We remain deeply committed to continuing to mobilise highest ambition non-State action. In 2023, we need to move quickly from the groundswell of voluntary momentum into the ground rules that can reshape the global economy for a more just and resilient future that delivers for the most vulnerable.
UN Climate Change High-Level Champions: Contribution of the ‘All of Society’ Global Climate Action Agenda at COP27
The UN Climate Change High-Level Champions took stock of the contribution of non-State actors at COP27 with their closing event – COP27 Action Agenda: Progress & Priorities – wrapping-up a two week programme of over 50 events. This included the launch of the Sharm-El-Sheikh Adaptation Agenda, a number of major African-led initiatives to cut emissions and build climate resilience, and significant work on the mobilisation of finance.
The event focused on accountability, fairness, and an assessment of non-State progress at COP27, and featured keynote speeches from The High-Level Climate Champions, Nigel Topping and Dr. Mahmoud Mohieldein; Environmental and human rights activist, Helena Gualinga; Omnia El Omrani, COP27 Youth Envoy; and Mary Robinson, Chair of The Elders.
Speaking to assembled national government representatives, the Champions presented the Summary of Global Climate Action at COP27. The Summary, along with the Yearbook of Global Climate Action 2022, demonstrates how the Champions and the Marrakech Partnership have delivered the first year of their five-year plan for the Improved Marrakech Partnership for Enhancing Ambition and their action throughout COP27. It recognises that mobilising ‘all of society’ action with State climate plans can unlock an upward cycle of implementation, and lists the headline outcomes at COP27 that have been mobilised under the Marrakech Partnership. Each outcome supports one of the four priority areas identified in the 2022 Marrakech Partnership Workplan: strengthening and mainstreaming resilience, increasing finance for climate action, accelerating action, and building credibility and trust – collectively helping to realise the goal of a 1.5°C, resilient world.
Commenting on the Summary, Dr. Mahmoud Mohieldein, High-Level Champion for COP27, said: “The non-State actor community showcased at COP27 the progress they have been making on the hard work of implementation. The membership of the Race to Zero and the Race to Resilience has grown significantly with more than half of the finance actors in Race to Zero now releasing interim targets. By the close of the Global Stocktake next year, we need these real economy and finance actors to demonstrate impact in the real world, through projects and investments on the ground, especially in developing and emerging economies. Importantly, the Sharm el-Sheikh Adaptation Agenda gives clarity to the work being done on adaptation and resilience, helping us to adopt a holistic approach to climate action that touches on all the Sustainable Development Goals.”
The Summary of Global Climate Action at COP27 released today, combined with action captured in the Yearbook of Global Climate Action, demonstrate both the continued groundswell of commitments and steps taken towards implementation. As a means to transparently track progress of these commitments, the Champions have today announced the launch of data explorers for their two flagship campaigns, which show how Race to Resilience partners are increasing resilience for 2.9 billion people and how Race to Zero Members, in partnership with Climate Arc, are progressing towards net zero. Both explorers will be coming before the end of the year.
Action by businesses, investors, cities, states, regions and civil societies continues to increase, with 34 Race to Resilience partners from 139 countries taking action to build the resilience of 2.9 billion people. At the same time, 26 Race to Zero partners have mobilised more than 11,000 non-State actors.
Across the two weeks, the UN Climate Change High-Level Champions supported and delivered a wide range of actions, announcements, and events across mitigation, adaptation finance and equity, with a clear focus on implementation. This included the launch of the African Cities Water Adaptation Fund, an African-led insurance commitment to provide cover for up to $14bn in climate losses, and the Sharm-El-Sheik Adaptation Agenda in partnership with the COP27 Presidency. (A full list can be found at the end).
