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Your Climate Action Diary - 45

Year 2023 • Week 33 • Anushthatri Sharma
Hi,

Hope you are well !

The last two weeks saw two important step-forwards. 

Introduction of an accountability framework for non-state actors & global benchmarks for carbon markets ! Both have been in the works for a while now. While the first will help ensure scrutiny of net-zero plans proposed by private organisations; the latter could introduce more trust to the carbon credits available in the growing world of carbon markets. 

However on the flip side, we noticed some alarms coming from the banking system in India !

Scroll down to read more.
Regards, 

Harish, 
Team OnePointFive Tribe

Global Benchmark for Carbon Credits Launched

The "Integrity Council for the Voluntary Carbon Market" was founded in early 2021 to improve the quality and governance of the voluntary carbon market - has now introduced a global benchmark for "high-integrity carbon credits", aiming to boost the voluntary carbon market's support for global climate goals. The framework will assess credits against the Core Carbon Principles (CCPs), promoting emissions reduction & sustainable development.

Indian Banks are unprepared for Climate Risks Despite Widespread Weather Impact

A report by Climate Risk Horizons reveals that major Indian banks lack preparedness for climate risks despite 314 extreme weather events affecting India in 2022. The study assessed India's largest banks, noting gaps in measuring, managing, & mitigating climate risks. The Reserve Bank of India's call for climate risk recognition contrasts with banks' lack of readiness.

UN Introduces Accountability for Non-State Climate Pledges

The UNFCCC introduced the 'Recognition & Accountability' Framework, that aims to recognize and hold non-state actors (such as cities, states, regions, companies, investors, foundations, civil society organizations, and cooperative initiatives) accountable for their voluntary climate pledges under the Paris Agreement. It focuses on principles of commitment, integrity, credibility, & transparency.

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