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GARP SCR > Climate Policy, Culture & Governance > Flashcards

Climate Policy, Culture & Governance Flashcards

1
Q

What was the first global agreement on climate, when was it and what did it establish?

A

1992 Rio Earth Summit

Established UNFCCC

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2
Q

What was the first global compact on emissions reductions?

When was it?

What did it commit to?

A

1997 Kyoto Protocol

Reduce emissions 5% from 1990 levels by 2012

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3
Q

What period did global average temperatures not meaningfully rise?

A

40s-60s

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4
Q

What trend was observed in the 1950s and 1960s, what was this as a result of?

A

Cooling trend

Attributable to aerosols

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5
Q

When did the global mean temperatures start to rise significantly, what was this in line with?

A

1980s - clean air regulation

In line with consensus on anthropogenic influence

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6
Q

What did the warming trend of the 1980s lead to the establishment of?

What followed shortly after?

A

1988 IPCC International Panel on Climate Change

1992 UNFCCC

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7
Q

Who led the modelling of the ‘optimum’ level of emissions reductions?

A

Nordhaus

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8
Q

What model did Nordhaus develop? What did this suggest?

When was this?

A

Nordhaus - DICE Model
Dynamic Integrated Climate Economy - 1990s

Limit 3.5*c

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9
Q

Climate scientists have been what since Nordhaus?

What happened to his model?

A

More conservative due to ‘tipping points’ and ‘feedback mechanisms’

Model revised down to 2.0*c

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10
Q

What country has the highest cumulative emissions?

A

United States (25%)

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11
Q

What continent has the highest cumulative emissions?

A

Europe

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12
Q

What % of cumulative emissions in Asia responsible for?

A

29%

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13
Q

What % of cumulative emissions is the European Union responsible for?

A

20%

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14
Q

What % of cumulative emissions is China responsible for?

A

12.5%

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15
Q

What % of annual current emissions is Asia responsible for?

A

53%

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16
Q

What % of annual current emissions is Europe responsible for?

A

17%

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17
Q

What % of annual current emissions is North America responsible for?

A

18%

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18
Q

When was the first ever summit on climate?

Who was it organised by?

A

1979 World Climate Summit

Organised by World Meteorological Organisation

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19
Q

When was the IPCC created?

A

1988

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20
Q

When was COP 1? Where was it?

A

1995 - COP 1, in Berlin

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21
Q

What was Kyoto Summit also known as?

A

COP 3

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22
Q

What did the Kyoto Protocol ask and of whom?

A

Annex 1 countries attain 5% emissions reductions compared to 1990 levels by 2012

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23
Q

Name the mechanisms that promote flexibility and technology transfer between countries - part of Kyoto Protocol

A

Emissions Trading - Annex 1 can sell to Annex 1

Joint Implementation - meant Annex 1 can take technology transfer to another Annex 1

Clean Development Mechanism (CDM) - provide a way for emissions cuts to be spread to developing economies, A1 can get credit for conducting emissions reductions project in non A1

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24
Q

Why did Kyoto Protocol end in failure?

A

No solution to collective action problem - didn’t even achieve modest reduction

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25
Q

What COP was held in 2009?

A

Copenhagen - COP15

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26
Q

What was COP15 (Copenhagen) known for?

A
  • no legally binding treaty agreed
  • first COP to establish aspirational goal of 2*c
  • first COP to establish principle of nationally determined contributions
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27
Q

When and to whom are NDCs submitted to?

A

Every 5 years

Submitted to the UNFCCC -

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28
Q

First round of Paris Agreement NDCs were not aligned to the 2c* limit - more like what *c?

A

3*c

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29
Q

What is the mechanism called where NDCs are made more ambitious?

A

Ratcheting

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30
Q

What was Japan’s 2020 NDC in response to?

A

Japan’s 2020 NDC was not significantly different to 2015
After S.Korea adopted net-zero 2050 goal, Japan did too

= peer pressure

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31
Q

+ / - of carbon taxes

A

+ revenue for government

  • levels of tax frequently tweaked - not good for business prep
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32
Q

+ / - cap and trade

A

+ benefits those who have been successful in reducing emissions - credible cash flow

  • can cause volatile carbon pricing or exogenous shock if oversupply of permits
33
Q

What are feed in tariffs?

A

Offer a guaranteed price per unit of electricity generated at which producers can sell for a fixed period of time

34
Q

Give an example of a sub-national emissions trading scheme

A

Tokyo - emissions trading scheme since 2010

US Regional Greenhouse Gas Initiative

35
Q

What is a global coalition of cities dedicated to combating climate change?

When was it established, how many members, how many now?

A

C40

Established 2005 - 18 members

Now 97 members

36
Q

What was America’s Pledge

A

Set up following Trump’s removal of US from the Paris Agreement

25 state governors
500 cities

37
Q

What does NSA stand for?

A

Non-State and Subnational Actor

38
Q

Quantify the impact of NSAs

A

One assessment (6k+) cities found that implementation of NSA commitments would lower emissions by 3.8% - 5.5% by 2030, national pledges in those 10 national economies

39
Q

Who was some of the earliest to formulate investment policies with regards to sustainability & ESG

A

International Financial Institutions (IFIs)

40
Q

What are MDBs

What do they do

A

Multilateral Development Banks

Support public sector investment in physical and human capital projects

41
Q

What do development financial institutions have

A

Have a double bottom line

42
Q

When was the first climate bond issued, by whom?

