As the causes and consequences of climate change impact our lives more severely, it becomes increasingly undeniable that it is, in fact, the greatest risk facing us all. However, while the impacts of climate change are growing, so are our advances in tackling it. And today, on the first day of the UN Climate Change Conference, COP26, the world is watching to see how we will move towards cleaner air and the restoration of nature, all while creating more jobs and unleashing economic growth.
Even with many opportunities available for progress to be made, we are still not acting fast enough, but COP26 will bring the world together to combine our efforts. For this to be successful, it is understood that finance is the key driver, with it holding the potential to unlock finance flows that are consistent with a pathway towards reduced greenhouse gas emissions and climate-resilient development.
What do we need to achieve at COP26?
- Secure global net zero by mid-century and keep 1.5 degrees within reach, which involves speeding up our phasing out of coal, our reduction of deforestation, the switch to electric vehicles, and investments in renewables.
- Adapt to protect communities and natural habitats by restoring ecosystems, as well as building defences and resilient agricultural infrastructure.
- Mobilise finance by unleashing trillions in private and public sector finance, as well as the $100bn per developed country in climate finance each year to work towards global net zero.
- Work together to deliver on our targets, as the challenges of climate change can only be met, and the risks only mitigated, with global efforts and collaboration from governments, businesses, and civil society.
How is Pole Star supporting the efforts of COP26?
It is now widely recognised that finance will play a pivotal role in supporting the world on its trajectory to becoming greener, meaning the implications for the financial sector are far-reaching. With transparency being key to achieving a sustainable trade ecosystem, every player in the supply chain must monitor their environmental impact and that of those they are in business with.
This year Pole Star has formed two key partnerships to redirect the maritime trade supply chain towards more environmentally conscious decision-making. By integrating carbon emissions reporting from CarbonChain into our web-based sanctions screening and compliance platform, PurpleTRAC, and working with ESG analytics and sustainability risk screening provider, Vasanda, Pole Star is providing customers with a 360-degree view of regulatory and sustainability risk.
Watch our short video to learn more about our collaborative solution →