Unpacking the finance sector's investment commitments: What climate impact can regions, cities, businesses, and specifically financial institutions deliver?
In this Climate Week NYC event, we present the dynamic field of non-state and subnational action, its opportunities and uncovered potential for climate ambition. Specifically, we will focus on climate ambition in the financial sector, where the number of investment targets has increased over the last years. We critically assess the size and magnitude of the financial sector's investment targets to provide a sense of the potential impact of the sector’s ambitions.
The results of this analysis, in combination with our forthcoming work on net zero targets, help building a more constructive dialogue on the challenges and opportunities that corporates encounter when aiming for real decarbonisation.
11:00 – 11:10: Welcome and setting the scene (Prof. Dr. Niklas Höhne, NewClimate Institute)
11:10 – 11:25: Size and impact of the finance sector’s investment targets on global GHG emissions (Katharina Lütkehermöller, NewClimate Institute and Mark Roelfsema, Utrecht University)
11:25 – 11:30: Net zero targets: What do they amount to? What are key challenges? (Thomas Day, NewClimate Institute)
11:30 – 11:40: Investment targets: Key challenges around target setting and ambition of targets (Jesica Andrews, Net Zero Asset Owner Alliance, UNEP Finance Initiative)
11:40 – 11:50: Investment targets reporting: Insights from CDP (Emily Kreps, Global Director of Capital Markets, CDP)
11:50 – 12:30: Discussion / Q & A
Cities, regions, and business are vital for achieving national and global climate change goals – but how big can their impact actually be? This is the leading question of our 2020 aggregation analysis on global climate action led by non-state and subnational actors. Their climate action helps countries deliver and, in some cases, over-achieve current national pledges under the Paris Agreement. In fact, with the support from national governments, non-state and subnational actors could put the world on track to limit global warming to 2°C, if they deliver on their targets. During this Climate Week NYC event, NewClimate Institute and consortium partners will zoom in on the potential impact of targets from the finance sector and the relation with net zero targets.
In 2018, we launched our first aggregation analysis estimating the potential GHG emission reduction impact of individual actors and international initiatives. In 2019, we published an update report “Global Climate Action from Cities, Regions and Businesses". Now, it’s time for our third aggregation report, in which we’re expanding the analysis with new actions, initiatives and ambitions, including the financial sectors’ investment targets, the increasing amount of net zero targets and implications of COVID-19 on non-state and subnational actions.