a fund to help the poor deal with unavoidable damage from worsening extreme weather.

COP27 nears breakthrough on climate finance in scramble for final deal (Source Link)

Countries were considering a draft for a final COP27 climate deal, with some negotiators saying they were close to a breakthrough in contentious efforts to compensate poor nations already burdened by costly climate impacts.

COP27 draft climate deal published but gaps remain (Source Link)

The U.N. climate agency published an updated draft of a proposed final agreement for the COP27 summit, fleshing out some key parts of the deal countries are struggling to reach.

COP27: China's climate envoy says expects cooperation with U.S. to continue (Source Link)

China's top climate negotiator Xie Zhenhua said he expects to continue direct cooperation on climate change with his U.S. counterpart John Kerry after the COP27 summit taking place in Egypt comes to a close.

'Brazil is back' Lula tells COP27 as he vows to end deforestation in the Amazon (Source Link)

Brazilian President-elect Luiz Inacio Lula da Silva received a warm welcome at COP27. Hundreds of people gathered to see him arrive at a side event early on Wednesday with crowds chanting his name.

G20 leaders agree to keep 1.5C warming target ‘within reach’ boosting stalled COP27 talks (Source Link)

The G20 has reaffirmed pledges to limit global warming to 1.5 degrees Celsius and meet loss and damage payments, sending a positive signal for negotiations at COP27.

World: US, Indonesia, UK, Egypt and Kenya

Biden Administration Signs U.S. Government’s First-Ever 24/7 Carbon Free Energy Deal (Source Link)

The Biden administration announced that it has entered its first ever deal to source 100% carbon-free energy (CFE) on a 24/7 basis, with the signing of an agreement between the U.S. General Services Administration (GSA) and integrated energy company Entergy’s subsidiary Entergy Arkansas.

Republican gains quash hopes of US delivering on climate finance (Source Link)

Republicans have taken control of the House of Representatives, diminishing the chances of the US delivering on its climate finance pledges.

Rich nations, banks pledge $20bn for Indonesia’s coal-to-clean switch (Source Link)

A group of rich nations and banks plan to invest $20 billion in speeding up Indonesia’s transition from coal to clean energy. Japan and the US coordinated financial contributions from seven other national governments and the EU, as well as private sector partners.

Electric car owners to pay road tax from 2025, Jeremy Hunt announces (Source Link)

Electric car owners will have to pay vehicle excise duty, better known as road tax, from 2025, the chancellor in the UK has announced.

‘Complete contradiction’: Egypt burns dirtier fuel to sell more gas to Europe (Source Link)

Cop27 host Egypt is increasing its use of mazut — a polluting heavy fuel oil— in 20 power plants, to free up gas for export to Europe.

In brutal drought, Kenyan herders look for hope underground (Source Link)

Harnessing Eastern Africa’s groundwater could be a huge benefit for a region struggling to slake its thirst. Climate change is making drought more likely but, as in much of the continent, people in East Africa and the Horn of Africa lack the resources to tap groundwater on a wide and efficient scale.

Business: Israeli Climate Tech Companies, Coca-Cola, Vodafone, Exxon Mobil, Microsoft, Windlab, Iberdrola, Roche, ICE, EFRAG, ESA, Costco, BlackRock, Maersk, Carlyle, CLP and EIP

Israeli climate tech companies mean business at COP27 (Source Link)

10 of Israel’s most promising climate tech startups won the chance to demonstrate their innovations to the world.

Coca-Cola revealed as world’s worst plastic polluter for fifth year in a row (Source Link)

The world’s worst plastic polluters have been revealed, with Coca-Cola coming top of the list for the fifth year in a row.

Vodafone launches new refurbished phone range (Source Link)

Vodafone launched a new refurbished phone range designed to help customers save money and reduce their carbon footprint.

The big new Exxon Mobil climate change deal that got an assist from Joe Biden (Source Link)

Exxon’s carbon capture and sequestration deal with CF Industries and Enlink Midstream in Louisiana could be significant for the future of Big Oil’s low-carbon business.

Microsoft, Meta and others face rising drought risk to their data centers (Source Link)

Drought conditions are worsening in the U.S., and that is having an outsized impact on the real estate that houses the internet. Data centers generate massive amounts of heat through their servers because of the enormous amount of power they use. Water is the cheapest and most common method used to cool the centers.

In Australia, firms plan ‘super hub’ to produce green hydrogen using wind and solar (Source Link)

Fortescue Future Industries says it’s partnering with another firm called Windlab on the project, known as the North Queensland Super Hub.

