November is World Vegan Month and, with COP26 taking place just along the M8 in Glasgow, a lot of East coasters may be tempted to explore more vegan alternatives in an effort to reduce their impact on the planet.
Whether you’re looking for somewhere to enjoy a relaxed vegan dinner with friends or vegan-friendly fashion and beauty products, here’s five ways to celebrate World Vegan Month at Fort Kinnaird:
Enjoy some ‘vegatsu’ at wagamama
With wagamama committing to making half of its menu meat-free by 2022, there is a growing number of vegan options available at the restaurant in Fort Kinnaird – which is open until 9.00pm every day.
With dishes including silky, rich kareborosuramen, vegan ribs and vegatsu on the menu, those in search of a vegan meal will be spoilt for choice. Check out the menu here.
Try the vegan experience at Frankie & Benny’s
Frankie & Benny’s has long been a family favourite and the chain now has a host of vegan options on their menu for those looking to try more plant-based options.
The Tower Beet Burger, loaded with vegan mozzarella, sliced aubergine, napolitana sauce and torn basil is a mouthwatering option, while the vegan peperoni pizza along with plantballs Italiano and vegan ice cream mean there is something for everyone at Frankie & Benny’s.
The restaurant at Fort Kinnaird is open until 9.00pm from Monday to Thursday and until 10.00pm on Friday, Saturday and Sunday, making it an ideal way to complete your day out.
Experience the ‘Angry Vegan’ at Bread Meats Bread
Bread Meats Bread has been a hit at Fort Kinnaird ever since it opened its doors, and the restaurant has a number of incredible vegan options.
Using Moving Mountains Plant Based Burgers, the team at Bread Meats Bread have developed a range of delicious burgers, including the ‘Cheesy M&M’ and the ‘Angry Vegan’, for those looking for a fantastic burger, without the meat.
Find out more about Bread Meats Bread’s largest restaurant in Scotland here.
Get the best of the Plant Kitchen range at M&S
This bestselling range at M&S is a staple for those looking to create plant-based meals at home.
Spice up your night with tacos made with Plant Kitchen fishless goujons or pack a punch with crispy BBQ wings inspired by the flavours of Korea.
After a sweet treat? Plant Kitchen now offers salted caramel cookie dough – perfect for layering with fruit and dairy-free ice cream.
Luxury British chocolatier and cacao grower Hotel Chocolat is well known for its incredible chocolate selection, but did you know the retailer also stocks a host of vegan options?
With the ‘vegan sleekster’ selection box and the ‘all dark vegan chocolate hamper’ available, pop in store to see the incredible range of vegan sweet treats.
Put some pep in your step with vegan shoes from OFFICE
There’s never been so much choice when it comes to vegan fashion. Some of the world’s biggest fashion brands are now making clothing, shoes and bags using materials like recycled ocean plastic and reclaimed water bottles to reduce their impact on the planet.
OFFICE is a great example of how giving up leather doesn’t mean giving up on style. Stop by to browse its range of vegan shoes from brands including Dr. Martens and Blowfish.
Your big vegan day out doesn’t have to stop when you head for the big screen at Fort Kinnaird’s ODEON cinema.
ODEON’s popcorn is vegan and the cinema’s dairy-free Ben & Jerry’s ice cream is suitable for vegans if you’re feeling indulgent. Check out what’s showing at ODEON Cinema.
The First Minister’s Environmental Council, the group of independent international experts tasked with advising the Scottish Government on environmental issues, has published its first report.
Presented at COP26, the report analyses Scotland’s ambitions and response to the twin climate and nature crises, notes international examples of environmental action and sets out the future work programme of the council. Use of land and marine resources are among the key areas where the council advise that further, urgent action is particularly important.
The First Minister met the council which she co-chairs with Professor Sir Ian Boyd, former Chief Scientific Adviser to the UK Government on Environment, Food and Rural Affairs.
They were joined in person by ten other members of the council including Gordon Buchanan MBE, award-winning wildlife camera-man and presenter, and Dr Dilys Roe, Chair of International Institute for Environment and Development (IIED).
The report is published as the Scottish Government launches a new website for tracking progress towards achieving its environmental ambitions. Based on Scotland’s Environment Strategy, the site is designed to ensure clear and accessible information on Scotland’s environmental performance is available to the public.
The First Minister said: “As the host country of COP26, Scotland has a unique opportunity to show leadership on the international stage. That’s why we appointed independent environmental experts from around the world to advise on how we best tackle this unprecedented challenge.
“The group balances experience, a strong international perspective, the youth voice, and topical awareness, at the highest, global level. Its first report sets out areas of immediate priority which will help inform the actions we are taking now to tackle the crisis, and our future policy direction.
“Our Environment Strategy already sets out our long-term, guiding vision for Scotland’s environment and our role in tackling the twin climate and nature crises. We know where our efforts must be focussed if we are to make that a reality – including improving the sustainability of Scotland’s economy, society and global footprint.
