Raw: [
Standard Chartered, KPMG and the United Nations Office for Disaster Risk Reduction (UNDRR) are calling for a step-change in the mobilisation of finance for adaptation and resilience ahead of COP29,…
The post Standard Chartered, KPMG, UN Body Launch Roadmap to Boost Climate Adaptation Funding appeared first on ESG News.
]
Standard Chartered, KPMG, UN Body Launch Roadmap to Boost Climate Adaptation Funding – ESG News
LOADING
ESG News
ESG Business
Sustainability
Technology
Infrastructure
ESG Reporting
ESG Standards
Environmental
Government
Diversity, Equity & Inclusion
ESG Investing
Sustainable Finance
ESG Funds
Digital Assets
ESG Lifestyle
ESG Events
Upcoming Event List
International
ESG Europe
ESG Asia
ESG India
ESG Russia
ESG Middle East
ESG Japan
ESG Canada
ESG Latin America
ESG United Kingdom
Videos
Force For Good
Greenwich Economic Forum
UN Global Compact Leaders Summit 2022
Blockchain for Europe
UNCTAD Sustainable Stock Exchange Initiative
Humanity 2.0
World Economic Forum
Caspian Week
Converge2Xcelerate
International WELL Building Institute
EarthX
Type to search
ESG NewsESG Business
SustainabilityTechnologyInfrastructureESG ReportingESG StandardsEnvironmentalGovernmentDiversity, Equity & Inclusion
Fils and Telr Partner to Drive Sustainability in Finance and Payments
ESG News
February 16, 2024
Deloitte Leads the Way in ESG & Sustainability Services, Verdantix Report Finds
ESG News
February 13, 2024
The English Football Premier League Takes Big Step in Sustainability with New Commitment
ESG News
February 12, 2024
Salesforce Reveals the Gap Between Sustainability Commitments and Business Integration
ESG News
February 12, 2024
Trafigura Sees AI Driving Up Copper Demand by 1 Million Tons by 2030
ESG News
April 9, 2024
Google Announces Water Stewardship Initiatives for World Water Day
ESG News
March 25, 2024
Intel and Biden-Harris Administration Forge Path for $8.5 Billion Funding Under CHIPS and Science Act
ESG News
March 20, 2024
JLL and Jupiter Intelligence Partner to Integrate AI-Driven Climate Risk Analytics into Real Estate Decarbonization Strategy
ESG News
March 20, 2024
DOE Unveils Groundbreaking Federal Blueprint to Decarbonize America’s Buildings Sector
ESG News
April 3, 2024
Air Liquide and Vopak Forge Partnership for Singapore’s Hydrogen Future
ESG News
March 11, 2024
IBM Pledges $45 Million to Transform Urban Environments for Climate Resilience
ESG News
March 7, 2024
Hive Hydrogen Partners with Genesis for $5.8 Billion Coega Green Ammonia Initiative
ESG News
March 4, 2024
Watershed Streamlines CSRD Compliance with Dedicated Software Launch
ESG News
April 10, 2024
LyondellBasell Releases Latest Sustainability Report titled “Everyday Sustainability”
ESG News
April 9, 2024
Sustainability Standards Board of Japan Issues IFRS-based Sustainability Reporting Standards
ESG News
April 9, 2024
Tim Mohin: SEC’s Self-Inflicted Stay and Legal Battles Continue
Tim Mohin
April 5, 2024
BSI Revamps Event Sustainability Guidance: Focus on Climate, Supply Chain, and Social Impact
ESG News
April 10, 2024
Climate Action 100+ Releases Net Zero Standard for Oil & Gas Company Assessments
ESG News
March 27, 2024
Canada Announces First Canadian Sustainability Disclosure Standards
ESG News
March 15, 2024
Ford, Other Industry Leaders Support Strengthened EPA Standards on Heavy-Duty Vehicle Emissions
ESG News
February 9, 2024
SHEIN Boosts Women’s Empowerment with $430,000 Donation to Dress for Success
ESG News
March 8, 2024
Deutsche Bank’s Initiative in Asia, Empowering Women in Agriculture
ESG News
March 8, 2024
Standard Chartered Release 2023 Diversity, Equality and Inclusion Impact Report
ESG News
March 1, 2024
Australian Employer Gender Pay Gap Report Exposes Top Companies
ESG News
February 27, 2024
ESG Investing
Sustainable Finance ESG Funds Digital AssetsESG LifestyleESG Events
Upcoming Event ListInternational
ESG Europe ESG Asia ESG India ESG Russia ESG Middle East ESG Japan ESG Canada ESG Latin America ESG United KingdomVideos
Force For Good Greenwich Economic Forum UN Global Compact Leaders Summit 2022 Blockchain for Europe UNCTAD Sustainable Stock Exchange Initiative Humanity 2.0 World Economic Forum Caspian Week Converge2Xcelerate International WELL Building Institute EarthX
Get Breaking ESG News Alerts
Daily Newsletter
Join Now
videocam
Latest News
Seven simple questions
Help us improve your experience, delivering more of what you want
ESG Survey
Seven simple questions – Help us improve your experience, delivering more of what you want!
