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G7 throws weight behind sustainable finance movement
The G7 today joined the G20, other countries and markets in throwing its weight behind a growing movement to turn the power of the global financial system to sustainable development.
In a communique released at the end of a two-day meeting in Bologna, hosted by Italy, G7 environment ministers – including the US – called increased sustainable financing “fundamental” to the achievement of sustainability and climate goals.
The final statement also saw the G7 pledge continued action on the 2030 Agenda for Sustainable Development, resource efficiency, marine litter, green jobs and climate change. The US backed the final statement, except for the climate action section, which it said it could not sign up to given its withdrawal from the Paris Agreement.
Gian Luca Galletti, Italian Minister of Environment, Land and Sea. Photo Credits: Riccardo Savi/Connect4Climate
“Climate change, the unsustainable management of resources and the pollution of our oceans demand immediate, coordinated action to create a healthy environment capable of supporting our growing populations,” said Gian Luca Galletti, Italy’s Environment Minister.
“This is why Italy asked the G7, for the first time, to look at how to boost the role of the global financial system in sustainable development, and turn trillions of dollars in capital towards green investments.”
Sustainable finance is a rapidly accelerating global movement. Countries from China to France and the UK have launched initiatives to boost flows of private capital for climate and sustainability. The G20 has set up a green finance study group. The value of investment assets committed to the Principles for Responsible Investment is now over US$73 trillion.
Meanwhile, the green bond market almost doubled to more than US$80 billion in 2016, and is expected to increase to US$150 billion in 2017. However, despite this impressive growth, green bonds still represent less than 1 per cent of global bond issuance, point to the need for further action.
UN Environment’s Inquiry into the Design of a Sustainable Financial System is a prominent champion of the movement, which seeks to unlock the finance needed to deliver on the goals of the 2030 Agenda for Sustainable Development and the Paris Agreement. The Inquiry has supported Italy’s G7 presidency over the last year as it explored the potential of sustainable finance.
Catherina McKenna, Minister of Environment and Climate Change of Canada. The 2018 G7 Summit will be held at Le Manoir Richelieu in La Malbaie, Quebec. Photo Credits: Max Thabiso Edkins/Connect4Climate
Canada is next in line to take over the G7 Presidency from Italy. Catherine McKenna, Canada’s Minister of Environment & Climate Change, said they would continue the work, saying it was clear that “the environment and economy went together”, and pointing to how trillions of dollars of financing would create good jobs and grow economies.
According to Nick Robins, Co-Director of the Inquiry, the G7 now has a unique opportunity to quicken the pace of sustainable finance and do just that.
“G7 nations hold the bulk of the world’s financial assets and often lead the pack in terms of making environmental and social factors a core aspect of banking, investment and insurance,” he said. “We need to take this positive momentum to scale, so that finance supports the transition to a sustainable economy, particularly the needs of entrepreneurs and small businesses.”
Robins presented two reports, commissioned by Italy for the G7 and written by the Inquiry, at the meeting. The reports, the findings of which were endorsed in the final communique, outline strategies to ensure SMEs and financial centres are part of the sustainability solution.
“SMEs are the bedrock of the economy in terms of growth, employment and innovation, but often find it hard to find finance for essential investments in sustainability,” said Robins. “What is really exciting is the new range of mechanisms to help close this funding gap.”
SMEs are particularly important in Italy. The Italian economy is dominated by nearly four million SMEs, which make up 95 per cent of all companies.
The big task is to improve access to tailored financial services, both for SMEs wishing to improve their sustainability performance and those providing goods and services for the growing green economy (such as clean-tech pioneers). UN Environment’s first report, Mobilizing Sustainable Finance for SMEs, outlined practical ways of making progress.
For example, public finance institutions such as France’s BPI are offering low-interest loans to SMEs to improve energy efficiency. Canada’s BDC has launched venture capital funds for clean-tech innovators. In the US, state-level green banks are crowding in private capital in California, Connecticut, Hawaii, New Jersey, New York and Rhode Island.
In Germany, the GLS Bank has led a financing partnership for green entrepreneurs. The Borsa Italiana is promoting green “mini-bonds”, which enable small businesses to raise capital from investors. Innovations in financial technology can also help through crowdfunding for the green economy, for example, by UK investment firm, Abundance.
G7 Environment Ministers met in Bologna, Italy, this past weekend. Photo Credits: Riccardo Savi
The Inquiry’s Financial Centres for Sustainability report found that the G7 and other countries could encourage their financial centres to develop strategies that scale up green and sustainable finance – including through international cooperation that would create “a race to the top”.