“By measuring our progress, and drawing on the expertise of the environmental council, we can make sure we continually improve our approach. I welcome the council’s first report and look forward to working closely with its members beyond COP26 as we progress to becoming a net zero country, while restoring nature.”
Francesca Osowska, NatureScot Chief Executive, said: “The link between nature and climate can’t be understated with nature-based solutions delivering 30% of the carbon reductions needed globally. Ongoing efforts to restore peatlands, increase woodlands and protected natural areas and develop natural capital initiatives are all highlighted in the panel’s first report.
“As the report says, there is much more work needed to restore Scotland’s fragile nature. We look forward to this panel continuing to help direct our efforts, as we step up work to restore Scotland’s nature, adapt to unavoidable climate change, and achieve net zero by 2045.”
Landmark climate agreement – but Australia, India, the USA and Poland don’t sign up
The end of coal – the single biggest contributor to climate change – is in sight thanks to the UK securing a 190-strong coalition of countries and organisations at COP26, with countries such as Poland, Vietnam, Egypt, Chile and Morocco announcing clear commitments to phase out coal power.
Thanks to a package of support from the UK and our international partners, a 190-strong coalition has today agreed to both phase out coal power and end support for new coal power plants
the UK’s campaign sees major banks commit to end financing coal, on top of China, Japan, Korea and the G20 commitments to end overseas finance for coal generation by the end of 2021, effectively ending all public financing of new unabated coal power
agreed under the UK’s COP26 Presidency, countries pledge to accelerate coal phase out and rapidly scale up deployment of clean power generation, marking a momentous turning point in the global clean energy transition
Wednesday’s commitments, brought together through UK-led efforts including the new ‘Global Coal to Clean Power Transition Statement’, encompass developed and developing countries, (some- Ed.)major coal users and climate vulnerable countries.
This includes 18 countries committing for the first time to phase out and not build or invest in new coal power, including Poland, Vietnam, and Chile, marking a milestone moment at COP26 in the global clean energy transition.
This statement, launched yesterday, commits nations across the world to:
end all investment in new coal power generation domestically and internationally
rapidly scale up deployment of clean power generation
phase out coal power in economies in the 2030s for major economies and 2040s for the rest of the world
make a just transition away from coal power in a way that benefits workers and communities
This is on top of China, Japan and Korea, the three largest public financiers of coal, committing to end overseas finance for coal generation by the end of 2021, announced in the last year during the UK’s incoming COP26 Presidency.
Agreements at the G7, G20 and OECD to end public international coal finance send a strong signal that the world economy is shifting to renewables. This could end over 40GW of coal across 20 countries, equivalent to over half of the UK’s electricity generating capacity.
Business & Energy Secretary Kwasi Kwarteng said: “Today marks a milestone moment in our global efforts to tackle climate change as nations from all corners of the world unite in Glasgow to declare that coal has no part to play in our future power generation.
“Spearheaded by the UK’s COP26 Presidency, today’s ambitious commitments made by our international partners demonstrate that the end of coal is in sight. The world is moving in the right direction, standing ready to seal coal’s fate and embrace the environmental and economic benefits of building a future that is powered by clean energy.”
To meet the goals of the Paris Agreement to limit global temperature rises to 1.5 degrees, the global transition to clean power needs to progress 4 to 6 times faster than at present. With coal being the single largest contributor to climate change, phasing it out and delivering a rapid, inclusive transition to clean energy is essential if we are to keep 1.5 degrees alive.
Twenty-eight new members have today signed up to the world’s largest alliance on phasing out coal, the Powering Past Coal Alliance launched and co-chaired by the UK. Chile, Singapore and Durban have today joined over 150 countries, sub-nationals and businesses, including finance partners NatWest, Lloyds Banking, HSBC and Export Development Canada. This accounts for over $17 trillion assets now committed to PPCA coal phase out goals.
There has also been a 76% cut in the number of new coal plants planned globally over the last 6 years which means the cancellation of 1000GW of new coal plants since the Paris Agreement, roughly equivalent to around 10 times the UK’s total peak generating capacity.
Today’s global agreement to move away from coal to clean power has been made possible thanks to a number of other UK-convened initiatives, including:
No new coal power
The end of new coal power construction is in sight. The launch of the No New Coal Power compact by 6 countries at the UN High Level Dialogue in September, followed by the commitments in the Global Coal to Clean Power Transition Statement. This means that by the end of this year, all new public finance for unabated coal power plants will have stopped, with investments increasingly focused instead on accelerating the transition to clean energy sources such as wind and solar power, now cheaper than coal generation in most countries. This accelerates the growing global momentum to end new coal power, demonstrated by the 76% collapse in the global pipeline of proposed coal power plants since the Paris Agreement in 2015.
Supporting emerging economies
In addition, major emerging economies have announced plans to accelerate a just transition from coal to clean power. This includes a South Africa Just Energy Transition Partnership worth $8.5 billion, as well as Indonesia and the Philippines agreeing a ground breaking new partnership with the Asian Development Bank to support the early retirement of existing coal plants. Further financing announcements are expected today at COP26.
