5M Renewables’ Post

Today is finance day at COP29 Azerbaijan - the 'finance Cop'. Hopefully, negotiations will advance for a new climate finance deal to assist developing countries in tackling a crisis they didn't cause. We don't know exactly how much it will be, but it needs to be roughly $1trillion from next year, the experts say. That's the same amount that banks with net zero commitments have helped raise for companies expanding oil and gas since 2021. And that was the year the International Energy Agency (IEA) clearly said we couldn't have new developments if we were to keep any chance of limiting global heating to 1.5C (and not devastate the planet). "It’s indefensible,” said John Lang, founder of the Net Zero Tracker. “There’s no way we can meet the temperature goals of the Paris Agreement if we continue financing the exploration of oil and gas.” Among the banks is NatWest, which appears to have broken its climate pledge by working on deals for bp (which is exploring for gas in Azerbaijan). Full story by Josephine Moulds here https://lnkd.in/e7K5rR7K And see Helia Ebrahimi's great take from last night's Channel 4 News here: https://lnkd.in/ekBBZXxA

****TGIF-content post no. 147****   Today: EFRAG: Draft Transition Plan Climate Mitigation   The European Financial Reporting Advisory Group (EFRAG) has published a draft transition plan guidance for the topic of climate mitigation. The ESRS E1-1 Climate Change Mitigation Transition Plan includes articulated strategies, targets, action plans and resources and aims to demonstrate how the organisation aligns its strategy and business model with the 1.5°C target.   The EFRAG document explains the transition plan in accordance with section 16 E1-1 of the ESRS, the information in which is intended to provide an overall understanding of the plan. The structure is provided by the ESRS; the EFRAG document serves as an explanation.   The transition Plan for climate change mitigation:   🎯 Explaining targets compatibility  Explanation of how the company's targets are compatible with the 1.5°C target, including specific GHG emission reductions and the strategy's contribution to the climate-neutral economy   📉 Explaining decarbonisation levers Listing of emission reduction measures that aim to achieve short- and long-term reduction targets   💰 Explaining investment and funding Overview of the financial, human and technological resources earmarked for decarbonisation   📄 Explaining supporting disclosures - Qualitative disclosure of locked-in GHG emissions - Description of all outstanding screening criteria that have not yet passed the DNSH check of the EU taxonomy - Presentation of investments in coal, oil and gas - A yes or no statement on whether the company is EU Paris-aligned or not   🗂️ Explaining governance, strategy and progress Answering the following questions - how it creates value during the sustainable transition, linking it to financial planning and investments - how its climate transition plan supports changes in the business model - how its operations contribute to a low-carbon transition     💚 #Sustainability #Team #Management #Transition #EFRAG   Source: https://lnkd.in/emvahmHp

Perfect timing! The environmental lobby need to go back to the drawing board. They attacked the purchasing power and freedom of their supporters, like the climate those original supporters of their cause quickly changed. ESG was highjacked by religious warriors focusing on the E, forgetting there’s a G and an S, lacking science, lacking maths and business sense, without thinking of Social benefit and good governance. The general populous want win wins! Balanced ESG. An example of this was I was offered solar panels on my house, there was no economic benefit to me, it was a disguised high interest loan for 25K and a poor deal of me selling electricity into the grid at a fixed price whilst the Electricity co sold me power at three times the rate at a variable rate, and tied me to paying off panels for 25 years whilst those panels also degraded over 25 years. A complete con and poor deal where I lose. The ESG lobby need to put the S and G first! #Shell #Oil #Solar #Greenpeace

🌎🌱COP29 Azerbaijan kicked off this week! The expected focus on channelling funds towards climate action will involve complex negotiations on how to strengthen activity in the evolving voluntary carbon market, facilitate financial flows between countries, and realise the COP28 commitment to triple global renewable energy capacity and double energy efficiency by 2030. On the blog, EcoAct expert Chimdi Obienu outlines what we expect to see from negotiations over the next two weeks. Read now: https://hubs.li/Q02Y2cfB0 #COP29 #ClimateAction #ClimateFinance #voluntarycarbonmarket

