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COP27, Climate TRACE, CDP + ISSB, An Inconvenient Truth, and US Midterms

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Here are 5 ESG insights you might have missed this week:

1. COP27 Coverage-

  • COP27 is nearing the halfway mark. Follow the action live, as it happens, with Edie.

  • COP27 officially opened in Sharm el-Sheikh, Egypt, on Sunday (6 November). However, this was a quieter day, with no specific themes on the presidency agenda, giving attendees time to settle in ahead of the two weeks of negotiations and side events.

  • The first week of COP27 has concluded and there are plenty of articles covering the highlights. But we are tagging the coverage from Edie for a more "behind the scenes" coverage and a daily summary of what happened at Decarbonization Day, Finance Day and others.

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2. More Than 70,000 of the Highest GHG Emitting Sources Identified in Largest Global Inventory-

  • Climate TRACE coalition released the most detailed facility-level global inventory of greenhouse gas (GHG) emissions to date.

  • The 70,000+ individual sites — including specific power plants, steel mills, urban road networks, and oil and gas fields — represent the top known sources of emissions in the power sector, oil and gas production and refining, shipping, aviation, mining, waste, agriculture, road transportation, and the production of steel, cement, and aluminum.

  • Half of the 50 largest sources of emissions are oil and gas production fields and their associated facilities. The top 500 sources represent less than 1% of the total Climate TRACE inventory but account for 14% of global emissions for 2021 – more than the annual emissions of the United States.

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3. CDP to Incorporate the ISSB Climate-Related Disclosure Standards-

  • By collecting this data, CDP will provide investors, and other stakeholders, access to corporate environmental information that is consistent, comprehensive, and comparable across geographies.

  • CDP, the non-profit which runs the global environmental disclosure platform for corporations, and the IFRS Foundation have today announced that CDP will incorporate the International Sustainability Standard Board’s (ISSB) IFRS S2 Climate-related Disclosures Standard [IFRS S2] into its global environmental disclosure platform, in a major step towards delivering a comprehensive global baseline for capital markets through the adoption of ISSB standards. The standard, currently being finalized, will be incorporated into CDP’s existing questionnaires, which are issued to companies annually on behalf of 680 financial institutions with over $130 trillion in assets.

  • With 18,700 companies, worth half of global market capitalization, disclosing environmental information through CDP in 2022, this integration means rapid accelerated early adoption of ISSB climate data disclosure across the global economy.

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4. An Inconvenient Truth-

  • The world is going to miss the totemic 1.5°C climate target - The Economist

  • According to the ipcc the budget for a 50% chance of avoiding more than 1.5°C of warming is 2,890bn tonnes of carbon dioxide. Some 2,390bn of this had already been emitted by 2019. That left a pre-pandemic carbon budget of 500bn tonnes. Since then, a further 40bn tonnes has been emitted each year, roughly, leaving less than 400bn tonnes in the budget.

  • An emissions pathway with a 50/50 chance of meeting the 1.5°C goal was only just credible at the time of Paris. Seven intervening years of rising emissions mean such pathways are now firmly in the realm of the incredible. The collapse of civilisation might bring it about; so might a comet strike or some other highly unlikely and horrific natural perturbation. Emissions-reduction policies will not, however bravely intended.

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5. Every Election Is A Climate Election. The Midterms Were No Exception-

  • That lack of climate focus is almost certainly a sign that aggressive steps to tackle global warming aren’t as controversial as they used to be.

  • A Pew Research Center survey in May found 58% of Americans thought the federal government was doing too little to combat the climate crisis. Among Democrats, that number was 82%. Even among young Republicans (ages 18-29), 47% said the Biden administration wasn’t doing enough on climate.

  • “The fact that Republicans were not running against climate change, I think was the single most telling thing in this election,” said Edward Maibach, director of George Mason University’s Center for Climate Change Communication.

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One more thing: Our World in Data just updated all of their global CO₂ emissions data. Have a look at their Data Explorer.

Find the video here:

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The world is going to miss the totemic 1.5°C climate target - The Economist According to the ipcc the budget for a 50% chance of avoiding more than 1.5°C of warming is 2,890bn tonnes of carbon dioxide

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