Executives from major banks and investment firms, including BlackRock CEO Larry Fink and HSBC CEO Noel Quinn, are attending the COP28 climate summit in Dubai [4fa8e2c0]. The focus of the finance industry's participation is on exploring new funding structures and partnerships for a low-carbon economy. Rather than solely focusing on reducing financed emissions, the discussions center around financing emissions reductions [4fa8e2c0]. The COP28 summit aims to attract more private finance for climate action, with a particular emphasis on financial structures for the Global South, the voluntary carbon market, and climate technology [4fa8e2c0]. The International Energy Agency is urging oil companies to commit to reducing emissions and increasing investment in clean energy technologies [4fa8e2c0]. Barbados Prime Minister Mia Mottley has called for an overhaul of the global financial system to better support countries affected by the climate crisis [4fa8e2c0].
In addition to the discussions on funding and finance, researchers from the University of Oxford have found that carbon capture and storage investment is necessary but economically illiterate as a way to compensate for ongoing fossil fuel burning [4fa8e2c0].
The presence of banking and investment executives at COP28 highlights the growing recognition of the role that the finance industry plays in addressing climate change. By exploring innovative funding structures and partnerships, these leaders are seeking to mobilize private finance and accelerate the transition to a low-carbon economy. Their focus on financing emissions reductions reflects a shift towards proactive climate action and sustainable finance practices. The COP28 summit provides a platform for these discussions and aims to attract more private finance for climate initiatives, particularly in regions like the Global South. The involvement of oil companies and the call for an overhaul of the global financial system further underscore the need for comprehensive and collaborative efforts to address the climate crisis [4fa8e2c0].
Civil society organizations are mobilizing for a four-day global action from April 16 to 19 to demand #FixTheFinance for climate justice [69d9002c]. The action aims to call upon governments, banks, and financial institutions to address the urgent need for fixing the world's financial flows to combat climate change. The mobilizations coincide with the IMF/World Bank spring meetings, G20 finance ministers' meeting, and upcoming bank AGMs [69d9002c]. The organizations participating in the mobilizations include ActionAid, Global Platforms, Asian Peoples' Movement on Debt and Development (APMDD), Big Shift Global, Christian Aid, Climate Action Network, Fridays for Future, Oxfam, Power Shift Africa, Urgewald, and 350.org [69d9002c]. They are calling for transparency, an end to financing destructive industries, climate finance, debt cancellation, tax justice, and a shift in finance flows to support community-led solutions and just transitions [69d9002c]. The mobilizations will include stunts, workshops, climate strikes, webinars, and digital actions in various countries. The goal is to push for climate action ahead of UN climate negotiations and to achieve a critical new climate finance goal at COP29 in November [69d9002c].
350.org, an international environmental organization, is urging the World Bank and International Monetary Fund (IMF) to initiate urgent reforms to address the world's financial systems responsible for the worsening climate crisis. The group has launched a campaign called 'Fix the Finance' to hold governments and stakeholders accountable for stopping finance for fossil fuels. They are calling for more finance and investment to be channeled towards the renewable energy sector. In 2023, the annual UN climate talks reached an agreement calling for the tripling of renewable energy capacity and doubling of energy efficiency gains by 2030. 350.org aims to address the climate crisis and end the use of fossil fuels while transitioning to renewable energy [ab3f6194].
The CEOs of Bridgewater Associates and Global Citizen, Nir Bar Dea and Hugh Evans respectively, are supporting the World Bank's campaign to replenish its coffers through the 21st Replenishment of the World Bank's International Development Association (IDA21). World Bank President Ajay Banga has called for increased financial support for IDA21, as public support for foreign aid is currently muted. The CEOs aim to host an Africa Economic Summit in partnership with the government of Côte d’Ivoire and Harith General Partners to raise awareness and funding for IDA21. The World Bank is seeking assistance in addressing confusion about its mission and debates about its bias, power, and purpose. The CEOs believe that engaging consumers and highlighting the bank's role can help shift the narrative and attract private-sector funding. Bridgewater plans to publish research studies on the economic potential of Africa, while Global Citizen will lead a campaign to urge leaders to provide extra funding to IDA, emphasizing the potential to lift 300 million people out of energy poverty in Africa [bb0c0cdb].
Gisela Sánchez, executive president of the Central American Bank for Economic Integration (BCIE), announced initiatives for a 'more human' bank focused on improving quality of life and environmental sustainability [12a4aa36]. The BCIE aims to reinvent itself with a focus on efficiency, governance, and transparency. The bank's new strategy includes strengthening transparency and governance, maximizing the positive impact of projects, and focusing on the social dimension of development. The BCIE also aims to address climate change and strengthen its environmental commitments. The bank's role in fostering regional stability and economic growth is crucial, especially in the face of external threats and internal challenges. The success of the BCIE's new approach will depend on its ability to integrate economic, social, and environmental objectives. The BCIE's initiatives offer hope and opportunities for the region's future.
The International Bar Association Global Employment Institute (IBA GEI) has released its Twelfth Annual Global Report (AGR), which highlights the impact of political and environmental factors on the human resources (HR) sector [fca40976]. The report identifies issues such as the aftermath of the COVID-19 pandemic, the shift towards remote work, skilled labor shortages, and the energy crisis caused by the Russia-Ukraine war as key areas of concern. The report also covers trends in HR law during 2022 and 2023, including topics such as artificial intelligence, corruption, data protection, discrimination, diversity, stress and mental health, and sustainability. Flexible working arrangements have gained importance, with many countries introducing legislation to promote flexible work and support work-life balance. The report also discusses alternative working models, the Russia-Ukraine conflict's impact on labor markets, and the use of artificial intelligence in HR. The IBA GEI's AGR provides empirical evidence into the development of HR law and employment legislation worldwide.
The Special Rapporteur on the promotion and protection of human rights in the context of climate change, Ian Fry, conducted a visit to Honduras from 18 to 27 September 2023. The visit focused on the impacts of climate change, climate change displacement, loss and damage, environmental human rights defenders, the impacts of new mitigation technologies such as hydroelectric dams, and the environmental implications of mining. The Special Rapporteur welcomed the efforts made by the government but noted that more needs to be done to address the impacts of climate change. He made recommendations in relation to legislation and policies, mitigation measures, environmental human rights defenders, and climate change displacement. The visit was undertaken by the former mandate holder, Ian Fry, and the report is submitted by the current mandate holder, Elisa Morgera.