Concrete actions – not promises about climate change impacts

Caritas Aotearoa New Zealand wants to see concrete action, not promises to offset the impacts of climate change.

Mena Antonio, Director of Caritas, said: “We are deeply concerned that the world is still facing a temperature rise of 2.5°C due to carbon reduction efforts under the Paris Agreement on Climate Change.

“That is if countries deliver on their promises,” she says.

“It seems that the ‘1.5 for survival’ call from the Pacific has not yet been received.”

As far as Antonio sees it, the COP27 UN climate change conference in Egypt did not take concrete action.

“There is no timeline for countries to reduce their reliance on fossil fuels or fossil fuel subsidies that are damaging our common home, nor will there be a heightened ambition to cut emissions. We just repeat our promise to accelerate.”

Antonio said the COP27 agreement to establish a special loss and damage fund should be carefully crafted to benefit those who have already lost their land, livelihoods and culture.

“Affected communities need to be empowered to implement, monitor and evaluate climate-related projects. should take precedence,” she says.

New Zealand’s lack of concrete action is underscored by a recently released investment industry survey on climate action.

The study authors say wealth managers face particular challenges in implementing climate targets given the likely decentralization of portfolio management among many financial advisors.

The second annual survey by the Aotearoa New Zealand Investor Coalition for Net Zero attracted 50 respondents, including asset owners, fund managers and wealth managers covering $331 billion in assets under management.

This is very different from Australia.

When compared to a parallel Australian survey by the Investor Group on Climate Change (IGCC), the data shows that New Zealand lags on almost all indicators.

These include net-zero targets, engagement, governance, scenario analysis, climate measurement and reporting.

Wealth managers and advisors had a small sample size (6 respondents) but covered $65 billion.

This included some of New Zealand’s largest wealth managers.

By sector, no wealth manager has set a net zero emission target. By comparison, his 58% of fund managers and his 42% of asset owners do.

Throughout our research we found: Most asset owners do not actively require fund managers to incorporate climate risks and opportunities. Investors lack climate governance. Less investment in climate solutions and related goals.

On the plus side, the study also found that investors of all sizes are proceeding with annual climate reporting. Some people do this voluntarily.

More than 50% of investors currently have climate policies in place.

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