India has formally joined the Climate & Clean Air Coalition (CCAC), becoming the 65th country to join the partnership, following through on a commitment made by the country’s newly-appointed Minister for Environment, Forest and Climate Change, Prakash Javadekar, during last month’s World Environment Day celebrations.
The announcement underlines India’s commitment to combat air pollution with a solutions-oriented approach.
“India will work with Coalition countries to adopt cleaner energy sustainable production and consumption patterns and environment-friendly transport, agriculture, industry and waste management to promote clean air,” Minister Javadekar said. “India has taken a lead role in combating air pollution; these activities, including bilateral and multilateral cooperation with partners, will highlight India’s initiatives and expertise in the field.”
India plans to work with Climate Clean and Coalition countries on best practices and experiences for the effective implementation of India’s National Clean Air Programme (NCAP).
Launched in January 2019, the NCAP is a comprehensive strategy with actions to prevent, control and reduce air pollution and improve air quality monitoring across the country. It aims to reduce fine particulate (PM2.5) and particulate (PM10) air pollution by 20 per cent–30 per cent by 2024. India has identified 102 non-attainment cities, with city-specific action plans being formulated.
Clean air and climate-friendly technologies will be at the forefront of sustainable development for all countries; India is a global leader in the development of technologies, infrastructure and policies in this field.
In 2015, India initiated the International Solar Alliance, a global coalition of nations tackling climate change by leveraging the power of solar energy, and has increased its vehicle emissions standards to BS6, which is similar to Euro 6 standards. In 2017, the Central Government announced that from 2030, all new vehicles sold in the country would be electric.
The Coalition offers India a well-established and action-oriented partnership platform, which will be instrumental in the implementation of the country’s ambitious National Clean Air Programme and will help define priorities when it comes to action on air pollution, development and climate co-benefits of it.
In addition, the Coalition can support India’s efforts to develop the governance and local capacities to adopt and implement environmentally friendly technologies and solutions.
“It is with great pleasure that the CCAC welcomes India as a new partner to the Coalition. India joins a coalition of 64 countries that strives for better air quality, and at the same time, for the mitigation of climate change. With a population of 1.3 billion people, India is a key partner for global action on climate and clean air,” said Yuka Greiler, Head of the Global Programme for Climate Change and Environment at the Swiss Agency for Development and Cooperation and Co-chair to the Climate and Clean Air Coalition. “The participation of India in the CCAC will also reinforce the Coalition. We very much look forward to learning from India’s experiences and to continuing to foster exchanges of experiences among our Coalition partners.”
Albert Magalang, Head of the Climate Change Office of the Philippines and Co-chair of the Climate and Clean Air Coalition said:
“Joining hands with all the partner countries and organizations of CCAC, it is with gladness that we welcome India as the newest partner of the Coalition. India has a great story to share with the whole world in its move to beat air pollution and to mitigate climate change. India’s participation in the Coalition is a great addition to the ever-growing partnership in our fight for clean air and climate change. We are looking forward to the experiences, stories, and knowledge India will impart to the Coalition. Again, welcome aboard, India!”
Helena Molin Valdés, Head of the UNEP-hosted Climate and Clean Air Coalition Secretariat, said India’s leadership and participation in the Coalition would be vital to achieving the Coalition goals to reduce air pollution and keep globally to 1.5 degrees Celsius by 2030.
“We look forward to working with India on practical steps to reduce short-lived climate pollutants and air pollution. India is already taking the initiative through its National Clean Air Programme and in key sectors like transportation, household energy and waste management,” Ms Molin Valdés said. “These activities and cooperation between partners will highlight India’s leadership and international outreach in the global effort to fight air pollution and climate change.”
The Climate and Clean Air Coalition is a voluntary global partnership of 65countries, 17 intergovernmental organizations, and 56 businesses, scientific institutions and civil society organizations committed to catalyzing concrete, substantial action to reduce Short-Lived Climate Pollutants, including methane, black carbon and many hydrofluorocarbons.
The Coalition has 11 initiatives working to raise awareness, mobilize resources and lead transformative actions in key sectors. Reducing short-lived climate pollutants can provide benefits to health, development, and the environment; implementing these initiatives can prevent more than 2.5 million premature deaths from air pollution every year. These actions must go hand-in-hand with deep and persistent cuts to carbon dioxide and other long-lived greenhouse gases if we are to achieve the goal of the Paris Agreement and keep global warming to 1.5 degrees Celsius.
