Sadly no Archbishop Desmond Tutu and no Al Gore at the event at COP17 last night!
French experts say the battle over establishing a framework for the Green Climate Fund comes down to a choice: efficiency or justice?
IFC and South African Retirement Industry to Advance Ground-Breaking Sustainability Legislation
Johannesburg, South Africa, November 30, 2011—IFC, a member of the World Bank Group, today signed an agreement with the Principal Officers Association of South Africa to work on the integration of environmental, social, and corporate governance issues in investment decisions. POA is a trade association of pension fund managers representing more than ZAR 2 trillion (about $250 billion) in assets under management.
The project will provide a consistent framework and set of tools for retirement funds to comply with the new Regulation 28 of South Africa’s Pension Funds Act. The regulation is pioneering on a global level in that it requires pension funds to actively consider sustainability issues in their investment decisions. This is reinforced by a number of national and international policy initiatives such as the Code for Responsible Investing in South Africa (CRISA) and the UN-backed Principles for Responsible Investment.
“Improving the environmental, social, and governance performance of businesses contributes to their financial resilience and profitability. Institutional investors have a key role to play in catalyzing innovation and investment, especially when it comes to climate change,” said Wanjiru Kirima, Chairperson of the Principal Officers Association and also the Chairperson of the project steering committee. “This project is an innovative and practical step for the industry to help address the challenges that South Africa is facing while improving returns for pensions and society.”
The project will draw on local and international best practice, including IFC’s Sustainability Framework for private sector investment in emerging markets. The Sustainability Framework reflects IFC's strategic approach to climate change and the integration of environmental and social sustainability. The broad adoption of these practices can transform markets and improve people’s lives.
“IFC invests in priority sectors such as renewable energy, infrastructure, agribusiness and small and medium enterprises based on our sustainability framework. By working with other institutional investors we seek to leverage additional long-term and sustainable investment into such sectors,” said Saleem Karimjee, IFC Southern Africa Country Manger. “Incorporating environmental, social, and corporate governance practices can help to protect investment portfolios, especially in the light of increasing risks from climate change.”
More than a dozen institutions, including the National Treasury of South Africa, the South African Government Employees Pension Fund, Financial Services Board and the Association for Savings and Investment South Africa, will lead this initiative. These institutions comprise the steering committee of the project and have responsibilities for retirement fund investment practices in South Africa, Botswana and Namibia.
This project is supported by funding from the Norwegian Government.
Thursday night Climatecom will be hosting a UNFCCC side event entitled Youth and Climate Change: a prerequisite for action. Youth representatives from various environmental organizations and education groups across Africa will discuss solutions towards sustainability in climate change and the role of education and training programmes in raising awareness and action on climate change. Members of the panel will share personal testimonies on what actions they have taken and the audience will be invited to share their views on adopting sustainable lifestyles. Come join us for what promises to be a fun and spirited event Thurdsday December 1, 18:30 -20:300 in Indwe River Room, DEC.
Increasing temperatures mean most of Madagascar won't be able to grow rice by 2080
Madgascar ranked third on the 2010 Maplecroft assessment of "extreme" climate risk, behind only Bangladesh and India
Really troubling statistics on Madagascar: 75 percent poverty rate, 50 percent of population under 20 and a population growth rate of 3.3 percent, 25 percent of population has access to power, 50 percent have access to health services
Watching Pablo Suarez of the Red Cross/Red Crescent Climate Centre play a game with Uganda MPs on trying to estimate drought and flooding risk. Lots of laughter and lots of learning
Even more fun when the games turn to mosquitoes trying to spread dengue versus humans trying to clean up breeding sites and protect themselves.