{"id":54328,"date":"2021-11-30T14:45:30","date_gmt":"2021-11-30T13:45:30","guid":{"rendered":"https:\/\/preprod.i4ce.org\/?p=54328"},"modified":"2023-01-16T10:23:35","modified_gmt":"2023-01-16T09:23:35","slug":"need-fis-after-cop26-pretty-words-systemic-change-climate","status":"publish","type":"post","link":"https:\/\/staging.i4ce.org\/en\/need-fis-after-cop26-pretty-words-systemic-change-climate\/","title":{"rendered":"What we need from Financial institutions after COP26: from \u2018pretty words\u2019 to \u2018systemic change\u2019"},"content":{"rendered":"<p><strong>COP26 in Glasgow did not disappoint in terms of the volume of announcements from the financial sector. But what is behind the hype? While buried in an avalanche of \u2018pretty words\u2019, there was notable progress by financial institutions. They now look at the \u2018alignment\u2019 not just of what \u2013 but also of who \u2013 is financed. However, as has been proven time and again, the devil will be in the details as each financial institutions translate what has been announced into practice.\u00a0<a href=\"https:\/\/staging.i4ce.org\/team-details\/alice-pauthier-5\/\" target=\"_blank\" rel=\"noopener\">Alice Pauthier<\/a>\u00a0and\u00a0<a href=\"https:\/\/staging.i4ce.org\/team-details\/ian-cochran-2\/\" target=\"_blank\" rel=\"noopener\">Ian Cochran<\/a>\u00a0interpret what we have seen over the two weeks of COP26 in Glasgow.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-size: 24px;\"><strong>An avalanche of \u201cpretty words\u201d on the role of the financial sector at COP26<\/strong><\/span><\/h2>\n<p>The financial sector has been increasingly present at COPs since Paris in 2015 \u2013 and was particularly present at COP26. On the private finance side, the Climate Finance Champion Mark Carney made multiple announcements demonstrating that beyond the management of climate-related financial risks and opportunities, Paris alignment strategies are becoming mainstream across the financial sector \u2013 with a growing focus on real economy impact<a href=\"https:\/\/staging.i4ce.org\/need-fis-after-cop26-pretty-words-systemic-change-climate\/#_ftn1\" name=\"_ftnref1\"><\/a>. This culminated in a pledge of the\u00a0<a href=\"https:\/\/ukcop26.org\/global-finance-ministers-gather-to-discuss-how-public-and-private-finance-can-lead-the-transition-to-a-net-zero-climate-resilient-world\/\" target=\"_blank\" rel=\"noopener\">\u201calignment of $130 trillion of private finance to science-based net zero targets and near-term milestones\u201d<\/a>\u00a0by the Glasgow Financial Alliance for Net-Zero (GFANZ).<\/p>\n<p>&nbsp;<\/p>\n<p>On the public finance side, the multilateral development banks both\u00a0<a href=\"https:\/\/www.eib.org\/attachments\/documents\/cop26-joint-mdb-climate-ambition-statement-en.pdf\" target=\"_blank\" rel=\"noopener\">reiterated their collective ambition to support the low-greenhouse gas climate-resilient transition<\/a>\u00a0and shared\u00a0<a href=\"https:\/\/www.eib.org\/attachments\/documents\/cop26-mdb-paris-alignment-note-en.pdf\" target=\"_blank\" rel=\"noopener\">an update<\/a>\u00a0on their progress to developing and implementing a framework to align their strategies, investment policies, activities and operating procedures with the Paris Agreement. Additionally, the International Development Finance Club (IDFC) launched an\u00a0<a href=\"https:\/\/staging.i4ce.org\/download\/operationalization-framework-on-aligning-with-the-paris-agreement\/\" target=\"_blank\" rel=\"noopener\">operationalization framework for Paris Alignment (developed by NewClimate Institute and I4CE)<\/a>. Finally, the broader development finance community was present via the<a href=\"https:\/\/financeincommon.org\/declarations\" target=\"_blank\" rel=\"noopener\">\u00a0Finance in Common, which reiterated how they are moving forward on their 2020 joint commitment<\/a>\u00a0to Paris Alignment.<\/p>\n<p>&nbsp;<\/p>\n<p>Notably this year, the importance of the alignment of counterparties and clients has come to the forefront for both direct finance \u2013 or intermediated finance. Financial institutions appear to increasingly recognise that they cannot only focus on what is being financed \u2013 ie whether the project or activity is aligned with climate goals. Rather, it is essential to also look at the overall strategy of who is being financed and whether they are aligned \u2013 or have a credible commitment to alignment with the Paris Agreement. Discussions on this\u00a0<a href=\"https:\/\/staging.i4ce.org\/the-next-step-for-financial-institutions-aligning-the-entire-financial-chain-climate\/\" target=\"_blank\" rel=\"noopener\">\u201calignment\u201d of the entire \u2018financial chain\u2019<\/a>\u00a0have grown over the course of 2021, reflected for example in the\u00a0<a href=\"https:\/\/www.mainstreamingclimate.org\/event\/1st-webinar-of-the-fi-group-on-aligning-financial-chains-with-the-paris-agreement\/\" target=\"_blank\" rel=\"noopener\">informal Financial Institution group convened by UNEP FI and Mainstreaming Climate in Financial Institutions with the support of Finance in Common.<\/a>\u00a0For all financial institutions, the COP confirmed that what matters is not whether their portfolios are net-zero at an aggregate level, but rather that they support net zero-aligned projects, companies and clients.