Climate financing by the world’s six largest multilateral development banks (MDBs) rose to a 7-year high of $35.2 billion in 2017, up 28% from the previous year.
The MDBs’ latest joint report on climate financing said $27.9 billion, or 79% of the 2017 total, was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming.
The remaining 21%, or $7.4 billion, of financing for emerging and developing nations was invested in climate adaptation projects that help economies deal with the effects of climate change such as unusual levels of rain, worsening droughts, and extreme weather events.
In 2016, climate financing from the MDBs had totaled $27.4 billion.
The latest MDB climate finance figures are detailed in the 2017 Joint Report on Multilateral Development Banks’ Climate Finance, combining data from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group and the World Bank Group (World Bank, IFC, and MIGA). These banks account for the vast majority of multilateral development finance. In October 2017, the Islamic Development Bank joined the MDB climate finance tracking groups, and its climate finance figures will be included in reports from 2018 onwards.
Climate funds such as the Climate Investment Funds (CIF), the Global Environment Facility (GEF) Trust Fund, the Global Energy Efficiency and Renewable Energy Fund (GEEREF), the European Union’s funds for Climate Action, the Green Climate Fund (GCF), and others have also played an important role in boosting MDB climate finance. As well as the $35.2 billion of multilateral development finance, the same adaptation and mitigation projects attracted an additional $51.7 billion from other sources of financing last year.
Of the 2017 total, 81% was provided as loans. Other types of financial instruments included policy-based lending, grants, guarantees, equity, and lines of credit.
Latin America, Sub-Saharan Africa, and East Asia and the Pacific were the three major developing regions receiving the funds. The report contains a breakdown of climate finance by country.
The sharp increase came in response to the ever more pressing challenge of climate change. Calls to galvanize climate finance were at the heart of events such as the One Planet Summit in Paris in December 2017, 2 years after the historic Paris Agreement was adopted. Multilateral banks began publishing their climate investment in developing countries and emerging economies jointly in 2011, and in 2015, MDBs and the International Development Finance Club agreed joint principles for tracking climate adaptation and mitigation finance.
Climate finance addresses the specific financial flows for climate change mitigation and adaptation activities. These activities contribute to make MDB finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development, in line with the Paris Agreement. The MDBs are currently working on the development of more specific approaches to reporting their activities and how they are aligned with the objectives of the Paris Agreement.
“ADB’s climate investments reached $4.5 billion last year, a 21% increase from 2016 and in line with our climate finance commitment to reach $6 billion by 2020. ADB will continue to deepen its collaboration with other MDBs while employing consistent and rigorous methodologies to track climate finance,” said ADB Vice-President for Knowledge Management and Sustainable Development Mr. Bambang Susantono. “ADB acknowledges the critical role of external funding and has accessed $265 million in concessional financing from the Green Climate Fund to date. It also continues to establish innovative financing facilities, such as the Asia Pacific Climate Finance Fund, which supports financial risk management products that can help unlock financing for climate investments in clean technologies and that build resilience to climate risks.”
Best Practice: Why Going Green Is Best for Business
Why Going Green is Best for Business
Over recent years, more companies have turned their attention to becoming greener and more environmentally friendly. But once the pandemic hit, companies shifted their focus away from initiatives, choosing to prioritize recouping their losses and staying afloat. However, dropping their environmental goals to protect their growth can be seen as short-sighted.
According to research data collected from over 35 countries, businesses, on average, perform better when employing green practices for multiple reasons. And while it might be difficult for some to make the changes needed to see this increased performance, companies like Signet in Australia understand the importance of staying committed to their eco-friendly ventures.
A company can open itself to untapped niche markets and emerging trends by offering new green products and services, which is a great way to differentiate the company from its competitors. In some cases, companies committed to reducing their carbon footprint and boosting their green initiatives received millions in investment during the pandemic when most others struggled to keep their doors open. And as the world continues to struggle post-pandemic, these investments become invaluable.
D’light, a company dedicated to lighting solutions for those without access to any electricity, was able to help over 100 million people in 70 countries with their green products, simultaneously acquiring US$ 197 million in investment. In addition, Danish energy supplier, Ørsted, was named the most sustainable company in the world. Their success came from transforming themselves into green energy suppliers, and as a result, they have seen accelerated profits on their books.
Catering to these niche markets makes businesses the leaders of their sectors, allowing them to expand rapidly into international markets. And while such environments may only be realistic for some, it is possible to reexamine working practices and processes to make them more accessible.
