Call for applications to finance projects in 7 Mediterranean countries

Call for applications to finance projects in 7 Mediterranean countries

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Call for applications to finance projects in 7 Mediterranean countries

 

Green Economy: UfM launches call for applications to finance projects in 7 Mediterranean countries

The above image is of UfM

(TAP) – On 16/03/2023, TUNIS/Tunisia. The Union for the Mediterranean (UfM) launched a call for applications to finance projects aimed at promoting employment and entrepreneurship in the green economy sector. The aim is to support the environmental transition of the economies of 7 Mediterranean countries, including Tunisia.

 

According to information published Thursday by the UfM, this call for applications is intended for NGOs working to support vulnerable populations disproportionately affected by the consequences of climate change and by the evolution of the socio-economic context.

 

Eligible for this call for applications are non-profit NGOs active in the field of environmental transition of economies in an inclusive manner and with respect for social justice. These NGOs must be based in Algeria, Egypt, Jordan, Lebanon, Morocco, Mauritania, Palestine or Tunisia, with priority given to regional projects. The deadline for applications is May 29, 2023.

 

The selected candidates will benefit from financial support ranging from 150,000 to 300,000 euros (which represents a sum varying between 500,000 and 1 million dinars) per project, as well as from the UfM’s technical expertise, which will give them greater visibility.

 

Funded by the UfM with the support of the German Development Cooperation (GIZ), on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the Spanish Agency for International Development Cooperation (AECID), this initiative, in its first edition, launched in 2020, helped 18,000 people, mainly young people and women, from seven UfM member states (Greece, Italy, Jordan, Lebanon, Malta, Morocco and Tunisia).

These projects address employment challenges in the areas of entrepreneurship, women’s empowerment, sustainable tourism, and education and research.

The green economy, as well as “green” jobs, are set to play a key role in the sustainable recovery of the Mediterranean region from the COVID-19 pandemic.

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The finance sector can accelerate the transformation to a net-zero built environment

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The finance sector can accelerate the transformation to a net-zero built environment – Here’s how

13 Mar 2023

Real estate is the world’s most valuable asset class representing two-thirds of global wealth. With more than 13% of global GDP related to construction and 12% of employment, its size means it is responsible for an astonishing 40% of global energy-related carbon emissions (14 Gt per year). This is because it makes up over one-third of global final energy use and consumes 40% of raw materials globally. Achieving net-zero carbon emissions in the built environment by 2050 will require investments of USD $1.7 trillion annually and will create half a million more direct jobs.

Real estate assets are a valuable and growing component of institutional investment portfolios. At the same time, ambitious policies and regulations, changing public awareness and radically shifting demand drivers are pushing finance sector stakeholders to focus on sustainability in their portfolios because it affects business in the short, medium and long term. When put together, the finance sector has a unique opportunity to shape demand and drive transformation in the built environment.

Achieving net-zero emissions in the built environment by 2050 is the last stop along an arduous path. The specific targets all actors need to aim for are for all newly constructed buildings to have net-zero operational emissions by 2030 and for all buildings – including existing ones – to have net-zero emissions by 2050. And embodied carbon emissions – emissions from material production and construction processes – must be at least 40-50% lower by 2030 than today and net zero by 2050. Unfortunately, we are not on track.

Halving emissions by 2030 is, therefore, the first stop and must effectively happen today. This is because the lead times in typically built environment projects can easily be 8 to 10 years, so companies planning and designing projects today must already include these targets for 2030.

