References

Mobilizing Capital to Achieve Net Zero by 2050

List of References

• Berkeley Law. California Climate Policy Dashboard (opens in a new tab). 2023.
  • The California Climate Policy Dashboard seeks to provide a concise, easy-to-use overview of some of the major California climate laws and programs and introduce readers to some of the state regulators responsible for implementing them.
• Bill Gates. How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need. Alfred A. Knopf. February 16, 2021.
• Bipartisan Policy Center. Inflation Reduction Act (IRA) Summary: Energy and Climate Provisions (opens in a new tab). August 4, 2022.
• BlackRock. How to finance the net-zero transition in emerging markets. (opens in a new tab) October 2021.
  • Climate change is a global crisis that requires a global response. Without a successful green transition everywhere, climate risk is unmanageable anywhere. Emerging markets (EMs) are essential to the transition, but they are starved of capital to fund it. A big emerging question: how can EMs get the investment they need for the net-zero transition?
• BloombergNEF. Carbon Capture Investment Hits Record High of $6.4 Billion (opens in a new tab). February 15, 2023.
• BloombergNEF. Financing the Transition: Energy Supply Investment and Bank Financing Activity. (opens in a new tab) February 28, 2023.
  • In 2021, banks financed 81% as much low-carbon energy supply as fossil fuels – for every dollar of bank financing activity supporting fossil-fuel supply, 0.8 supported low-carbon energy. While financing is a different metric to capital invested, this ratio broadly reflected real-economy investment activity at 0.9:1.
• Breakthrough Energy. The Five Grand Challenges. (opens in a new tab) 2023
  • Climate change can seem like a problem that’s either too big—or too far down the road—to solve. But the main sources of today’s global greenhouse gas emissions are known: manufacturing (30%), electricity (26%), agriculture (21%), transportation (16%), and buildings (7%). These are the Five Grand Challenges of climate change. To get to zero, all five need to be tackled—starting right now.
• Breakthrough Energy. The Green Premium. (opens in a new tab) 2023.
  • The Green Premium is the additional cost of choosing a clean technology over one that emits more greenhouse gases. Right now, clean solutions are usually more expensive than high-emissions ones, in part because the true economic and environmental costs of existing options like fossil fuels are not factored into the price paid for them.
• Brookings Institution. Climate change creates financial risks. Investors need to know what those are (opens in a new tab). March 29, 2022.
• Carbon Credits. Goldman Sachs & Others Close Over $6 Billion Climate Fund (opens in a new tab). January 13, 2023.
• Carbon Pricing Leadership Coalition (opens in a new tab). 2023.
  • The Carbon Pricing Leadership Coalition brings together leaders from government, private sector, academia, and civil society to expand the use of carbon pricing policies.
• CNBC. Silicon Valley Bank seizure leaves a massive hole — and a large opportunity — in the world of climate finance (opens in a new tab). March 15, 2023.
• CRANE Tool (opens in a new tab). 2023.
  • CRANE is an Open Source tool that calculates Emissions Reduction Potential. The tool is managed and funded by Prime Coalition, a non profit public charity and catalytic investor.
• Daniel Lashof and Jillian Neuberger. Climate-smart infrastructure in the United States—what does it look like and how do we get it built? (opens in a new tab). Environmental Research: Infrastructure and Sustainability, Volume 3, Number 1. March 3, 2023.
• Daniel Yergin. The New Map: Energy, Climate, and the Clash of Nations. Penguin Press. September 15, 2020.
• EFI Foundation. Energy Futures Finance Forum (EF3) – Increasing the Quality of Investments for Deep Decarbonization (opens in a new tab). February 28, 2023.
• Energy Futures Initiative. Turning CCS Projects in Heavy Industry and Power into Blue Chip Financial Investments (opens in a new tab). February 14, 2023.
• Energy Institute at Haas. Ensuring Equity in California’s Energy Transition (opens in a new tab). March 8, 2021.
• Energy Institute at Haas. What the Energy Transition Needs Now is a Good Plumber (opens in a new tab). February 6, 2023.
• European Investment Bank. How to make the IRA work—for the European economy (opens in a new tab). February 28, 2023.
  • This report discusses how to neutralise the problematic parts of the US Inflation Reduction Act, while capitalising on the elements that are good for the EU economy.
• Financial Times. Windfall taxes are not the only option for fossil fuel profits. (opens in a new tab) February 7, 2023.
• Fortune. JPMorgan just bought a massive forest to make money—And not just from the timber (opens in a new tab). February 1, 2023.
• Generation Investment Management. The Sustainability Trends Report (opens in a new tab). September 21, 2022.
• Generation Investment Management. The Impact Gap (opens in a new tab). November 16, 2021.
• Glasgow Financial Alliance for Net Zero (GFANZ). 2022 Progress Report (opens in a new tab). November 2022.
  • This report details the progress GFANZ has made in 2022 under its program of work to support financial institutions in operationalizing their net-zero commitments, accelerate capital mobilization to EM&DEs, and advocate for credible policies and standards to enable net-zero transition across the globe.
