The third edition of #Innovate4Climate wrapped up in Singapore on Friday, June 7, 2019. Over 1,200 delegates from 82 countries attended a number of events including:
- A high-level summit with three priority themes: battery storage, sustainable cooling, and climate-smart cities;
Over 50 workshops that focused on finance, technology, markets, and resilience;
- An inaugural Pitch Hub Competition for start-ups with climate-smart solutions in urban development with the winner chosen from over 230 applications;
- A bustling marketplace of exhibitors;
- A journalist workshop to support building media capacity for climate issues, and a youth engagement, including a #YouthTakeOver of Connect4Climate’s social media channels;
- and Multiple site visits showcasing Singapore’s leadership in urban sustainability.
This was the first time Innovate4Climate took place Asia. One of the most vulnerable regions globally to climate change, Asia is also home to some of the most exciting opportunities that are arising from bold climate action, whether technology, business models or policy innovations.
The week provided ample opportunities to hear from and exchange ideas with experts, innovators, entrepreneurs and financiers about Asia’s low-carbon, climate-resilient transformation.
Take, for instance, the ‘triple win’ of sustainable cooling. It can improve development outcomes – just halving food loss with refrigeration and food cold chains could feed 1 billion undernourished people globally and cooling is critical to avoid heat-induced losses of productivity that could amount to 6% of GDP by 2050 in some parts of Asia and Africa. At the same time, smarter cooling would also reduce harmful emissions that could otherwise lead to 1°C of global warming on a business-as-usual basis and also generate business opportunities and cost savings in commercial and industrial facilities by installing efficient cooling equipment. Approaches like the bulk procurement deployed by India’s Energy Efficiency Service Limited are driving down costs and boosting the uptake of more sustainable cooling options, vital in a country where air-conditioner market penetration is only about 6% but set to rise fast. A site visit to Singapore’s underground district cooling network – the world’s largest – took Innovate4Climate participants on a tour of the 5 km centralized piping network that serves customers in the Marina Bay financial district.
On battery storage it was clear that far from being a single purpose asset, batteries could have multiple uses, delivering greater value and bringing costs down. Tailoring energy storage solutions specifically to local contexts can also open markets. A combination of leadership and vision, policies and regulatory frameworks, as well as innovative finance and technology will be key to boosting battery storage solutions.
Climate-smart cities will be critical for the safety and prosperity of billions of people. Today, urban dwellers account for just over half the global population. By 2050, almost 70% of the world’s population will live in cities and one third of them will be in Asia. And already many are leading the way in climate-smart innovations, policies and design. Take Guangzhou, a Chinese megacity with a population of over 14 million, which has installed massive district cooling both retrofitting existing buildings and building new commercial spaces. It has also boosted urban livability by promoting the greening of urban spaces and ensuring it is pedestrian-friendly. Singapore’s Semakau landfill – also a site visit for Innovate4Climate’s participants – is the city’s only landfill facility, receiving over 2,000 tonnes of WTE plant ash and non-incinerable waste daily. Thanks to its innovative waste disposal design, marine biodiversity is carefully protected as are the coral reefs along Pulau Semakau’s western shore, and plots of replanted mangroves are thriving.
Singapore also recently launched a carbon pricing initiative. Along with other countries, including South Africa, Argentina, as well as a number of Canadian provinces and territories, this brings the total of carbon pricing initiatives to 57 globally, up from 51 in April 2018 according to the annual State and Trends of Carbon Pricing report launched at Innovate4Climate.
While this is encouraging the update of carbon pricing is not yet at the level needed to drive the ambitious action needed to meet the objectives of the Paris agreement. Better communication of the rational for carbon pricing, and explicit political engagement to build stakeholder support will be critical to accelerate coverage. For the first time, the report also looked at the critical role of implicit carbon pricing, such as fossil fuel subsidies and fuel taxes, that can also help drive climate action.
Discussions around Article 6 of the Paris Agreement highlighted how next-generation carbon markets can reduce the cost of mitigation and increase resource mobilization and global climate ambition.
Green bonds in emerging markets also had a boost during the week with the launch of the Real Economy Green Investment Opportunity (REGIO) Fund. The fund, a partnership between IFC and HSBC Global Asset Management Fund is expected to catalyze at least $500 million to $700 million in multilateral and private sector capital to support climate-smart investments in developing countries—largely through bonds issued by non-financial, or real sector, companies.
As the week came to a close, one message was clear: the climate challenge is significant and urgent, but there are exciting solutions out there that have the potential to transform our economies and deliver cleaner, better and more inclusive growth.
Climate change: Scientists warn over impact on food security and oceans
UN climate scientists presented MEPs with new evidence on how climate change is affecting food production and oceans.
