Sustainable Development Goal 7 on energy (SDG 7) outlines clear targets for universal access, increasing renewable energy and improving energy efficiency, while Nationally Determined Contributions under the Paris Agreement provides a basis for limiting greenhouse gas emissions. However, while many countries have made considerable progress towards these goals, the Asia-Pacific region is not on track to meet SDG 7 or the Paris Agreement goal of limiting global warming to two degrees.
Governments and companies around the world have committed to adding some 826 gigawatts of new non-hydro renewable power capacity in the decade to 2030, at a likely cost of around $1 trillion. Those commitments fall far short of what would be needed to limit world temperature increases to less than 2 degrees Celsius. They also look modest compared to the $2.7 trillion invested during the 2010-2019 decade, as recorded by this Global Trends report.
Climate change, ocean pollution, and disasters from natural hazards have also placed a heavy burden, especially on the poor and vulnerable. Further, these challenges are magnified by the coronavirus disease (COVID-19) pandemic that has become a global emergency in 2020, requiring forceful action at the national, regional, and international levels. Although it remains uncertain when the COVID-19 pandemic will end, economic and social impacts on the region will be significant.
Two funded projects by the European Commission (LANDMARC and TIPPING+) were officially started.
This webinar discusses what is needed to make green projects "bankable", the role of a guarantee in a green bond issuance, how rating agencies analyze bonds' credit standing, and what can be done to mobilize more capital through green bonds.
- Cedric Rimaud, CFA - ASEAN Programme Manager, Climate Bonds Initiative.