Banks need to do a lot better. With an overall average score of 1.95 out of 10, most banks assessed in the Lower Mekong Region and China do not have proper Environmental, Social, and Governance (ESG) policies. And of the assessed banks, 29 had no environmental policy at all and only three of the 29 banks scored from adequate to good on environmental criteria. Based on the analysis of the ESG policies of 38 assessed regional banks, none deal with the various ESG risks in the pulp and paper, timber and rubber sectors in a comprehensive way. Find out more about Forest and Financing in the Lower Mekong: https://lnkd.in/eZ65_MFJ #SaveForestsNow
UN-REDD Programme’s Post
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Congratulations to HKMA for publishing the Hong Kong Taxonomy for Sustainable Finance (Hong Kong Taxonomy) on 3 May 2024, which is a milestone in Hong Kong’s green finance landscape, enabling informed decision making on #green and #sustainable finance and facilitating relevant finance flows. The Hong Kong Taxonomy covers 4 key sectors: - #Electricity, Gas, Steam and Air Conditioning Supply - #Transportation and Storage - Water Supply; Sewerage, #Waste Management and Remediation Activities - #Construction Notably, the Hong Kong Taxonomy is a living document and the HKMA will seek to expand the coverage of the taxonomy to include more sectors and activities, including #transition activities. The release of the Hong Kong Taxonomy is expected to drive impactful cross-border investments in sustainability by providing a common language of sustainable finance. HKGFA will continue to support standard harmonisation and sustainable finance development in Hong Kong and beyond. Read more here: https://lnkd.in/d44nSsqa #greenfinance #transitionfinance #taxonomy #ESG #ESGinvesting
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During the last 2 days I have participated in the workshop "Carbon markets governance framework: knowledge sharing, governance readiness, and decree preparations" in Vangvieng Lao PDR. The workshop aimed to build the capacity of the drafting committee and generate a shared understanding on Lao PDR's governance readiness. It was an invaluable opportunity to learn from experts and exchange experiences with other countries preparing for Article 6. I am excited to contribute to the formulation of a multi-sectoral carbon markets decree that will shape the future of carbon trading in Lao PDR. #ClimateAction #CarbonMarkets #PolicyFormulation #Laos
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📊 ADB and IFC release joint Reference Note on sustainably linked trade finance 🌐 The Asian Development Bank (ADB) and the IFC - International Finance Corporation have jointly published a Reference Note to better define sustainable trade finance and set eligibility criteria for related deals. 🍃 ADB and IFC’s focus on trade as a key component of climate action highlights the role of trade finance in supporting sustainable development. ♻ Sustainability is a vital aspect of the global trade industry. The global supply chain’s Scope 3 emissions account for nearly 80% of greenhouse gas emissions. 📖 Read the article, link in the comments section below ⬇️ #supplychain #tradefinance #climate
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Financial rewards linked to the introduction and enforcement of #phaseout policies is what experts, including myself, suggested already 3 decades ago under the financial mechanism of the #MontrealProtocol and its #GEF sister for #CEiT. When it comes to #crediting under #Art6, the matter becomes even more challenging. #ParisAgreement compliant crediting would need to be limited to effective #CDR policy measures because only #carbonremoval supports the #netzerocarbon2050 objective. If we are serious about passing a better planet to our children, we can't afford zero-sum games at the policy level that can merely help to preserve an increasingly devastating status quo. This is what the review omits.
Senior Advisor, Climate Policy │ Chair │ Board Member │ Carbon Markets │ Carbon Removal │ Carbon Capture •Personal views•
Carbon crediting for policies, not projects? Let's explore. Last year, my LinkedIn post on the same topic regarding the initiative by Gold Standard and the Global Green Growth Institute received a lot of interest and insightful comments: https://lnkd.in/e7cT7juq In their spring 2024 edition, Carbon Mechanisms dig deeper into policy crediting under #Article6 - issuing #EmissionReductions or #CarbonRemovals in a new way that goes beyond projects and programmes. It turns out there is a lot more history behind this concept than I was aware of. There are also concrete examples of policy crediting already. The World Bank project on policy crediting in Uzbekistan seems to be up and running. The GGGI has looked at piloting Article 6 policy crediting in Indonesia, Morocco, Senegal and Vietnam. The main challenge that stands out to me is meeting the additionality criteria. As the Carbon Mechanism Review piece recommends, only policies that contribute to the conditional part of the #NDC should be eligible for crediting. With a general aspiration of moving away from conditional NDCs (or am I wrong?), wouldn't this concept provide another instrument that might instead lead to an undesired increase the conditional part of NDCs in some countries? Read the whole piece on policy crediting here, starting on page 38: https://lnkd.in/eXy6xKg8
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Thanks Eve Tamme for highlighting, great comments by others as well. At Global Green Growth Institute, we do acknowledge the potential for perverse incentives - this applies to all carbon trading though - not just policy crediting. For developing countries/emerging economies a conditional NDC is stated generally because they are saying there is a shortage of funding to achieve these actions themselves, but they would like to see them happen. So finance is needed - if this can be provided via an Art 6 carbon transaction, isn't this a welcome addition to the limited pool of concessional climate finance? Yes Jos Cozijnsen - your 'preference' is exactly what we are doing in our policy approach work at GGGI. Host countries will implement additional policies, generally incentivizing further mitigation reducing activities. Then surplus (so surplus to economically viable activities that occur as a result of the policy) is sold under Art 6.2 as ITMOs. So climate ambition action IS increased in the country as not all reductions are credited. And yes Olivier Levallois 🌏 - the NAMAs were the starting point, they're back - with bells on!
