Intact Centre on Climate Adaptation | Centre Intact d’adaptation au climat’s Post

In their latest article in the Institute for Research on Public Policy (IRPP), Policy Options Magazine, our Advisory Board members Joanna Eyquem PGeo. ENV SP. CWEM. CEnv., Peter van Dijk MBA, LLM, SCR, ICD.D, and their colleague James (Jason) Stewart emphasize the importance of integrating natural assets into Canadian financial reporting. The article draws attention to the global nature-related accounting gap and highlights a proposed international standard for recognizing “tangible natural resources” in financial statements and related disclosure requirements. With Statistics Canada’s team already compiling inventories of natural assets, coupled with the country’s strategy to base its approach on international standards, accounting for the value of natural assets will lead to better protection and restoration of nature both in Canada and beyond. This is good news for our forests.   Interested to learn more? Read the full story at: policyoptions.irpp.org 💻 #NaturalAssets #NatureBasedSolutions #ClimateFinancing C.D. Howe Institute Intact Centre on Climate Adaptation | Centre Intact d’adaptation au climate Canada's Forest Trust Corporation

⚠️The European Court of Auditors recently released two new reports on the implementation of the Recovery and Resilience Facility - the EU’s recovery fund. 👉The first report highlights significant delays in implementing the measures. Two years before the end of the Facility, only a third of the funds have been disbursed to Member States and a significant proportion of that money has not reached the final beneficiaries. 👉The second report underlines the likely overestimation of the fund’s contribution to the green transition. Shortcomings include weak methodologies for tracking climate investments and discrepancies between planning and implementing green measures. The result? Less money was actually spent on climate and the environment than claimed by the European Commission and Member States.   Next year, the Commission will propose the EU’s long-term post-2027 budget. Given the fund is regularly framed as a blueprint for future funding streams, these inconsistencies must be addressed when planning future #EUfunds.     ℹ️Read more: https://lnkd.in/emh9Zg3y

Ministries of finance are uniquely positioned to mobilize public and private investments and to align budget processes, regulatory incentives and fiscal policies with climate and sustainable development objectives. Engaging ministries of finance in the NDC process is therefore crucial to designing ambitious, credible and investment-ready #NDCs and accelerating their implementation and financing. A new technical note developed by the NDC Partnership and Coalition of Finance Ministers for Climate Action (CFMCA) with contributions from the Grantham Research Institute on Climate Change & the Environment and 2050 Pathways Platform , outlines how to strengthen finance ministries’ capacity and engagement in the NDC process. Learn more ▶️ https://bit.ly/4fNRFKS

Influencing is tough. An obvious statement to make. But I wonder if more openness might make us better at doing it? Yesterday, Green Finance Institute published a report on the consequences of nature decline on UK GDP 👉 https://lnkd.in/eRKzdxU6 It's excellent. But terrifying. Damage to the environment is already slowing our economy. And could lead, in the not to distant future, to a larger hit to UK GDP than Covid-19. That's before adding climate change impacts. The analysis has been steered by government including Treasury, the Taskforce on Nature-related Financial Disclosures and the Financial Conduct Authority. This isn't coming from nature based organizations (not that it should matter if it did). This is the finance community speaking to the finance community. When I first saw the report I really thought, perhaps naively, it might be the light bulb moment. You know, the one where we accept the cost of ignoring what is happening to our climate and our natural world is more expensive than the cost of doing all we can to halt and reverse the current trends. But so far, no. At least not publicly on the channels in my news/social media bubble. We know why. This is bad news without a source of blame on which to shape headlines. Accepting it means accepting the consequences. Then accepting society needs to change what we do, invest in and value. We've got the solutions. #Wetlands for example store carbon 40 times faster than forests. River levels in 1 catchment were reduced 1.4m by #naturalfloodmanagement measures, saving an estimated £1.6M in a single event. Treatment wetlands have the potential to remove up to 60% of metals, 90% of sediment runoff and 90% of nutrient load. Just 10 minutes in a wetland is scientifically proven to lift mood. But #wetlands, and all the other habitats we collectively work on, need #investment and protection. Successfully influencing on this isn't just tough, it's REALLY tough. And it's not just tough for those of us working in this sector, it's tough for elected officials at all levels seeking to gain public trust and support. Which is why it's great to hear Labour's Steve Reed say "Nature will be central to each of the missions that will define Keir Starmer’s Labour government." 👉https://lnkd.in/efCEQkNc. That's a massive success for eNGOs, campaigners and voters who have been seeking to influence on the importance of nature. Sure it's one article - but it's an important step. We need to keep going: and there is no risk at all we won't! But reflecting on what works and what doesn't, thinking about why and using as many different routes and voices is key to that influence growing and sticking.

