GFANZ sector alliances publish latest targets and reporting
New UN inventory signals fossil fuel emissions are underreported
Several countries take steps towards providing loss and damage funding
NZAM, PAAO and other GFANZ alliances publish targets and reporting
As reported in the High-Level Climate Champions’Top of the COPreport, many of the GFANZ sector alliances published targets and reporting to align with Finance Day. The Net Zero Asset Managers initiativepublished targetsfor an additional 86 investors and announced a further 21 asset managers have joined the initiative, bringing the total to 291 signatories.
The Paris Aligned Asset Owner group published itsfirst progress reportand additional targets, bringing the total targets set by signatories to 40. A number of other sector alliances, including the Net Zero Asset Owners Alliance and Net Zero Banking Alliance also published reports.
New UN inventory of fossil fuel emissions reveals underreporting
An inventory launched by former US President, Al Gore at COP27 has signalled that the top 14 individual polluters are all gas and oil fields and their associated facilities, despite their emissions being “significantly underreported.” (PBS)
The research group, Climate TRACE uses a varied and comprehensive variety of data sources including artificial intelligence and satellite coverage to track pollution. Antonio Guterres, UN Secretary General praised the study, saying the evidence is “in front of our eyes, but also hidden in plain sight.”
The UK, Austria and New Zealand, among others, pledged to contribute towards land and resources lost by developing countries
The UK’s export credit agency will include ‘climate resilient debt clauses’ in its lending, allowing payments to be paused for two years in the event of a climate disaster, while Scotland, Denmark, Belgium and Germany were amongst the first to commit money towards loss and damage.
Austria and New Zealand also announced $50m and $20m respectively to go towards climate funds for land and resources lost by developing countries. (Guardian)
All the latest from COP27
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