Achieving this massive transformation at the speed and scale required means that all actors have to share the same vision of halving emissions by 2030 and reaching net zero across the entire life cycle by 2050. They also must deeply and radically collaborate to realize this vision – across governments, the finance sector, businesses along the full value chain, science and civil society. The collaboration needs to focus on the following three critical levers for market transformation (WBCSD and GlobalABC, 2021):

  1. Adopt whole-life carbon (WLC) and life-cycle thinking and concepts across the value chain and the market to align on key indicators, metrics and targets consistently.
  2. Treat carbon like cost: Internalize the WLC emissions costs and reflect them in the price of products and services throughout the value chain, including in governance mechanisms, procurement and taxonomy, from governments and the financial sector.
  3. Foster a positive and reinforcing supply and demand dynamic that incentivizes low-carbon solutions along the value chain. This requires signals from government and finance and, most importantly, collaboration between industry players along the whole value chain.

The role of the finance sector

Finance sector stakeholders strongly influence built environment impacts through loans and investments in built assets and – indirectly – investing in value chain businesses. When mobilizing financial capital, they can set requirements for low-carbon solutions in building projects and across the value chain. Investors, asset managers, banks, advisors and insurers all influence if and how buildings are constructed. They play a crucial role in the very early stages of buildings when decisions significantly impact their future emissions. This includes the energy performance of buildings and setting requirements to reduce emissions from building materials and the construction process.

To understand how the finance sector can exert this influence, let’s look at what holds us back today.

Challenges and opportunities

The transition’s challenges are many and complex. For instance, there is a lack of true collaboration and understanding between the construction, real estate and finance sectors, despite their deep link and reliance. Poor data availability, quality, and limited transparency are holding up measurement, benchmarking, and target-setting processes for net-zero emissions pathways. The built environment and finance sectors are facing a skills shortage in terms of understanding, writing and using reporting and disclosure documents effectively to determine how the results could drive investments. And financial services organizations have traditionally prioritized short-term financial returns over positive, but more difficult to assess, environmental, social and governance (ESG) returns.

However, in all of these, there are opportunities. Stakeholders can find new ways of working together, and legally binding contracts, for example, can help ensure the right incentives, procurement methods and metrics to support net-zero emissions goals for project delivery (see WBCSD’s Decarbonizing construction – Guidance for investors and developers to reduce embodied carbon).

Alignment on the growing number of guides, standards, tools and certifications for assessment and reporting would ensure data availability, quality and transparency (note World Green Building Council’s (WorldGBC) BuildingLife project, the RICS professional statement on whole life carbon, and the Ashrae-International Code Council (ICC) Whole Life Carbon Approach Standard).

Training and upskilling on sustainability-related disclosures and strategies to align with the Paris Agreement would ensure investors and built environment professionals see the value in these documents from both sides. They would become part of the central decision-making process for investments, linking non-financial concerns with financial impact. The Urban Land Institute (ULI) Europe’s C Change project, which is currently addressing transition risk in valuation, is an example of progress in this area. Changing the corporate culture will further the idea that the ultimate goal is to ensure strong returns on investment while creating value beyond shareholders, managing the multifaceted risks of transitioning to net-zero emissions and safeguarding people and the environment.

Understanding these and other challenges and opportunities will help the sector adapt strategies and solutions that will be the key to achieving net-zero emissions.

No-regret actions for finance sector stakeholders

Four specific interventions sit at the core of strategies to reduce the full life-cycle emissions of projects in the built environment: Accountability, Ambition, Action and Advocacy.

  • Finance stakeholders in the built environment can achieve accountability through standardized data measurement and transparent reporting.
  • In setting credible, science-based net-zero emissions targets, they raise ambition.
  • They take action by developing climate transition plans and placing whole-life carbon at the center of decarbonization strategies and decisions.
  • By working with the public sector and organizations like WBCSD and its partners in the BuildingToCOP Coalition and Global Alliance for Buildings and Construction (GlobalABC), they place advocacy for policies and regulations targeting sustainable finance at the heart of efforts to level the playing field for the market.

For asset owners and investors, achieving the transition means setting clear portfolio- and asset-specific targets and timelines. They also must embed critical climate and ESG factors into requests for proposals, investment mandates, manager selection and stewardship engagement with portfolio companies and incorporate the related risks (and opportunities) into valuations and, ultimately, into investment decisions.