Promoting Green Finance in Qatar: Post-Pandemic Opportunities and Challenges
The recent COVID-19 pandemic had significant implications for both national economies and the global financial system, in addition to hindering the achievement of the sustainable development goals agenda. The UNDP estimates global human development—a combination of education, health, and living standards—could fall this year for the first time since 1990, which highlights how the effects of the pandemic present both an enormous challenge and tremendous opportunities for reaching the 2030 Agenda and the Sustainable Development Goals (SDGs).
With the additional challenges arising from climate change, governments have committed to several policy measures which promote a green recovery to rebuild their economies, while benefiting the people and the planet. The Organisation for Economic Co-operation and Development (OECD) estimates that the public resources committed by governments to support a green recovery amount to at least USD 312 billion. These measures present tremendous opportunities for green finance in general, and Islamic green finance in particular, in the context of Muslim-majority countries.
The State of Qatar, in light of its National Vision 2030 and in order to enhance the diversification of its economy away from hydrocarbon, has taken several measures to mitigate climate change. These include increasing the use of solar energy to more than 20% of its energy mix by 2030, the optimal use of water, improving air quality, waste recycling, increasing green spaces, in addition to the country’s commitment to organizing the first “carbon neutral” tournament featuring the use of solar-powered stadiums and water and energy-saving cooling and lighting technology. The State is also a signatory of the Paris Agreement on Climate Change and supports a number of global initiatives in relation to climate change mitigation.
All these initiatives could be funded via green finance. In this regard, there are four global trends in the financial industry that the State of Qatar can leverage to promote green finance for green recovery:
Growth of SRI and ESG awareness:
Socially responsible investing (SRI) and environmental, social, and governance (ESG) investing are two of the fastest growing investing areas globally. Both are driven by the increasing awareness of social and environmental responsibility. According to the Global Sustainable Investment Alliance, global sustainable investment reached $30.7 trillion in the five major markets at the start of 2018, a 34 percent increase in two years. These include Europe, United States, Japan, Canada, Australia, and New Zealand. Developing green finance instruments and products can attract a growing SRI investor base that seeks to align social and environmental values with its investment portfolios.
Upward trend of Islamic Finance:
According to the Islamic Financial Services Board (IFSB), the total worth of the Islamic Financial Services Industry across its three main segments (banking, capital markets, and takaful) is estimated at $2.44 trillion in 2019, marking a year-on-year 11.4% growth in assets in US dollar terms. According to Thomson Reuters, the industry is projected to reach $3.8 trillion by 2022. Qatar is one of the global Islamic finance hubs with Islamic finance assets representing more than 20% of the local financial system’s assets. With the recent development of Islamic green finance, Qatar has the opportunity to position itself as a sustainable finance leader in the region by promoting synergies between Islamic and green finance growing markets.
Financial innovation for sustainability:
The United Nations Conference on Trade and Development (UNCTAD) highlights that achieving the Sustainable Development Goals (SDGs) will take between $5 and $7 trillion, with an investment gap in developing countries of about $2.5 trillion and the additional net investment required to implement renewable energy solutions standing at $ 1.4 trillion, or about $100 billion per year on average between 2016 and 2030, according to the International Renewable Energy Agency (IRENA). Mitigating this funding gap requires an engaged private sector to make green investments. That is why several green instruments and products were developed across the various segments of the financial industry. These include green retail banking products, including green loans and green mortgages, green corporate and investment products, green project finance, and green venture capital and private equity, as well as green capital market instruments, like green investment funds, green bonds, and sukuk.
Integration of sustainability objectives into national strategies:
Several governments around the world have integrated sustainability objectives and green finance roadmaps into their national strategies, either through a top-down approach, whereby green finance frameworks and taxonomies are harmonized at the country level (as with China), or via market-led collaborative actions. In addition, to overcome private sector investment barriers, such as high up-front costs, long investment timelines, and higher perceived risks, several countries have put in place incentives in the form of subsidies and tax exemptions. The State of Qatar can leverage these experiences through collaborations and partnerships to develop a unique green finance model in the region
Green Sukuk: A Fast Growing Market
Green sukuk is an innovative instrument for financing green infrastructure. It has the potential to become a new asset class targeting both Islamic and socially responsible investors.
Since the issuance of the first green sukuk in 2017 in Malaysia, the market has grown significantly, with twelve issuers in Indonesia, Malaysia, and the United Arab Emirates tapping the market, in addition to the Islamic Development Bank. About $7.6 billion in four currencies (EUR, IDR, MYR, and USD) was raised up to September 2020, with tenors ranging from two to 21 years. The amounts raised were allocated to green construction, energy efficiency, and clean transportation projects.