• Glasgow Financial Alliance for Net Zero (GFANZ). The Unbearable Lightness of Beings (opens in a new tab). December 13, 2022.
• Mark Carney’s speech at COP15 Finance and Biodiversity Day.
• GreenBiz. Leveraging corporate cash to scale climate solutions (opens in a new tab). November 11, 2022.
• GreenBiz. Carbon technology captures billions in funds. January 23, 2023.
• Green Climate Fund (opens in a new tab). 2023.
  • GCF is a unique global platform to respond to climate change by investing in low-emission and climate-resilient development. GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change.
• Intergovernmental Panel on Climate Change (IPCC). Sixth Assessment Report (AR6) – Climate Change 2022: Impacts, Adaptation and Vulnerability (opens in a new tab). February 27, 2022.
• International Energy Agency (IEA). Mobilising investment and finance – World Energy Outlook 2021. December 2021.
  • The new energy economy will be more electrified, efficient, interconnected and clean. Its emergence is the product of a virtuous circle of policy action and technology innovation, and its momentum is now sustained by lower costs. In most markets, solar PV or wind now represents the cheapest available source of new electricity generation. Clean energy technology is becoming a major new area for investment and employment – and a dynamic arena for international collaboration and competition.
• John Doerr. Speed & Scale: An Action Plan for Solving Our Climate Crisis (opens in a new tab). Portfolio. November 9, 2021.
• John Doerr. Speed & Scale – The Tracker (opens in a new tab). 2023.
  • The Speed & Scale plan shows how we can cut greenhouse gas emissions to net zero by 2050 and get halfway there by 2030. The tracker monitors progress across the ten critical objectives and their key results, including climate finance.
• JPMorgan. Development Finance Institution – Spurring additional capital to advance the UN Sustainable Development Goals (opens in a new tab). 2023.
• Laura Tyson  and Daniel Weiss. Public-Private Decarbonization (opens in a new tab). Project Syndicate. April 22, 2022.
  • To keep global warming within 1.5°C, trillions of dollars more will need to be invested in clean energy production and infrastructure every year from now until 2050. While most of that will have to come from the private sector, governments must act as the seed funders and market makers.
• McKinsey. The net-zero transition – What it could cost, what it would bring. (opens in a new tab) January 2022.
  • This report focuses on understanding the nature and extent of the economic and societal adjustments needed to reach net-zero. It simulates the aggregate changes in demand, capital allocation, costs, and jobs that would occur by 2050 under a net-zero transition and examines the potential gains and opportunities, as well as the losses and costs.
• McKinsey. Six characteristics define the net-zero transition. (opens in a new tab) January 25, 2022.
• McKinsey. Playing offense to create value in the net-zero transition. (opens in a new tab) April 13, 2022.
• McKinsey. The Inflation Reduction Act: Here’s what’s in it. (opens in a new tab) October 24, 2022.
  • The Inflation Reduction Act contains $500 billion in new spending and tax breaks that aim to boost clean energy, reduce healthcare costs, and increase tax revenues.
• McKinsey. Climate investing: Continuing breakout growth through uncertain times. (opens in a new tab) March 13, 2023.
  • Investments in climate technology are still increasing, defying the headwinds that affected most capital markets. This report identifies eight factors for deploying capital in this resilient space.
• McKinsey. One year into the BIL: Catalyzing US investments in energy. (opens in a new tab) March 20, 2023.
  • The Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law (BIL), which was signed in November 2021, will provide more than $1 trillion in public investment to improve the country’s clean-power infrastructure. More than a year since its signing, McKinsey takes stock of announced funding, programs, and the road ahead.
• MIT. Investing and Climate Change. (opens in a new tab) September 21, 2022.
• Morgan Stanley. Sustainable Reality. (opens in a new tab) 2023.
  • This report is part of the Morgan Stanley Institute for Sustainable Investing’s ‘Sustainable Reality’ series, which assesses the historical performance of sustainable funds against traditional funds over a specific timeframe using Morningstar data. This report analyzes performance for calendar year 2022. Despite Challenging Market Conditions in 2022, Investor Demand for Sustainable Funds Remains Strong.
• Morgan Stanley. Venture Capitalist John Doerr’s 10-Step Plan for Solving Climate Change (opens in a new tab). September 15, 2022.
• Morgan Stanley. 5 Sustainable Investing Trends for Companies and Investors. (opens in a new tab) February 1, 2023.
• MSCI. Implementing Net-Zero: A Guide for Asset Owners. (opens in a new tab) July 19, 2022.
  • Pension funds, sovereign-wealth funds, insurance companies and other institutional owners of capital are committing to reduce financed emissions across their portfolios. This guide from MSCI ESG Research outlines concrete steps to help asset owners convert climate commitments to action.
• Nicholas Stern. The Economics of Climate Change: The Stern Review. (opens in a new tab) October 30, 2006.
• Patrick Bolton. Net-Zero Portfolio Alignment (opens in a new tab). September 16, 2022.