By making processes greener, companies can benefit from efficiency gains in the form of lower energy costs, securing green tax credits, and improving overall operational efficiency, to name a few. Moreover, these types of gains directly lead to commercial benefits. They can be as simple as printing fewer documents, reducing electrical usage in offices, and employing reusable or refillable items where possible.
In the UK, 78% of businesses investing in green technologies have benefited tremendously. And for large companies, like Procter & Gamble, this can translate into billions. On the other end of the spectrum, however, those causing environmental harm should be prepared to face ever-increasing costs and negative impacts within their business spheres.
As eco-friendly business practices become the way of the future, job seekers are showing more interest and desire to work for companies committed to this cause. It is a common belief that if an employer cares for the environment and sustainability, they will care for their employees, which ultimately leads to higher job satisfaction.
These work environments facilitate an increased feeling of purpose, which in turn, makes work feel more meaningful. In addition, a recent poll indicates that millennials and Gen Z’s have far higher levels of concern for the environment. And considering these are the generations currently breaking into the job market, it is more logical to cater to this consideration.
By some estimates, there could be as much as a 16% boost to employee productivity in companies following greener trajectories.
Nearly all consumers worry about at least one environmental issue, with roughly half going as far as boycotting companies they deem too harmful. Ultimately, they want to make more responsible purchases, which should be viewed as an opportunity, not an obstacle. Making it easier for people to access clear recycling and sustainability information on packaging can help them make better choices and build loyalty to certain brands.
Along with more customers, green initiatives are appealing to stakeholders and investors. According to research focusing on American companies from 1993-2009, those with high sustainability had far superior stock market performances, leading to more lucrative investments. Additionally, investors have started to expect a lot more regarding these practices, made evident by the increase of global sustainability investments to US$30.7 trillion by April 2019.
Polysolar, which specializes in glazed windows that generate electricity, raised more than double the investment amount it was after through crowdfunding alone. Likewise, Unilever, attempting to rectify a poor history of exploitation, has already received increased engagement and loyalty thanks to the changes it is making.
Going green is not a simple process or quick fix. Business spheres differ and require different approaches to achieve a more eco-friendly impact. It takes effort and commitment to sustain for businesses and consumers alike. But, regardless of which side of the spectrum you fall on, this is the global industry’s future. To be connected and supported, making the necessary changes as early as possible is crucial to set companies on steady roads moving forward.
France challenges UK for title of Europe’s Greatest Equities Market
Paris is challenging London’s leadership as home to Europe’s largest stock market, undermining post-Brexit Britain’s standing as the continent’s most important financial center, – recognizes “The Financial Times”.
The market capitalization of all companies listed in the French capital rose from $1.8 trillion at the start of 2016 to $2.83 trillion, closing the value of London shares at $2.89 trillion, according to Refinitiv.
“It is a result of the poor performance of British equities, the poor pipeline and performance of new issues in the UK, and the terrible performance of the pound. It is clearly not good news for London – and Brexit is a big factor in all three.”
To re-establish its traditional leadership, the UK government aims in the coming months to finalize proposals to reform the City of London.
However, competition from Paris is set to intensify as France is rated the preferred European stock market by fund managers. 17 percent of fund managers said they planned to “overweight” French equities over the next 12 months, according to a Bank of America survey of 161 investment managers with combined assets of $313 billion.
Paris is difficult London’s lead as the house to Europe’s greatest inventory market, consuming away at Britain’s place after Brexit because the continent’s most essential monetary centre.
“This gap between London and Paris in the domestic market is a lot smaller than it used to be or should be,” stated William Wright, founding father of New Financial, a UK think-tank, – writes “Business Land”.
…Thus the strange politics of London in recent years – from Brexit to a kaleidoscope of people in the prime minister’s chair, has led to the fact that Britain may say ‘goodbye’ even to such a privilege as being the financial center of the World and Europe.
In fight against male cancer, caring for mental health is a growing priority
By Anthony King
At a hotel in the Scottish city of Aberdeen about 20 years ago, urologist James N’Dow and other doctors met a group of men who had suffered prostate cancer to ask for feedback on their care before and after surgery. The clinicians were stunned by the critical, albeit constructive, responses.
‘Frankly, they felt abandoned,’ said Professor N’Dow, who works at the University of Aberdeen. ‘When we discharged them after surgery, we thought their general practitioners were looking after them and their GPs thought we were.’
Minding the mind
Dealing with the emotional and mental toll of prostate cancer has grown in importance along with detecting and curing the disease itself. Prostate cancer is the second-leading cancer among men in Europe and is sometimes mistakenly viewed as a disease only of old age. It caused an estimated 335 500 cases, or 12.5% of cancers, in the EU in 2020.
