{"id":26863,"date":"2020-09-03T10:23:47","date_gmt":"2020-09-03T10:23:47","guid":{"rendered":"http:\/\/spain.climate-kic.org\/?post_type=news&p=26863"},"modified":"2020-09-03T10:23:47","modified_gmt":"2020-09-03T10:23:47","slug":"what-role-can-finance-play-in-the-green-recovery-eit-climate-kic-and-unep-finance-initiative-ask-leading-thinkers-to-weigh-in","status":"publish","type":"news","link":"https:\/\/spain.climate-kic.org\/en\/news\/what-role-can-finance-play-in-the-green-recovery-eit-climate-kic-and-unep-finance-initiative-ask-leading-thinkers-to-weigh-in\/","title":{"rendered":"What role can finance play in the green recovery? Climate KIC and UNEP Finance Initiative ask leading thinkers to weigh in"},"content":{"rendered":"

Climate KIC, in partnership with the UNEP Finance Initiative, is releasing Aligning finance for the net-zero economy: New ideas from leading thinkers<\/em>, a series of papers that will contribute to the debate on how financial institutions can support a just transition to a net-zero emissions economy by 2050.<\/span><\/p>\n

Stakeholders in financial markets, capital and investment are key players in tackling climate change, supporting solutions for climate adaptation, and reducing global greenhouse gas emissions. But to enable our economy and society\u2019s transition to net-zero, finance requires a fundamental overhaul. Financial portfolios, for instance, need to align with a well below 2-degrees emissions pathway, incentivising green growth, sustainable development, and systems transformation.<\/p>\n

Produced and supported by Climate KIC, in partnership with UNEP Finance Initiative (UNEP FI), the series\u00a0
\nAligning finance for the net-zero economy: New ideas from leading thinkers<\/em> aims to inspire financial actors to move from climate risk disclosure to alignment. The series delves into current assumptions around alignment with climate frameworks such as the Paris Agreement and the UN Sustainable Development Goals, and develops ideas for how alignment can best be achieved.<\/p>\n

\u201cClimate KIC has supported innovation to mainstream climate in financial markets, democratise climate risk information, and foster bankable green assets for ten years,\u201d says Kirsten Dunlop, CEO of Climate KIC<\/strong>. \u201cWe are committed to the transformation of core finance to deliver a regenerative, low-emissions economy and sustainable society. Against the backdrop of economic crisis, the inexorable onset of climate emergency and geopolitical fragmentation, financial institutions have an unprecedented opportunity and a responsibility to provide the leadership, investment stimulus and risk mitigation needed for transformation. We are honoured to partner with UNEP FI to provide food for thought as to why and how this might be done.\u201d<\/p>\n

The first paper of the series, Achieving Alignment in Finance<\/em><\/a> , is authored by Dr Ben Caldecott, founding Director of the Oxford Sustainable Finance Programme and an Associate Professor at the University of Oxford. It examines how financial institutions can move beyond climate risk management towards much closer alignment with climate outcomes. \u201cWe cannot ever hope to align finance and the financial system with climate change objectives if we just focus on a narrow interpretation of climate risk management,\u201d says Dr. Ben Caldecott<\/strong>. \u201cWe need specific ways of contributing to the challenge of climate alignment. These need to be articulated, developed and scaled across the financial system rapidly. My paper is one attempt to try and rebalance the conversation.\u201d<\/p>\n

The second paper, Transformations Required for 1.5\u00b0C Alignment and Global Sustainability,<\/em>\u00a0<\/a>is written by Dennis Pamlin, founder and CEO of 21st Century Frontiers and Senior Adviser to the Research Institutes of Sweden. Pamlin, who is also a member of Climate KIC Advisory Council, discusses the transformations that are needed in the global economy and the finance sector to meet the Paris Agreement objectives, as well as the opportunities that these transformations represent for both sectors.<\/p>\n

\u201cFor almost 20 years, climate discussions have been focused on a \u2018problem perspective\u2019, i.e. cost-efficient incremental improvement in existing systems. With IPCC\u2019s 1.5\u00b0C report and the Low-Energy-Demand (LED) pathway, the world was given the first innovation-driven pathway that also focused on global sustainability,\u201d says Pamlin. \u201cThe COVID-19 crisis demonstrated that we are capable of significant changes and that many solutions are ready to be implemented. Hopefully, my paper can support the shift from an incremental problem perspective towards a transformative solution perspective where financial institutions focus on measurable results that are compatible with a 1.5\u00b0C LED pathway.\u201d<\/p>\n

In addition to discussing the economic system transformation required to deliver the Paris Agreement, the series will provide answers on how our response to the COVID-19 pandemic informs the response to climate change, and what pathways are available for financial institutions and the financial system to \u2018build back better\u2019 and drive the necessary transition to a net zero-carbon economy.<\/p>\n

\u201cUNEP FI is supporting financial institutions to deliver low-carbon, fairer, and more resilient global economies,\u201d said Eric Usher, Head of UNEP FI<\/strong>. \u201cCurrently, 38 banking members have committed to deliver the goals of the Paris Climate Agreement and we are co-convening 28 asset owners representing nearly $ 5 trillion who aim to decarbonise their investment portfolios by 2050. This series of thought leadership papers convenes innovators and industry experts to provoke discussion, challenge the status quo and guide the transformation of business and finance towards a sustainable future.\u201d<\/p>\n

John Elkington and Richard Roberts from London-based change agency Volans, as well as Jakob Thom\u00e4, Managing Director at 2\u00b0 Investing Initiative, will also participate in the series with papers published later this year on Climate KIC\u2019s website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Climate KIC, in partnership with the UNEP Finance Initiative, is releasing Aligning finance for the net-zero economy: New ideas from leading thinkers,…<\/p>\n","protected":false},"author":191,"featured_media":26860,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-26863","news","type-news","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nWhat role can finance play in the green recovery? 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