Supporting coal-intensive economies
Countries with significant coal power generation and mining face large social and financial challenges in the transition from coal. The UK’s COP26 Energy Transition Council (ETC) mobilises and coordinates the assistance required to enable coal intensive economies to equitably transition from coal, bringing together 20 governments and over 15 international institutions to accelerate the transition from coal to clean power as part of a green economic recovery.
For example, the Energy Transition Council’s Rapid Response Facility delivers fast-acting technical, regulatory and commercial assistance to countries and has already responded to 24 requests in a range of areas, including energy efficiency in the Philippines and grid management in Egypt.
Ensuring a just transition
Today the UK government has also launched a new International Just Transition Declaration, ensuring the move away from coal high carbon industries results in a sustainable, green and fair future, and one that creates high quality new jobs and champions local social dialogue in developing and emerging economies. Coordinated by the UK government, so far, 12 countries have signed as well as the UK and EU Commission, covering a broad spectrum of the world’s donor funding, now driving towards a just transition for communities around the world.
Clean Growth, Energy and Climate Change Minster Greg Hands said: “As the host of COP26 and through committing to phasing out coal by 2024 and the UK’s global leadership has sent a clear signal across the world that clean energy is the way forward.
“By continuing to drive forward clean, green innovations at home and abroad, I look forward to stepping into this new chapter, united with the rest of the world in our efforts to consign coal to the history books, as we build back greener.”
FCDO Minister for Africa, Vicky Ford said: “A just and inclusive transition to clean energy is a win-win for the UK and Africa. Phasing out coal is a central objective of the UK’s COP Presidency and will support a cleaner, greener future for British people while creating hundreds of thousands of green jobs across the developing world.
“This new funding will transform the support on offer for African countries transitioning to renewable energy. The Africa Regional Climate and Nature Programme will support green electricity networks across Africa, benefitting more than 4 million people, and the Transforming Energy Access platform will see 25 million more people across the developing world access clean energy.”
The UK is already delivering many of the most ambitious clean power commitments among the world’s largest economies, committing to phase out coal power completely by 2024, driving forward renewable power generation with a decarbonised power system by 2035, and demonstrating that tackling climate change does not need to be at the expense of a growing economy.
Between 1990 and 2019, the UK’s economy grew by 78% while carbon emissions fell by 44%, the fastest reduction in the G7 – coal power makes up less than 2% of power generation compared to 40% almost a decade ago.
These achievements follow the publication of the UK’s landmark Net Zero Strategy last month, which outlines measures to support businesses and consumers to transition to clean energy, while supporting hundreds of thousands of well-paid jobs and leveraging up to £90 billion of private investment by 2030.
Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, said: “Energy Day at COP 26 is an important milestone for building momentum on Sustainable Development Goal 7 and the just, equitable clean energy transitions it can support.
“We are the architects of a sustainable future for all. Today I call on all governments to raise the level of ambition necessary to fill the financing gaps and to ensure an energy future that truly leaves no one behind.”
The Honourable Steven Guilbeault, Minister of Environment and Climate Change in Canada and co-chair of the Powering Past Coal Alliance, said: “It is imperative that we phase out coal-fired electricity as a critical step to keep global temperatures from rising above 1.5ºC and prevent the most severe impacts of climate change.
“In four years, the Powering Past Coal Alliance has united a diverse and growing number of highly ambitious members, all committed to a clean energy transition that will make coal a relic of the past.
“Whether sharing solutions or providing financial support to developing countries to help them succeed, Alliance members are driving change through this global collaboration.”
Secretary of State for Scotland, Alister Jack, said: “As one of the first countries to commit to ending coal power, the UK is leading the world in moving away from fossil fuels and it’s fantastic to see so many other countries making that commitment at COP26 in Glasgow.
“Scotland has a massive part to play in the transition to clean, green energy. On offshore wind, for which Scotland has huge potential, our commitment is to quadruple capacity. Today’s news signals tremendous progress – we must continue to move forward.”
Sharan Burrow, General Secretary of the International Trade Union Confederation, said: “Before 2030 we need Just Transition plans in place in every country with decent and quality jobs at the heart.
“Workers and their unions are needed at the table through a genuine social dialogue process that ensures that transformative action moves our economies and societies to stabilise our climate and keep global warming under 1.5°C.
“The union movement is keen to work with all the governments and institutions that sign this declaration to make this happen.”
Michael R. Bloomberg, UN Special Envoy for Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies, said: “Success in the fight against climate change depends on ending coal-fired power – the largest driver of carbon emissions and the target of a major new initiative that Bloomberg Philanthropies expanded this week at COP26.
“Together with our international partners, we welcome the work of more allies dedicated to moving beyond coal and accelerating the clean energy transition we urgently need,
Minister Schulze, German Minister of the Environment, Nature Conservation and Nuclear Safety, said: “Phasing out coal is essential to reach our climate targets. In the near future, we will have left behind all fossil fuels and live in a new and sustainable energy world based on renewable energies.
