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Green Finance and Decarbonization of Petrochemicals
Slim Pickings in a Crucial but Hard-to-abate Industry
The petrochemical industry is a little studied but crucial sector that needs to rapidly ramp up its climate ambition if it is to align with the SDGs and contribute to the objectives of the Green New Deal. The implications of not doing this are significant, both in terms of the environment (petrochemicals being a major producer of carbon emissions, chemical pollutants and plastic), and in terms of potentially provoking financial and economic instability and “climate Minsky” shock. This paper builds on a previous study by the authors that analysed thousands of financial transactions to identify the respective roles played by public and private banks, bond markets and other sources of capital in this sector. This paper now digs deeper into so-called “green” finance and, in particular the market-based mechanism of green bonds. It draws on empirical evidence from global financial databases and development banks, and from case-study analysis of two development-bank financed green bond issues to the petrochemical sector. Both issuances are in Asia, the world’s manufacturing hub and driving force behind increased petrochemicals production and facilities. Lessons learned here are extremely relevant for the climate change debate, as the region is at the forefront where impact will be greatest in the near-term. This paper finds that “green finance” is at best marginal, so that significant chances are needed in the provision of finance to the petrochemical industry, if it is to influence the region’s green transition and meeting the goals of Agenda 2030. Market mechanisms still offer only the slimmest pickings, making it likely that dedicated public financial institutions such as public banks will be required for any major investment push.
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Greening the Blue Report 2021
The UN System’s Environmental Footprint and Efforts to Reduce It
The Greening the Blue Report 2021 provides a snapshot of the UN system’s environmental impacts throughout 2020 and its activities to reduce them. The 2021 edition of the Report covers data for 2020 on environmental impacts, including greenhouse gas emissions, waste, water, environmental management, and, for the first time, procurement and human resources management functions. The report includes data on 56 entities from across the UN system, representing approximately 315,000 personnel in Headquarters, in thousands of field offices, and operations on the ground. It shows that in 2020, the UN system generated ~1.5 million tonnes CO2eq greenhouse gas (GHG) emissions, with per capita emissions of 5 tonnes CO2eq. In 2020, the emissions sources were 32 percent from air travel, 12 percent from other travel (rail, road, sea, etc.), and 55 percent from facilities. In 2020, 19 percent of UN electricity worldwide came from the use of renewable energies either purchased from the country grid or self-generated. The UN system was able to offset 99 percent of GHG emissions. While offsetting is an important factor in managing unavoidable emissions, the priority for the UN system remains emissions reductions and elimination. This edition of the Report reveals the impacts of COVID-19 on the UN system’s environmental footprint. With significant worldwide travel restrictions and many UN personnel working from home, the UN system generated approximately 25 percent fewer GHG emissions than in 2019.
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