The closing event also represents Nigel Topping’s final intervention as the High-Level Climate Champion for COP26, having held the position since January 2020. During his term, he worked in partnership with Dr. Mahmoud Mohieldein and Gonzalo Muñoz, the High-Level Champion for COP25, on a range of innovations, including the launch of the Race to Zero and Race to Resilience flagship campaigns, as well as the 2030 Breakthroughs – a framework setting out near-term targets across each sector of the economy that are necessary to hit in order to remain on a path to achieve a net-zero economy by 2050. The concept behind the framework has been taken forward by countries representing 50% of global GDP through the Breakthrough Agenda as well as the Sharm El Sheik Adaptation Agenda, which was launched by the Champions and the COP27 Presidency. Nigel also co-founded the Glasgow Financial Alliance for Net Zero alongside Mark Carney, with Dr Mohieldein now taking up a leading role as Chair of Alliance’s Africa Network.
Nigel Topping, High-Level Champion for COP26, said: “We can hit our climate goals faster than we ever thought possible. We see evidence of this growing momentum in now ‘possible to abate’ sectors, including aviation, shipping, steel, cement and hydrogen. Countries, regions and individual organisations are consigning fossil fuels to history and ushering-in a new era of cheap, reliable, renewable electricity. This is the power of radical collaboration; when we unite around shared goals and shared values. And this reality of exponential growth beating linear change needs to be firmly embedded as part of the Global Stocktake. I urge Parties to take courage and embed this momentum in their national plans. Tackling climate change is our generation’s moonshot; not to demonstrate one country’s industrial prowess, but to save everyone and everything we hold dear.”
Summary of Global Climate Action: List of COP27 Outcomes
1. Addressing the adaptation gap and strengthening resilience:
Elevating adaptation and resilience to become the foundation of sustainable development pathway implementation in a manner that builds non-Party stakeholders’ contributions to address loss and damage through equitable, holistic, and collaborative efforts.
A flagship collaboration between the COP 27 Presidency, the High-Level Champions and the Marrakech Partnership, the Adaptation Agenda is the first comprehensive global plan to rally both States and non-State actors behind a shared set of 30 Adaptation Outcomes that are required by 2030 across food and agriculture, water and nature, oceans and coastal, human settlements and infrastructure systems as well delivery across key enablers of planning and finance in order to enhance resilience for 4 billion people living in the most climate vulnerable communities by 2030.
In collaboration with the High-Level Champions, the Global Mangrove Alliance has identified the need for a unified global approach towards mangrove conservation. Together they called on signatories to join the Mangrove Adaptation Outcome (Mangrove Breakthroughs) of the Sharm el-Sheikh Adaptation Agenda in recognition of the need to secure the future of 15 million hectares of mangroves globally by 2030 through collective action on halting mangrove loss, restoring half of recent losses, doubling protection of mangroves globally, and ensuring sustainable long term finance for all existing mangroves.
Referencing three Sharm el-Sheikh Adaptation Outcomes for Finance, the High-Level Champions called for public finance actors to increase the volume and share of adaptation and resilience finance, for private finance actors to help mobilise the USD$140 billion to USD$300 billion needed annually by 2030, and for insurers to institutionalise a longer-term industry approach to adaptation and resilience. The finance deep-dive report provides additional detail on the Sharm el-Sheikh Adaptation Outcomes for Finance and offers solutions for how they can be delivered.
In support of the Sharm el-Sheikh Adaptation Agenda, the High-Level Champions and partners released a human settlements technical report exploring the adaptation outcomes specific to human settlements, for example urban infrastructure, urban nature, and safe housing, as well as highlighting action underway to achieve them.
The COP 27 Presidency launched the Action on Water Adaptation and Resilience Initiative (AWARe). The initiative aims to put water front and centre of adaptation and resilience action by offering transitional adaptation solutions for the planet and people, starting with the world’s most vulnerable communities and ecosystems in Africa. The initiative is arranged across three main priorities: 1) decrease water loss and improve water supply worldwide; 2) propose and support implementing mutually agreed policy and methods for cooperative water-related adaptation action and its co-benefits; and 3) promote cooperation and interlinkages between water and climate action in order to achieve Agenda 2030, in particular SDG6.
