Zeroing in: October in the Race to Zero
With days to go until COP28, the Race to Zero campaign continues its momentum. From expanded membership of the Net-Zero Asset Owner Alliance to new sustainability standards for Brazil and the launch of the first-ever Employee Race to Zero, October proved to be a fruitful month.
By Climate Champions | November 9, 2023
TRAILBLAZERS OF THE MONTH
The UN-Convened Net-Zero Asset Owner Alliance released its third annual Progress Report, demonstrating increased climate action. The report called on governments to implement and accelerate policies that will unlock the flow of capital towards the race to net zero emissions.
Total membership has grown by 12 to 86 over the past year, now with over US$ 9.5 trillion AuM. Through the 2023 reporting cycle, 69 members with US$ 8.4 trillion AuM in assets under management have set intermediate climate targets in line with the Alliance’s Target-Setting Protocol, up from 44 members with $7.1 trillion in AuM last year. Read more here.
At Latin America Climate Week, we were also pleased to see Brazil adopt the ISSB’s inaugral sustainability standards. Read our full policy newsletter here.
BEHIND THE SCENES
This month, Race to Zero has been busy preparing for COP28. Our four priorities are:
- Showcase real economy, global progress of Race to Zero Partners and members, keeping strong on net zero and moving from Pledge to Plan.
- Create momentum behind a high ambition Global Stocktake outcome that drives collaboration by committing to increase net zero aligned advocacy to close the policy gap on implementation.
- Advance and strengthen key frontiers of net zero transitions, including key topics such as (a) professional service providers and net zero (b) fair share, equity and justice and (c) climate solutions.
Build on experience of the campaign to support UNFCCC in strengthening accountability in the ecosystem.
CELEBRATING PROGRESS AGAINST THE 5 PS
PLEDGE
In case you missed it, the Science Based Targets initiative (SBTi) separated out its validation services division to further boost credibility and integrity for businesses and financial institutions setting science-based targets. The transformation comes as the SBTi announces its new Chair and two new independent Trustees. Read more here.
International Wineries for Climate Action (IWCA) announced that three of its Applicant members have become Silver Members having completed their first baseline, third-party verified GHG inventory (across Scopes 1, 2, and 3) in the past 12 months and set a roadmap to work towards net zero by 2050. With these wineries’ achievement of Silver membership, the IWCA encompasses 26 Silver Members, 6 Gold Members and 13 Applicant Members.
The three International Wineries for Climate Action members to become Silver members.
PLAN
As we are racing towards a better world, those with plans are best placed to manage climate risks and seize opportunities. We’re pleased to see progress on publishing transition plans, as is underscored by the new Disclosure Framework from the Transition Planning Taskforce. Several Race to Zero leaders are publishing credible climate transition plans. Read more here.
PROCEED
At COP28, the Local Climate Action Summit will be the first time a COP Presidency has convened a formal summit designed to bring subnational leaders – mayors, governors, businesses, non-government organizations, and more – into the COP program and process. The Summit demonstrates recognition of the role subnational representatives play in helping national governments reach emissions reduction targets and net zero ambitions, while building resilient and future-proof economies and societies. Read more from the Climate Group here.
PUBLISH: Race to Zero is pleased to be working closely with CDP and ClimateArc to analyze the progress in the past year for large corporates and financial institutions in the lead-up to our Race to Zero Progress Report. We are grateful for this collaboration.
PERSUADE
Employees are racing ahead in aligning their engagement and advocacy with net zero goals. Ahead of COP28, Race to Zero accelerator, Giki is running our first ever Employee Race to Zero, encouraging employees to participate in a month of climate action, sustainability and learning – across nature, food systems and advocacy. The role of employees as “advocates” is increasingly being recognized. Check out our ally, Climate Voice’s ‘Climate Action at Work’ resource to find out how as an employee, you can influence your company and their role in shaping public policy.
SECTOR SPOTLIGHT: FOOD
The UN Climate Change High-Level Champions (HLCs) have collaborated with Non-State Actors – from farmers and fishers to businesses, cities, civil society, consumers and all those engaged in food systems – to develop a Non-State Actors Call to Action for Transforming Food Systems for People, Nature, and Climate. Partners, like the Under2 Coalition, are supporting this call to action already in a number of ways, having worked with small-scale farmers in the Peruvian Amazon for two years, to take deforestation out of cattle ranching and regenerate local habitats for the benefit of all species.
UPCOMING & PAST EVENTS
On 8 November, the Climate Action Accelerator hosted ‘Fast Tracks: Accelerating Climate Action to better meet growing needs’ in a bid to speed up climate action!
In October, the Race to Zero Campaign made significant strides in climate action across the MENA and LATAM regions, and our team actively participated in key events.
MENA Climate Week (8 – 12 October)
During MENA Climate Week, our campaign hosted two pivotal events. The “MENA Race to Zero: Opportunities and Challenges Towards COP28” panel brought together experts and thought leaders to discuss the unique challenges and opportunities on the road to achieving net zero emissions by COP28. We emphasized the importance of aligning with science-based targets and the crucial role of bold leadership in achieving climate goals. In tandem, we announced the launch of SME Climate Hub in MENA to engage small and medium-sized enterprises in their journey to net zero.
The “Accelerating Transition Finance To Create An Enabling Environment For Decarbonization in MENA” event organized with CIB, underscored the finance sector’s role in driving decarbonization in the region. We discussed the need for innovative financial instruments, the importance of debt instruments, and the creation of a credible transition plan. Furthermore, we highlighted the significance of equity investments and grants in the MENA and Africa regions and explored how COP28 can accelerate transition finance efforts.
LATAM Climate Week (23 – 27 October)
During LATAM Climate Week, the session “Accelerating Just Transition Together: Potential of South-South Partnership” brought regional policymakers, experts, and practitioners together to discuss policy measures and strategies for a zero emission transition.
We also joined the “Boosting Companies’ Climate Action Through the SBTi in LATAM” event, where we shared insights on how SBTi can boost companies’ journey towards net zero in LATAM.
In the “The Ibero-American Private Sector in the Race to Zero” event, we emphasized the importance of the private sector in driving climate action in the face of challenges in the Ibero-American Private Sector.
Additionally, our Race to Zero team had speaking opportunities in key events during October, including the MTI University Event in Cairo, Solar Week Egypt 2023, and the 2030 Leaders Program in Alexandria. These opportunities allowed us to engage with diverse audiences and promote the RtZ mission to 500 audiences spanning companies, civil society, youth organizations and university students.