“In order to get there, we need to actively shape the potential social impacts and support the affected regions in creating good sustainable new jobs. This means ensuring a just and inclusive transition together with all relevant stakeholders.
“Germany is willing to share its experiences with changing economic patterns and is thus supporting the Coal to Clean Statement and the Just Transition Declaration. Germany is underlining its commitment to further support the pathway towards a safe, sustainable and climate friendly energy future globally.”
The French Ministry for Europe and Foreign Affairs said: “Striving to achieve universal access to affordable, reliable, sustainable and modern energy for all and in line with the objectives of the Paris agreement is a priority for France.
“In 2020, the French Development Agency Group committed 1.5 billion euros in the energy sectors to support developing countries for energy transition planning, access to electricity, energy efficiency and renewable energies.
“The partnership announced between South Africa, France, Germany, the United States, the United Kingdom and the European Union is a testament that France stands ready to support a just transition which is socially inclusive and creates local economic opportunities.
A statement calling for the role of women and girls to be advanced in addressing climate change has been launched at COP26, jointly-sponsored by the Scottish Government and UN Women.
The Glasgow Women’s Leadership Statement on Gender Equality and Climate Change commits to further strengthening efforts to support women and girls to lead on addressing climate change at community, national, and international level.
It recognises that women and girls are often disproportionately affected by climate change and face greater risks and burdens from its impacts, particularly in situations of poverty.
Drafted in cooperation with UN Women, the statement was launched following a panel discussion convened by First Minister Nicola Sturgeon, which included Prime Minister of Bangladesh Sheikh Hasina, President of Tanzania Samia Suluhu Hassan, and Prime Minister of Estonia Kaja Kallas.
The statement will remain open for signatures from today until the 66th meeting of the Commission on the Status of Women, to be held in March 2022 with a focus on women’s empowerment in the context of climate change, the environment and disaster risk reduction.
The panel discussed gendered impacts of climate change and the importance of women and girls’ leadership in addressing these.
The First Minister said: “I am delighted to convene the Glasgow Women’s Leadership Initiative with UN Women, to put gender equality and climate change at the very forefront of COP26.
“One of the great injustices of the climate crisis is that the people and countries who are worst affected are those who have contributed least to its causes. That includes women and girls, with girls more likely to be taken out of school, and women less able to find alternative forms of work as a result of climate impacts.
“The Glasgow statement recognises that the leadership of women and girls is essential to ensure global efforts to tackle climate change succeed. With strong partnerships between governments, businesses, and civil society we can enable more women and girls to lead on the solutions we need to address climate impacts and promote gender equality.
“I am determined that Scotland will lead on progressing this at home and internationally where we can, and I call on all leaders to join me in signing up to the statement.”
UN Women Executive Director Sima Bahous said: “We can only achieve our collective goal and responsibility of reducing emissions to limit temperature rise to 1.5 degrees Celsius if women and girls are part of the response.
“Today’s statement is a powerful tool in sustaining the growing momentum of women’s and girls’ leadership and innovation in climate action. I call on women leaders to make concrete commitments by signing it.”
Prime Minister of Estonia Kaja Kallas said: “Empowerment of women and girls is a priority for Estonia also in our UN work. We need to recognize at the highest political level that especially in fragile and conflict-affected settings women and girls are particularly vulnerable to the negative impacts of climate change.”
Scotland’s rainforest will be restored and expanded as a natural solution to the climate emergency, Environment Minister Mairi McAllan announced yesterday.
The west of Scotland is home to one of the most important remaining rainforest sites in Europe, with its rich diversity of species making it internationally important. Supporting the restoration and expansion of this site will be a key part of a £500 million investment in Scotland’s natural economy.
The Scottish Government is engaging with the Alliance for Scotland’s Rainforests, comprising a diverse group of organisations and public sector bodies, to determine how best to fulfil these commitments.
Ms McAllan said: “Scotland is home to its own Atlantic rainforest boasting a variety of rare species and habitats. We want to protect and expand this precious environment and we have committed to do so in the life of this Parliament.
“I welcome the Glasgow Declaration’s strategic vision which recognises that forests and woodlands have a crucial role in reversing the effects of climate change and nature loss. As an active global citizen, Scotland is playing its role with world-leading ambitions in reaching Net Zero by 2045, five years before the rest of the UK.
“Our forests and woodlands are an important net carbon sink, absorbing around 6.2 million tonnes of CO2 every year – equivalent to almost 10% of Scotland’s gross greenhouse gas emissions. As world leaders commit to end deforestation by 2030, we are planting 80% of the UK’s trees and making bold commitments like this to protect and enhance Scotland’s own temperate rainforest.
“Our ambitions do not stop there. We have increased our new woodland creation targets from 12,000 hectares a year to 18,000 hectares by 2024/5. By then, we will be planting 36 million new trees every year in Scotland.”
Ms McAllan spoke at the RSPB’s Glasgow to Globe living exhibition at Glasgow Botanic Gardens yesterday to welcome the Glasgow Declaration and highlight Scotland’s efforts to protect and restore Scotland’s woodlands.