Signatories to the Glasgow Declaration for Fair Water Footprint made a call to action to governments in both developed and developing countries, progressive businesses, financiers and NGOs to join this leadership initiative which puts climate resilient and equitable water management at the heart of the global economy by 2030.
The COP 27 Presidency launched the Enhancing Nature-based Solutions (NbS) for Climate Transformation (ENACT) in collaboration with IUCN. The aim is to drive collective action across climate, biodiversity, and desertification to help close the finance gap for nature-based solutions. ENACT will serve as a hub for government and non-State actors to foster collaboration, accelerate action, facilitate policy dialogue and bring global coherence to NbS. The partnership will promote adherence to the NbS Global Standard and produce annual reports. ENACT aligns targets with the land use 2030 Breakthrough and with the Sharm el-Sheik Adaptation Agenda, as well as with the Mangroves Breakthroughs.
At the first ever Urbanisation and Climate Ministerial bringing together Ministers and Mayors to discuss the key challenges facing cities, the COP 27 Presidency launched the Sustainable Urban Resilience for the Next Generation (SURGe) initiative, which aims to build on commitments of cities and provide a holistic framework to achieve sustainable and resilient urban systems. It also aims to unlock urban climate finance and work with national governments, multilateral development banks and the private sector to facilitate access to finance, and develop a pipeline of bankable projects. The initiative was facilitated by UN Habitat and ICLEI.
The Cool Coalition launched Beat the Heat: Nature for Cool Cities Challenge. Cities in developing countries are invited to participate in the challenge by pledging to increase nature based solutions in their urban areas by 2030 and demonstrate tangible progress by 2025. Participants will be supported via funding, technical assistance, partnership opportunities, and communications support.
The Netherlands introduced the Champions Group for Deltas and Coastal Zones. The group enables harmonised action between countries and Small Island States to realise sustainable management of deltas and coastal zones in the short and medium term. The group will provide area-specific advice to countries on the integral implementation of their National Adaptation Plans (NAPs). An aspired outcome of these endeavours is a pipeline of sustainable projects for financial institutions.
The Scottish Government, in partnership with the High-Level Champions and the Global Resilience Partnership, published a report on practical action to address climate losses and damages for the most vulnerable people and nations. The report identifies the urgency to mobilise increased finance from public and private sources and presented innovative ideas to do this – from debt relief, philanthropy, to private investment.
Developed through global and regional roundtables, the Roof Over Our Heads global campaign was launched under the Race to Resilience. Its aim is to provide two billion people with resilient, low carbon, and affordable homes by 2050, beginning with community project labs in India.
The High-Level Champions published a co-created discussion paper setting out practical actions for non-State actors to accelerate action to address losses and damages and mobilise finance. Recognising that losses and damages are happening now, with increasing frequency and severity, the High-Level Champions invite everyone to collaborate by implementing solutions and accelerating financial flows to where they are most needed.
2. Increasing finance for climate action
Driving the scaling of financial mobilisation and the reform of financial systems to support climate-aligned transitions, including innovative efforts implemented with integrity that seize opportunities such as debt-management and carbon markets.
The COP 27 Presidency, the UNFCCC, and the High-Level Champions hosted a series of Regional Finance Forums throughout 2022 across five regions involving over 1,500 participants, which focused on building project pipelines based on regional priorities. Drawn as an outcome of those forums, this report includes headline statistics on projects identified through the forums. It also features practical insights from project proponents and financiers on what is needed to further build project pipelines and attract private finance.
In 2022, the COP 27 Presidency, the High-Level Champions and the United Nations Regional Commissions have released a compendium of 50 projects. At COP 27 the High-Level Champions released an extended compendium comprising 128 projects in need of USD$128 billion. This provides the basis for a project pipeline, with projects across mitigation and adaptation, rooted in NDC and regional priorities.