“In financial centres, the supply and demand for finance come together and action to connect finance and sustainability becomes tangible.” said Robins. “Over the past year, some G7 financial centres (such as Frankfurt, London and Paris) have launched green and sustainable finance initiatives, but there is still huge scope for improvement.”
Environment World Leaders gather for the traditional group picture in Bologna, Italy. Photo Credits: Max Thabiso Edkins/Connect4Climate
Working with UN Environment, Italy’s Environment Ministry made the G7 meeting climate neutral, offsetting all greenhouse gas emissions (estimated at around 250 tonnes of carbon dioxide) through the Clean Development Mechanism. The emissions credits used for the meeting support project in Bangladesh (solar energy), Pakistan (renewables) and Rwanda (Fluorescent lamp CFL distribution).
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Climate Change Impact Presented in the Book "Il Mondo Trasformato"
Nadelini, Righi and Rebeschini: three photojournalists from Bologna portray the climate change consequences through photos taken in every single part of the planet. The book was presented during the All4TheGreen week held in Bologna.
The book “Il Mondo Trasformato [The Transformed World]” compiles 33 images of the world and, specifically, the Emilia Romagna region in Italy, describing climate change. It is the result of an emotional journey that started on the Hurricane Mitch that affected the center of America in 1998, and it continued with the 2005 tsunami in Sri Lanka. The book also describes the environmental catastrophes that happened in Emilia Romagna.
Looking at these images, you can understand the absolute power that humankind has protecting or destroying the environment. In fact, the future of our planet depends on our actions.
The book “Il Mondo Trasformato [The Transformed World]” presentation in Bologna included in the "All4TheGreen' week of activities.
The photographers intend to make people aware of the consequences of climate change, to reflect on the subject and ask questions. Informed people are more capable of taking the right decisions. Also, the professionals have also produced a documentary called “Buonasera Clima [Good Morning Climate]," featuring Franz Campi and Federico Taddia, renowned experts on climate change. As said during the book presentation, there were so many external contributions that it allowed them to create a five episodes series available to the public.
The TV show “Buonasera Clima” finished with a Skype call live from the Artic where Simonetta Saliera, President of the Italian Legislative Assembly, was able to connect with CNR (Consiglio Nazionale delle Ricerche) researchers located in the South Pole.
This book presentation happened during the Green Social Festival and created the opportunity to the Legislative Assembly of Emilia Romagna to be part of the #All4TheGreen program presented by the Italian Minister Gian Luca Galletti, regarding the G7 Environment meeting which will take place during this weekend, June 10 and 11.
As said during the event by Franz Campi, “there is a lack of Italian materials that talk about climate change and its consequences." There are also many people who disagree with this topic, as so the video connection with the South Pole aimed to inform people on this issue.
Unfortunately, climate change does exist, and time only worsens this global problem. We have to do more to leave a better future for generations to come. On our point of view, it is necessary to make people aware of the climate change consequences, and to stimulate them to act.
Banner Photo Credits to Leigh Vogel/Connect4Climate
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Ecumenical Patriarch Bartholomew I's message to the Interfaith Forum
Dear friends, brothers and sisters,
Distinguished organizers and participants of this important Interfaith Forum on Environmental Protection,
We are delighted to convey this message in order to assure you that we join you in prayer as you recognize the support of the world's religions in addressing climate change and affirming the protection of God's creation.
As religious leaders, all of us share an immense - and indeed a sacred vocation - responsibility to hold nations and corporations, but also communities and individuals accountable for the way we are treating our planet.
There can be no reason or excuse for indifference or inaction. Today, all of us are well aware of the intimate and inseparable connections of the ecological crisis to the global problems of poverty, migration and unrest.
How, then, can any nation decline the welfare of its citizens? Or how can any industry defend the exploitation of its consumers? And how can any person-of-good-will doubt the ethical implications of his or her lifestyle?
Dear friends, let us remind our leaders of the vital importance and urgency of implementing the Paris Agreement. Let us remind our nations that the earth is not a possession but a partner on our journey toward peace and prosperity.
Above all, let us remind everyone that God's creation is not a commodity but rather a gift that we are called to sustain and share with the most vulnerable and marginalized as well as to safeguard for the sake of our children.
May God bless you all in your deliberations and decisions.
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#All4TheGreen: Italy as a leading player
After the successful opening day of the #All4TheGreen week, which concluded with the impressive concert of Ezio Bosso in Piazza Maggiore, with a clear message asking the audience for climate action underlying the importance of the environment, day two kicked off with a discussion between a network of Italian universities and G7 delegates for sustainable development.