The Scottish Government is committed to investing £500 million in Scotland’s natural economy. Actions include expanding the nature restoration fund, supporting the creation of a new national park and local nature networks, protecting and restoring Scotland’s Atlantic rainforest and ancient woodlands, and investing more in the restoration of peatland and expansion of woodlands
Forests and woodlands are part of the global solution. The Scottish Government would urge all nations to make best use of these precious natural resources to keep the 1.5 C temperature target in sight.
Edinburgh’s residents and businesses are being urged to follow the lead of the city’s young people in taking action on climate change by joining the Council’s new Net Zero Challenge.
The challenge aims to encourage citizen action across the city and comes as COP26 climate talks get underway in Scotland.
Pupils at St Peter’s RC Primary school to the south of the city centre are growing produce in the school vegetable garden for use in meals and snacks, as part of the school-wide approach to support the city’s 2030 net zero target.
Pumpkins grown in the school’s vegetable garden have been used to make pumpkin muffins, apples have been turned into chutney, and other seasonal produce such as leeks and potatoes for soup. Food recycling is commonplace at the school with waste turned into compost for the vegetable garden to nurture new crops.
Pupils also turn non-recyclable plastic items such as crisp packets and snack wrappers into ‘ecobricks’. After washing the wrappers, the pupils cut them into small pieces and stuff them tightly into used bottles. The ecobricks are collected and can be joined together to make furniture and in structures for gardens and play parks.
Inspired by the pupils actions the City of Edinburgh Council is calling on people of all ages, and businesses, to follow their example and take part in the Net Zero Challenge and highlight through social media what they are doing to cut their carbon emissions using the #MyClimateAction hashtag.
Edinburgh residents and businesses are being encouraged to measure their carbon footprint to discover where they can take climate action in their personal life, with advice and support on hand at NetZeroEdinburgh.org
Participants taking up the Net Zero Challenge can visit NetZeroEdinburgh.org which features ideas on how residents and business can make a difference – such as:
calculating your carbon footprint
looking at the way you heat and power your home to make it more energy efficient
choosing public transport or trips by foot or bike
thinking about what you buy and where you buy it from to make things last.
Council leader Adam McVey said: “Edinburgh’s young people are strongly advocating for change and explaining why we need to tackle climate change to secure their future. We know our residents and businesses understand the need to change to get to net-zero.
“Awareness of climate change and the impacts on our city has never been higher, but we know from recent climate consultations that some people are still unsure of where they can start taking action.
“Measuring your carbon footprint is free and easy to do. And it lets you know the areas of life where you can make the biggest impact on your personal emissions.
“With COP26 taking place in Scotland, this is the perfect opportunity for all of us across our Capital to work together and take steps to cut our emissions. By all working together we can make a difference and hit net-zero by 2030 and secure the future of our children and grandchildren.”
Depute Leader Cammy Day added: “Hitting Edinburgh’s net zero target by 2030 is something that everyone who lives and works in the city will need to play their part in. That’s why it’s really it’s great to see the pupil’s at St Peter’s leading the way on climate action within their school as small changes do add up as we all do something different.
“That’s why we’ve launched the Net Zero Challenge as a quick and easy way to find out how you can help make a difference and create a cleaner, greener city.
“Because we all have a responsibility to act now and play our part in protecting our city for generations to come.”
Teacher Catherine McCabe, who helps lead St Peter’s sustainable activities, said: “Taking steps to be more sustainable and cutting our carbon footprint has become part of daily life at school.
“Whether it’s growing food in our vegetable garden, making compost from food waste or turning crisp wrappers into building blocks that can be used in making furniture, the kids are so involved in playing their part, from nursery and as they move through the school.
“It’s really inspiring to see the children getting so hands-on at this age and developing such good habits they can carry through their lives and, along the way, inspire others in the city to do their bit to take action on climate change.”
Chancellor to set out plans for UK to be the world’s first net zero aligned financial centre, calling for other countries to follow suit
Over $130 trillion – 40% of the world’s financial assets – will now be aligned with the climate goals in the Paris Agreement, thanks to climate commitments from financial services firms
New UK climate finance projects funded from the UK’s international climate finance commitment will help developing countries to fund green growth and adapt to the changing climate
The Chancellor will set out the UK’s plans to become the world’s first net zero aligned financial centre and welcome “historic” climate commitments from private companies covering $130 trillion of financial assets as he hosts Finance Day at COP26 today (3 November 2021).
These commitments will help to create a huge pool of cash that could fund our net zero transition, including the move away from coal, the shift to electric cars, and the planting of more trees.
Convening the largest ever meeting of finance leaders on climate change, Rishi Sunak will set out the UK’s “responsibility to lead the way” and unveil a fresh push to decarbonise our world-leading financial centre.
Under the proposals, there will be new requirements for UK financial institutions and listed companies to publish net zero transition plans that detail how they will adapt and decarbonise as the UK moves towards to a net zero economy by 2050.