For asset managers, the lack of consistent, comparable and decision-useful information on climate impact is still a barrier to better implementation. However, growing demand and regulatory pressures motivate every firm to overcome data challenges through proprietary work or third parties. Standardized frameworks and local/regional taxonomies help the asset management industry with enhanced tools for assessment, benchmarking and reporting. WBCSD’s Net-zero buildings – Where do we stand? report lays the basis for a harmonized whole-life carbon assessment and reporting framework.

Finance providers can acquire a better understanding of the emissions from the products they are financing using adequate data, tools and standards, including the cost of carbon and transition risk considerations. The ability to accurately measure and standardize (whole life) carbon emissions could help them link their financial offerings to carbon targets and potentially provide lower costs for low-carbon projects. For that to happen, they need clear and transparent information to reliably assess the business case and build trust with the market.

For insurance providers, it means developing methodologies to assess and quantify different climate change scenarios and integrating both physical and transition risks into decisions to enter or exit an underwriting.

Lastly, investment advisors and data providers can facilitate top-down learning as they share and spread best practices and become significant players in the standardization and harmonization of data and target-setting (including but not limited to the Carbon Risk Real Estate Monitor (CRREM), Science Based Targets initiative (SBTi) and GRESB).

What’s next? Achieving a breakthrough in buildings

To reduce built environment emissions globally from 14 Gt per year to 7 Gt per year seems to be a daunting task. However, with a clear focus on whole-life carbon emissions alongside cost, the finance sector can help accelerate this transition. There is evidence that we can reduce construction emissions by half today and cost-effectively. And evidence is also emerging that retrofitting building portfolios to net-zero emissions can be achieved competitively.

What needs to happen next is for all stakeholders – finance, national and local governments, and businesses along the value chain – to come together and co-develop roadmaps for a net-zero built environment that identify a clear vision, actions and accountability. Building on the aforementioned built environment market transformation levers, they can drive a united response and decisive action, thereby overcoming the fragmentation of efforts seen so far. The emerging Buildings Breakthrough with national governments committed to transforming their built environment will provide a platform to join efforts and collaborate to achieve a future in which the built environment turns from a problem into a solution to tackle climate change.

We cannot wait – because for the built environment, 2030 is today.

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Cities chosen for EU NetZeroCities Pilot programme

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An annual check-up for the climate movement

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An annual check-up for the climate movement on the daily Gulf Times of Qatar might seem at odds with the country’s specifics, but the wise words of the author would certainly be taken into account.

The image above is of INDIA Times

 