Iberdrola Issues €1.5 Billion Green Bond (Source Link)

Global energy and electricity provider Iberdrola announced that it has issued €1.5 billion in green bonds, in an offering that saw strong investor demand, despite recent market headwinds.

Roche Commits to Science-Based Climate Goals (Source Link)

Swiss pharmaceutical and biotechnology company Roche announced an expansion of its climate goals, committing to the Science Based Targets initiative (SBTi) and the Sustainable Markets Initiative (SMI) to achieve net zero emissions across its full value chain.

ICE Launches TCFD Reporting Solution for Asset Managers (Source Link)

Global exchange and clearing house operator Intercontinental Exchange (ICE) announced the launch of a new solution aimed at helping asset managers and financial institutions meet the requirements of the Task Force for Climate-Related Financial Disclosures (TCFD).

EFRAG Approves European Sustainability Reporting Standards (Source Link)

The European Financial Reporting Advisory Group (EFRAG) approved the final version of the European Sustainability Reporting Standards (ESRS), which set out the rules and requirements for companies to report on sustainability-related impacts, opportunities and risks under the EU’s upcoming Corporate Sustainable Reporting Directive (CSRD).

European Regulators Launch Greenwashing Study (Source Link)

Europe’s three primary financial regulatory agencies, the European Supervisory Authorities (ESAs) announced a Call for Evidence on greenwashing, aimed at gathering information on greenwashing risks and practices across the banking, insurance and financial markets sectors.

Costco Commits to Set Full Value Chain Emissions Targets Following Activist Campaign (Source Link)

Costco has committed to set climate targets to reduce emissions across its full value chain, according to environment and social-focused investor Green Century, who had filed a successful climate proposal at Costco’s AGM in January directing the company to set net zero-aligned target.

BlackRock Acquires U.S. Battery Storage Developer Jupiter Power (Source Link)

Energy-focused private equity firm EnCap announced the sale of utility-scale battery energy storage systems Jupiter Power to BlackRock Alternatives.

Maersk Sources 100,000 Tonnes of Green Methanol to Support Fleet Decarbonization Goals (Source Link)

Maersk announced a strategic partnership with US-based project developer Carbon Sink LLC to develop green methanol production facilities in the U.S., starting with a 100,000 tonne per year facility.

Carlyle Launches European Renewable Energy Development Platform (Source Link)

Global private capital investment firm The Carlyle Group announced the launch of Telis Energy, a new renewable energy development platform, with a target project pipeline of more than 10GW in place by 2030.

Closed Loop Partners Launches U.S. Recycling Business with $700 Million Backing from Brookfield (Source Link)

Circular economy investor Closed Loop Partners (CLP) announced the launch of Circular Services, a developer and operator of recycling and reuse infrastructure, established with over 1 million tons of annual recycling capacity across the U.S.

Energy Impact Partners Raises $485 Million for Climate Tech Fund (Source Link)

Global venture capital firm Energy Impact Partners (EIP) announced the closing of its climate tech-focused EIP Deep Decarbonization Frontier Fund, reaching commitments of $485 million, and substantially passing the fund’s initial $350 million target.

Climate Activism and Greenwashing:?COP27 Activists, Climate Activists, Greenwashing, Campaigners, Oil and Fossil Fuel Companies

Rights experts decry harassment of activists attending COP27 (Source Link)

Independent human rights experts are in dialogue with Egyptian and UN authorities over the harassment of civil society representatives at the COP27 climate change conference, according to a statement.

Cop27 first-timers from Pakistan, Nigeria and Spain share their experiences (Source Link)

With about 35,000 delegates from almost 200 countries attending Cop27, navigating the sprawling poorly signposted conference centre has been a huge challenge for grassroots activists.

Africa climate activists have mixed feelings about COP27 (Source Link)

COP27 climate talks dragged into the weekend after negotiators failed to agree on a final deal at the close, and African activists tried to hold on to dimming hopes that the event could bring meaningful changes to their continent.

COP27: Without Greta, activists make waves at climate summit (Source Link)

Young people are a more powerful force than ever in the UN climate summit, the UN's youngest climate advisor tells in Egypt. In an address, climate activist Vanessa Nakate from Uganda will tell governments to wash their "oil-stained" hands.

Climate activists attacking art ‘severely underestimate’ fragility of works, gallery directors warn (Source Link)

Climate activists targeting masterpieces around the world are not fully aware of how delicate the artworks are, the directors of almost 100 galleries have warned, saying they have been “deeply shaken” by the attacks.