To guard against greenwashing, a science-based ‘gold standard’ for transition plans will be drawn up by a new Transition Plan Taskforce, composed of industry and academic leaders, regulators, and civil society groups.
In his opening keynote at Finance Day, Mr Sunak will hail the progress made to “rewire the entire global financial system for net zero” under the UK’s leadership of COP and reveal that over $130 trillion – around 40% of the world’s financial assets – is now being aligned with the climate goals in the Paris Agreement, including limiting global warming to 1.5C.
These commitments come from over 450 firms from all parts of the financial industry, based in 45 countries across six continents, and have been delivered through the Glasgow Financial Alliance for Net Zero (GFANZ), which was launched by the UK to harness the power of the financial sector in the transition to net zero.
The UK has also worked as chair of the G7, and in partnership with other G20 countries, to ensure all economic and financial decisions take the risks of climate change into account. The UK has convened over 30 advanced and developing countries from across 6 continents and representing over 70% of global GDP to back the creation of a new global climate reporting standards by the IFRS Foundation to give investors the information they need to fund net zero.
Celebrating this progress, the Chancellor will urge financial firms to “mobilise private finance quickly and at scale” and call on governments to enact bold climate policies to take advantage of these enormous financial resources.
Reiterating the importance the UK COP Presidency has placed on getting finance to the most vulnerable countries, Mr Sunak will also highlight that the $100 billion climate finance target will be met by 2023 and urge developed countries to boost their support to developing countries – including by helping them tap into the trillions of dollars committed to net zero by the private sector.
The UK will seek to address barriers to finance faced by developing countries with a series of new green initiatives funded from its international climate finance (ICF) commitment, including £100 million to respond to recommendations from the UK co-chaired Taskforce on Access to Climate Finance to make it faster and easier for developing countries to access finance for their climate plans.
In total, the UK will spend £576 million on a package of initiatives to mobilise finance into emerging markets and developing economies, including £66 million to expand the UK’s MOBILIST programme, which helps to develop new investment products which can be listed on public markets and attract different types of investors.
And in a further advance towards the $100 billion goal, the Chancellor will announce the launch of an innovative new financing mechanism – the Climate Investment Funds’ Capital Markets Mechanism (CCMM) – that will boost investment into clean energy like solar and wind power in developing countries.
The UK is already the biggest donor to the multilateral Climate Investment Funds, having contributed £2.5 billion, and will now give the returns from its investments (known as reflows) to CCMM. This new fund will use reflows to help it issue green bonds worth billions of pounds in the City of London – the world’s leading green finance centre – and could leverage an extra $30-70 billion from other sources for specific clean energy projects.
Janine Hirt, Chief Executive Officer, Innovate Finance said:“As the voice of UK FinTech, we passionately support the development of the UK as the first net zero aligned financial centre.
“Net Zero transition will be driven by finance and capital markets and it will be enabled by technology and data. As a leading global centre for financial services and for financial technology and innovation, the UK can and should lead the way in rewiring the entire global financial system for net zero.”
Dr Ben Caldecott, Director, UK Centre for Greening Finance and Investment (CGFI) Chief said:“This is huge. The world’s largest international financial centre will become the world’s first net zero-aligned financial centre.
“This is underpinned by world-leading regulation and the economy-wide adoption of net zero transition plans. This will spur demand for green finance and accelerate decarbonisation, not just in the UK but wherever UK firms do business.
“This will make a real difference and means the UK financial services sector will play an even larger role in providing the capital and financial services required to deliver net zero globally.”
“The UK Centre for Greening Finance and Investment is excited to act as the secretariat, together with E3G, for the new Transition Plan Taskforce to develop a ‘gold standard’ for transition plans and associated cutting edge metrics.
“We are the UK’s national centre established to accelerate the adoption and use of climate and environmental data and analytics by financial institutions internationally.”
Julie Page, Chief Executive Officer, AON said:“We welcome and support the Chancellor’s plans for the UK to be the world’s first net zero aligned financial centre.
“All industries have an important role in helping to achieve this goal and through Aon’s own 2030 net-zero commitment, we will contribute to this historical commitment and help lead the way towards a net zero economy.”
Dr Rhian-Mari Thomas OBE, Chief Executive, Green Finance Institute said:“Today marks the day that green finance has reached a point of critical momentum. The amount of capital committed to the transition to net zero has reached unprecedented levels.
“The task before us now is to come together in radical collaboration to unlock investment opportunities at speed and scale so we can channel this wall of capital into real economy outcomes that not only positions the UK as the world’s first net zero financial centre but also delivers a just and resilient net-zero global economy”
Kay Swinburne, Vice Chair of Financial Services, KPMG UK said:“This announcement will provide the financial services industry with a valuable set of unified metrics to measure progress towards decarbonisation and it is brave to put a gold standard in place for all companies raising funding.
“We’re pleased to see the UK lead by example by not only establishing the GFANZ initiative, but also expanding private sector commitments and supporting a science based approach to reporting standards.”
