{"id":81136,"date":"2023-12-11T00:00:00","date_gmt":"2023-12-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/12\/11\/eib-issues-first-common-principles-on-nature-positive-finance-and-usd-bns-in-financing-for-solar-and-agriculture\/"},"modified":"2023-12-11T00:00:00","modified_gmt":"2023-12-11T00:00:00","slug":"eib-issues-first-common-principles-on-nature-positive-finance-and-usd-bns-in-financing-for-solar-and-agriculture","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/12\/11\/eib-issues-first-common-principles-on-nature-positive-finance-and-usd-bns-in-financing-for-solar-and-agriculture\/","title":{"rendered":"EIB issues first common principles on nature-positive finance and USD bns in financing for solar and agriculture"},"content":{"rendered":"

EIB issues first common principles on nature-positive <\/strong>finance<\/strong>: <\/strong>The European Investment Bank (EIB) and a number of other multilateral development banks (MDBs) issued common principles (pdf)<\/a> aimed at identifying and tracking investments earmarked for the protection, restoration, and sustainable use of natural resources (dubbed \u201cnature-positive financing\u201d), according to a statement<\/a> released on Saturday. The move comes in efforts to help financial institutions, governments, and corporations implement the Kunming-Montreal Global Biodiversity Framework. <\/p>\n

REFRESHER- <\/strong>The Kunming-Montreal Global Biodiversity Framework \u2014 passed during COP15 in Montreal<\/a> last December \u2014 aims to protect 30% of the planet\u2019s oceans and lands by 2030. The framework sets a goal for wealthy countries to increase their aid contributions for biodiversity to USD 25 bn annually starting 2025 and USD 30 bn annually by 2030.<\/p>\n

About the common principles: <\/strong>The principles aim to guide the development and implementation of MDBs\u2019 respective frameworks and internal methodologies for tracking nature-positive finance. It also sets out to facilitate comparability and enable financiers to assess whether the capital they\u2019re earmarking for environmental projects deliver a meaningful and quantifiable contribution to nature, EIB notes.<\/p>\n

China\u2019s Trina will invest USD 5 bn to build a solar energy hub in the <\/strong>UAE<\/strong>: <\/strong>Chinese solar panel manufacturing giant Trina Solar says it will spend up to USD 5 bn to build an integrated solar energy value chain in the UAE, company CEO Katherine Gao told Wam<\/a> on Thursday. A timeline on the company\u2019s planned projects was not provided. <\/p>\n

REMEMBER- Trina has been ramping up its activities in the UAE: <\/strong>The Chinese firm inked an MoU<\/a> with AD Ports and China-based investment firm Jiangsu Provincial Overseas Cooperation and Investment (JOCIC) back in October to build a large-scale PV manufacturing base in Abu Dhabi. Trina also delivered 800 MW<\/a> of solar modules to Abu Dhabi\u2019s 2 GW Al Dhafra solar plant.<\/p>\n

A UAE-US climate agriculture initiative secures USD 17 bn in investments: <\/strong>The UAE-US\u2019 Agriculture Innovation Mission for Climate<\/a> (AIM for Climate) initiative secured approximately USD 17 bn in investments, according to a statement (pdf)<\/a> on Friday. USD 12 bn of the investments came from over 600 government partners, while the other USD 5 bn came from 27 new Innovation Sprints<\/a> \u2014 initiatives led and funded by partners to support small farmers in low and middle-income countries, and invest in emerging technologies, agroecological research, and methane reduction. The USD 17 bn in investments is more than double the USD 8 bn pledged at COP27<\/a>, and 4x the USD 4 bn invested when the program first launched at COP26. <\/p>\n

The food and agriculture sector secured USD 3 bn at COP28 so far: <\/strong>Governments, philanthropies, and private sector players have so far pledged USD 3 bn in climate financing toward the food and agriculture industries at COP28, Asharq Business<\/a> reported on Friday. Climate driven-extreme weather led to USD 3.8 tn worth of crop failures and livestock losses over the past three decades, according to the United Nations<\/a>. Even if the Paris-agreed 1.5 C warming limit is met, global food production will still suffer a severe impact, US special envoy for global food security Cary Fowler told The Guardian<\/a> yesterday. To unlock more climate finance for the agri and food sectors, the COP28 Presidency launched<\/a> the three-year Sharm-El Sheikh Support Programme to support farmers, food producers, small agribusinesses and local communities. <\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n