Prof N’Dow heads an Innovative Medicines Initiative project – PIONEER – on prostate cancer that seeks to improve diagnosis and treatment. A parallel EU-funded initiative called FAITH is developing an electronic application for cancer survivors that could help spot if the “black dog” of depression is stalking them.
‘Depression is a big thing in post-cancer survivors,’ said Gary McManus, who leads FAITH and works at the Walton Institute for Information and Communication Systems Science in Waterford, Ireland.
Four in 10 men who have been treated for prostate cancer say they are anxious or depressed to some degree, with troubles worsening the more advanced the cancer, according to a 2020 study by Europa Uomo, a European advocacy movement for sufferers of the disease. Prostate cancer can increase the risk of suicide.
Stopping the spread
When prostate cancer is caught early enough, a man can be cured. If it spreads beyond the prostate, the cost of treatment is high and delivers minimal benefit. Usually, the disease will spread – metastasize – to the bones and lymph nodes.
‘It is not curable at that stage,’ said Prof N’Dow. ‘We are still picking up too many men with metastatic disease – and this is a failure of the system.’
Without treatment, the average period of survival from prostate cancer that has spread beyond the gland is about 21 months. With some newer therapies, some metastatic prostate cancer patients can survive five years or more.
Even when the cancer is aggressive, if it is restricted to the prostate gland a patient can be cured by surgery or radiation therapy – or a combination. Almost 95% of these patients are still alive up to 15 years after their diagnosis. Treatment can, however, affect a man’s urinary or erectile function.
Prof N’Dow hails recent EU recommendations to screen prostate cancer in men up to the age of 70 using a blood test and magnetic resonance imaging (MRI) scans based on an individual’s risk. Certain men over 50 and those of African descent or with a family history of prostate cancer are at heightened risk from this cancer and should be targeted for early detection.
Tracking the blues
Amid the efforts to improve detection and cures, FAITH’s planned app highlights the heightened focus on the psychological well-being of cancer patients.
Although it is being tested on people who have overcome lung and breast cancer, the app could be made to work for survivors of the disease in other parts of the body including the prostate.
In its study two years ago on anxiety or depression among men who have been treated for prostate cancer, Europa Uomo said 0.5% felt either one to an “extreme” degree and almost 4% to a “severe” extent. Nearly 11% and 28% fell into “moderate” and “slight” categories, respectively.
A tracker of sorts, the app is being developed by European technologists and cancer doctors working together. The tests are taking place at three hospitals in Ireland, Spain and Portugal.
At home, a wearable watch records movement and sleep patterns that get fed into a phone app. Patients must occasionally answer questions from the app, for example about dietary choices, while a voice module checks for any changes in a person’s speech that may indicate depression.
In all, 27 measurements are being tracked in a bid to uncover which ones could flag a downward trajectory in a patient’s mental health. Performance will be compared against clinical questionnaires that doctors already use to monitor patients.
‘Once the patient is signed out of the hospital, they’re often on their own,’ said McManus. ‘If the hospital gives this app to a patient, doctors can remotely monitor how the patient is getting on.’
The phone app will not send sensitive patient data to the Internet. Instead, an algorithm is updated on the phone and fed back to the development team, which helps improve the app’s performance.
‘We’ll build our algorithm and try to pick out these downstream trajectories,’ said McManus. ‘Then we are basically training the app.’ Eventually, if the app picks up worrying signals, ‘an alarm is raised in the hospital and the patient is contacted,’ he said.
The mental-health aspect of cancer diagnosis and care needs to be improved across Europe, according to Prof N’Dow, who said that this is a central goal of the European Association of Urology, where he is adjunct secretary general responsible for education.
‘The impact psychologically of the diagnosis or consequences of treatment is huge,’ he said. ‘This is something we understood in PIONEER.’
The project has sought to ensure that treatment comparisons take into account the impact on patient quality of life such as sexual, bowel or urinary function. Also crucial has been to identify those outcomes that matter most to patients.
That is why PIONEER has included patients themselves in discussions aimed at determining key unanswered research questions about prostate cancer.
‘Patients understand what they need,’ Prof N’Dow said. ‘Our job is to improve the lives of the most vulnerable and get them back to the life they knew before it was rudely interrupted by disease. The psychological well-being of the patient and their families should be recognized as central to that.’
Research in this article was funded via the EU. This material was originally published in Horizon, the EU Research and Innovation Magazine.
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