Commissioned earlier this year by the COP 26 Presidency together with the COP 27 Presidency and the High-Level Champions, the Independent High-Level Expert Group on Climate Finance, co-chaired by Vera Songwe and Lord Nicholas Stern, released a report with recommendations for scaling up long-term finance for developing countries (beyond USD$100 billion), integrating climate and development holistically. Recommendations include mitigation, adaptation and nature, estimating that developing countries need USD$2 trillion a year until 2030.
Convergence convened finance actors to release an Action Plan for Climate and SDG Investment Mobilization. This focuses on how public and philanthropic financial resources, MDBs and DFIs could help scale blended finance. Five recommended pillars are: increase supply of catalytic funding, make MDBs and DFIs catalysts of mobilisation, integrate development finance and climate finance, improve data, and empower local capital markets and financial intermediaries.
The Race to Zero announced that Partners from the finance sector totalled 550 financial institutions with USD$150 trillion in assets by COP 27, with significant growth since COP 26 (450 members, USD$130 trillion). Furthermore, over 300 interim net zero targets were published by COP 27 by Race to Zero Partners from the finance sector. Partners have significantly regionalised. For example, the Net-Zero Banking Alliance represents 40% of global banking assets from 41 countries including from developing countries in Africa, Asia-Pacific, Latin America and the Caribbean.
602 investors representing almost USD$42 trillion in assets under management, co-ordinated by The Investor Agenda, called for policymakers to create enabling conditions and committing to mobilising finance at the scale needed to achieve the Paris Agreement goals.
GFANZ published a Call to Action One Year One report, highlighting policy levers to attract private finance. This covers net zero targets underpinned by transition plans and sector pathways, aligning the multilateral and financial architecture, pricing externalities of carbon emissions, creating incentives, and mobilising capital flows to emerging markets and developing countries.
Launched as a collaboration between the Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for ALL (SEforALL), and UNECA, ACMI aims to expand Africa’s participation in voluntary carbon markets by setting an ambition for the continent and developing a roadmap of action programs that will be implemented over the next few years to meet that ambition. ACMI released a roadmap report and welcomes input to realise the potential of carbon markets.
The High-Level Champions released a Financing Factsheet, a practical tool to enable project proponents to provide information needed by financiers to consider a project. This off-the-shelf tool covers key financial information, project structure, timeline and climate impact. It is being piloted by 15 project proponents in developing countries.
The GFANZ Africa Network and Advisory Board, launched in September 2022 announced its priorities at COP 27: unlocking investment, and supporting and engaging with African Financial Institutions. At COP 27, the GFANZ Africa Advisory Board announced 2023 priorities: developing project pipelines into investable opportunities, reducing the cost of climate finance, carbon markets, and incorporating an Africa perspective into GFANZ outputs. The network’s Advisory Board will be chaired by the COP 27 High-Level Champion.
Under the Nairobi Declaration on Sustainable Insurance, convened by FSD Africa and supported by the High-Level Champions, African insurers have made the first ever commitment to underwrite cover for climate risks in Africa. Under the African Climate Risk Facility, 85 insurers committed to underwriting USD$14 billion of cover for climate risks by 2030. The Africa Climate Risk Facility is a mechanism that will scale private sector underwriting of climate disaster risk in Africa for 1.4 billion people for floods, droughts, and tropical cyclones.
The High Quality Blue Carbon Principles and Guidance have been developed by Meridian Institute in collaboration with a series of other partners. The objectives of these principles and guidance are to provide a consistent and accepted approach to ensuring that blue carbon projects and credits optimise outcomes for people, biodiversity, and the climate.
AFSTI and 70 African-owned agri-busineses announced an action plan for directing financial flows to food supply chains in Africa. It will draw finance, philanthropy, multilateral development banks, and private sources, targeting much overlooked agri-businesses and food processors who are pivotal to transforming the food outlook in Africa.