The day was filled with interviews with distinguished speakers, including Rossella Muroni, President of LegAmbiente, Lamberto Mancini, Director General of Touring Club Italian, and engaging dialogues between the Italian Environment Minister Gian Luca Galletti and master’s students from IULM University of Milan.
Rossella Muroni from LegAmbiente talked about the importance of raising awareness on climate change claiming that this issue is everybody’s responsibility. Muroni also stressed that innovation and green technology can play a role in the transition to a more sustainable world.
Lamberto Mancini explained how the theme of sustainability is at the core of Touring Club Italia. Why? Thanks to the action taken by Touring Club Italia of carefully mapping the Italian territory and putting road signs across the country, they are attributing value to the Italian countryside and delivering an enriched and sustainable environment to future generations.
The interviews were rounded up with an engaging discussion between Gian Luca Galletti, Italian Environmental Minister, and the master’s students from IULM University of Milan about the role of Italy as a leading player in the action against climate change, not only as the host country for the G7 Environment but also serving as a country model for other international players. The Minister informed that Italy invested 11 billion euros over the past three years in renewable energy. “We truly believe that in today’s economy, profits go side by side with sustainable business solutions”.
Last but not least, Piazza Maggiore once again became the closing stage of the All4TheGreen day with the screening of the inspiring documentary Racing Extinction, by the director Louie Psihoyos.
Racing Extinction, directed by Louie Psihoyos, projected on the biggest outdoor screen in Europe powered by solar energy on June 6. Photo Credits: Max Thabiso Edkins/Connect4Climate
Spectators had the unique opportunity to enjoy a special edition of the documentary, with a brand-new ending using the projections created by Connect4Climate for the 2015/2016 Jubilee of the Vatican in order to stress the importance of taking action against climate.
Recap of the breathtaking art projection on St. Peter's Basilica, Vatican, for the 2015/2016 Jubilee of the Vatican. Photo Credits: Riccardo Savi/Connect4Climate
Stay tuned for more exciting #All4TheGreen events!
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Bio-on presents a revolutionary new technology to eliminate oil pollution in the sea within 3 weeks
Bologna (Italy) 5 June 2017 – Some innovations bring truly revolutionary change to the planet and this is why Bio-on is proud to present its new technology, Minerv Biorecovery, which enables hydrocarbon sea pollution to be eliminated within approximately three weeks. "From today we offer the world and the market the technology to take effective, natural and ecological action in the event of environmental disasters such as oil spills into the sea," explains Marco Astorri, Chairman and CEO of Bio-on, which announces the success of its research conducted in collaboration with IAMC-CNR in Messina. "We have discovered," explains Astorri, "that the particles forming our PHAs bioplastic are the ideal environment for hosting and feeding the special microorganisms that eliminate oil from the sea." The World Bank Group will support Bio-on in raising awareness of the benefits of this technology for safeguarding the oceans as part of the Connect4Climate programme.
Marco Astorri, Chairman and CEO of Bio-on, shares more about the new technology Minerv Biorecovery in a Facebook Live session with Max Thabiso Edkins, Connect4Climate, at the SDG Media Zone in Bologna, Italy, as part of #AllTheGreen week of activities in the lead up to the G7 Environment.
Minerv Biorecovery: How it works
Minerv Biorecovery is a technological solution made of micro powders, measuring just a few microns and of a particular shape, created out of Bio-on's revolutionary PHAs bioplastic that is natural and 100% biodegradable. The particles of these micro powders are thrown into polluted sea waters and form a porous structure housing a series of bacteria, naturally present in the marine environment, which feeds on the bioplastic, multiply and grow stronger until they attack the oil. The biodegradation processes activate within approximately 5 days and the degradable fraction of the hydrocarbons (e.g. oil) is eliminated in approximately 20 days.
"It is nature looking after itself," explains Astorri, "because of our bioplastic, which is biobased, helps protect and feed these bacteria, thus accelerating their natural action." The micro powders in Minerv Biorecovery are 100% biodegradable and therefore do not release any residue into the sea unlike many solutions used to date in these cases. The biodegradation process for PHAs powder is sufficiently slow (1-2 months depending on conditions) to allow the bioremediating action of the microorganisms which, after having eliminated the pollutants, return to normal levels in the marine environment.
Tests on Minerv Biorecovery have been ongoing for several months at IAMC-CNR in Messina, which has tested, measured and validated the technology. Thanks to these studies, Bio-on is able to define an entirely new application in the oil-bioremediation field - a targeted activity that aims to “remediate” the negative impact on the environment of polluting molecules and products such as hydrocarbons, thanks to the metabolic degradation, and biodegradation, of microorganisms.
