ESG Updates

COP 26 – Day 6

COP26 President Alok Sharma welcomes US infrastructure bill
The United States has passed a $1.2 trillion infrastructure bill that over five years will deliver $550 billion in new federal investments in America’s infrastructure. According to the White House, the newly passed bill covers an array of immediate concerns. The bill plans to invest: 
●      $7.5 billion for creating a network of plug-in electric vehicle chargers.
●      $21 billion to clean up contaminated sites, reclaim abandoned mine land and cap orphaned gas wells.
●      $65 billion to improve the electric grid.
●      $55 billion to upgrade water infrastructure.
Ardently embracing the new bill, COP26 President Alok Sharma shares,
“As I’ve said before, I’m pleased we had a US administration that has put the US back in the frontline against climate change,”
“I of course welcome the bill and I think it will help provide further momentum.”

Commitments to sustainable farming
On day 6 of COP26, nature and land use are the focal points as the conventional processes of producing and consuming food are reconsidered.

Indonesia and the UK, accompanied by 28 other countries, mobilized to launch the Forest Agriculture and Commodity Trade (FACT) Dialogue, as a means to communicate and engage with farmers whose livelihoods hinge on agricultural commodities.
Additionally, 45 countries pledge to implement new policies and fund research devoted to sustainable farming; leveraging “over US$4bn billion of new public sector investment into agricultural innovation, including the development of climate-resilient crops and regenerative solutions to improve soil health,” shared the UK government.

Coinciding with preceding commitments, The World Bank pledges $25 billion in climate finance annually through 2025 in line with its Climate Action Plan. The funds will focus on enhancing agriculture and food systems.