James Alexander, Chief Executive, UK Sustainable Investment and Finance Association (UKSIF) said:“We warmly welcome the Chancellor’s ambition to make the UK the world’s first net-zero aligned financial services centre.
“As the first major economy to legislate to cut emissions to net zero by 2050, this is a natural step in the UK’s climate leadership journey and recognises the central role of the sustainable finance sector in addressing the climate crisis.
“UKSIF and our members look forward to actively engaging in these next steps, particularly helping to build a shared definition of a good quality transition plan and more broadly a net-zero finance sector.
“Government and regulators should work closely with the financial services industry to identify the policies and actions required to progress our sector towards this world-leading ambition.”
Investing to tackle climate change
The crucial role of private investment in efforts to achieve net zero will be set out by First Minister Nicola Sturgeon later today (Wednesday) as part of Finance Day at COP26.
The First Minister will join the Mayor of London Sadiq Khan at the opening session of a Green Investment Showcase to detail how private investors can help drive the green industries of the future.
The First Minister will emphasise Scotland’s role as a world leader in sustainable industries and highlight the associated investment opportunities that exist, including through Scotland’s Green Investment Portfolio – now valued at £2 billion and which is expected to reach £3 billion in 2022.
The Showcase, hosted by Scottish Enterprise, will be attended by international and UK-based institutional investors, along with climate and clean tech companies seeking investment.
The First Minister said: “COP26 provides what is possibly our best chance to advance the societal and economic change that is demanded by the climate emergency, delivering lasting action towards net zero and a climate-resilient future.
“By grasping the opportunities provided by green industries and supply chains, we can create the good green jobs of the future and secure a just transition away from fossil fuels.
“The role of private capital is fundamental to achieving this and governments must do what they can to channel investment into areas supporting transformational change.
“Through our Green Investment Portfolio, which is already valued at £2 billion, the Scottish Government highlights a range of exciting, commercially assessed investment propositions to investors and showcases businesses in Scotland as world leaders in innovative green industries of the future.”
Mayor of London Sadiq Khan, said: “COP26 is a landmark moment in the fight against climate change. We need to take bold action now or we will face catastrophic consequences in the years to come.
“Climate action and economic growth must go hand in hand – in London I’m investing in green technology which generates good quality jobs, for Londoners and across the UK. Turning the tide on climate change will require record investment and coordinated action from everyone – cities, businesses, governments and communities.
“That’s why I am committed to working with the Scottish Government in pioneering green investment and I’m proud to announce that I will be committing over £30 million in additional funding in London which will help encourage up to £150 million of private investment in low carbon projects and create jobs that will help achieve our 2030 net zero target.”
Financial organisations are operating heavily in ore mining, oil extraction, shale drilling, coal mining and – worst of all – they are active in the destruction of the world’s forests.
The rapid destruction has now reached 70% of our forests. Behind these ghastly figures stand the faceless multinational financial organisations.
The felling of the world’s trees reduces the ability of the forests to produce the oxygen that we humans need to breathe. The rate of oxygen decrease is destructive to humans, animals and sea stocks.
We have the knowledge of this terrible destruction being carried out by these exploiters. The oxygen cannot be replaced because the forest has been chopped down – it has gone!
We know who is doing this and they know who they are – causing catastrophe!
Our government – all governments – must immediately stop this destruction of the rain forests, the soil erosion and the terrifying population dispalcement.
A. Delahoy
Silverknowes Gardens
NOTE: Tony may be heartened by announcements expected from the COP26 conference later today – ED.
Leaders representing over 85% of the world’s forests will commit to halt and reverse deforestation and land degradation by 2030 at COP26 today
£8.75 billion ($12bn) of public funds will be committed to protect and restore forests, alongside £5.3 billion ($7.2 billion) of private investment.
Announcements are part of an unprecedented package of economic and political commitments to end deforestation worldwide.
The Prime Minister, HRH the Prince of Wales and the leaders of Colombia, Indonesia and the United States among those due to address the COP26 Forests & Land Use event today.
In the biggest step forward in protecting the world’s forests in a generation, more than 100 leaders will commit to halt and reverse forest loss and land degradation by 2030 at an event convened by the Prime Minister at COP26 today.
The pledge is backed by almost £14 billion ($19.2 billion) in public and private funding.
Countries spanning from the northern forests of Canada and Russia to the tropical rainforests of Brazil, Colombia, Indonesia and the Democratic Republic of the Congo will endorse the Glasgow Leaders’ Declaration on Forest and Land Use. Together, they contain 85% of the world’s forests, an area of over 13 million square miles.
Forests are the lungs of our planet, absorbing around one-third of the global CO2 released from burning fossil fuels every year, but we are losing them at an alarming rate. An area of forest the size of 27 football pitches is lost every minute.
The commitment will be supported by a pledge to provide £8.75bn ($12bn) of public finance from 12 countries, including the UK, from 2021 – 2025. This will support activities in developing countries, including restoring degraded land, tackling wildfires and supporting the rights of indigenous communities.