The African Cities Water Adaptation Fund (ACWA Fund) is a new Africa-focused blended finance instrument that aims to support the development and implementation of more than 200 projects in 100 African cities by 2032. Launched by the World Resource Institute (WRI) together with public and private sector partners, development banks, impact investors, State and non-State actors and experts, it supports city leaders to fund and scale high-impact water resilience solutions across Africa by leveraging private financing while better coordinating public sector funds alongside climate and development aid.
The Race to Resilience launched the Insurance Adaptation Acceleration Campaign in an effort to mobilise 3,000 insurance companies (equal to 50% of the market) by COP 28. The objective is to scale the industry’s ability to advance meaningful climate risk reduction, and to jointly pursue the innovative public-private partnerships that reflect a shared mission of protecting vulnerable populations from the physical ravages of climate change.
In partnership with Clean Cooling Collaborative, the Adrienne Arsht-Rockefeller Foundation Resilience Center (Arsht-Rock) announced the Cool Capital Stack – USD$750 million investment pipeline to protect the world from extreme heat. It represents the first-ever investment pipeline dedicated to mobilising investment in projects and technologies to protect people, communities, and local economies – particularly the world’s most vulnerable including women and girls – from climate-driven extreme heat.
RMI and Lion’s Head Global Partners partnered to launch a USD$75 million Caribbean Climate Smart Fund to invest in energy projects across the Caribbean, with an additional USD$15 million Project Preparation Facility. These projects will support climate resilience in the face of intensifying storms, stabilise electricity prices, and increase energy security, while saving tens of millions of dollars each year in fossil fuel imports.
The Collective for Clean Transport Finance was launched, which aims to create the tools to change the risk profiles of investment in zero-emission transport. The Collective is a strategic collaboration between the High-Level Champions and the Smart Freight Center, World Bank, WBCSD, and the Nand & Jeet Khemka Foundation.
AFR100 initiative which brings 32 countries together to bring under restoration 128 million ha by 2030 saw increase of financial flows that have already been delivered on the ground since COP26, and new blended finance investments have been made available for the initiative.
Climate Investment Fund (CIF) launched an Industry Transition Programme, the world’s first large scale dedicated finance programme for developing country industry transitions. Plans include a USD$410m green hydrogen investment in Egypt led by the European Bank for Reconstruction & Development (EBRD) and a World Bank project to develop a USD$1.6bn green hydrogen global programme.
3: Accelerating action
Driving action that addresses zero-carbon development needs in a holistic manner that leverages nexus areas, is appropriate to local and regional conditions, and delivers a just, managed, and financed transition.
The COP 27 Egyptian Presidency launched the Africa Just and Affordable Energy Transition Initiative (AJAETI). By 2027, its three primary objectives are to offer technical and policy support to facilitate affordable energy for at least 300 million people in Africa; provide access to clean cooking fuels and technologies; and increase the share of renewable electricity generation by 25%.
The Planning for Climate Commission was launched, a new global initiative focused on speeding up planning and approvals for the massive deployment of renewables and green hydrogen needed to address climate change and energy security. The Commission is a joint initiative by the Green Hydrogen Organisation, International Hydropower Association, the Global Wind Energy Council, and the Global Solar Council.
Organisations representing wind, solar, hydropower, green hydrogen, long duration energy storage, and geothermal energy industries joined forces in an unprecedented alliance to launch the Global Renewables Alliance. It brings together, for the first time, all the technologies required for the energy transition in order to ensure an accelerated energy transition. As well as ensuring targets are met, the Alliance also aims to position renewable energy as a pillar of sustainable development and economic growth.
Belgium, Colombia, Germany, Ireland, Japan, the Netherlands, Norway, the UK, and the US join the Global Offshore Wind Alliance (GOWA). The Alliance aims to be a global driving force for the uptake of offshore wind by bringing together governments, international organisations, and the private sector to close the emissions gap and enhance energy security. The Alliance was founded at COP 26 by Denmark, the International Renewable Energy Agency (IRENA), and the Global Wind Energy Council (GWEC).
