DEFORESTATION

More than 100 nations promise to reverse forest loss by 2030 at COP26

Over 100 world leaders have signed a historic pact to halt and reverse forest loss and land degradation by 2030, one of the first major outcomes from the COP26 climate summit. The Glasgow Leaders Declaration on Forest and Land Use has reportedly been signed by governments responsible for 85% of the world's forests, including the UK, USA, Brazil, Democratic Republic of the Congo, China, Colombia, Indonesia, Canada, and Russia. As part of the agreement, nations including the UK, USA, Canada, Germany and France, have pledged to mobilise £8.7 billion of public funding over the next five years. A further £5.3 billion has been secured from over 30 financial institutions, including Aviva, Schroders, and Axa, who have separately promised to strive to eliminate agricultural commodity-driven deforestation from their portfolios by 2025. (Business Green)

CLIMATE CHANGE

India pledges net zero by 2070 & US to slash global methane emissions

India's Prime Minister has announced a landmark net zero emissions target for 2070 alongside  fresh renewable energy goals. The Prime Minister pledged that India would aim to achieve net zero by 2070, backing up the long-term target with a pledge to cut the country's carbon intensity by 45% by the end of the decade. Moreover, he promised to increase India's renewable power target to 500GW by 2030, by which point he said India would seek to source half its electricity from clean sources. In a packed first day at COP26, the US has also made significant climate pledges, revealing it is to rejoin the High Ambition Coalition, aiming to keep rising temperatures to 1.5⁰C. The US is also expected to unveil a plan to control global methane emissions later today. (Business Green; The Guardian)

SUSTAINABLE DEVELOPMENT 

Britain to fund $3bn worth of green investments in developing economies

Britain has announced it will fund green investments of more than £3 billion over five years and new guarantees to support clean infrastructure projects in developing economies. Britain said it will commit more than £210 million in new investment towards financing electric vehicle manufacturing in India, green bonds in Vietnam and solar power in Burkina Faso, Pakistan, Nepal and Chad. It will additionally provide guarantees to the African Development Bank to unlock up to £1.45 billion worth of new financing for Africa, and  will separately provide additional guarantees to the World Bank to fund $1 billion worth of green projects across India. The news follows a call from India's chief economic adviser urging rich nations to commit much more than $100 billion to help poor countries fight climate change. (Reuters)

SUSTAINABLE INVESTMENT

BlackRock raises $673m for climate infrastructure in emerging markets

Investment major BlackRock has raised $673 million for an infrastructure fund with backing from the French, German and Japanese governments to invest in climate-focused projects such as renewable energy in emerging markets. State-owned development banks from France, Germany and Japan and philanthropic institutions such as the Grantham Environmental Trust and the Quadrivium Foundation are providing 20% of the fund's capital and have agreed to take losses before other investors. The new fund could help developed nations meet a target of mobilizing $100 billion a year to help poorer countries tackle climate change. BlackRock and the fund's other backers are trying to muster more support for such emerging markets-focused initiatives at the COP26 United Nations Climate Change Conference in Glasgow. (Reuters)

LOBBYING

Industry lobbies privately opposing 2040 UK ban on new diesel trucks

The UK automotive industry is privately lobbying against the proposed 2040 introduction of a ban on sales of new diesel trucks, amid a split between manufacturers over when heavy goods vehicles should abandon fossil fuels. The UK is consulting on its plans to ban internal combustion engines in new lorries after 2040 to tackle the climate crisis. The automotive lobby group, the Society for Motor Manufacturers and Traders, has told MPs privately that a ban should be delayed, according to responses to the consultation. It claims that without clarity on the viable future solutions required for zero-emission HGVs, it will not support setting an end-of-sale date. The Road Haulage Association (RHA), which represents trucking companies, argues the ban should be delayed until 2045 for lorries over 32 tonnes in weight. (The Guardian)

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