Norfund’s Post

Listening to Mark Carney, United Nations Special Envoy for Climate and Finance, deliver the keynote address at the First Nations Major Projects Coalition, speaking to the vital and real importance of First Nations as leading, equity partners toward the energy transition the planet so desperately needs. The conference theme has been Our Collective Advantage and it has stitched together a heartening narrative about the way forward for electrification and critical minerals. It will happen through participation, dynamism, regard for protocol and Indigenous knowledge, engagement at inception, partnership, (financial and inclusion) equity, consent, and ultimately economic reconciliation. And in the end, the truth remains that: “All roads to net zero lead through Indigenous lands.” (FNMPC) #fnmpc

Five spotlights from this year's #FundingTrends23 report include Africa, maritime shipping, built environment, corporate accountability, and minerals for the energy transition. 📽 Watch and learn more about the key findings ⬇ 📩 Download the full report: https://lnkd.in/dr9gzD-5

🌿💼 The EU is investing €2.17 billion from emissions trading via the Modernisation Fund in 19 green projects across nine Member States. These initiatives, ranging from energy systems to transportation, aim to cut emissions and boost energy efficiency, supporting lower-income EU countries in meeting their 2030 climate targets. This marks a significant stride in the EU's commitment to a sustainable future💚 https://bit.ly/42bhhLw

Pleased to share my latest piece for The Diplomat on the Environmental Leak in the G20 bloc nd the responsibility that lies on the bloc for achieving net-zero targets. via: https://lnkd.in/dYH6bPNi The article explores the following main points among many other:🧵 🌏: Within the G20 🇦🇺 & 🇰🇷 continue to be the top two per capita coal polluters. 🌏: The world's six largest banks are still financing fossil fuel up to $5.5 trillion since the signed Paris Agreement. 🌏: Most of these banks are headquartered in G20 nations.

In national sector pathways, policymakers decide how to allocate greenhouse gas emission reduction efforts across the economy, defining who should reduce emissions, by how much and over what timeframe. They are a central part of what governments need to do to establish national investment-grade policy frameworks. We are delighted to see the progress that is being made on investment grade sector by sector policy in Australia, with agreement being reached on the principles that will guide the development of Australia’s 1.5C national action plan by the end of next year. Huge congratulations are due to Erwin Jackson, Rebecca Mikula-Wright and the team at Investor Group on Climate Change (IGCC) for their sustained and persistent work over many years on this critical policy element. Congratulations also to Chronos Sustainability's Ian Woods and Rory Sullivan whose recent report - Decarbonisation Investment Solution for Sectors: A discussion paper on Sector Transition Plans and their importance to investors - for Investor Group on Climate Change (IGCC) formed the basis for the development of these principles. https://lnkd.in/g_4gbHBG

Achieving a low-carbon future hinges on the "social license to build and operate" renewable projects 🌍🔋. This open-access paper from our conference series delves into benefit-sharing and community participation strategies crucial for securing this license and advancing climate targets 📈. ▶️ https://ow.ly/lt1l50QnRPG

The Climate Capital Forum was established to keep Australia in the game as we race to Net Zero, plotting renewable energy investment on a strategic course to decarbonise our economy. Last week I met with Wayne Smith from the Smart Energy Council, Joanna Kay from Zero Carbon Hydrogen Australia, Stephen P. Climate Philanrophist, Beth Mitchell from Beyond Zero Emissions, and Sanaya Khisty from 5B to discuss the forum. A very productive discussion exploring how Australia can become a Global Leader in Zero Emissions Trade and Investment and how the Federal Government can support this goal. #netzero #climatechange #emissions #trade #investment

How can we build climate leadership in Central and Eastern Europe? CATF is working to build a robust, durable policy landscape that enjoys broad political support in the #CEE region and provides a resilient pathway to decarbonisation. Central and Eastern Europe faces a myriad of challenges:   🪨 Overreliance on coal  ⚡️ Relatively slow renewable deployment  🏭 Aging infrastructure  💶 Fiscal constraints In the face of these challenges, climate action in the #CEE region must:  1️⃣ Integrate with energy and economic security  2️⃣ Be underpinned by durable climate policies  3️⃣ Incorporate broad solutions tailored to each country’s resource endowments Learn more about CATF’s work in the region 👇  https://lnkd.in/gWVmh6xp 

The 78th session of the UNGA & Climate Week NYC #ClimateFinance announcements : 📣 Brazil ups climate target: Brazil will update its climate plan so that it cuts emissions on 2005 levels by 37-48% by 2025 and 50-53% by 2030. 📣 Colombia commits against coal: Colombia and Panama have joined a coalition of governments committed to phasing out coal power. 📣 France flops on GCF funding: France announced just a 4% increase in its funding for the Green Climate Fund. 📣 Denmark dishes climate cash: The Danish government is increasing the capital of its development finance institution, which will allow it to spend more tackling climate change in the developing world. 📣 Corporate push against fossils: A group of major corporations is not waiting for multilateral consensus to phase out fossil fuels and shift to clean energy. #Emergency #ClimateChange #ESG #SDG #Initiative #Finance #UNGA #ClimateWeekNY

The EU Commussion’s proposed new climate policy is ambitious. Emissions are to be halved by 2030, cut 90% by 2040, and neutralised by 2050. Coal and oil goes first, with a place for gas for another decade, but with an exploding demand for carbon capture and storage. Geopolitically, this is good news for Norway and very bad news for Russia. First, expensive Russian LNG must be phased out first, while cheap North Sea gas will be the last to be switched off. Second, CCS will replace gas production as a critical industry, again placing the North Sea in the driving seat. Third, high-polluting Russian production of petrol and diesel oil will have to be transported to markets even further away, with additional cutoffs in revenues for Kremlin. Over the next decade or decades, this means Russia will have to divert pipelines and markets southwards and eastwards, in tough competition with Central Asia. China has so far stopped plans of a new pipeline from Russia. The proposal is not approved yet, and the way to net zero will most probably be full of roadblocks. But the direction is set and it is very clear. Green Deal subsidies will catalyse Europe in that direction, and leave long-distance and high-polluting Russian assets stranded. Within two decades, Russia’s gas assets will be more or less useless. https://lnkd.in/eaHSHdT8