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Scaling up climate finance in Asia-Pacific through Financial Centres for Sustainability

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Financial Centres for Sustainability (FC4S) today launched its Asia-Pacific Centre, one of several important steps taken to scale up the financing required for climate action and sustainable development, at the 2nd meeting of the global network.

The new centre will be located in Shanghai Lujiazui Financial City, which will work with other cities in the Asia-Pacific region to promote the innovation and development of sustainable and green finance. Lujiazui is an international financial center with a high concentration of financial institutions, dynamic capital markets and a vast financial talent pool.

The most recent report of the Intergovernmental Panel on Climate Change (IPCC) concluded that an additional 1.5 per cent in global investment would be needed to hold global warming to 1.5 degrees Celsius. Mobilizing the world’s financial centres will be crucial to achieving the system transition that the IPCC has recommended.

Lujiazui Financial City and Casablanca Financial City also signed an agreement to strengthen cooperation in sustainable finance, green finance and exchange of resources, while Lujiazui Financial City unveiled the Green Finance Integrated Development Platform, the first regional online green finance platform.

This platform provides a practical place to exchange information on green projects, capital and finance from home and abroad, enabling companies and institutions to match supply and demand, and integrate resources.

Meeting in Shanghai, the global network also appointed two co-chairs to provide strategic leadership: Pierre Ducret, board member of the Paris-based Finance for Tomorrow initiative and Kong Wei, chair of the Shanghai Green Finance Committee.

In addition, a new Wall Street Working Group on Sustainable Finance is being formed, and is considering joining the network to represent New York.

Quotes

“The IPCC report has shown more clearly than ever the need to mobilize the trillions for climate, and accelerating action is a priority for France,”  said Ducret. “I’m honoured to be appointed as a co-chair of the Financial Centres for Sustainability network – and view this as a great opportunity to strengthen international cooperation at a time of great uncertainty.”

“Green finance is a national priority in China to develop a cleaner and more prosperous economy,” said Kong Wei. “ I feel privileged to take up the role of co-chair of the Network and will use this opportunity to promote practical measures that enable all financial centres to play their role in the transition that lies ahead.”

Curtis Ravenel, Global Head of Sustainable Business & Finance, Bloomberg said: “To solve the climate challenge, we need more sustainable finance product innovation and scale across the U.S. and international capital markets. Along with the growing roster of global hubs that are part of the FC4S Network, Bloomberg is working with a number of financial institutions and others to explore the formation of a Wall Street Sustainable Finance working group to scale capital deployment aligned with the goals of the Paris Agreement.”

Satya Tripathi, Assistant Secretary General, UN Environment said: “UN Environment works across the sustainability and finance agenda – and I see that the FC4S Network is having a significant impact on the international policy sphere. These moves will further consolidate the Network’s leadership role.”

Nick Robins, the founder of the FC4S network and Special Advisor on Sustainable Finance, UN Environment said: “We need financial centres to be fit for purpose in the rapid transition that lies ahead. With Pierre Ducret and Kong Wei as co-chairs, the network has the strategic leadership it needs for the next phase.”

UN Environment

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900 suspects detained with the help of Moscow Metro’s face recognition system

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Photo: Vladimir Gerdo / TASS

Since the beginning of September, about 900 suspects have been detained in Moscow with the help of face recognition, said the Head of Moscow Metro’s Security Service Andrei Kichigin in an interview with Lenta.ru. The arrested people were suspected of committing serious crimes, including those related to drug trafficking, theft, causing grievous bodily harm and other violations.

Mr. Kichigin underlined that the face recognition system does not include any personal data. “The face recognition system does not know neither names nor other personal data. Only wanted people are checked, if they are in the law enforcement services’ database. If a person is not in the base, there is nothing to compare to”– says Andrei Kichigin.

According to Moscow Metro, cameras also help to find lost child renor elderly people. Since September 2020, the facial recognition system has helped find 25 children and minors. Another way to use the technology is to evaluate the work of metro employees and remotely monitor the quality of the cleaning service: for example, the quality of cleaning in cars and at stations. The cameras will also help improve the work of the service for assessing the load of cars.

In general, all our actions are aimed at improving the passenger experience of using transport. This is the main goal of all the changes: the installation of CCTV cameras, face recognition and new digital services. We need to make sure we use efficient tools to ensure a safe and comfortable metro environment, – says Andrei Kichigin.

Finally, Mr. Kichigin noted that face recognition will enable the launch of the FacePay service, which will allow paying for travel by “face” at turnstiles and at cash desks. The system is being tested and will be available to passengers throughout the metro by the end of 2021. Andrey Kichigin notes that a similar identity verification system for purchases using Face ID has long been used by smartphone owners.

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Can financial institutions invest in ocean health?

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New, pivotal guidance published today by the UN Environment Programme Finance Initiative (UNEP FI) provides a market-first, practical toolkit for financial institutions to take immediate action on their lending, investment and underwriting activities which negatively impact ocean health.

The ocean covers 70% of the earth’s surface, holding 97% of all water and 80% of all life forms. Major ocean sectors such as tourism, shipping, fishing, aquaculture and marine renewable energy collectively contribute to a ‘blue’ economy, estimated at a global gross value added of USD 1.5trn in 2010. This is projected to double in size to USD 3trn by 2030, with some ocean industries set to grow faster than the global economy (OECD, 2016).