An annual check-up for the climate movement

COP27 was a major moment for the climate movement in 2022.
The year 2022 was a tumultuous one in many ways. While climate-related shocks became even more prevalent and severe, Russia’s invasion of Ukraine triggered a global energy crisis that continues to affect millions of peoples’ lives and livelihoods. Following that shock, unprecedented heatwaves across Europe, Asia, and North America, and then devastating flooding in Pakistan, highlighted the urgency of reducing our fossil-fuel dependency and reshaping our energy systems.
Fortunately, other big developments in 2022 offered grounds for hope. The passage of the US Inflation Reduction Act – the largest emissions-reduction investment in the country’s history – is a landmark achievement. Historically, the United States has been the world’s biggest carbon polluter and one of the biggest laggards in international fora. But now, the IRA should put it on a course to reduce its own emissions sharply, which will help drive down prices of renewable energy around the world. Many emerging markets and developing countries will have a chance to leapfrog past coal-fired power plants.
Yes, fossil-fuel lobbyists are pushing governments in Africa and elsewhere to invest in natural-gas development in response to the energy crisis. Many newly planned projects would be “carbon bombs” that would emit more than 1bn tonnes of carbon dioxide over their lifetimes. But the climate movement has wasted no time in calling out these efforts, and in denouncing the “dash for gas” in Africa.
As a result, the East African Crude Oil Pipeline (EACOP) has suffered setback after setback. With 22 commercial banks and insurers pulling out of the project, the StopEACOP campaign was gaining momentum ahead of the UN Climate Change Conference (COP27) in November, where it drove the message home.
COP27 was a major moment for the climate movement in 2022. Although the host country, Egypt, offered little civic space to mobilise, organisations adapted by working through existing global networks and coalitions to push for more meaningful decarbonisation commitments, human-rights protections, and financing.
In the end, the conference produced an agreement to establish a separate global fund to compensate vulnerable countries for climate-related “loss and damage.” Given that advanced economies had long refused even to discuss the issue, this is a huge win – one driven by frontline activists and spokespeople from across the Global South. But the summit’s final agreement did not include any specific language about the need to phase out fossil fuels.
Finally, other positive climate-policy developments in 2022 included the launch of Just Energy Transition Partnerships in Indonesia, South Africa, and Vietnam. With the goal of helping countries leapfrog past fossil fuels, JETPs – if done right – could be game changers in the global transition to renewable energy.
The international community also did more to protect nature in 2022. As the year drew to a close, governments at the UN Biodiversity Conference (COP15) adopted the Kunming-Montreal Post-2020 Global Biodiversity Framework – a deal that many observers are likening to the landmark 2015 Paris climate agreement. With a commitment to protect 30% of all land and sea areas by 2030, the framework opens a new chapter, following the collective failure to meet any of the Aichi Biodiversity Targets for 2020.
Governments and other stakeholders are finally recognising that climate change and biodiversity loss are inextricably linked. Rainforests and mangroves are not just habitats for millions of species. They are also crucial for slowing the pace of global heating, because they absorb and store vast amounts of CO2. Scientists have shown that conservation, ecosystem restoration, and better management of natural areas could contribute over one-third of the emissions reductions that we need by 2030. More to the point, there simply is no way to keep temperatures within 1.5C without reversing the decline of nature.
The COP15 deal also explicitly recognises that indigenous peoples are central to protecting nature, and it calls on rich countries to mobilise $30bn per year in biodiversity financing for developing countries by 2030.
But setting targets is merely the first step. We must move at an unprecedented pace to restore biodiversity and halt global warming. That means remaining alert to vested interests’ efforts to block progress and pushing back against false solutions – such as carbon offsetting, nuclear energy, and hydraulic fracking. Restoring nature must not come at the expense of local communities. To create and nurture a healthier relationship with the environment, we should take our cues from indigenous peoples.
Outside of UN conferences and corporate boardrooms, a quiet revolution is gathering speed. Those demanding more financing for locally owned renewable-energy systems are piercing through the longstanding barriers and refusing to be marginalised. They are building a new consensus, and making clear that matters of climate justice are non-negotiable.
I consider this quiet revolution to be one of the most exciting things that has happened over the past decade. The cyclical interplay of progress and retrogression is an enduring feature of policymaking – and of nature itself. The inevitable slumps must be met not with despair but with hope for the next upswing. While the 2022 energy crisis created a new pretext for those advocating greater investment in fossil fuels, such investments are rapidly becoming financial losers, because renewables are becoming cheaper than fossil fuels.
Around the world, communities, towns, cities, and regions are experimenting with creative climate solutions. We must identify the ones that work, mobilise support for them, and scale them up. That is how we will launch the decisive next phase of the decades-long fight against climate change and environmental destruction. – Project Syndicate
• May Boeve is Executive Director of 350.org.
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Draft UN nature deal calls to protect 30% of planet

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A Draft UN nature deal calls to protect 30% of the planet by 2030, as shown in EURACTIV.com with AFP, reveals our dramatic situation. Is this a good chance not to overlook; only time can tell.  
The above image is of TRENDS

Draft UN nature deal calls to protect 30% of planet by 2030

Opening the talks in Montreal, UN chief Antonio Guterres warned humanity had become a “weapon of mass extinction” and called on parties to forge a “peace pact with nature.” [UN Biodiversity / Flickr]

A UN nature deal proposed Sunday (18 December) calls to protect at least 30% of the planet by 2030 and asks rich countries to stump up $30 billion in yearly aid for developing nations to save their ecosystems.