The Energize program has grown to include 15 companies, and 364 supplier companies have registered. Energize is a program working to decarbonise the pharmaceutical industry’s value chain by helping them to accelerate their renewable energy procurements. This growth accounts for 22.1 TWh of electricity demand.
With support from the High-Level Champions, the COP 27 Presidency launched the FAST initiative, to improve the quantity and quality of climate finance contributions to transform agriculture and food systems by 2030, supporting adaptation and maintaining a 1.5-degree pathway whilst supporting food and economic security. This multi-stakeholder cooperation programme will have concrete deliverables for enhancing country capacities to access climate finance and investment, increase knowledge, and provide policy support and dialogue.
AIM for Climate has announced an increased investment of more than USD$8 billion from 23 government partners, up from USD$4 billion at COP 26 with the support of over 275 government and non-government partners. AIM for Climate is a global initiative by the United Arab Emirates and the United States.
Developed in partnership between the Consumer Goods Forum (CGF) and Accenture, the Net Zero Playbook was launched, which provides companies with a set of practical solutions to address their most complex emissions challenges. It outlines what is possible, how to get started, and provides case studies demonstrating how industry leaders are already taking action across key decarbonisation levers.
Under the Breakthrough Agenda first launched at COP 26, countries representing more than 70% of global GDP, with support of multi-stakeholder partners, produced a package of 25 new collaborative actions to be delivered by COP 28 to speed up decarbonisation under five key breakthroughs: power, road transport, steel, hydrogen and agriculture, with the buildings and cement sectors to be added to the Breakthrough Agenda next year.
Moreover, 13 countries joined the Agriculture Breakthrough to work together to make climate-resilient, sustainable agriculture the most attractive and widely adopted option for farmers everywhere by 2030.
The Carbon Dioxide Removal 2030 Breakthrough was released, which states that by 2030, carbon dioxide removals are responsibly and equitably scaled to remove 3 billion tonnes of CO2 per year, with another 500 million tonnes per annum being stored for at least 100 years. In addition, the Carbon Removals at COP virtual online pavilion was created to capture removals-related events, daily commentary, news and thinking during COP 27 and beyond.
Mobile network operators signalled 64 terawatt hours (TWh) in new renewable energy required by 2030, and the Asia Clean Energy Coalition was launched to accelerate renewable electricity procurement in Asia. These clear demand side signals show progress towards the 2030 ICT & Mobile Breakthrough of 80% decarbonised electricity.
The FMC launched its Cement & Concrete Commitment to showcase the emerging global demand for green cement in partnership with the World Economic Forum (WEF) and the Mission Possible Partnership (MPP). The commitment features an initial list of five signatories.
The Africa Green Hydrogen Alliance (AGHA), first launched at COP 26, called for greater cooperation between governments and the private sector in six key African countries. Reporting on progress since launching at COP 26, the group revealed detailed analysis showing green hydrogen could sustainably industrialise Africa and boost GDP by 6 to 12% six key member countries by 2050 (Egypt, Kenya, Mauritania, Morocco, Namibia, and South Africa).
The Africa Net Zero Concrete Group was launched, which aims to accelerate the decarbonisation of the cement sector in Africa by exchanging lessons learned, supporting companies in their net zero trajectories via the Race to Zero, and accelerating the establishment of net zero country sector roadmaps in African countries. The goal for next year is to establish these in up to ten African countries.
Launched by LeadIt and the Global Cement and Concrete Association (GGCA), the Green Cement Technology Tracker was published in order to ensure more transparency and accountability. The aim is to transparently track public announcements of low carbon investments in the cement industry.
Ten leading shipping organisations and green hydrogen producers committed to producing and deploying at least 5 million tonnes of green hydrogen by 2030 to supply the 5% zero-emissions shipping fuels needed to put the global maritime sector on a decarbonisation path aligned with limiting global warming to 1.5°C or below.
