{"id":115413,"date":"2023-07-11T07:35:08","date_gmt":"2023-07-11T04:35:08","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/uk-and-us-co-host-private-sector-climate-finance-talks\/"},"modified":"2023-07-11T07:35:08","modified_gmt":"2023-07-11T04:35:08","slug":"uk-and-us-co-host-private-sector-climate-finance-talks","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/uk-and-us-co-host-private-sector-climate-finance-talks\/","title":{"rendered":"UK and US co-host private sector climate finance talks"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/115413\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\nNew UK-US talks on how to mobilise increased levels of climate finance kicked off in Windsor today to mark the first day of President Joe Biden&#8217;s high-profile trip to the UK. US Climate Envoy John Kerry and Energy Security and Net Zero Secretary Grant Shapps have this morning convened a meetin of philanthropists and financiers in Windsor to discuss how to boost flows of climate finance to emerging and developing economies.<\/p>\n<p>After the meeting, participants are expected to travel to Windsor Castle to relay its conclusions to King Charles III and President Biden. Shapps said the meeting built on the Atlantic Declaration, the economic accord signed between the UK and US in early June which promises to boost investment in clean technology sectors on both sides of the Atlantic.<\/p>\n<p>&#8220;Today is about uniting with our US allies and key enablers, using this world-leading expertise for the benefit of not just our own economies but those that will be most affected by climate change impacts &#8211; updating The King and President on what we&#8217;re doing to set us all on a path to net zero and greater climate resilience by unlocking private investment,&#8221; said Shapps.<\/p>\n<p>Biden&#8217;s trip is scheduled to discuss climate change with King Charles over tea this afternoon, following a meeting with Prime Minister Rishi Sunak in Downing Street earlier in the day. The President is in London as part of a three-nation tour ahead of his appearance at tomorrow&#8217;s NATO Summit in Vilnius.<\/p>\n<p>Kerry said governments needed to work with the private sector and philanthropic bodies to speed up the global net zero transition and boost flows of climate finance into developing economies. &#8220;One important outcome of today&#8217;s event will be the ideas and potential collaborations that are seeded, and the tangible action and ways private finance and philanthropies can collaborate to accelerate action on the road to COP28 [Climate Summit],&#8221; he said. &#8220;Since day one, President Biden has taken decisive action to mobilise an unprecedented effort to tackle the climate crisis, and that work continues today in partnership with the UK to raise ambition through concerted action between the public, private, and philanthropic sectors.&#8221;<\/p>\n<p>The meeting comes as both the US and the UK continue to face criticism from developing economies and green groups over their failure to deliver promised levels of climate finance. It comes just days after leaked documents indicated the UK is off track to meet its high-profile pledge to mobilise \u00a311.6bn in climate and nature funding for developing nations by 2026.<\/p>\n<p>Last week, the Guardian revealed a Foreign Office briefing note to ministers that set out why it would be near impossible for the government to honour its previous climate finance pledge. Former International Environment Minister Lord Zac Goldsmith said the funding shortfall was one of the main reasons for his resignation from government.<\/p>\n<p>The government has insisted it remains committed to mobilising the necessary funds by the end of the 2025\/2026 financial year, arguiung it would honour the \u00a311.6bn pledge first announced at the COP26 Climate Summit in Glasgow. But observers have noted it is virtually impossible for the UK to honour the promise without a huge increase in funding, given that meeting the target by 2026 would depend on 83 per cent of the Foreign Office&#8217;s overseas assistance budget being spent through its international climate fund.<\/p>\n<p>Today, Shapps reiterated the government remained committed to the goal, as he stressed the need for private finance to further the net zero transition in lower-income countries. &#8220;Finance is the lifeblood of growing economies,&#8221; he said. &#8220;Billions has been spent so far to accelerate the green transition already underway, and the UK is delivering its \u00a311.6bn of international climate finance to support countries around the world &#8211; but if we want to deliver real change, we must go further and do it together. The scale of this transition requires trillions in private investment in addition to the public funds we are spending.&#8221;<\/p>\n<p>Adrian Scholtz, Partner and Global Head of Energy Deals at KPMG, said there was an urgent need for governments to address thehigh interest rates that have become &#8220;a massive blocker to unlocking climate finance, as the increased cost of finance has to be paid for, at a time when the consumer and governments are least able to support new decarbonisation investment&#8221;.<\/p>\n<p>&#8220;There is a wall of capital and ambition that wants to mobilise towards driving net zero,&#8221; he said. &#8220;However, capital allocations to non-OECD countries is still a tiny fraction. We need to come together to open up these capital flows including through commercial structures, blended finance and through high integrity carbon markets. Unlocking this capital is the only way to deliver net zero in a just and inclusive way.&#8221;<\/p>\n<p>The US government, meanwhile, is facing criticism for failing to phase down domestic fossil fuel production in line with its positive rhetoric on climate action, as new research warned the country&#8217;s existing and planned oil production projects will release five times more carbon dioxide than is allocated under a carbon budget compatible with 1.5C of warming.<\/p>\n<p>The research from analysts at Global Data and journalists at Energy Monitor found there are 75 billion barrels of oil remaining in active fields across the US, with a further four billion barrels in planned fields. Active US fields, meanwhile, were found have some 744 trillion cubic feet of gas remaining, while planned fields contain two trillion cubic feet of gas. Overall, US oil and gas projects are set to result in 75 gigatons of potential CO2 emissions &#8211; five times the US&#8217;s &#8220;fair&#8221; share of the global budget for ensuring a 50 per cent chance of limiting global warming to 1.5C, according to the analysts.<\/p>\n<p>The White House&#8217;s approval of developments like the Willow project in Alaska and associated new oil infrastructure in the Arctic region run contrary to the decline in fossil fuel production needed to meet global climate goals, the analysts warned. &#8220;Biden has made climate action a top priority, but he has not ushered in a managed decline of fossil fuel assets, or stopped new projects being approved for extraction: both of which the International Energy Agency says are needed for the world to be on track for net zero by 2050,&#8221; said Nick Ferris, senior energy data journalist at Energy Monitor.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.businessgreen.com\/news\/4119761\/uk-us-host-private-sector-climate-finance-talks\">Business Green<\/a> <\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/uk-and-us-co-host-private-sector-climate-finance-talks\/\">UK and US co-host private sector climate finance talks<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[612,555,1035,1071,1072,1704,579,574],"class_list":["post-115413","post","type-post","status-publish","format-standard","hentry","category-news","tag-climate","tag-csr-news-en","tag-finance","tag-private","tag-sector","tag-talk","tag-uk","tag-us"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/115413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=115413"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/115413\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=115413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=115413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=115413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}