This will go alongside at least £5.3 billion ($7.2 billion) of newly-mobilised private sector funding. CEOs from more than 30 financial institutions with over $8.7 trillion of global assets – including Aviva, Schroders and Axa – will also commit to eliminate investment in activities linked to deforestation.
Prime Minister Boris Johnson is expected to say at the Forest & Land Use event at COP26 today: “Today, at COP26, leaders have signed a landmark agreement to protect and restore the earth’s forests.
“These great teeming ecosystems – these cathedrals of nature – are the lungs of our planet. Forests support communities, livelihoods and food supply, and absorb the carbon we pump into the atmosphere. They are essential to our very survival.
“With today’s unprecedented pledges, we will have a chance to end humanity’s long history as nature’s conqueror, and instead become its custodian.”
President of Colombia Iván Duque said: “Colombia is proud to endorse the Glasgow Leaders’ Declaration on Forests and Land Use. The Declaration is a landmark commitment from countries to work together to end deforestation and all land degradation within the next decade.
“Never before have so many leaders, from all regions, representing all types of forests, joined forces in this way and Colombia is committed to playing its part. We will enshrine in law a commitment to net-zero deforestation by 2030 – one of the most ambitious commitments in Latin America – and to protecting 30% of our land and ocean resources by 2030.
“Now we must all work in partnership with businesses, the finance sector, smallholder farmers, Indigenous Peoples and local communities to create the conditions for forest-positive economies to grow and thrive.”
President of Indonesia, Joko Widodo said: “Indonesia is blessed as the most carbon rich country in the world on vast rainforests, mangroves, oceans and peatlands. We are committed to protecting these critical carbon sinks and our natural capital for future generations.
“We call on all countries to support sustainable development paths that strengthen the livelihoods of communities – especially indigenous, women and smallholders.”
The UK will commit £1.5bn over five years to support the forests pledge, including £350m for tropical forests in Indonesia, and £200m for the LEAF Coalition.
The UK will also contribute £200m, alongside 11 other donors, as part of a new £1.1 billion ($1.5bn) fund to protect the Congo Basin. The area is home to the second-largest tropical rainforest in the world which is threatened by industrial logging, mining and agriculture.
Governments representing 75% of global trade in key commodities that can threaten forests – such as palm oil, cocoa and soya – will also sign up to a new Forests, Agriculture and Commodity Trade (FACT) Statement. The 28 governments are committing to a common set of actions to deliver sustainable trade and reduce pressure on forests, including support for smallholder farmers and improving the transparency of supply chains.
Currently almost a quarter (23%) of global emissions come from land use activity, such as logging, deforestation and farming. Protecting forests and ending damaging land use is one of the most important things the world can do to limit catastrophic global warming, while also protecting the lives and futures of the 1.6 billion people worldwide – nearly 25% of the world’s population – who rely on forests for their livelihoods.
Prime Minister of Norway Jonas Gahr Store said: “We must work for an improved global framework for climate investments. To “keep 1.5 degrees alive” we have to halt forest loss this decade. Tropical forest countries need more international support and incentives to transform their land use policies.
“Norway will continue and further develop its International Climate and Forest Initiative at high levels until 2030, and we’re excited to be part of a growing coalition of donors and companies mobilising to reduce deforestation and enable a just rural transition.
“I am particularly pleased that we are joining forces to secure Indigenous Peoples’ rights and increase the recognition of their role as forest guardians.”
Amanda Blanc, Group CEO Aviva plc, said: “Protecting our forests and their biodiversity is fundamental to the fight against climate change. Financial institutions have a pivotal role, using our influence on the companies we invest in to encourage and ensure best practice.
“Aviva is proud to sign the commitment to end deforestation, helping build a critical mass for change. Together we can reduce risk to the planet and the financial markets, and capitalise on the opportunities that come from more sustainable investment.”
Tuntiak Katan, Coordinator of the Global Alliance of Territorial Communities, representing communities from the rain forests of Africa, Latin America and Indonesia, said: “We welcome the announcement at COP of the Joint Statement on Advancing Support for Indigenous Peoples and local communities that has raised to an unprecedented level their visibility as a climate solution.
“At the same time, we will be looking for concrete evidence of a transformation in the way funds are invested. If 80 percent of what is proposed is directed to supporting land rights and the proposals of Indigenous and local communities, we will see a dramatic reversal in the current trend that is destroying our natural resources.”
Today’s event will see world leaders join with representatives of Indigenous Peoples and local communities, civil society, philanthropists, businesses and the financial system.
Among those speaking alongside the Prime Minister Boris Johnson are HRH The Prince of Wales, President Joko Widodo of Indonesia, President Ivan Duque of Colombia, President Joseph R. Biden Jr. of the United States, President Felix Tshisekedi of the Democratic Republic of the Congo and EU Commission President Ursula von der Leyen.
As Cop26 kicks off EVOC are celebrating the citizens & communities across #Edinburgh (Scotland, the UK, & the World) who are already taking climate action!
We want you to share your #MyClimateAction story – a picture, short video, or something more!