Conditions for international climate action obviously aren't ideal, but there are still plenty of opportunities for progress at #COP29!   A few key areas: 💡 Article 6: Negotiators have already made headway on Article 6.4. Now the market waits for more clarity about credit authorisation rules. 💡 International finance goal: Look out for details about the operationalisation of any global climate finance commitments. 💡 Adaptation funding: We're expecting meat on the bones of the Global Goal on Adaptation, and more funding into the Loss and Damage Fund. 💡 National climate targets: Countries are expected to update their action plans - after #COP16 on biodiversity, let's hope for the integration of nature-focused approaches. #CarbonMarkets #ClimateFinance #Adaptation #Article6 Read more our EcoAct blog:

"What gets measured, gets managed" https://lnkd.in/gt3yWZKJ The Economics Legislation Committee issued its report on the incoming Climate-Related disclosures legislation. A lot of talk from the senators and in submissions about Scope 3. Yeah Scope 3 is hard, but I don't see how this works without it. It's generally 70-90% of an entity's emissions (likely higher in AU). Currently less than half of the ASX200 report on it, let alone have a plan to reduce. https://lnkd.in/gpfgdCnK The sooner we start working together in our supply chains to address this, the better. For some, that might require a stick - hoping we don't end up with a twig. #climatereporting #scope3

COP29 review: industry experts’ take on the outcomes of COP29  While there were some breakthroughs for the energy sector, underfinancing remains a primary concern. https://lnkd.in/gY5XsK47

What's happening with the #energytransition today? The latest from Kathari News 💲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐜𝐥𝐢𝐦𝐚𝐭𝐞: Countries at COP29 in Baku set a $300B annual climate finance target by 2035 and finalized rules for carbon markets. If the climate plans that countries need to deliver ahead of COP30 in Brazil next year bring clarity to private investors and markets, including how to make clean energy projects less risky, then billions more dollars could flow. But with COP29 having moved no further on earlier pledges to shift further away from fossil fuels and triple renewable energy capacity by 2030, as well as Donald Trump's pending return to the White House, uncertainty remains. ➡️ Read more: https://lnkd.in/eYHCtZrA 🛢️ 𝐔.𝐒. 𝐞𝐧𝐞𝐫𝐠𝐲 𝐩𝐨𝐥𝐢𝐜𝐲: Donald Trump’s transition team is preparing an energy plan prioritizing LNG export permits, expanded oil drilling and repealing key climate policies, including EVV tax credits, sources tell Reuters. The plan would also include approving Keystone XL Pipeline — a symbolic move given any company looking to revive the project would need to start anew — as well as replenishing the Strategic Petroleum Reserve and putting pressure on the International Energy Agency, which advises industrialized countries on energy policy, to lessen its focus on reducing emissions. ➡️ Read more: https://lnkd.in/eXDu_CtR ❔ 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐬𝐤𝐞𝐩𝐭𝐢𝐜𝐢𝐬𝐦: Questions are rising about Guyana’s choice of Fulcrum LNG, a year-old U.S. startup, to develop its vast gas resources. Financing challenges for the project, which could cost $30B, may shift the focus back to Exxon Mobil, which currently controls the nation’s energy production but has prioritized oil over gas. ➡️ Read more: https://lnkd.in/exbGaSb9

⛽ Risks in the Power Generation sector: Check out our latest report on climate risks! The Power Generation sector is rapidly changing. -80% of new installation capacity is coming from renewables -Clean energy finance recently exceeded fossil fuel financing -Trillions in fossil assets and high carbon infrastructure may be stranded -Power plants are increasingly impacted by climate-driven extreme weather -National policies and politics such as the recent US tariffs on China can change the economics of the marketplace If you are a bank, investor, or insurer looking to stay ahead of the curve, you'll enjoy our latest guide to the climate-related risks (physical and transition) within the Power Generation sector. We take you through a variety of case studies from multiple geographies, explore the annual reports of major energy producers, and provide a guide for engaging effectively with your clients in this sector. An output of United Nations Environment Programme Finance Initiative (UNEP FI)'s Risk Centre! https://lnkd.in/eXvz5QHZ #climate #climatefinance #sustainablefinance #physicalrisk #transitionrisk #climaterisk #finance #risk #guidance #adaptation #mitigation #tcfd #issb #sustainability #cop28 #paris #energyefficiency #renewables #powergeneration #power #netzero #decarbonization #greenfinance #energy #transition #justtransition #emissions #co2 #carbon #transitionpathways #transitionplans #environment #globalwarming #linkedincreators

As COP29 sets global standards for carbon credit markets, critics argue that carbon credits’ dual goals of reducing emissions and funding the transition clash. Demand for credits drops with emissions, impacting revenue potential. #COP29 #CarbonCredits