Senior Advisor, Climate Policy │ Chair │ Board Member │ Carbon Markets │ Carbon Removal │ Carbon Capture •Personal views•
Carbon crediting for policies, not projects? Let's explore. Last year, my LinkedIn post on the same topic regarding the initiative by Gold Standard and the Global Green Growth Institute received a lot of interest and insightful comments: https://lnkd.in/e7cT7juq In their spring 2024 edition, Carbon Mechanisms dig deeper into policy crediting under #Article6 - issuing #EmissionReductions or #CarbonRemovals in a new way that goes beyond projects and programmes. It turns out there is a lot more history behind this concept than I was aware of. There are also concrete examples of policy crediting already. The World Bank project on policy crediting in Uzbekistan seems to be up and running. The GGGI has looked at piloting Article 6 policy crediting in Indonesia, Morocco, Senegal and Vietnam. The main challenge that stands out to me is meeting the additionality criteria. As the Carbon Mechanism Review piece recommends, only policies that contribute to the conditional part of the #NDC should be eligible for crediting. With a general aspiration of moving away from conditional NDCs (or am I wrong?), wouldn't this concept provide another instrument that might instead lead to an undesired increase the conditional part of NDCs in some countries? Read the whole piece on policy crediting here, starting on page 38: https://lnkd.in/eXy6xKg8
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The successful issuance of the first-ever domestic green bond by Viet Nam’s oldest bank, BIDV (Bank for Investment and Development of Vietnam) constitutes a landmark in Viet Nam’s commitment to achieve a net-zero carbon emission target by 2050. The green bond was supported by The World Bank Sustainable Finance and ESG Advisory Program. Read more in this case study https://cutt.ly/WB-BIDV #VietNam #WorldBankTreasury #SustainableFinance #GreenBond #ESG #ClimateFinance #GreenFinance
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Ms Tracy Wong Harris, Managing Director, Head of Sustainable Finance, Asia, Standard Chartered Bank; & Executive Vice President, HKGFA shared insights from the report: “Decarbonisation Pathways and How Finance can Help to Accelerate Business to Transition in Guangdong-Hong Kong-Macao Greater Bay Area” at the 2023 HKGFA Annual Forum. Listen to the insights: - Transition of the three key energy-consuming sectors – manufacturing, road transport and buildings – needs USD2 trillion of investment under China’s dual carbon targets. - Decarbonization of the power sector plays a key role in the manufacturing industry’s transition. - While EVs are an emerging opportunity for road transportation to decarbonize, attention should also be paid to how the transportation model can evolve. - For the building sector, key solutions surround improvement in energy efficiency through green retrofitting projects. Watch the full presentation video: https://lnkd.in/gVPx-a8Y Read the full report: https://lnkd.in/gbrVJkqQ #greenfinance #sustainablefinance #transitionfinance #ESGinvesting #ESG
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Bank Negara Malaysia (BNM), in partnership with the Joint Committee on Climate Change (JC3) and with contributions from the World Wide Fund for Nature, has created the Climate Change and Principle-based Taxonomy (CCPT), as outlined in the following summary. This framework standardizes the classification of climate-related exposures, crucial for Southeast Asia's financial institutions. It helps businesses manage climate risks and promote sustainability. Refined with industry feedback, the CCPT now includes sector-specific guidance and thorough due diligence assessments. BNM's latest update prioritizes reducing greenhouse gas emissions and improving climate risk management. #ClimateAction #SustainableFinance
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Rising success at the Singapore Carbon Credit Market helps developing Carbon credit markets.
Singapore’s Carbon Credit Market Surging At 21% CAGR
carboncredits.com