This activity is carried out by companies specializing in environmental remediation, Harbour Master's Offices, Navy, sea traders, etc.
"The principle of oil-bioremediation," explains Dr Simone Cappello, leading the Bioremediation project at IAMC in Messina, "is based on the existence of microorganisms, bacteria mainly, which are capable of attacking the molecular structure of many of the components in the naturally complex formulation of hydrocarbons. These microorganisms," explains Cappello, "are present in the marine environment but in metabolic, physiological conditions and not in sufficient quantities to enable a substantial reduction of the hydrocarbon spills. It is thanks to PHAs bioplastic that it is now possible to encourage and accelerate the otherwise prolonged transformation to CO2, the end product of biodegradation. Using PHAs bioplastic is also safe for the environment and marine life because it leaves no trace."
In the coming weeks, further tests will be conducted in the seas around the world: at ports and at industrial sites such as the refineries and cisterns at major oil companies. The application of this new technology will allow cleaning not only in the event of disasters but also in the everyday maintenance of ports or industrial sites.
"We are proud to announce this extraordinary discovery and contribute to protecting the marine environment," says Marco Astorri, Chairman and CEO of Bio-on, "We will license this technology, which is a further example of the many applications made possible by the PHAs bioplastic micro powders we will produce at the plant in Castel San Pietro Terme (Bologna) from 2018. We will continue to extend our direct presence even more in the bioremediation, cosmetics, biomedical and nanomedical sectors. Working with IAMC, a point of global excellence in marine research fills us with pride."
Minerv Biorecovery, like all the PHAs bioplastics (polyhydroxyalkanoates) developed by Bio-on is made from renewable plant sources with no competition with food supply chains. It is 100% eco-sustainable and naturally biodegradable at ambient temperature.
Bio-on will license the Minerv Biorecovery technology in the course of 2017. Marine pollution remediation products will be available from 2018
Press information: Angèlia S.r.l. Simona Vecchies; +393351245190; press@bio-on.it
Twitter: @BioOnBioplastic
Banner Photo Credits to Riccardo Savi/Connect4Climate
BERLIN, May 29, 2017— New conclusions 
from the High-Level Commission on Carbon Prices, led by Nobel Laureate Joseph Stiglitz and Lord Nicholas Stern, provide the right advice at the right time to boost climate-friendly growth, investment and innovation, according to the World Bank’s Senior Director for Climate Change.
from the High-Level Commission on Carbon Prices, led by Nobel Laureate Joseph Stiglitz and Lord Nicholas Stern, provide the right advice at the right time to boost climate-friendly growth, investment and innovation, according to the World Bank’s Senior Director for Climate Change.|
UN Secretary-General: “Climate action to forge a sustainable future on a healthy planet”
United Nations Secretary-General António Guterres issued a call to action this Tuesday, May 30th, to meet the climate challenge. Speaking to students, business leaders and academics at the New York University Stern School of Business, Mr. Guterres described both the increasing risks from climate change and the compelling opportunities provided by climate action to create jobs, generate economic growth and build the foundations for a safer and more stable world.
“The effects of climate change are dangerous and they are accelerating,” he said. “It is absolutely essential that the world implements the Paris Agreement – and that we fulfill that duty with increased ambition.”
Mr. Guterres stressed that climate action is already under way and that countries and companies that are involved will reap the rewards.
“Thousands of private corporations, including major oil and gas companies, are taking their own action”, Mr. Guterres said. “They know that green business is good business. It is not just the right thing to do, it is the smart thing to do.”
“The sustainability train has left the station. Get on board or get left behind. Those who fail to bet on the green economy will be living in a gray future. “Those who embrace green technologies will set the gold standard for economic leadership in the 21st century.”
Mr. Guterres layed out a five-point action plan to mobilize the world behind climate action.
First, intensified political engagement to raise the bar on efforts to limit temperature rise to well below 2 degrees and as close as possible to 1.5 degrees.
Second, stronger, integrated support by the entire United Nations development system for Governments as they strive to meet climate commitments and achieve the Sustainable Development Goals.
Third, engagement with Governments and major actors, including the coal, oil and gas industries, to accelerate the global transition to sustainable energy.
Fourth, heightened efforts to mobilize national and international resources for adaptation, resilience, and the implementation of national climate action plans.
Fifth, new and strengthened partnerships, including with the private sector and through North-South, South-South, and triangular cooperation.
The Secretary-General intends to convene a climate summit in 2019 and is strongly committed to working with all Governments and partners to bridge divergent views and forge a shared vision of the way forward to address climate change -an unprecedented threat but also an an unparallelled opportunity.
Recap United Nations Secretary-General António Guterres' speech:
