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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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Development

An Education Reform Path for Lebanon

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Lebanon needs to urgently embark on a comprehensive reform agenda that puts students at the center of the education sector and prioritizes quality of education for all, according to a new World Bank report released today. Low levels of learning and skills mismatch in the job market have put the future of generations of Lebanese children at risk and imply a critical need for more and better targeted investments in the sector.

The report, titled “Foundations for Building Forward Better: An Education Reform Path for Lebanon”, presents an overview of key challenges facing the education sector. It provides evidence-based solutions founded on a diagnostic of the factors contributing to the learning crisis and proposes policy reform recommendations over the short- and medium- to long-terms. The proposed reform plan is in line with the objectives of the Ministry of Education and Higher Education’s 5-year draft sector plan, which aims to improve equity, learning outcomes, and governance in education. The report also draws from the latest available education sector research, including studies conducted under the Research for Results Program launched back in 2016. 

The compounded crises that have assailed Lebanon over the past several years –Syrian refugee influx, economic and financial crisis, the COVID-19 pandemic, and the Port of Beirut blast– have all put severe strains on an already struggling education system. Pre-COVID-19 learning levels were already comparatively low, with only 6.3 years of learning taking place, after schooling is adjusted for actual learning. The global pandemic has led to extended school closures since March 2020, which will likely result in a further and significant decrease in learning. Effectively, students in Lebanon are facing a “lost year” of learning. Despite efforts to reopen schools, a more systematic approach for planning at the district level, in close collaboration with regional education office directors, is needed as the response requires local solutions. 

Lebanon needs to urgently reform the education sector and build forward better,” said Saroj Kumar Jha, World Bank Mashreq Regional Director. “Now more than ever, Lebanon needs to invest more and better in improving learning outcomes for children and making sure Lebanese youth are well equipped with the right skills required by the job market to enable them to contribute to Lebanon’s economic recovery”.

The multiple crises and the resulting increase in poverty rates, with more than half the population likely below the national poverty line, have also directly impacted demand for education and student retention. The contraction in the economy, plummeting purchasing power and the steep deterioration in living conditions will likely lead more parents to shift their children to public schools in the coming years, as well as higher student drop-outs, especially among marginalized households. The report presents key aspects for restructuring the education sector financing in support of a more efficient and equitable system and to prevent further learning loss. 

The report puts forward for discussion sector-wide mid-term reform recommendations across seven key strategic areas: I) Restructuring Sector Financing; II) Diagnostics to Support Overcoming the Learning Crisis; III) Improvements of Teacher Utilization and Quality of Teaching; IV) School Environment and School Accountability Measures; V) Education Strategy and Curriculum Reform; VI) Early Childhood Education; and VII) School to Work Transitions and Youth. These recommendations for action tackle key challenges within the sector and approaches towards addressing the growing learning crisis and meeting the increased demand for public education in the country while regaining equity and efficiency.

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Human Rights

First international treaty to address violence and harassment comes into force

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The first international treaty on violence and harassment in the world of work comes into force on June 25th 2021 – two years after it was adopted by the ILO’s International Labour Conference (ILC).

To date, six countries have ratified the Violence and Harassment Convention, 2019 (No. 190)  – Argentina, Ecuador, Fiji, Namibia, Somalia and Uruguay. Ratifying countries are legally bound by the provisions of the Convention a year after ratification.

Together with Recommendation No. 206 , Convention No. 190 recognizes the right of everyone to a world of work free from violence and harassment and provides a common framework for action.

It provides the first international definition of violence and harassment in the world of work, including gender-based violence and harassment.

Violence and harassment at work takes a range of forms and leads to physical, psychological, sexual and economic harm. Since the adoption of the Convention, the COVID-19 pandemic  has further highlighted the issue, with many forms of work-related violence and harassment being reported across countries since the outbreak began, particularly against women and vulnerable groups.

To mark its entering into force the ILO will launch a global campaign to promote its ratification and implementation. The campaign aims to explain in simple terms what the Convention is, the issues it covers and how it seeks to address violence and harassment in the world of work.

“A better future of work is free of violence and harassment,” said Guy Ryder, the ILO Director-General in his message to launch the global campaign.

“Convention 190 calls on all ILO Member States to eradicate violence and harassment in all its forms from the world of work. I urge countries to ratify the Convention and help build, together with employers and workers and their organizations, a dignified, safe and healthy working life for all.”

The global campaign will be launched during the ILO Action Week on Convention No. 190 , which takes place 21-25 June 2021.

The Action Week calls for renewed commitment from countries to ratify and implement the Convention.