However, ocean health is under existential threat. Faced with the triple crises of pollution, nature loss and climate change, two-thirds of our oceans have been negatively altered by human activity; leaving industries, businesses and livelihoods exposed. With existing financing still largely directed towards unsustainable sectors and activities, it is critical that all sectors of the blue economy are rapidly transitioned towards sustainable pathways.

Banks, insurers and investors have a major role to play in financing this transition to a sustainable blue economy, helping to rebuild ocean prosperity and restore biodiversity to the ocean. Through their activities, and client relationships, financial institutions have a major impact on ocean health and hold the power to accelerate and mainstream the sustainable transformation of ocean-linked industries. They thereby play essential roles in wider ocean governance, engaging in public-private partnerships, and propelling local-to-global actions for sustainability.  

“Momentum is building as more banks, insurers and investors wake up to the realisation that their financial activities can have a sizeable impact on ocean health, creating a negative feedback loop for key ocean industries such as shipping, fishing, tourism and marine renewables” said Eric Usher, Head of UN Environment Programme Finance Initiative (UNEP FI).

“A new sustainable pathway for the blue economy is thus both an environmental and economic necessity. This critical new guidance provides a practical toolkit for financial institutions to understand their impact and discover how a new sustainable finance approach can help them identify key risks and opportunities in ocean-linked sectors” he added.

Leveraging best practice based on input from more than 50 pioneering institutions and experts, this guidance sets out pathways to sustainable growth across five key ocean sectors, chosen for their established connection to private finance. It presents a detailed breakdown of which activities to seek out as best practice, which activities to challenge, and which activities to avoid financing completely due to their damaging nature.

“Decades of unsustainable consumption and production is leading to environmental risks and losses in natural capital, eroding the ocean’s resource base. Without engagement by financial institutions, we will not be able to change the course to sustain a healthy ocean and unlock its enormous potential. 1$ of sustainable ocean investments can yield 5x higher global benefits” said Leticia Carvalho, Head of the Marine and Freshwater Branch, UN Environment Programme.

“This new guidance can help financial institutions invest in good ocean governance at local, regional and global levels. In a nutshell, making sustainable blue economy opportunities too hard to resist” she added.

This guidance provides decision-makers across banking, insurance and investment with a science-based and actionable toolkit, giving easy-to-follow recommendations on how to approach financial activity related to:

  • Seafood, including both fisheries and aquaculture as well as their supply chains;
  • Ports;
  • Maritime transportation;
  • Marine renewable energy, notably offshore wind; and
  • Coastal and marine tourism, including cruising.

It builds on the foundation of the Sustainable Blue Economy Finance Principles – a keystone for financing activities in the blue economy, supported by a community of over 50 institutions worldwide with a collective total asset size of over USD 6trn.

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Environment

Duck conservation takes flight in Jamaica

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On January 20, 2021, the day of the inauguration of American president Joe Biden, two ducks named “Joe” and “Kamala” took flight from a remote wetland near Negril, Jamaica. And, like their namesakes, the fowl will be the focus of international attention.

That’s because Joe and Kamala are West Indian whistling ducks, the rarest duck species in the Americas, with fewer than 20,000 remaining, found only in the northern Caribbean. Conservationists released the pair, which were outfitted with GPS trackers, into the wild on 20 January, kicking off a study to learn more about their species and, researchers hope, ensure their survival.

BirdsCaribbean is a partner of the United Nations Environment Programme (UNEP). The whistling duck study is supported by UNEP’s Integrating Water, Land and Ecosystems Management in Caribbean Small Island Developing States (IWEco) project.

With one million species are at risk of extinction, biodiversity is a key priority of the UN Environment Programme (UNEP).  Ecosystems are fundamental to human health and prosperity, availing food and water, regulating temperature, stimulating economic growth, putting roofs over heads and clothing on backs. As ecosystems degrade, so do human lives.

As the world faces the stark reality that none of the Aichi targets were met and prepares for a new, ambitious post-2020 framework, the issue is more urgent than ever.  In fact, biodiversity loss and ecosystem collapse are ranked among the top five threats to humanity in the coming decade.

Whistling ducks’ long-term survival has been threatened by the destruction of their wetland habitats, as well as climate change, pollution, poaching and predators. Little is known about the large waterbird that is between the size of a large duck and a goose, has a long neck, and is mostly brown in colour, but may have black-and-white patches on its neck and flanks. The duck’s characteristic features is its distinctive whistling call.

“We are thrilled with the launch of this exciting project,” said Lisa Sorenson, the Executive Director of BirdsCaribbean. “I expect it will lead to major improvements in our knowledge of the ducks’ movements and habitat use.”

The trackers attached to Joe and Kamala  are expected to plot their positions every hour to within a few metres and will help the scientists to know about the species, their migration patterns, nesting sites, feeding zones and roosting locales. Researchers are aiming to use the information gathered through the initiative to plan for the species’ recovery.

Led by UNEP with the backing of the Global Environment Facility, IWEco is helping 10 Caribbean countries manage their water and land resources while safeguarding biodiversity. A key part of the project has been the protection and monitoring of endemic species, like West Indian whistling ducks.

As one of the three founding Global Environment Facility partners, UNEP has been working on conservation projects supported by the facility for almost 30 years.

“Together, UNEP and the Global Environment Facility have successfully worked to address global transboundary issues since 1992, and we look forward to further strengthening and implementing actions for nature,” said Sinikinesh Beyene Jimma head of UNEP’s GEF International Waters Unit.

And while biodiversity targets have not been met, evidence indicates that efforts have produced results. Where action was taken, habitat loss was controlled and decades of degradation were reversed.

UN Environment

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