Climate activists dump paint over Charles Ray sculpture in Paris (Source Link)

Two climate activists poured orange paint on a sculpture of the American artist Charles Ray in central Paris in a bid to draw attention to climate change.

Climate activists throw flour on Andy Warhol car in Italy (Source Link)

‘Let them pay the damages and spend some time where they deserve,’ says Italian deputy prime minister. Italian climate activists threw flour at an Andy Warhol exhibition in Milan.

Climate activists throw black, oily liquid at Klimt painting in Vienna (Source Link)

Members of the group Last Generation Austria tweeted they had targeted the 1915 painting “Death and Life” at the Leopold Museum in Vienna to protest their government’s use of fossil energies.

Meet the woman running 200 marathons in one year to fight the water crisis (Source Link)

Australian businesswoman and advocate Mina Guli plans to run 200 in the space of a single year. The 52 year old laced up for the first run of her epic #RunBlue challenge, a bid to raise awareness about the global water crisis.

Greenwash alert as Cop27 draft allows double claiming of carbon credits (Source Link)

Carbon trading rules under negotiation at Cop27 climate talks could open the door to corporate greenwashing, experts have warned.

Cop27 talks in disarray with 1.5C goal at risk, campaigners warn (Source Link)

Crucial climate talks are in disarray after a feverish night of “chaos”, hurried meetings and disinformation, with a stark warning that the vital goal of limiting global heating to 1.5C was in danger of being lost.

‘Profoundly disturbing’: The PR firm for the COP27 climate summit has a long history with Big Oil (Source Link)

Hill and Knowlton Strategies has been sharply criticized for what critics say is a long track record of spreading disinformation on behalf of its Big Oil clients.

Inside the ‘secretive’ tribunals where fossil fuel companies ‘steal’ from developing countries (Source Link)

A system of ‘secretive’ tribunals is threatening global climate goals, more than 380 civil society organisations have warned.

Research, Report and Other: COP27, Climate Finance, Protecting Nature, Energy Transitions and Africa’s Gas Reserves

Is COP27 the End of Hopes for Limiting Global Warming to 1.5 Degrees Celsius? (Source Link)

The last scheduled day of the climate talks in Sharm el-Sheikh, the heads of the national delegations were still meeting to discuss whether the final documents should include a reference to that temperature target, which scientists call a limit that, if breached, would push some Earth systems past dangerous and irreversible tipping points.

COP27: why a new insurance scheme for climate-vulnerable countries is a bad idea (Source Link)

It is no wonder that a defining conflict of the COP27 climate talks in Sharm-el-Sheikh, Egypt is over who pays for the damages that are already taking place, and how.

COP27 roundup: how the world can stick to its carbon budget fairly (Source Link)

COP27, the ongoing UN climate change summit in Sharm el-Sheikh, is a series of negotiations over how to implement previous global agreements that aimed to halt warming at 1.5°C. A case study from the continent where negotiators are currently gathered reveals what is necessary to achieve this.

COP27: What are the sticking points in COP27 negotiations? (Source Link)

The Egyptian hosts are trying to broker an agreement among almost 200 countries after two weeks of negotiations. You can follow blow-by-blow reporting here on the negotiations. But here's a breakdown of the major areas of disagreement.

Despair, lack of progress at climate talks, yet hope blooms (Source Link)

It’s a desert, where little grows. It’s a climate conference, where water is scarce inside buildings and out, lines are long, tempers are short, meetings go late and above all progress comes in one-drop drips.

World's richest nations spend 30 times more on armed forces than climate finance (Source Link)

The world’s wealthiest nations are spending 30 times more on military power than on tackling the climate crisis, according to a new report.

The Paris Agreement was a milestone for global warming. Do we need a similar deal to protect nature? (Source Link)

The architects of the 2015 Paris Climate Agreement have urged world leaders to secure a similar deal on nature at the upcoming COP15 biodiversity conference.

Energy transitions: why countries respond differently to the same problem (Source Link)

Governments sought to reduce their dependence on imported oil by transitioning their energy systems towards domestic resources. Facing the current crisis, countries are also moving away from importing energy while pursuing decarbonisation.

Africa has vast gas reserves – here’s how to stop them adding to climate change (Source Link)

The question of whether Africa should be allowed to exploit its gas reserves has been much discussed at the latest UN climate change summitFormer US vice president Al Gore used his speech at the opening session to urge an end to all fossil fuel investment globally, including in Africa. But Macky Sall, the president of Senegal and chairperson of the African Union, argued at the same event that Africa needs space in Earth’s dwindling carbon budget to use its resources for development.