Wednesday, April 17, 2024

COP26: $130 trillion to wean the global economy off fossil fuels | COP26 – Climate Change Conference in Glasgow

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Maria Gill
Maria Gill
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Program has been launched Glasgow Financial Alliance for Net Zero (GFanz) now brings together 450 financial players from 45 countries representing about 130 trillion (130 trillion) US dollars in assets, according to Mr Carney, who serves as an envoy forHIM-HER-IT As part of this climate conference.

These institutions, which include the five largest Canadian banks as well as Desjardins and Caisse de dépôt et placement du Québec, are committed to carbon neutrality by 2050. Later, to me Doing its fair share of cutting emissions in half this decade and review their goals every five years.

They will also have to publicly report on their progress and the greenhouse gas (GHG) emissions they fund, we can read in the press release for the official announcement.

We now have the most “plumbing” to take climate change from the margins to the front of finance, so that every financial decision takes climate into account.Mark Carney reassured.

For this, Businesses need to have strong transition plans and predictable policies. This funding will give confidence to the investment, he said, describing the next transition A mastodons.

In fact, the investment needed to decarbonize the global economy is estimated to be $100 trillion over 30 years. Mr. Carney, who has been responsible for raising this sum from the world’s major financial institutions, has so far exceeded expectations with his $130 trillion cat.

One of the key messages from this COP is that the money is there [pour amorcer la transition].

Quote from:Mark Carney, UN envoy

Despite this huge amount that must be put into the service of green investments, the coalition leaves the NGOs hungry, which assures that it does not prevent the 450 institutions that participate in it from investing at the same time in coal or petroleum.

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Over 130 trillion dollars, and there is not a single rule to prevent even one dollar from investing in the expansion of fossil fuels, responsible for most of the warming, said Wednesday Lucy Benson, director of Reclaim Finance, an organization that highlights finance’s impacts on climate.

Large banks in some countries, among the largest exporters GESIndia, China and Russia, like India, China and Russia, have not joined the alliance, which also limits its scope.

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