An online Green Shipping Corridor Hub was established by the Zero-Emission Shipping Mission from Mission Innovation. It serves as the first online one-stop-shop meant to streamline the formation and development of green shipping corridors. The Hub currently has three features: a route tracker displaying green shipping corridors; an interactive map connecting interested partners to co-create new corridors; and a curated library of material published by industry thought leaders.
The Maritime Just Transition Task Force launched a new action plan setting out recommendations to upskill seafarers to meet shipping’s decarbonisation goals. The plan is in response to findings from new research which warns that as many as 800,000 seafarers will require additional training by the mid-2030s.
Clean Skies for Tomorrow and the Sustainable Markets Initiatives partnered to produce a guidebook demonstrating the SAF carbon accounting guidelines – lending credibility to the USD$17 billion committed by airlines in forward SAF agreements. This represents significant progress in achieving the goal of sustainable aviation fuels (SAF) comprising 10-15% of fuels globally by 2030.
Following a multi-stakeholder consultation process convened by the Egyptian COP 27 Presidency, the Presidency in partnership with SLOCAT launched the Low Carbon Transport for Urban Sustainability (LOTUS) initiative, which aims at decarbonising the global urban mobility landscape with a specific focus on implementing urban transport solutions for developing countries. In launching, LOTUS set out interventions for new Transport Breakthroughs in 2023.
Building off of the “Zero Emission Vehicles Declaration” established at COP 26, the UK, the High-Level Champions, the International Council on Clean Transportation, The Climate Group, and the Drive Electric Campaign launched the Accelerate to Zero (A2Z) coalition. Serving as the world’s largest transportation coalition with over 200 organisations including governments, industry, and civil society, the coalition aims towards all sales of new cars and vans being zero emission no later than 2035 in leading markets and 2040 globally.
Zero Emission Vehicles Emerging Market Campaign (ZEV-EM-C)
In partnership with the UK and WBCSD, the US launched the Zero Emission Vehicles Emerging Market Campaign (ZEV-EM-C), a one-year campaign that seeks to accelerate zero-emission passenger vehicle deployment in emerging markets. The campaign will highlight private sector contributions and foster dialogue between emerging markets and major companies to accelerate private investment to achieve ambitious ZEV deployment goals.
The African Alliance for Sustainable Cities and Built Environment was launched, in the aim of activating the Africa Manifesto for Sustainable Cities & the Built Environment, which sets out policies related to energy, water, materials, finance and infrastructure that African business leaders, city and government officials must support to deliver a socially- and economically-inclusive built environment for everyone across the continent
The High-Level Champions, in partnership with WRI, Ocean & Climate Platform, Orsted and UN Global Compact, published the Ambition Loop for the Ocean Economy Report. The report provides a framework for a system approach to ocean-climate action through the “Blue Breakthroughs” in activating the blue ambition loop.
4: Building credibility and trust
Working to close the credibility gap and strengthen accountability through tracking and reporting on progress, establishing best practices, and progressively connecting voluntary action with the ground rules of the economy.
The UN Secretary General published the High-Level Expert Group’s report Integrity Matters: Net Zero Commitments by Businesses, Financial Institutions, Cities and Regions, describing it as a how-to guide to ensure credible, accountable net-zero pledges. In his response to the report, the UN SG tasked UN Climate Change with ensuring the accountability of non-State actor commitments and suggested the creation of a Net Zero Regulation Taskforce.
The Climate Data Steering Committee, created by French President Emmanuel Macron and UN Special Envoy for Climate Ambition and Solutions Michael R. Bloomberg, announced its recommendation to create an open climate data utility that will provide a centralised repository of key climate transition-related data to allow all stakeholders to easily access and interpret climate commitments and actions taken. Recognizing the central role of the UNFCCC, the Committee recommends the Utility should be designed and built to be part of the UNFCCC Global Climate Action Portal (GCAP).
