Green financing could help clean port initiatives

UN SSE event The United Nations Sustainable Stock Exchanges (SSE) event during COP23 saw global capital market leaders share ideas for promoting green finance

Implementation of environmentally friendly projects and equipment may be boosted by a new green financing project.

The United Nations Sustainable Stock Exchanges (SSE) initiative saw global capital market leaders gather at the UN Climate Change Conference (COP23) to share ideas for promoting green finance in alignment with the Paris Agreement and Sustainable Development Goals.

“Transitioning our economies to a sustainable footing will require innovative forms of finance and investment, which is why we need more collaboration between policy makers and capital markets to help us deliver on our global climate commitments,” said Isabelle Durant, deputy secretary general of UNCTAD.

Hosted by the Luxembourg Green Exchange, the event featured the release of a new SSE action plan on how stock exchanges can grow green finance.

Global coal alliance

Ports transporting coal could also be impacted by a new global alliance to phase out coal power.

The United Kingdom and Canada is leading the ‘Powering Past Coal Alliance’ which involves more than 20 countries which have agreed to phase out existing traditional coal power and place a moratorium on any new traditional coal power stations without operational carbon capture and storage.

The initiative, launched during the conference, could see more ports turning to green technology as focus is placed on renewable energy.

The partners in the alliance will work together to share real-world examples and best practices to support the phase-out of coal, including through climate financing, and adopt practical initiatives that support this transition toward clean energy. Member countries aim to grow the alliance to 50 partners by the 2018 UN Climate Change Conference (COP24).

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