The COVID-19 pandemic has hardly been an example for the world to showcase global solidarity, as rich nations stockpile and hoard vaccines while poor nations go without. A second opportunity to get it right can be found in how the the rich nations and the private financial world will respond to the call for global investment in the far more lethal climate crisis.

To defeat this crisis, we must act globally. At the 2016 Conference of the Parties (COP, the decision-making body of the United Nations Climate Change Conference), developed nations pledged $100 billion to developing states for climate adaptation. A December 2020 report by independent international experts analyzes the progress of this commitment.

The report even cites the then-president-elect’s go-to slogan.

Citing the importance of this commitment to the emerging markets and developing economies (EMDEs), which have been severely impacted by the COVID-19 pandemic, the report stresses the importance of private financial investment to counter EMDEs’ loss of revenue, debt pressures, and loss of credit standing. This is no charity project: We must learn the COVID-19 pandemic lesson that the world is one place and all humanity is interconnected.

The report, noting differences in measuring that occur across nations, concludes that the $100 billion commitment has not been met, and further recommends that the $100 billion mark be considered a floor and not a ceiling from all sources public and private for subsequent years.

It also proposes an “ambitious” agenda.

ACCESS LARGE UNTAPPED PRIVATE FINANCE AND SHIFT WHOLE FINANCIAL SYSTEM

Opportunity for exponential increase in private finance. Promote alignment with climate risk and opportunity. Will require ongoing collaboration between public and private actors.

PIVOTAL TO SCALING UP PUBLIC CLIMATE FINANCE AND CROWDING IN PRIVATE FINANCE

Greater ambition needed to help countries by unlocking investments, leveraging balance sheets, mobilizing private finance & aligning support to Paris goals. Shareholders need to urgently buttress the required capital, post-Covid-19.

DIRECT AND CATALYTIC ROLE IN MEETING PRIORITY NEEDS, ESPECIALLY IN POOR AND VULNERABLE COUNTRIES

Green Climate Fund and other climate-related funds well positioned to support scaling up investments for mitigation and adaptation. Ambitious replenishments for these funds will be critical over the coming five years.

MEETING AND BOLSTERING COMMITMENTS

All bilateral donors need to meet their commitments and raise their ambition .Enhancing the grant component is more critical than ever.

2020 TARGET UNDERPINS INTERNATIONAL CLIMATE FINANCE SYSTEM

$100bn target will likely not be met in 2020; must now pivot to providing a major boost to strong green economic recovery packages, surpassing the $100 billion target in 2021, and raising ambition strongly for the period ahead.

~ Independent Expert Group on Climate Finance

A significant sign that businesses and investors are more than willing to take advantage of these new globally sustainable opportunities is the April announcement by Michael Bloomberg that Bloomberg LP, Bloomberg Philanthropies, and Goldman Sachs are offering capital and data to those who wish to enter these new ventures in these developing markets.

[…]

First, we will harness investor demand to direct more capital toward climate transition investments where the need is most acute: in developing markets. By marshaling more capital to finance clean-energy projects, we will be able to support nations and their utilities in their transition from fossil fuels to renewable power. This will both help build a more resilient economy and improve public health.

The Bloomberg announcement aligns with the UN’s plan.

First: Invest in sustainable jobs and businesses through a clean and just transition. Investments must accelerate the decarbonization of all aspects of our economy.
Second: Do not bailout polluting industries unless these industries commit to become Paris aligned.
Third: Fossil fuel subsidies must end, carbon must have a price to deliver a market-driven shift to a decarbonized economy and polluters must start paying for their pollution that is harming communities, employees, and consumers.
Fourth: Take climate risks and opportunities into account in all financial and policy decisions.
Fifth: Work together to recover better.
Sixth: The transition to a carbon neutral economy must be fair and inclusive. We must leave no one behind. And we must ensure that more women are in decision-making positions.

~ Independent Expert Group on Climate Finance

Much to the horror of the fossil fuel industry, corporate America seems to me to be undergoing changes that may bode well for the world we live in. A heartening sign of this is a May 18 opinion piece published in The Hill and written by Paul H. Kupiec of the American Enterprise Institute. Treat yourself to a full reading in order to savor the aggrieved tone of the jilted lover.

A trend which gives me hope that the world may be changing for the better, particularly in the financial world, is the JUST Capital project. They conducted a large survey which asked Americans what they thought were the most important values that a company should prioritize. The results turned the standard corporate values on their heads. At the top of the list was how companies treated employees, while the environment was fourth; at the very bottom of the list were shareholders. JUST Capital further showed how companies which scored higher on the new list of priorities prospered and were more financially sustainable, judging by stock prices and profits. Forbes now has a list of the top 100 JUST companies, who are now advertising this designation with pride. Seems that doing the right thing may just be the best thing for their company, as well as the world.

Burt Wolf narrates this PBS video about JUST Capital’s project to equip companies with the data and tools to practice stakeholder capitalism in order to build an economy which works for all.

YouTube Video

Individual WAYS TO SAVE THE PLANET: SUMMARY

Turn out the lights when not in use
Avoid creating nighttime light pollution
Don’t waste water
Avoid burning wood (or other things), as wood fires are both pollutant and carcinogenic
Don't use pesticides
Limit your use of cars and planes (if possible)
Don't use gas powered vehicles
Take out grass and put in a garden or pond (or <em>xeriscape </em>)
Mow, blow, and whack with electric or by hand
Plant for the animals (bees, birds etc)
Plant trees
Don't micro manage yards, go wilder
Try to use solar
Take a bus, trolley or train
Encourage your city/town to use electric buses
Use energy efficient products or products that work on clean fuels
Reduce dependence on non-biodegradable items
Walk, bike or carpool
Turn down the heat or AC
Reuse items- give to Goodwill or Craig's list rather than dumping
Cut down or cease eating meat
Use reusable carry bags for groceries; second choice, paper bags; not plastic
Compost
Save the bees
Be informed
Write your representative, sign petitions
Elect pro-environment candidates and demand action
Support the Green New Deal
Get involved
March
Blog about the environment
Control population
Tell a friend!

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Regenerative Culture for an Altered Planet (RCAP) diaries post every Thursday evening at 9 PM Eastern time. Each may be written by a different group member. RCAP focuses on individual actions that will help the climate. We hope you will join us for reading, following, even writing for us! Here is a handy link to RCAP.

IF YOU LIKE RCAP, YOU MAY ALSO LIKE THESE GROUPS:

GreenRevolution (GR): GR is the sister action group to RCAP. GR is a direct action environmental protest group seeking institutional action to help the climate. The two groups work in conjunction to help transform our planet before it is too late! Here is a handy link to GreenRevolution.

Climate Change Anxiety Support Group (CCA): Once convinced that the world is in a crisis, it is common to have anxiety, even grief. CCA is a nonpartisan support group in conjunction with the Kosability group (a group for those coping with physical and/or mental health issues). Here is a handy link to CCA.

Climate Fight (CF): DKos group inspired by Governor Jay Inslee, who is putting the climate fight first. Bringing change sooner rather than later. This began as a support group for Inslee’s presidential run, but continues as support for making change to limit climate damage. Here is a handy link to CF.

AND LINKS TO A COUPLE OUTSIDE GROUPS OF INTEREST:

Climate Psychology Alliance: A group of academics, therapists, and others who “believe that psychological understanding can help with the wide range of complex individual and cultural responses to the environmental crisis.”

350.org: “An international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.” Click the link to see how we get there.