Standard Chartered, KPMG, UN Body Launch Roadmap to Boost Climate Adaptation Funding
Climate
/
Global News
/
News
/
Sustainable Finance
/
Standard Chartered, KPMG, UN Body Launch Roadmap to Boost Climate Adaptation Funding
by ESG News
•
April 11, 2024
Share:
Share on Facebook
Share on Twitter
Share on LinkedIn
Listen to this story:
Call for step-change in financing adaptation and resilience as breakthrough Guide for Adaptation and Resilience Finance (the Guide) offers clarity and transparency to accelerate investment.
The Guide sets out – for the first time – eligible financeable activities and guidance on what constitutes adaptation and resilience investment, alongside a practical roadmap for financing and investment opportunities.
Created by Standard Chartered, KPMG and the United Nations Office for Disaster Risk Reduction (UNDRR) – with support from 20+ leading financial institutions Multilateral Development Banks (MDBs) and NGOs – the Guide responds to the urgent call to mobilise private finance for adaptation and resilience, issued at COP28.
Standard Chartered, KPMG and the United Nations Office for Disaster Risk Reduction (UNDRR) are calling for a step-change in the mobilisation of finance for adaptation and resilience ahead of COP29, particularly in emerging markets. This comes as Standard Chartered, KPMG and UNDRR launch a breakthrough roadmap to galvanise and align sector-wide efforts to address the significant finance shortfall in adaptation and resilience.
The Guide for Adaptation and Resilience Finance, developed with support from more than twenty leading financial institutions, Multilateral Development Banks (MDBs) and NGOs – including the African Development Bank and the United Nations Environment Programme Finance Initiative – represents a practical tool for investors, commercial banks, and other financial institutions by:
Setting out a common reference for adaptation and resilience alongside a list of financeable adaptation and resilience themes and activities, forming a classification framework
Simplifying the decision-making process when financing adaptation and resilience through principles and guidance based on latest best practice definitions and frameworks1
Identifying priority investments and their co-benefits, including emissions reductions and nature protection and conservation, alongside adaptation and resilience benefits
The Guide maps over 100 investable activities across adaptation and resilience, including: climate-resilient crops, vertical farming, natural flood protection, water conservation and efficiency measures, public hospital infrastructure investment, renewable energy storage solutions, and mangrove conservation and replanting.
The latest UN analysis on global climate impacts underlines the need for urgent action, with 2023 marking the hottest year on record amid rising sea levels and the increased frequency and intensity of extreme weather. Economic losses from natural and climate-related disasters are estimated to cost more than USD 330 billion per year, and this figure is just the tip of the iceberg of the real uncounted costs on people’s lives.2
Today, less than 10% of all climate finance is allocated to adaptation.3 The global adaptation financing gap is widening, and current levels of funding remain well below the estimated USD 212 billion per year needed through to 2030 in developing countries alone.4
Research conducted by Standard Chartered, published in the Bank’s Adaptation Economy Report, found that for every USD 1 spent on adaptation this decade, an economic benefit of USD 12 could be generated – highlighting the significant economic pay-off of early action towards adaptation and the potential gains for investors.5
Marisa Drew, Chief Sustainability Officer, Standard Chartered, said: “Finance and investment for adaptation and resilience needs to rapidly scale to address a critical shortfall amid rising demand. We need to embed adaptation and resilience into financial decision-making, to ensure we understand and manage the financial risks and recognise the potential of adaptation and resilience as investable asset classes. The Guide will help offer confidence to investors looking to allocate capital to adaptation and resilience projects, helping to advance sector-wide understanding and drive the critical step-change we need to see in capital mobilisation for this crucial area of sustainable finance.”