The Action Week begins on 21 June with a virtual high-level dialogue . The speakers will include the ILO Director-General, Ministers of Labour from Argentina and Madagascar, and representatives of the International Organisation of Employers (IOE), the International Trade Union Confederation (ITUC) and the Inter-Parliamentary Union (IPU).

Following the Action Week, the ILO will launch a guide aimed at helping constituents and other stakeholders promote and implement the Convention and Recommendation. The guide covers core principles and measures that countries can take to prevent, address and eliminate violence and harassment in the world of work, including examples of national laws, regulations and policies.

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Environment

A beginner’s guide to sustainable farming

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Industrialized farming has been a reliable way to produce lots of food at a relatively low cost. But it’s not the bargain it was once believed to be. Unsustainable agriculture can pollute water, air and soil; is a source of greenhouse gases, and destroys wildlife. All told that costs economies about $3 trillion every year. And to top it all off, some farming practices have been linked to the emergence of zoonotic diseases, such as COVID-19.

18 June is Sustainable Gastronomy Day, which celebrates local cuisine that is produced in ways that are both environmentally friendly and minimize waste. To mark the occasion, we take a closer look at how to make agriculture more sustainable and what that would mean for the economy, the environment and human health.

What exactly is sustainable agriculture?

It is farming that meets the needs of existing and future generations, while also ensuring profitability, environmental health and social and economic equity. It favours techniques that emulate nature–to preserve soil fertility, prevent water pollution and protect biodiversity. It is also a way to support the achievement of global objectives, like the Sustainable Development Goals and Zero Hunger.

Does sustainable agriculture really make a difference to the environment?

Yes. It uses up to 56 per cent less energy per unit of crops produced, creates 64 per cent fewer greenhouse gas emissions per hectare and supports greater levels of biodiversity than conventional farming.

Why does sustainably produced food seem more expensive?

It may be more costly because it is more labour-intensive. It is often certified in a way that requires it to be separated from conventional foods during processing and transport. The costs associated with marketing and distribution of relatively small volumes of product are often comparatively high. And, sometimes, the supply of certain sustainably produced foods is limited.

Why are some foods so much more affordable–even when they require processing and packaging?

The heavy use of chemicals, medicines and genetic modification allows some foods to be produced cheaply and in reliably high volumes, so the retail price tag may be lower. But this is deceiving because it does not reflect the costs of environmental damage or the price of healthcare that is required to treat diet-related diseases. Ultra-processed foods are often high in energy and low in nutrients and may contribute to the development of heart disease, stroke, diabetes and some forms of cancer. This is particularly concerning amid the COVID-19 pandemic; the disease is especially risky for those with pre-existing health problems.

Do we all have to be vegan?

No. But most of us should eat less animal protein. Livestock production is a major cause of climate change and in most parts of the world, people already consume more animal-sourced food than is healthy. But even small dietary shifts can have a positive impact. The average person consumes 100 grams of meat daily. Reducing that by 10 grams could improve human health while reducing greenhouse gas emissions. 

Is sustainable agriculture possible in developing countries?

Yes. Because sustainably produced food is typically more labour-intensive than conventionally made food, it has the potential to create 30 per cent more jobs. And because it can command higher prices, it can also generate more money for farmers.

Is it possible to make sustainably produced food that is affordable for everyone?

Yes. As demand for certain foods increases, the costs associated with production, processing, distribution and marketing will drop, which should make them less expensive for consumers.  Policymakers can also play a role, facilitating market access and leveling the financial and regulatory playing field.

If it is so important, why hasn’t sustainable farming been adopted as a global standard?

There is a lack of understanding of the way that agriculture, the environment and human health intersect. Policymakers do not typically consider nature as a form of capital, so legislation is not designed to prevent pollution and other kinds of environmental degradation. And consumers may not realize how their dietary choices affect the environment or even their own health. In the absence of either legal obligations or consumer demand, there is little incentive for producers to change their approach.

What are some ways to consume food more sustainably?

Diversify your diet and cook more meals at home. Eat more plant-based foods; enjoy pulses, peas, beans and chickpeas as sources of protein. Eat local, seasonal foods. Purchase sustainably produced foods and learn more about farming practices and labeling. Avoid excessive packaging, which is likely to end up as landfill. Don’t waste food: eliminating food waste could reduce global carbon emissions by 8-10 per cent. Cultivate your own garden, even if it is a small one in your kitchen. Support organizations, policies and projects that promote sustainable food systems. And discuss the importance of healthy and sustainable foods with producers, vendors, policymakers, friends and family.

UN Environment

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