Welcome to the United Nations
“Those who fail to bet on a green economy will be living in a grey future”, United Nations Secretary-General António Guterres warned during the One Planet Summit, calling for greater ambition by governments, civil society, the private sector and finance partners to help tackle the global climate challenge.
The Summit, taking place on Tuesday 12th December, the anniversary of the adoption of the historic Paris Agreement, is providing an opportunity to fast-forward action on climate change.
In his remarks, Mr. Guterres pointed to the large under-utilized global financial resources and called for ensuing that financing – which by its nature if forward-looking – is used future of people and the planet in addition to being used for profit.
Green Business Key - Finance Commitments
The conveners of the Summit – French President Emmanuel Macron, World Bank President Jim Yong Kim and UN Secretary-General António Guterres – signed a Declaration to welcome the outcomes of the event, which launched an array of landmark commitments.
Public and private finance is rapidly being deployed in both developed and developing countries to strengthen sustainable development and assist nations towards achieving their national climate action plans, known as NDCs.
“It is a fact that fossil fuels remain heavily subsidized – meaning we are investing in our own doom,” Mr. Guterres emphasized, noting cities, regions, states and territories across the globe along with thousands of private enterprises – including major oil and gas companies – are already taking climate action, resulting in new industries and markets as well as in healthier environments and more jobs.
The International Finance Corporation (IFC), a subsidiary of the World Bank Group, will invest up to $325 million in the Green Cornerstone Bond Fund, a partnership with the asset management company, Amundi, to create the largest ever green-bond fund dedicated to emerging markets.
Also at the summit, the World Bank Group announced that it will no longer finance upstream oil and gas after 2019 and that it would be mobilizing finance for climate change impact mitigation and resilience.
A list of commitments and announcements were made during the One Planet Summit, which will help to keep global temperature rises to well below 2 degrees and, in turn, safeguard the meeting of the 2030 SDGs.
"We not only share the same goals, but we also share the same planet."
What about you? Are you ready to join us in projects for our planet?
More details about the One Planet Summit.
Source: UN News Centre, UN Environnent, UNFCCC