BEGIN:VCALENDAR VERSION:2.0 PRODID:-//Talks.cam//talks.cam.ac.uk// X-WR-CALNAME:Talks.cam BEGIN:VEVENT SUMMARY:Overview and Q&\;A of Topping's recommendations on the grace to cut off ties to fossil fuel companies - Manar Alsaif\, UoC DTSTART:20240424T120000Z DTEND:20240424T130000Z UID:TALK213286@talks.cam.ac.uk CONTACT:Anna Walczyk DESCRIPTION:Lunch will be provided from 1pm. The talk will start at 1.15pm .\nExecutive summary\nThe University has recognised the urgency of the cli mate emergency and taken action to demonstrate leadership. This includes d ecisions to divest from fossil fuels in the endowment\, commit to science- based targets\, launch Cambridge Zero and align sources of funding with th e University’s own ambition.\n\nThis report has been commissioned in res ponse to a Grace calling on the University to cease collaboration of all f orms with companies carrying out or facilitating exploration for new fossi l fuel reserves\, building new fossil fuel infrastructure or retaining mem bership with trade bodies lobbying against climate policy.\n\nThe report r eviews the internal and external contexts of the climate crisis and the Un iversity’s role in teaching and research and makes recommendations for a n amended form of the Grace to mitigate risks and pursue opportunities con sistent with its charitable mission.\n\nThe Paris Agreement concluded at C OP21 defined international collective ambition and laid out the architectu re for action along three main tracks – mitigation\, adaptation and resi lience\, and climate finance.\n\nProgress to date has been woefully slow i n all three tracks – emissions continue to rise\, extreme weather events increase in frequency and severity faster than communities can adapt and international finance flows need to increase by a factor of five by 2030.\ n\nThe technologies needed to transition to a net-zero energy system are l argely understood and pathways exist in all sectors. Renewable energy gene ration and battery costs have declined dramatically and the tipping point of cost parity has now been passed in electricity systems and electric veh icles (EVs). These technologies are now being deployed exponentially at a rate which is on track or ahead of what is needed to reach net zero by 205 0.\n\nIn other sectors clean technology options remain costlier than curre nt high-emission options so the focus is on driving deployment up and cost s down to reach the cost tipping point this decade. Two keystone technolog ies are particularly important: green hydrogen and alternative proteins. T he Breakthrough Agenda\, launched at COP26\, is an international collabora tive initiative to drive progress in many of these sectors.\n\nProgress in adaptation and resilience has been even slower. The burden of climate cha nge falls disproportionately on those who have done the least to cause it\ , particularly citizens of emerging and developing economies. The Sharm el Sheikh Adaptation Agenda\, launched at COP27\, provides a first practical architecture for the deployment of solutions at scale.\n\nClimate finance lags way behind the levels necessary to invest in the transition to a res ilient net-zero future. After years of excessive focus on one important ye t small part of the solution [the $100bn per annum promised by rich countr ies]\, COP26 and COP27 produced a set of initiatives which now have create d a much clearer roadmap of reforms across public and private\, internatio nal and domestic finance needed to deliver the $2.4tr per annum by 2030 in emerging and developing economies\, excluding China.\n\nThe University re ceives relatively small amounts of funding from industrial partners\, amou nting to 5.1% of all research/philanthropy funding. At an average of £3.3 million per year over the last 6 years\, fossil fuel funding amounts to 0 .4% of research/philanthropy funding and 0.1% of total University income.\ n\nThe University has a broad range of teaching and world-class research c ontributing to addressing the climate crisis. Recommendation 1 is to focus on the opportunity for a major fundraising push to bolster the University ’s position as a global leader in tackling the climate crisis.\n\nCBELA reviews detailed due diligence in deciding whether or not to accept fundin g from fossil fuel companies. Currently BP and Shell are rated amber\, eve n though due diligence finds that no fossil fuel companies are aligned wit h the University’s level of ambition.\n\nThe design of the CBELA decisio n-making process lacks clarity and transparency. Recommendation 2 is to si gnificantly simplify the CBELA process by referring to credible third-part y benchmarks\, whilst retaining discretion for exceptional circumstances.\ n\nRecommendation 2 suggests application of the SBTi definition of a fossi l fuel company. Wholly or partially-owned subsidiaries of fossil fuel comp anies should be considered on their own merits\, so that if they are focus sed on clean technology they should be seen as valid funding partners.\n\n The Grace as written would have serious negative consequences for academic freedom and freedom of speech\, by censoring who academics are allowed to work with. Recommendation 3 limits the application of the Grace to resear ch/philanthropic funding only and does not extend restrictions to other fo rms of collaboration.\n\nThe Grace as written extends the consideration of climate alignment to many more companies. Recommendation 4 retains the na rrow scope of fossil fuel companies for the CBELA process whilst suggestin g a timely extension of alignment activities to all companies according to a plan to be produced within 18 months. LOCATION: LT6\, First floor Baker building\, Dept of engineering\, Cambrid ge university\, Trumpington street\, CB2 1PZ END:VEVENT END:VCALENDAR