Fraught talks seeking an agreement to save the species and ecosystems on which life depends came to a head as summit chair China presented a long-awaited compromise text.

Mapping out action for the next decade to reverse destruction that scientists say threatens a million species, the proposal called on wealthy countries to increase financial aid to the developing world to $20 billion annually by 2025, rising to $30 billion per year by 2030.

It also called on countries to “ensure and enable that by 2030 at least 30% of terrestrial, inland water, and coastal and marine areas” are effectively conserved and managed.

The text includes language safeguarding the rights of Indigenous people as stewards of their lands, a key demand of campaigners.

The compromise text was largely welcomed by conservationists, but still needs to be agreed upon by the 196 signatories to the Convention on Biological Diversity before it is finalised.


Risk of pushback

Opening the talks in Montreal, UN chief Antonio Guterres warned humanity had become a “weapon of mass extinction” and called on parties to forge a “peace pact with nature.”

The COP15 meeting is being held in Canada because of China’s strict COVID rules.

Delegates began examining the draft agreement just as the football World Cup between France and Argentina kicked off in Qatar.

A plenary session was scheduled for Sunday evening when countries will have the opportunity to approve the deal. Negotiations over the past 10 days have been slow however and observers warned the talks, scheduled to end on Monday, could run over.

“The Chinese presidency’s draft final paper is courageous,” said Germany’s environment minister Steffi Lemke. “By protecting nature, we protect ourselves.”

“By including a target to protect and conserve at least 30 percent of the world’s lands and oceans, the draft text makes the largest commitment to ocean and land conservation in history,” said Brian O’Donnell, of the Campaign for Nature.

But there was also concern that some areas of the text had been watered down.

Georgina Chandler, of Britain’s Royal Society for the Protection of Birds, said she was worried about a lack of numeric “milestones” for restoring ecosystems by 2050.

“We’re basically not measuring progress until 28 years’ time, which is madness,” she said.

Pressure mounts on EU to maintain ambition on biodiversity at COP15

Lawmakers and civil society are calling on the EU to support an ambitious agreement on nature protection at the COP15 international biodiversity conference following concerns the bloc is not defending a robust text.

 


Funding dispute

Another major issue of contention is the funding mechanism.

Developing countries, spearheaded by Brazil, were seeking the creation of a new fund to signal the Global North’s commitment to the cause. But the draft text instead suggests a compromise: a “trust fund” within the existing Global Environment Facility.

Observers had warned the COP15 conference risked collapse as countries squabbled over how much the rich world should pay to fund the efforts, with developing nations walking out of talks at one point.

But Chinese environment minister Huang Runqiu said Saturday he was “greatly confident” of a consensus and his Canadian counterpart Steven Guilbeault said “tremendous progress” had been made.

The more than 20 targets also include reducing environmentally destructive farming subsidies, asking businesses to assess and report on their biodiversity impacts, and tackling the scourge of invasive species.

But the issue of how much money the rich countries will send to the developing world, home to most of the planet’s biodiversity, has been the biggest sticking point.

Lower income nations point out developed countries grew rich by exploiting their natural resources and therefore they should be paid well to protect their own.

Current financial flows to the developing world are estimated at around $10 billion per year.

Several countries have recently made new commitments. The European Union has committed €7 billion ($7.4 billion) for the period until 2027, double its prior pledge.


Biodiversity in Europe: EU aims to protect 30% of land and sea

With a UN biodiversity summit approaching in spring, 2021 has been hailed as a super year for biodiversity. As part of its contribution, the European Commission is preparing legislation to introduce legal protection for 30% of land and sea in Europe.

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