• Princeton University. Net-Zero America: Potential Pathways, Infrastructure, and Impacts. (opens in a new tab) October 29, 2021.
• Resources for the Future. Climate Financial Risk 101. (opens in a new tab) June 2, 2022.
  • An introduction to the risks that climate change poses to financial systems and stakeholders, as well as actions to accurately account for these risks in decision making.
• Reuters. Goldman Sachs raises $1.6 bln private capital for climate fund. (opens in a new tab) January 10, 2023.
• Rhodium Group. US Decarbonization Priorities in the Wake of the Inflation Reduction Act. (opens in a new tab) February 9, 2023.
• Rhodium Group. Relay Race, not Arms Race: Clean Energy Manufacturing Implications of the IRA for the US and EU (opens in a new tab). February 28, 2023.
• Securities and Exchange Commission. SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors (opens in a new tab). March 21, 2022.
  • In March 2022, SEC proposed rule changes that would require public companies to disclose climate-related risks likely to have a material impact on their business, as well as their greenhouse gas emissions, to ensure transparency, clarity, and accountability.
• Sharm El Sheik. Guidebook for Just Financing. (opens in a new tab) November 2022.
  • The Sharm El Sheikh Guidebook for Just Financing brings the idea of ‘Justice’ to climate finance to raise the critical question of what stakeholders need to do to translate commitments into implementable projects while capturing opportunities to leverage and catalyze needed finance and investments for climate action in developing and emerging economies that need them the most.
• Shopify. Buying Carbon Removal, Explained. (opens in a new tab) 2022.
  • A carbon removal buying guide by Shopify.
• Stefano Giglio, Bryan T. Kelly, and Johannes Stroebel. Climate Finance. (opens in a new tab) October 26, 2020.
• Task Force on Climate-related Financial Disclosures. 2022 Status Report. (opens in a new tab) October 2022.
  • The latest TCFD Status Report describes the steady increase in climate-related financial disclosures since 2017.
• The Atlantic. A Legendary VC Has a Plan for Solving Climate Change (opens in a new tab). December 8, 2021.
  • John Doerr’s new book, Speed and Scale: An Action Plan for Solving Our Climate Crisis Now, is a checklist for global action.
• The Economist. ESG should be boiled down to one simple measure: emissions. (opens in a new tab) July 21, 2022.
• The Economist. How much money is needed to fight climate change? (opens in a new tab). November 11, 2022.
• The Economist. What would the perfect climate-change lender look like?. (opens in a new tab) February 23, 2023.
• The Grantham Research Institute on Climate Change and the Environment (LSE). Finance for climate action: scaling up investment for climate and development. (opens in a new tab) November 8, 2022.
• The Grantham Research Institute on Climate Change and the Environment (LSE). Embracing the new paradigm of green development – China Carbon Neutrality Policy Framework research report. (opens in a new tab) February 2023.
  • The 2060 carbon neutrality commitment announced by the Chinese government in September 2020 demonstrates China’s determination and ambition to promote carbon neutrality. The report sets out the guiding principles for the new development model and defines the actions required to reshape key productive sectors in China.
• The White House (National Climate Task Force). President Biden’s Actions to Tackle the Climate Crisis. (opens in a new tab) January 27, 2021.
  • Summary of the Biden Administration’s climate policies.
• The White House (Office of Science and Technology Policy). Launching A Transformative Decade of Climate Action. (opens in a new tab) September 20, 2022.
  • Summary of the Biden Administration’s investments in climate with a focus on justice.
• The White House. FACT SHEET: President Biden’s Budget Lowers Energy Costs, Combats the Climate Crisis, and Advances Environmental Justice (opens in a new tab). March 9, 2023.
• The White House (Council of Economic Advisers and Office of Management and Budget). Methodologies and Considerations for Integrating the Physical and Transition Risks of Climate Change Into Macroeconomic Forecasting for the President’s Budget. (opens in a new tab) March 13, 2023.
• United Nations Framework Convention on Climate Change (UNFCCC). Mobilizing more financial support for developing countries. (opens in a new tab) 2022.
  • COP27 created a pathway to align the broader finance flows towards low emissions and climate resilient development.
• United Nations Framework Convention on Climate Change (UNFCCC). Sharm el-Sheikh Implementation Plan. (opens in a new tab) November 20, 2022.
  • The Sharm el-Sheikh Implementation Plan focuses on promoting international cooperation to mitigate climate change through technology transfer, capacity building, and financial support.
• Vaclav Smil. How the World Really Works. Viking. January 22, 2022.
• William Prezant. I chair the investment committee of America’s second-largest pension fund. Here’s why savvy investors back the SEC’s proposed ESG disclosure rules. (opens in a new tab) Fortune. March 9, 2023.
• World Resources Institute. A Brief Summary of the Climate and Energy Provisions of the Inflation Reduction Act of 2022 (opens in a new tab). October 28, 2022.
• World Resources Institute. Tracking Progress: Climate Action Under the Biden Administration. (opens in a new tab) January 23, 2023.
• Y Analytics. Evidence-based Impact in Climate (opens in a new tab). March 18, 2022.