David Greenall, Global Managing Director, Climate Risk, Decarbonisation, Nature & Adaptation, KPMG International, said: “Emerging markets and developing economies have a disproportionate risk of exposure to the negative effects of rising temperatures and extreme weather, and in many cases have fewer resources or less capacity to respond. We need capital to move in the right direction and to mainstream natural and climate hazard resilience into financial flows. Commercial banks and private investors have an opportunity to lead in meeting the adaptation challenge. I encourage the banking and investment community to use this Guide as a key resource when considering how and where to invest more proactively and ambitiously in a resilient future.”
Paola Albrito, Acting Special Representative of the UN Secretary-General for Disaster Risk Reduction United Nations Office for Disaster Risk Reduction (UNDRR), said: “This guidance comes at an important moment as governments look to enable greater investment in resilience, including through the G20 work on disaster risk reduction. Financial actors can get ahead and take advantage of this guidance to develop financial products, such as adaption and resilience loans and bonds, that can mobilise private capital. I encourage the financial community to use this opportunity to set targets for themselves in terms of investment portfolios allocated to these objectives.”
The Guide responds to a COP28 call for consistent and common language to align efforts in addressing the shortfall – outlined in the UAE Framework for Global Climate Resilience, as part of the UAE Consensus agreed at last year’s UN climate summit.
Ahead of COP29, the private sector, MDBs and other financial institutions have a vital role to play, in collaboration with governments and wider stakeholders, to accelerate the deployment of capital towards adaptation and resilience. To galvanise efforts ahead of the summit, Standard Chartered, KPMG and UNDRR are inviting further collaboration with plans for financial sector dialogues, including a convening at Ecosperity Week in Singapore (17 April).
Related Article: Standard Chartered and DHL Partner to Reduce Emissions with Sustainable Aviation Fuel
1 This Guide aligns with the seven resilience themes outlined in the UNDRR and Climate Bonds Initiative Climate Resilience Classification Framework2 Direct economic losses due to disasters were an average above US$ 330 billion per year between 2015 and 2021; UNDRR (2023). The Report of the Midterm Review of the Implementation of the Sendai Framework for Disaster Risk Reduction 2015–2030.3 Climate Policy Initiative (2023), Global Landscape of Climate Finance, https://www.climatepolicyinitiative.org/publication/global-landscape-of-climate-finance-2023/4 World Meteorological Organization (2023), State of the Global Climate 20235 Standard Chartered Bank (2022), Adaptation Economy Report
Share:
Share on Facebook
Share on Twitter
Share on LinkedIn
Topics
David Greenall
ESG
ESG News
KPMG
Marisa Drew
Standard Chartered
Related Articles
EU Establishes New Scheme for Carbon Removal Certification
ESG News •
April 11, 2024
Toyota Pumps $300 Million into Early-Stage Tech and Climate Solutions
ESG News •
April 11, 2024
SBTi to Expand Use of Environmental Certificates for Scope 3 Emissions Abatement in Net-Zero Standard Revision
ESG News •
April 10, 2024
BSI Revamps Event Sustainability Guidance: Focus on Climate, Supply Chain, and Social Impact
ESG News •
April 10, 2024
Apr
11
1:00 pm – 2:00 pm EDT
ACCELERATING DECARBONIZATION ACROSS INDUSTRIES IN THE US
Apr
12
All day
International Day of Human Space Flight
Apr
14
All day
World Chagas Disease Day
Apr
20
All day
Chinese Language Day
Apr
21
All day
World Creativity and Innovation Day
View Calendar
Today’s Top ESG Stories
Standard Chartered, KPMG, UN Body Launch Roadmap to Boost Climate Adaptation Funding April 11, 2024
EU Establishes New Scheme for Carbon Removal Certification April 11, 2024
SBTi to Expand Use of Environmental Certificates for Scope 3 Emissions Abatement in Net-Zero Standard Revision April 10, 2024
Swiss Government Renews its Contribution to the Green Climate Fund April 10, 2024
B Capital Expands Climate Focus with Strategic Hires: Rich Lesser and Jeff Johnson Join the Team April 10, 2024
ESG News Quote of the Day
You have a responsibility to make inclusion a daily thought, so we can get rid of the word ‘inclusion’.
Theodore Melfi, American filmmaker
Tweet
ESG News Daily Newsletter
First Name
Last Name
Email address:
Leave this field empty if you’re human:
About ESG News About Us
Become a Contributor
Newsletter
Contact Us
Services Advertise With Us
Sponsorships
Events
News Agency
Terms & Privacy Terms & Conditions
Privacy Policy
Cookies
Copyright
Follow Us
YouTube
©2021 ESG News Corp. All rights reserved.
Add ESG News to your home screen?
Add this web page on your home screen for quick and easy access when you’re on the go.
Just tapthen “Add to home screen”
×