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-size: 24px;\"><strong>Shared commitments are important, but the devil (and impact) is in the implementation by each Financial institution<\/strong><\/span><\/h2>\n<p>The scope, depth and resulting operational implications of the announcements made around COP26 will take time to fully come to light. Nevertheless, a number of notable examples of progress were made on technical issues from across the financial sector:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong><em>Setting coherent long-term \u201calignment\u201d goals consistent with 1.5\u00b0C warming<\/em><\/strong><strong>,<em>\u00a0medium term milestones, and \u00a0short term action plans based on retroplanning<\/em><\/strong><em>:<\/em>\u00a0There are indications that this may become expected common practice over time as the GFANZ included in its\u00a0<a href=\"https:\/\/www.gfanzero.com\/progress-report\/\" target=\"_blank\" rel=\"noopener\">guidelines<\/a>: \u201c<em>Pledge at the head-of-organization level to reach net-zero GHGs as soon as possible, and by mid-century at\u00a0the latest, in line with global efforts to limit warming to 1.5 degrees C; set an interim target to achieve in the next decade, which reflects maximum effort toward or beyond a\u00a0fair\u00a0share of the 50% global reduction in CO\u2082; and within 12 months of joining, explain what actions will be taken toward achieving both interim and longer-term pledges, especially in the short to medium term<\/em>.\u201d<\/li>\n<\/ul>\n<ul>\n<li><strong><em>Requiring counterparts to develop transition plans\u00a0themselves as a condition for investment\/financing<\/em><\/strong><em>:\u00a0<\/em>Both the multilateral development banks and the International Development Finance Club have recognized this as a key issue in their alignment frameworks published prior to the COP and in their updates shared in Glasgow. Individual institutions are also already moving forward, notably the\u00a0<a href=\"https:\/\/www.eib.org\/en\/publications\/the-eib-group-path-framework\" target=\"_blank\" rel=\"noopener\">European Investment Bank who announced their PATH framework<\/a>\u00a0during the first week of COP in Glasgow. This idea of the importance of focusing on and supporting on the transition engaged by clients and counterparties is also of key importance for the private finance sector \u2013 with the announcement of\u00a0<a href=\"https:\/\/www.gov.uk\/government\/news\/chancellor-uk-will-be-the-worlds-first-net-zero-financial-centre\" target=\"_blank\" rel=\"noopener\">UK Chancellor Rishi Sunk that UK firms and financial institutions will be required to publish net-zero transition plans.<\/a>\u00a0The GFANZ has launched two working groups on real economy transition plans and financial institutions transition plans.<\/li>\n<\/ul>\n<ul>\n<li><strong><em>Clear guidance to limit the use of offsetting and the reliance on emission removal<\/em><\/strong><strong>:<\/strong>\u00a0This will be a key area of focus on the methodologies to be adopted for measuring alignment across the financial sector. Prior to COP26, some\u00a0<a href=\"https:\/\/www.amf-france.org\/en\/news-publications\/news-releases\/amf-news-releases\/amf-publishes-initial-conclusions-climate-and-sustainable-finance-commission-carbon-neutrality\" target=\"_blank\" rel=\"noopener\">financial regulators had already begun to look at the role of offsetting in achieving carbon neutrality.<\/a>\u00a0GFANZ guidelines published in Glasgow recognized that offsetting can only be a short-term part of the net-zero process and that\u00a0<a href=\"https:\/\/www.gfanzero.com\/progress-report\/\" target=\"_blank\" rel=\"noopener\">\u201coffsets portfolios should transition to permanent removals by the time net zero is achieved; ensure that all offsets meet robust standards for additionality, permanence, accounting, etc.\u201d<\/a><\/li>\n<\/ul>\n<ul>\n<li><strong><em>Guidance and principles on how financial and commercial actors are moving forward voluntarily to mainstreaming climate into governance structures were taking much more concrete forms<\/em><\/strong>. In addition to the guidelines already mentioned, initiatives such as\u00a0<a href=\"https:\/\/www.mainstreamingclimate.org\/\" target=\"_blank\" rel=\"noopener\">Mainstreaming Climate in Financial Institutions<\/a>\u00a0began to lay out more concretely the tasks and actions that professionals within financial institutions need to carry out to ensure that mainstream climate change within their organization. Their\u00a0<a href=\"https:\/\/www.mainstreamingclimate.org\/resource-centre\/climate-mainstreaming-resource-navigator\/\" target=\"_blank\" rel=\"noopener\">Climate Mainstreaming Resource Navigator<\/a>\u00a0aims to connect financial institutions with the resources and examples of how to move forward building on good and emerging practice.