The Intergovernmental Panel on Climate Change is the United Nations body for assessing the science related to climate change. In August, it presented a report on climate change and land and in September one on the oceans and cryosphere in a changing climate. The reports are the latest scientific input for the UN climate summit COP25 to be held in Madrid in December.
The scientists behind the reports presented their findings to Parliament’s environment, development and fisheries committees on Wednesday 6 November.
Food production and climate change a two-way street
Professor Jim Skea told MEPs climate change was exacerbating land degradation, such as erosion and pollution, which in turn affects infrastructure and people’s livelihoods. Better land management can help tackle climate change but it must be complemented by other action, he added.
Dr Jean-François Soussana noted that the food system accounts for between a fifth and a third of all greenhouse gas emissions caused by humans. At the same time, climate change affects food security through declining crops of wheat and maize. He warned that in future the stability of our food supply would decrease further as the magnitude and frequency of extreme weather events increases.
Melting ice, rising seas
According to scientists, the rise in sea level is accelerating, mainly due to the Greenland and Antarctic ice sheets melting faster.
Professor Hans-Otto Pörtner warned that in a business as usual scenario the sea level is estimated to rise about five metres by 2300. In addition, in warming oceans marine life has access to less oxygen and nutrients, putting food security at risk for communities dependent on seafood.
Pörtner added: “To minimise the severity of the impact of climate change, every bit of warming matters, each year matters, each choice matters, and most importantly, political and societal will matters.”
Trade and Development Bank, UNEP to collaborate on climate finance
In a pledge to continue stepping-up its commitment to climate change mitigation and adaptation action, the Eastern and Southern African Trade and Development Bank (TDB) signed a Memorandum of Understanding today with the UN Environment Programme (UNEP).
The MOU effectively establishes a framework of cooperation through which the two institutions can collaborate in a number of areas critical to the global environmental agenda.
In the field of clean energy finance, TDB and UNEP will work to enhance investment opportunities for both public and private finance to support the dissemination of clean energy technologies. This will include supporting the early stage development and project finance of renewable energy projects, as well as the development of financing mechanisms to allow access to smaller-scale sustainable energy and energy-efficient appliances for household and productive use.
Additionally, the two institutions will cooperate on supporting eligible TDB Member States to access Green Climate Fund resources to enable them to adapt to the changing climate and develop along a low-emission pathway.
“As a member of the International Development Finance Club, a leading global group of development financiers advancing the Sustainable Development Goals (SDGs) and climate finance, TDB works closely with its partners to implement the 2030 SDG Agenda as well as the Paris Climate Agreement. With global partners such as UNEP, we expect to more seriously realize the international commitment to support Africa to grow and develop sustainably,” said Admassu Tadesse, TDB President and Chief Executive.
Michael Awori, TDB Chief Operating Officer, added that “our commitment is evidenced by the fact that 70% of our power sector portfolio is in renewable energy. With this track record, we are the right partner with whom to co-finance and support more sustainable growth and development projects across various sectors.”
“While Eastern and Southern African economic growth continues to be strong, there is great potential to harness clean energy in the region. UNEP and TDB are partnering to support wide dissemination of clean energy technologies and unlock the financial resources needed to meet the challenges of the 2030 Agenda for Sustainable Development,” said Joyce Msuya, Deputy Executive Director of UNEP.
CLEANTECH: A Catalyst for Climate Action
On the third day of the 18th Session of its General Conference, the United Nations Industrial Development Organization (UNIDO) organized an event on innovative Cleantech solutions supported by UNIDO and its partners, which showcased their high potential to address environmental challenges, especially as a catalyst for Climate Action and the Clean Energy Transition.
The importance of strong and synergistic network partnerships to fulfill a Cleantech solution’s full impact potential – from situational analysis and needs assessment to full-scale commercialization and deployment – was discussed, with an emphasis on closing the financing gap typically experienced by Cleantech enterprises and project developers.
The event further highlighted the broader elements of innovation and entrepreneurship in the Energy Transition, with entrepreneurs sharing their experiences in starting and scaling up impactful ideas and products. Financing models for Cleantech and innovative solutions were introduced, with a view of transforming the investment paradigms and approaches currently applied to Cleantech. Concurrently, the CTCN support was presented, as also applied to youth, men and women.
As such, the event concluded that Cleantech technologies are a crucial and catalytic factor in implementing the global vision of a low-carbon, climate-resilient and sustainable future for all, as outlined in the Paris Agreement. Furthermore, the event deemed very important that economic opportunities embedded in the low-carbon trajectory are leveraged to become profitable business models for climate and energy solutions.
Finally, the event shared insights and recommendations on how the international development community and the private sector could further support climate action and the clean energy transition by promoting the development and deployment of innovative Cleantech solutions.
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