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India delivers National Statement at COP27
Source: Press Information Bureau, Government of India
Date: 16 Nov 2022
Union Minister for Environment Forest and Climate Change, Shri Bhupender Yadav, delivered India’s National Statement at COP27. He expressed gratitude to the hosts and emphasized the theme of COP27 as the “COP of implementation.” India, under Prime Minister Narendra Modi, aims to achieve net-zero emissions by 2070 and updated its climate targets in 2022. The minister highlighted India’s initiatives in renewable energy, e-mobility, green hydrogen, and the launch of coalitions like the International Solar Alliance and Coalition of Disaster Resilience Infrastructure. India’s focus on sustainable lifestyles, symbolized by “Mission LiFE,” encourages global cooperation to address climate change, emphasizing equity and climate justice.
Climate change – a new type of credit risk for banks
Source: Financial Express
Date: 19 Nov 2022
Banks need to address climate change from the perspective of credit risk rather than reputational risk or corporate social responsibility issues. As a macro-prudential authority, the central bank can lead this new dimension of risk management with necessary regulatory support. Central banks’ progress in recent years has been very significant, although there is still a way to go.
COP27 Reaches Breakthrough Agreement on New “Loss and Damage” Fund for Vulnerable Countries
Source: UNFCCC
Date: 20 Nov 2022
COP27 has concluded with a landmark agreement on “loss and damage” funding for climate-vulnerable countries that have been severely impacted by climate disasters. The agreement includes the establishment of new funding mechanisms and a dedicated fund to assist developing nations in addressing loss and damage caused by climate change. COP27 reaffirmed the commitment to limit global temperature rise to 1.5°C above pre-industrial levels and made significant progress on adaptation. Pledges totaling over $230 million were made to the Adaptation Fund, and a new program, the Sharm el-Sheikh Adaptation Agenda, was introduced to enhance resilience for the most climate-vulnerable communities by 2030.
