DIPLOMAT MAYJUNE 2021 WEB READY - Flipbook - Page 19
ENERGY & CLIMATE 19
Second, transparency and reporting must underpin
every green pledge. Without shared taxonomies like the
Greenhouse Gas Protocol or the Task Force on Climaterelated Financial Disclosures (TCFD), public and
private investment has no way to weed out action from
greenwash. And finally, every pathway must consider the
realities of the world as we find it, not as we want it to
be. Far too many conversations around energy transition
ignore the real energy dilemmas facing so much of the
developing world and can smack of energy imperialism.
Initiatives such as The Prince
of Wales’ Terra Carta and the
World Business Council for
Vision 2050 are setting the
gold standard for sustainable
business ambition and action
In the run-up to COP, the UK government can
look to its own track record of pragmatic public and
private policy-making that has switched off coal plants
and turned on an offshore wind revolution. It can be
proud of its championship of TCFD and other climate
reporting initiatives. Importantly, it can also point to
its inclusion of the private sector in the decision-making
and planning process. An example of this work is the
virtual convergence of the teams behind Partnerships for
Growth (P4G) and COP26 in London on 19 April.
P4G aims to match the best sustainable innovators with
investors aiming to build climate-resilient economies
and, since its start in 2018, the platform has generated
revenue of $300 million and reduced CO2 emissions by
110,000 tonnes, with a scalable and replicable model.
At this pre-summit, ahead of the P4G annual event in
Seoul this summer, the success stories of private-public
partnerships as part of the race to net zero will be on
show, and the P4G serves as a reminder that enterprise
and investment is the key enabler in supporting climate
action on the ground.
First published in City A.M.
DIPLOMATMAGAZINE.COM } MAY/JUNE 2021