Promoting Green Finance in Qatar
Although the green finance market is still in an early stage of development in the country, the market has witnessed several initiatives by local institutions that might pave the way to the development of a more dynamic market. In September 2020, Qatar National Bank (QNB) issued the first ever green bond in Qatar, a $600 million tranche, under its MTN Program, with a maturity of five years under its established Green, Social, and Sustainability Bond Framework.
In addition, Qatar Stock Exchange (QSE) introduced an ESG Guidance in 2017 to assist listed companies wishing to incorporate ESG reporting into their existing reporting processes.
While Bond and sukuk issuance in Qatar reached $28 billion in 2019, the market is largely driven by government issuance and commercial banks for corporate issuances, with the exception of Ezdan Sukuk in 2016 and 2017. The development of green sukuk in the country with the enabling ecosystem could facilitate corporate sukuk issuance, thus enhancing market liquidity.
In conclusion, promoting a green recovery in line with the country’s economic diversification objectives and climate mitigation strategies will require the development of an enabling ecosystem for the development of green finance in Qatar. Developing a pipeline of bankable green projects at the country level, market awareness, and promoting synergies between Islamic and green finance will provide the basis for further innovation and policy action, such as green labels, frameworks, and incentives.
2021 will be defined by the more long-term crisis facing humanity: Climate change
Rather than low-tech and often unworkable solutions (reduced or no travel, mass vegan diets) governments are increasingly embracing technology to help us understand and influence the climate – rather than merely respond to it. This should become the norm for public authorities across the world.
China’s weather modification programme, for example, could be a lifeline for workable solutions to climate change globally. The technique, known as cloud-seeding, uses silver iodide and liquid nitrogen to thicken water droplets in the cloud, leading to increased rain or snowfall.
The technology has been used to prevent droughts and regulate weather before major events, like in the run up to the 2008 Beijing Olympics.
The Chinese cabinet has announced that its weather modification programme will cover half the country by 2025, with the aim to revitalize rural regions, restore ecosystems, minimize losses from natural disasters and redistribute water throughout the country.
And China’s ambitious ‘Sky River’ programme could eventually divert 5 billion cubic meters of water annually across regions, which could protect millions of people from the effects of drought and water scarcity.
Although critics have, without evidence, described these projects as ‘weaponization of the weather’, the humanitarian and development potential is huge.
Necessity is the mother of invention, and this is truer than ever with regards to the climate. The world faces a climate-change induced water crisis, with 1.5 billion people affected globally.
The UN predicts that at the current water usage levels, water scarcity could displace 700 million people by 2030.
Carbon emissions are unlikely to be eliminated in high growth economies in regions like Asia, meaning that the world must develop a way to manage emissions’ effects on the climate.
Whilst it is true that the basic solutions of eating less meat, cycling to work and cutting back on international flights can help to curb our carbon output in the long-run, it does nothing to help those who suffer from flooding or water scarcity today.
Ultimately, technology is an essential part of the solution.
Big Tech is leading the charge in tackling climate change through the use of Big Data and machine learning. In November 2019, a group of data scientists published a paper entitled ‘Tackling Climate Change with Machine Learning’. The paper laid out 13 different applications of using machine learning to tackle the impacts of climate change. One such application was using machine-learning to predict extreme weather events.
Such an application is already being put into action. For example, Bangladesh is one of the most flood-prone countries in the world; approximately 5 million people were negatively affected by flooding last year alone. In order to help combat this, Google teamed up with the Bangladesh Water Development Board and the Access to Information (a2i) Programme to develop a flood notification app that is approximately 90% accurate.
The app, which is enabled by AI flooding simulation, provides the population with timely, updated, and critical information that can help users make informed decisions on the safety of their families and friends.
The same technology has been used in both India and South Africa, and has the potential to save thousands of lives and livelihoods. It is these sorts of innovations that we must rely on to help those who are most vulnerable to the impact of climate change.
It is not only cloud-seeding and weather prediction technologies that will provide humanity with a route out of its biggest existential threat. Breakthrough battery technology, green hydrogen, 5G-based smart grids and carbon-negative factories are set to become commonplace in our fight against rising CO2 levels.
As a global society, we must set our political divisions and some critics’ technophobia aside, and step forward in a spirit of international collaboration.
Similarly to how the pandemic showed the need for united global action, climate change will do the same. And just as technology and science was a key part in how the pandemic was brought under control, climate change can only be addressed through tech-based solutions.
The solution to marine plastic pollution is plural, and plastic offsetting is one of them
Due to growing concerns around environmental protection, businesses, individuals and governments have been looking for solutions that can be largely implemented to close the tap on plastic pollution.
In the last five years, businesses have strengthened their Sustainability Approach to acknowledge the need to take responsibility for their plastic production and consumption.