The Global Climate Action Portal (GCAP) COP 27 event page provides a publicly accessible repository of climate action initiatives launched and announcements made during the conference. The initiatives launched will be encouraged to provide progress information to track and understand their achievements in the lead up to COP 28 and beyond. This effort will be repeated for subsequent COPs.
Building upon its annual State of Climate Action reports, the Systems Change Lab launched an open-source data platform which tracks global progress across nearly every major system, including power, industry, transport, food, and finance. The interactive platform identifies which transformational shifts are accelerating or heading in the wrong direction, as well as the key forces driving these changes.
GFANZ, supported by the High-Level Champions, facilitates cross-sectoral best practices and technical collaboration to accelerate the development and implementation of net zero transition plans in the finance sector. GFANZ released the Financial Institution Net Zero Transition Plan Framework and Guidance. This defines key components of a net zero transition plan including financing/enabling entities with climate solutions, aligned or aligning with 1.5°C and managed phase-out.
NZAOA highlighted in their Second Progress Report that 44 members have set short-term (2025 and 2030) decarbonisation targets. These members represent USD$7.1 trillion – two-third of the total USD$10.9 trillion in Assets Under Management across the initiative’s 80 members.
NZBA released its first Progress Report, which captures the intermediate decarbonisation targets of over 60 members. The NZBA has nearly tripled in size in just 18 months: from launching in April 2021 with 43 founding members, the Alliance is now comprised of 122 members in 41 countries, representing about 40% of global banking assets.
PAAO published its first Progress Report and initial target disclosures for a further 13 signatories, showcasing innovation and best practice amongst asset owners for turning net zero commitments into action. The new targets mean that 40 asset owners have disclosed initial targets since March 2021.
NZAM announced initial targets for 86 investors – as the total number of asset managers committing to net zero increases to 291. Less than two years since the initiative launched, the latest disclosures take the total number of asset managers that have set initial targets to 169 and represents USD$21.8 trillion committed to be managed in line with achieving net zero by 2050 or sooner.
NZIA opened a consultation on its inaugural target-setting protocol, set to be launched in January 2023. NZIA reported on progress in its collaboration with the Partnership for Carbon Accounting Financials (PCAF) on the first global standard to measure and disclose emissions attributable to insurance underwriting portfolios.
Progress on the FSDA was reported – a results-driven collaborative of over 35 financial institutions representing more than USD$8.9 trillion in assets under management. These institutions have been accelerating implementation of the commitment to eliminate commodity-driven deforestation from portfolios, increase investments in nature-based solutions, and drive progress towards a net zero, nature-positive economy. FSDA members have published shared investor expectations for companies, stepped up engagement activity, and are working with policymakers and data providers thereby creating essential convergence across climate and nature-related initiatives.
The Race to Resilience launched a dashboard to track progress of adaptation implementation. This comes alongside an update to the metrics framework launched in 2021. The framework is the cornerstone of the Race to Resilience campaign, tracking progress across different project types and identifying opportunities for adaptation solutions.
A partner initiative of the Race to Resilience, Regions Adapt published its first progress report. Regions Adapt brings together leading states and regions on climate change adaptation to foster collaboration as well as learning and capacity building. The initiative includes 70 signatory members impacting over 300 million citizens.
The Getting to Zero Coalition and the Global Maritime Forum published the 2022 Annual Progress Report on Green Shipping Corridors. This follows the implementation of the Clydebank Declaration for green shipping corridors at COP 26 in which signatories agreed to establish at least six green shipping corridors by the middle of this decade. The progress report identifies more than 20 green corridor initiatives across Transpacific, Asia Pacific and Transatlantic regions, Europe, North and South America.
COP26 High-Level Climate Action Champion, Nigel Topping in his closing speech reflects on his three years in the role, and the collective task before all of society.
COP27 High-Level Champion for Climate Action, Mahmoud Mohieldin’s speech at the closing event, COP27 Action Agenda: Progress & Priorities, which wrapped-up a two week programme of over 50 events.