COP26: Powerful Financial Alliance with a Climate Initiative

Society » ENVIRONMENT | November 3, 2021, Wednesday // 19:56
Bulgaria: COP26: Powerful Financial Alliance with a Climate Initiative BBC

More than 450 financial companies from 45 countries have participated in a new initiative aimed at protecting the climate. The participants are banks, insurance and auditing companies, pension funds, rating agencies and stock exchanges.

The new initiative is led by UN Special Envoy for Climate and Finance Mark Carney. Its assets represent 130,000 billion dollars.

Participants are committed to achieving carbon neutrality by 2050 at the latest, it was announced at the climate meeting in Glasgow.

By the end of this decade, greenhouse gas emissions are planned to be reduced by up to 50%.

The new initiative is under the auspices of the Glasgow Financial Alliance for Net Zero Emissions, set up a few months ago.

Mark Carney is a former governor of the Central Bank of Great Britain.

Every five years, participants in the initiative will review their goals. They will report on their progress each year and the issues they fund.

"We already have the basics to bring climate change to the forefront of funding so that every financial decision takes climate into account," said Mark Carney.

According to him, to achieve this goal, "companies need to create solid transition plans, and countries have predictable policies. This will give the financial world the confidence to invest."

The funding needed to decarbonise the world economy is estimated at $ 100 trillion over 30 years.

However, this alliance leaves dissatisfied NGOs, who stress that it will not hinder investment in coal or oil.

/BNT

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Tags: climate, COP26, financial, Alliance
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