In September 2018, the financial community took stock of progress made on climate change Monday, Oct 08, 2018 by: Alice Pauthierposted in: Initiative, NEWS, Supporting Institutions comments: 0 In 2018 a dialogue is taking place as part of the international negotiations on climate change to take stock of the contribution of to the achievement of the Paris Agreement goals. This dialogue, also called “Talanoa Dialogue” is structured around three questions: Where are we in terms of achieving the Paris Agreement objectives? Where do we want to go? How do we get there? Representing a first ‘stocktake’ since the adoption of the Paris Agreement, the three questions aims to provide a foundation to enhance the international community’s ambition on climate. This Talanoa dialogue will culminate in high level discussions at COP24. In the run-up to this, a number of events will be organized throughout the year focusing on different sectors and/or types of actors. Global Climate Action Summit The Global Climate Action Summit in September was a major event aiming to maintain momentum on climate change among all types of “Non-Party Stakeholders” and to take stock of progress made and “step up ambition”. Organized by the Governor’s Office of California, the event provided a platform for a range of actors to demonstrate their progress to date. This included a focus on how the financial sector is taking action on climate change – particularly in terms of supporting subnational access to finance for climate action. Standing out as a strong example of what the financial community is doing, the 42 financial institutions participating in the Climate Action in Financial Institutions Initiative released a Joint Statement. It outlined how they are moving from commitment to action – both individually and collectively – in supporting local climate action and advanced four priority areas for the mobilization of finance and technical support. Read the Statement New York Climate Week Two weeks later, the New York Climate Week was another opportunity to take stock of progress made and for entities to make new, ambitious commitments. While the Climate Action in Financial Institutions was not formally present, a number of Supporting Institutions held events in the spirit of the Initiative’s 5 Principles. The week started for example with the Launch of the Green Bonds State of the Market 2018 at HSBC’s Finance for Global Change Forum and on the 26th of September the Sustainable Investment Forum addressed topics such as mainstreaming the frameworks for disclosure, pricing and integrating climate risk into investment decisions, tackling the energy sector: Investment, Divestment or Engagement? or harmonizing the public and private sectors to accelerate development of bankable sustainable projects. Second Edition of the One Planet Summit Another major event during the New York Climate Week was the second edition of the One Planet Summit, organized by the President of France, the Secretary-General of the United Nations, António Guterres, the President of the World Bank Group, Jim Yong Kim, and the UN Special Envoy for Climate Action, Michael R. Bloomberg. Heads of State, high-level institutional decision-makers, business leaders, and other non-state actors were convened, to “review the commitments made at the first One Planet Summit on December 12, 2017, and further accelerate the implementation of the Paris Agreement by putting finance in service of climate action.” A report was released presenting first accomplishments and next steps for each commitment. In this report, the Multilateral Development Banks and IDFC members, announce two areas of work for the implementation of their commitment to align with the Paris Agreement: the development of alignment approaches to the Paris Agreement the further harmonization of the Common Principles for tracking adaptation and mitigation finance as well as defining a common framework for tracking progress on resilience. These areas of work will also be discussed as part of the Climate Action in Financial Institutions Initiative work streams. On an individual basis, some of the Initiative’s Supporting Institutions also made new major announcements in line with the 5 voluntary Principles for Mainstreaming Climate Action: The World Bank Group committed to invest $1 billion to accelerate the deployment of battery storage in developing countries. EIB issued its first Sustainability Awareness Bond and announced that by 2020, when the implementation of their Climate Strategy is completed, EIB activities will be Paris-aligned. Next Events: UNEP FI Global Roundtable, Climate Finance Day and COP24 The next major events focusing on climate finance and involving both public and private financial institutions of the Initiative will be the UNEP FI Global Roundtable and the Climate Finance Day organized back-to-back in 2018. The Climate Action Initiative is organizing the third and final session of Climate Finance Day this year, focusing on the benefits that climate mainstreaming can bring to both public and private financial institutions. Shortly after, the Initiative will be present through a number events at and around COP24 in Katowice, Poland. More information will be available soon. Stay tuned!