Climate Change Committee’s Post

The European Court of Auditors has contested the European Commission’s claim that as of February 2024, the EU’s pandemic recovery fund, the Recovery and Resilience Facility, had issued €275bn to support climate goals. RRF climate contributions, which the commission says represent 42.5 per cent of total issued funds, could have been overestimated by at least €34.5bn, says the ECA in a report. Joelle Elvinger, the ECA member responsible for the RRF audit, told a briefing that the facility “suffers from a high level of approximation”, and that “discrepancies between planning and practice” provide “little indication of how much money goes directly to the green transition”. Read more below. https://lnkd.in/eyFJ-VAz #recoveryandresiliencefacility #RRF #climatefinance

On 18 March 2024, the UK Government published Procurement Policy Note PPN 01/24 - a new Carbon Reduction Schedule containing guidance and optional standard terms and conditions designed to support the creation, monitoring and delivery of decarbonisation objectives. The Schedule is intended to be considered alongside wider sustainability obligations at an early stage in public procurements and incorporated into Government contracts where appropriate. During London Climate Action Week, this timely update considers the content of the Schedule and analyses the key factors for consideration. Nathan Modell Andrew Croft Kayleigh Rhodes #climateactionweek #london https://lnkd.in/eaDi_TRd

👀 Great to see all the buzz and insights already coming from #LondonClimateActionWeek ! 🌿🌱 🏗️📑 If you’re involved in public procurement or interested in climate reduction obligations in the context of construction contracts or consultancy appointments, then you might be interested in our quick update on the UK Government’s Procurement Policy Note PPN 01/24 - Carbon Reduction Schedule. The Schedule contains optional terms and conditions and associated guidance aimed at supporting parties to engage with and to create, monitor and perform decarbonisation objectives on projects. Find out more ⬇️ #ConstructionLaw #contracts #LCAW2024 #climate

EU-funded Clima-Med project organised a workshop to present its latest reports and manuals to strengthen municipalities’ capacities to prepare and implement climate projects in Lebanon.   Beyond the ten beneficiary municipalities and Unions of municipalities that have successfully prepared their Sustainable Energy Access and Climate Action Plans (SEACAPs) with Clima-Med, an impressive participation of more than 40 new municipalities, Unions of municipalities, and nature reserves and forests representatives joined the workshop; all eager to take action and requesting comprehensive technical guidance in preparing and formulating climate action plans and bankable projects.   Read more in the article below 👇

Climate Change Budget: The government of #Nepal announced a budget of NPR 1860.3 billion for FY 2024-25 which comprises Revenue expenditure of NPR 1,140.66 billion, Capital Expenditure of NPR 352.35 billion and Financial Management of NPR 367.28 Billion. Out of the total budget, 46.139% (4.06% directly benefiting and 40.079 indirectly) is allocated to the #ClimateChangebudget. The highest percentage of the climate change budget is allocated to #LocalGovernments at 35.84% and only 1.3% to the Ministry of Forests and Environment, the focal ministry of climate change. #ClimateFinance #Nepalbudget202425

Environmental Finance features insights from Tim Cowman, our Director of Article 6 Solutions, in its round up of the #Bonn Climate Change Conference and the progress on #Article6. He emphasized that we must keep our focus on the ultimate objective: "While the level of negotiations and discussions is testament to the complexity of Article 6 – we need to get this right to ensure countries can make substantial progress against their nationally determined contributions and channel finance to impactful climate projects and mitigation activities. Amongst the complexity and challenges, we must not lose sight of some of the key steps already underway and the momentum that continues to build." Read his full statement here: https://lnkd.in/eYKyk8sY (Behind a paywall, although a free trial is possible) #climateaction #UNClimateChangeConference #carbonprojects

👉 EFRAG issued new explanations which aim to help the companies in their reporting under the ESRS. They include explanations related to “may” and “shall” reporting requirements, climate risk analysis, GHG emissions, carbon credits and risk and opportunity for financial materiality. EFRAG also released its report that analyses preliminary practices of implementing the ESRS by 28 large EU companies and highlights related challenges.    Read our blog posts to explore key topics from these publications:   🔗 EU CSRD: EFRAG issues new ESRS explanations https://lnkd.in/ezjfgSJg 🔗EU CSRD: EFRAG releases study on ESRS early reports https://lnkd.in/esH5V4mH

UK Government has lost a #ClimatePlan lawsuit for a second time! ClientEarth, Friends of the Earth and The Good Law Project have done it again, following on from their previous successful law suit that forced the government to publish plans on how they would deliver net zero. Following publication of these judicially-required documents last year, they sued the government again for the plans being insufficient, particularly in having no evidence that the plan is achievable. In order for the government's current plans to succeed, absolutely every policy would need to be delivered more or less perfectly, and they have already slipped on a number of them. As any business knows, failing to assess the risks / likelihood of planned actions/policies actually being delivered means that your plan may not be worth the paper it is written on. The current government is allowing the UK's position as a climate-leader to slip and fade, much like they have allowed our influence on the international stage to slip and fade through the ridiculous pursuit of making Brexit seem like it made any positive difference whatsoever to the UK. Either they step up, or it seriously is time for major change of leadership. The ball is in your court Rishi Sunak. #NetZero #Lawsuit #ClimateLitigation #NetZeroStrategy #Law https://lnkd.in/eqmrGy9E

International climate finance is a key element in supporting developing countries in adapting to and mitigating the impacts of climate change which they are hit by particularly hard. With its focus on climate protection, OeEB is one of the largest Austrian providers of international climate finance. 🌎   We also actively contributed to the elaboration of the EDFI statement on climate and energy finance. This joint statement outlines the commitment to align all financing decisions with the goals of the #ParisClimateAgreement. 🧾   To date, over 570,000 people have been reached with #cleanenergy through our direct investments.   For more insights on our Impact Report 2023, click here 👉 https://lnkd.in/eyj8XGfR   #impactreport2023 #internationalclimatefinance 

👀 Have you seen Canada's new climate plan? Yesterday Canada's Department of Finance announced their climate plan to reach net-zero emissions by 2050. This reinforces the importance of climate action to secure financial opportunities 🌿 As part of this plan, you can expect to see: ▶ Mandatory climate-related financial disclosures required for large, federally incorporated private companies; ▶ Sustainable finance taxonomy to identify "green" and "transition" investments; ▶ Aligned regulations with requirements for public companies as defined by securities regulators; and ▶ Small- and medium-sized businesses will be encouraged to voluntarily release climate disclosures, but will not be required. 🔔 Stay tuned for updates!