A

EIB 2007 - Climate Awareness Bond

43
Q

What did the IFC issue in 2011?

A

Report on climate risk

Although didn’t categorise by physical / transition risks

44
Q

Who and when did the private sector go into partnership with to create the Operating Principle for Impact Management (OPIM)?

A

IFC, 2019

45
Q

Private financial institutions are replicating parts of the multilateral / development FI model

Give an example

A

JP Morgans Development Financial Institution

USD $100billion towards UN SDGs

46
Q

Give examples of ‘green hubs’

A
  • TCFD Consortium of Japan - investor-company relationships
  • HK Monetary Authority - Centre for Green Finance
  • Singapore Green Finance Action Plan
47
Q

When did the UK set up a Green Finance Institution?

A

2019

48
Q

What is FC4S?

When was it founded?

Who is in it?

A

Financial Centres for Sustainability

2017

30 financial centres

49
Q

Between what period did central banks largely incorporate climate into their practices?

A

2015-2020

50
Q

Who was NGFS founded by?

How many banks now?

A

France, Netherlands, UK

89 members now

51
Q

What is a counter cyclical buffer?

A

Macro prudential Tool

Would require banks to build up higher equity capital base during periods of carbon intense credit
Would limit banks’ exposure to carbon-intensive assets

52
Q

Mark Carney’s speech

When

A

Tragedy of the Horizon

2015

53
Q

What did the Government do in relation to climate risk and the BoE?

A

2021 modified bank’s mandate to include environmental goals

Included greening of the economy & net zero 2050

54
Q

Four key pillars of SS3/19

A
  • Governance
  • Risk management
  • Scenario Analysis
  • Disclosure
55
Q

What did the FCA find in 2019?

A

Via audits - ‘very wide range’ of financial products, some which did not appear to have ‘materially different exposues’

56
Q

FCA developed a set of principles to avoid greenwashing - sustainable funds must be

A

‘Fair, clear and not misleading’

57
Q

What is greenwashing

A

Marketing that portrays products or activities as producing positive environmental outcomes when this is not actually the case

58
Q

EU Taxonomy was first published in

A

March 2020

59
Q

EU Taxonomy sets performance thresholds ‘technical screening criteria’ for economic activities by sector and by sub-sector. Activities must…

A

A) Make a substantive contribution to one of six environmental objectives

B) Do not significant harm to the other five objectives

C) Meet minimum safeguards (i.e. UN Guiding Principles on Human Rights)

60
Q

What are some of the doubts of the EU Taxonomy

A

Some critique the specificity and utility

Political arguments over the inclusion of certain sectors (i.e. nuclear power)

Whether a binary threshold stifles innovation

61
Q

Which area is going to include natural gas in their own taxonomy

A

ASEAN

62
Q

What is the IIGCC

Launch
Members
AUM

A

Institutional Investors Group on Climate Change

300+ members
Established in 2001
>$40trillion AUM

63
Q

What is the ‘Investor Agenda’

A

Consists of IIGCC and x6 other working groups

64
Q

What did the IIGCC help to found

A

Climate Action 100+

65
Q

What is Climate Action 100+

Members / AUM

Founding year

A

Targets the world’s 100 most heavily emitting companies

Investor coalition with 575 members
$55trillion AUM

Founded in 2017

66
Q

Who founded the Race to Net Zero

When

A

UK and Chilean high level climate champions

2020

67
Q

What were many of the net zero and Paris-aligned financial groupings consolidated under

A

GFANZ

68
Q

Previous politicians have been wary of implementing strong climate policies…

What happens now

A

Stakeholders now pressure and push politicians and policymakers to be more ambitious

69
Q

When was the TCFD launched

Founding members —> 2021 members

A

2015 (effective from 2017?)

Founding members; 100

2021 Members: 1000

70
Q

What is SBTI

A

Scenario Based Targets Initiative

71
Q

What is the NZAOA

How many members
What are they committed to
AUM

A

Net Zero Asset Owners Alliance

37
Aligning entire portfolio with goal of net zero by 2050
$5.7 trillion AUM

72
Q

What is NZAMI

A

Net Zero Asset Managers Alliance

73
Q

What is the NZBA

A

Net Zero Banking Alliance

74
Q

Glasgow Financial Alliance for Net Zero is composed of how many financial firm members?

AUM

A

160+ members

$70trillion

75
Q

What is GFANZ an umbrella term for?

A

NZBA

NZAOA

NZAMI

76
Q

PRI was founded in what year?

How many AUM in founding year vs 2021?

A

2006

Founding AUM: $6.5tn

2021 AUM: $103tn

77
Q

TCFD:

Founding assets —-> 2021 Assets

A

Founding assets; $25tn

2021 assets: $140tn

78
Q

Climate Action 100+

Founding AUM —> 2021 AUM

A

Founding: $25tn

2021 Assets: $55tn

GARP SCR (7 decks)

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