If targets have been defined and strong policies followed them to ensure high recycling rates of plastic products, a problem remains. What is the solution for low-value non-recyclable plastics?
This is where plastic offsetting enters the scene. As a derivative of the Carbon Offsetting concept, where trees are planted or protected to capture CO2 emissions, Plastic offsetting also known as Plastic Neutralization, enables companies to take responsibility for their plastic footprint.
Put simply, neutralizing means funding the collection and treatment of plastic, equivalent to the plastic impact of the business. Therefore, giving it the opportunity to compensate for every ton of plastic it has produced by ensuring there is one ton less in the environment.
From linear to Circular Economy Itis also a breakthrough in our traditional model of production, the linear economy. By extending the producer responsibility (EPR), this concept allow to build the bridge that lead to the ideal model, the circular economy, where no waste remains.
This innovative solution brings with it diverse positive impact. To the environment, by protecting ecosystems from plastic pollution, reducing landfilling and CO2 emissions. A strong social impact, by local communities by empowering local communities with work and better incomes. But also businesses, by becoming more sustainable with the reduction of the plastic footprint and a strengthen corporate social responsibility.
TONTOTON, a Vietnamese company, based in Ho Chi Minh City has succeed to connect all stakeholders to create a new market for low-value non-recyclable post-consumer plastic, on the scheme of circular economy.
TONTOTON Plastic Neutralization Program
Following the idea that the informal sector achieve to collect and recycle large amount of plastic in poor waste management areas, Barak Ekshtein, director of TONTOTON decided to look closer to the problem. In fact, a study shows that ‘97% of plastic bottles were collected by informal waste pickers.
The problem therefore does not lie in the logistics but in the price. By giving a market price to non-recyclable plastic, it allows waste collectors to collect and treat waste and thus avoid plastic pollution.
TONTOTON currently works in Southern Vietnamese Islands, Hon Son and Phu Quoc, and has already few tons of low-value plastic waste. To do so, it collaborates with local waste-pickers and thus provide them better incomes. The program focuses on preventing ocean plastic by following the Ocean Bound Plastic Certification. Their activities are audited by a 3rd party control body, the internationally recognized company, Control Union.
To treat the waste, TONTOTON partners with a certified cement plant, through co-processing, to valorize waste as an alternative energy and raw material. “Our system can solve two issues. Plastic is made of fossil fuels and contains more energy than coal. Thus we can replace industrial coal consumption with non-recyclable plastic waste. The plastic will not end up in landfill or oceans, therefore reduce levels of coal consumption and thus also CO2 emissions.”, says Barak Ekshtein.
Businesses engaged in their program can claim plastic neutrality on the amount of plastic neutralized to share their sustainability efforts. Moreover, indicate it on their neutralized product by bearing the “Plastic Neutral Product” label.
Syria: 18 children killed since the start of the year
The brutal fighting in Syria continues to exact a terrible toll on children, with at least 18, including a one-year-old...
The strategic thinking behind the EU-China investment deal
Washington was understandably perplexed that a China-EU investment agreement was concluded a few weeks before the Biden administration, especially a ...
Deloitte Bolsters Cyber Threat Hunting Capabilities with Root9B Acquisition
Deloitte & Touche LLP announced today its acquisition of substantially all the assets of Root9B, LLC (R9B), a leading provider of...
100th Anniversary of the Turkish Constitution
Teşkilatı-Esasiye Law, the law provides for the establishment of the State of Turkey on January 20, 1921. This law also...
WEF Launches Coalition to Tackle Racism in the Workplace
The World Economic Forum has today launched the Partnering for Racial Justice in Business initiative, which will see a coalition...
The Silk Road passes also by the sea
On December 30, 2020, China and the European Union signed an agreement on mutual investment. After seven years of negotiations,...
Investment in Upskilling Could Boost Global GDP by $6.5 trillion by 2030
Accelerated investment in upskilling and reskilling of workers could add at least $6.5 trillion to global GDP, create 5.3 million...
Russia3 days ago
How the West failed to understand contemporary Russia
Defense3 days ago
Israel continues its air strikes against Syria after Biden’s inauguration: What’s next?
Europe2 days ago
Talking Turkey With Greece: Turkey and Israel’s Marriage of Convenience
Europe3 days ago
Has The European Integration Process Reached A Dead End?
Middle East2 days ago
When is usury usury? Turkish fatwa casts doubt on Erdogan’s religious soft power drive
Defense2 days ago
Pakistan Army’s Ranking improved
Energy News3 days ago
Solar power charges pandemic recovery for indigenous farmers in Viet Nam
Economy2 days ago
Pandemic Recovery Creates a 50-50 Future