COP27: Daily snapshot 17/11
- COP27 Egyptian Presidency releases first draft ‘non-paper’ with a way to go
- John Kerry officially meets Chinese climate envoy as talks resume
- Number of climate-related funds grows 32% in 2022 according to Morningstar
UN non-paper first draft released by COP27 Presidency but long way to go
The draft suggests a divide on multiple topics including climate finance and adaptation funding, loss and damage funding, carbon markets, language around the phasing down of fossil fuels and more, writes Business Green.
The paper continues to emphasise 1.5 degrees in wording similar to Glasgow’s Climate Pact, though the inclusion of the word “rationalise” in reference to inefficient fuel subsidies has drawn some scepticism.
John Kerry meets Chinese counterpart Xie Zhenhua
This is the climate envoys’ first formal interaction since Beijing expressed frustration at Nancy Pelosi’s visit to Taiwan earlier this year. “We’re going to go to work,” Kerry said to CNSNews
The meeting came shortly after US President Joe Biden and Chinese President Xi Jinping agreed to resume talks on the climate at the G20 Summit in Indonesia.
A third more climate-focused funds launched in 2022
Research from Morningstar highlights that the number of mutual and exchange-traded funds with a climate-related mandate has increased by 32%, reports Investment Week.
The article highlights that asset managers, particularly in Europe, have focused their product development on funds invested in companies that are better prepared for the transition to a low-carbon economy. The article suggests that the role of investors in the transition to a low-carbon future is only set to increase.