Cop26, “commitment to the climate from 450 banks and funds: it is 40% of world finance. One trillion dollars a year of investments are needed”

Cop26, “commitment to the climate from 450 banks and funds: it is 40% of world finance. One trillion dollars a year of investments are needed”
Cop26, “commitment to the climate from 450 banks and funds: it is 40% of world finance. One trillion dollars a year of investments are needed”

The third day of Cop26 in Glasgow is underway, focused on climate finance: representatives of states, companies and financial institutions discuss how public and private finance can intervene to help keep global warming below 1.5 degrees. The coalition of banks and funds Gfanz (Glasgow Financial Alliance for Net Zero), launched last April by the UN envoy on climate and finance Mark Carney (former Governor of the Bank of England), announced that it has currently raised over membership 450 companies representing 130 trillion dollars of assets, 40% of world financial capital. Adherents are committed to adopting science-based guidelines to achieve zero carbon emissions to mid-2050, and to provide interim targets for 2030. Carney said that to fight the climate crisis we need “trillion dollars a year of investments in developing countries. International projects need to be aligned with national projects ”, he explained, and for this reason“ new ones are needed mixed finance structures, platforms to bring together public and private “.

Meanwhile i 120 heads of state and government have fled Scotland, giving way to delegates who will have to try to find a synthesis among the declarations of principle. The general objective is to raise commitments on reducing emissions: in particular, on the table are the increase in the levels of decarbonisation of the economy, the design of a global CO2 market, the set of rules for the application of Paris Agreement, and the launch in 2023 of the $ 100 billion a year fund to help developing countries. The collateral events continue in parallel: conferences, forums, press conferences of governments, companies, international institutions, study centers and NGOs. Speaking at the meeting, the director of the International Monetary Fund Kristalina Georgieva he stressed the importance of “imposing a carbon price internationally”, encouraging the hypothesis of reaching a price of 65 dollars per ton by 2030, which he defined as “fair and pragmatic”. “The climate crisis is one threat at the stability of financial systems – he said – green investments, on the other hand, can generate 30 million green jobs and an increase in global GDP of 2% ”. The secretary of the UN Framework Convention on Climate Change (Unfcc), Patricia Espinosa, he said he hoped “that at the end of COP26 we will be able to reach the goal of activating as early as 2022 the $ 100 billion a year fund ”.

And today the Swedish environmental activist Greta Thunberg has called two protests for Friday and Saturday to coincide with the progress of the works. “Time is running out. Change will not come from these conferences like COP26 unless there is strong public pressure from outside ”, wrote Greta on Twitter, inviting them to join the strike for the climate on Fridays (starting at 11am in Kelvingrove Park) and Saturdays at march for the climate starting from 11.30. “Let your voice be heard, together we are strong,” wrote the young woman who launched Fridays for Future.

The British Chancellor of the Exchequer (i.e. the Minister of Finance), Rishi Sunak, has promised that the City of London will become the “first zero-emission financial center. This means – he explained – that we will move towards the obligation for companies to publish a clear and feasible plan to decarbonise and to reach zero emissions with an independent task force ”. According to the announcement, all financial institutions and listed companies in the UK will be forced to publish plans on how they intend to achieve the zero-emission transition starting in 2023. The British minister then insisted on the key role of the private sector, alongside the unavoidable role of the state coffers, to support the transition to a sustainable global economy and counter the threat of climate change: in this regard, he highlighted the need for more resources. but added that “public investment alone is not enough” and that “governments need to help from the private sector“To mobilize further resources, as has begun with the promises of mega donations announced yesterday in Glasgow by tycoons such as Jeff Bezos O Bill Gates.

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