⬇ 📈 ☀ Kathryn Brown highlighting some key points here about the real economic damage that will be done to our economy by ignoring climate change. Erudite, succinct - have a read.

#CAFA | A serious conversation about climate alignment in Canada's financial sector is needed in Parliament. @UNEP Finance's Eric Usher highlighted the merits of Bill S-243 at a Senate hearing. Eric Usher welcomes several parts of the bill, including those related to climate disclosure. He argues that such disclosure is essential to strengthen the transparency, credibility and, ultimately, effectiveness of climate commitments across the economy. It calls for better coordination between Canadian and international disclosure standards bodies to develop reporting standards aligned with @ISSB standards for greater climate ambition in the financial sector. Bill S-243 is supported by over 120 organizations across Canada, and nearly 7,000 Canadians have signed a petition in support of financial sector alignment, and more specifically Bill S-243.

#CAFA | A serious conversation about climate alignment in Canada's financial sector is gaining momentum in Parliament. At the Bill S-243 hearings, @Mark Carney's testimony this week was unequivocal: 📉“Canadian disclosure efforts have been patchwork, delivered late and falling short of international standards.” Former Bank of Canada governor Mark Carney highlights critical gaps in Canada's climate-related financial policies, signaling potential risks to the financial sector in Canada. In a recent Senate committee hearing, Carney underscored the urgent need for Canada to align with international standards and embrace green investing practices. He emphasized the significant strides made by other nations in implementing global disclosure standards, contrasting it with Canada's slower progress. Carney stressed the importance of comprehensive climate disclosure, urging alignment with international benchmarks to enhance transparency and accountability. Canada must swiftly adopt a comprehensive green-investment framework to mitigate economic risks and drive the transition to a low-carbon economy. Carney's insights underscore the urgency for action, emphasizing the need to attract essential investments to achieve Canada's net-zero emissions target. As Canada embarks on the fight against climate change, Mr. Carney's remarks are a call to action for financial institutions and policymakers to align Canadian finance with the country's climate goals. The CAFA bill is supported by more than 120 organizations across Canada and nearly 7,000 Canadians who have written to senators in support of bank regulation and CAFA. ttps://https://lnkd.in/g4ge32Cd

Elegant, simple and clear. Read Clare's post and consider how you can play your part.

Why does climate need to go back in the Treasury’s remit letters... and how? Timely insights by Agnieszka (Aga) Smoleńska, PhD, David Barmes, Ira Poensgen and Irene Claeys at CETEx (Centre for Economic Transition Expertise) They recommend that the Chancellor request the Financial Policy Committee (FPC) and Prudential Regulation Committee (PRC) to further explore the integration of climate and environmental considerations in prudential policy, including macroprudential policy tools. Satoshi Ikeda and I just published four principles for systemic capital buffers to address long-term financial stability concerns that the FPC and PRC should explore for macroprudential policy. The principles are in the following Council on Economic Policies Policy brief: https://lnkd.in/ehHEbve7

Annually, #WorldEnvironmentDay is commemorated on June 5th, and encourages awareness and action for the protection of the global environment. For the Coalition, World Environment Day is every day, 365 days a year. The Coalition focuses daily and exclusively on our #calltoaction with our members, partners, businesses, and individuals alike. We continuously support development and implementation of the #NationallyDeterminedContributions (NDCs), our countries’ national climate plans, assisting Finance Ministries to implement #climateaction.   This year’s theme for World Environment Day is focused on the importance of land restoration, desertification, and drought resistance. So, today help the Coalition celebrate its mission in conjunction with World Environment Day by:  🌿 Learning more about the global importance of land restoration, desertification, and drought resistance; 🍀 Doing anything that helps restore the land around you; and 🍃 Celebrating the nature around you and making a difference to the important work of climate action! Read our Joint Call to Action here: https://bit.ly/4aBK8Mo