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-size: 24px;\"><strong>A clear call for action moving forward: systemic institutional transformation rather than incremental change<\/strong><\/span><\/h2>\n<p>The announcements seen at COP26 from the financial sector \u2013 whether public or private \u2013 are promising. However, \u2018pretty words\u2019 will not lead to the systemic change needed. Demonstrators from all backgrounds across Glasgow and around the world took up Greta Thunberg now iconic phrase: \u201cblah, blah, blah\u201d to encapsulate the frustration that too little is being done in practice too late. Many are already asking for details on each individual institutions will move forward \u2013 and demanding transparency on objectives and strategies as well as on progress to date. For example, UN Secretary General Gutierrez raised the key issue during the opening session of the COP asking what does net-zero means in practice, and that calling for transparency and reporting on progress that will be key for credibility.<\/p>\n<p>&nbsp;<\/p>\n<p>As the climate and financial community moves on from Glasgow and begins to make their way to COP27 in Egypt, progress must occur to put these \u201cpretty words\u201d into practice. The challenge is to increase the pace of action dramatically and leapfrog past the incremental changes we have seen so far to rapidly roll out the systemic changes that must occur in terms of how the financial sector will \u201cgrease the wheels\u201d of the far-reaching economic transformation needed before the end of the decade. Further transparency \u2013at the level of each financial institution or development bank \u2013 is seen an essential by the expert community as the frameworks and principles that have been announced leave much room for interpretation and radically different timelines across institutions.<\/p>\n<p>&nbsp;<\/p>\n<p>Increasingly, there is an expectation that beyond voluntary action financial regulation must be leveraged to require the changes in institutional governance that must be seen. As noted by European Central Bank Executive Board Member Frank Elderson, the European Union must introduce\u00a0<a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2021\/html\/ecb.sp211020~03fba70983.en.html\" target=\"_blank\" rel=\"noopener\">\u201c<strong>a legally binding requirement for banks to have such Paris-compatible transition plans<\/strong>\u00a0as a capstone to the legislative and private sector initiatives already being put in place.\u201d<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>As on the one hand, civil society will keep high pressure on financial institutions to deliver and on the other hand, regulators are increasing likely to put in place a stricter supervisory framework, financial institutions may see themselves forced to act, no matter if they have participated in pledges or taken commitments. Many financial institutions have already begun the integration of climate change in a transformative fashion across their institutions. Now, it is essential that the financial sector as a whole quickly builds on the foundations announced at COP26 to rapidly achieve at scale the systematic integration of climate considerations throughout their strategies and operations.<\/p>\n<p>&nbsp;<\/p>\n<p>_______________________________________<\/p>\n<p><em><a href=\"https:\/\/staging.i4ce.org\/need-fis-after-cop26-pretty-words-systemic-change-climate\/#_ftnref1\" name=\"_ftn1\"><\/a>\u00a0Through the Network for Greening the Financial System (NGFS) 38 central banks have committed to climate-related stress tests and 33 central banks and supervisors have committed to issuing guidance to firms on managing climate-related financial risks. The Taskforce on Climate-related Financial Disclosures (TCFD) published new guidance on metrics, targets and transition plans. The IFRS Foundation announced the establishment of a new International Sustainability Standards Board to develop globally consistent climate and broader sustainability disclosure standards for the financial markets.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>COP26 in Glasgow did not disappoint in terms of the volume of announcements from the financial sector. But what is behind the hype? While buried in an avalanche of \u2018pretty words\u2019, there was notable progress by financial institutions. They now look at the \u2018alignment\u2019 not just of what \u2013 but also of who \u2013 is financed.<\/p>\n","protected":false},"author":3,"featured_media":51291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[79],"tags":[],"class_list":["post-54328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-post"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What we need from Financial institutions after COP26: from \u2018pretty words\u2019 to \u2018systemic change\u2019 - I4CE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.i4ce.org\/en\/need-fis-after-cop26-pretty-words-systemic-change-climate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we need from Financial institutions after COP26: from \u2018pretty words\u2019 to \u2018systemic change\u2019 - I4CE\" \/>\n<meta property=\"og:description\" content=\"COP26 in Glasgow did not disappoint in terms of the volume of announcements from the financial sector. 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But what is behind the hype? While buried in an avalanche of \u2018pretty words\u2019, there was notable progress by financial institutions. 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