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Global financial pledges represent $ 100 trillion in climate change

Global financial pledges represent $ 100 trillion in climate change

LONDON (CNN Business) – Banks, insurers, pension funds and other financial institutions with $ 130 trillion in assets have joined the Glasgow Financial Alliance, which aims to address the climate crisis by guiding the global economy towards net zero emissions.

More than 450 companies from 45 countries have pledged to achieve the goals of the Paris Climate Agreement, announced by the Glasgow Financial Alliance for Zero Emissions, which is headed by Mark Carney, former governor of the Bank of England and now former governor of the United Nations. Special Ambassador for Climate Action and Finance.

The UN’s COP 26 climate change conference is underway, in which countries are expected to adopt goals to reduce carbon emissions by 2050.

The consortium manages more than 40% of global banking assets and expects its organizers to be able to finance more than $ 100 trillion or more than $ 3 trillion a year over the next three decades.

The signatories pledged to achieve the targets by reducing emissions by 50% over the current ten years and by reviewing the targets every five years, including achieving zero emissions by 2050.

As for the coalition, funding for oil and gas projects is a major issue of controversy.

In May this year, the International Energy Agency called on investors to stop investing in oil and gas if the world wants to control global warming to 1.5 degrees Celsius and avoid the ill effects of the climate crisis.

But according to Climate Lawyer Group Reclaim Finance, the coalition is not needed to halt fossil fuel projects.

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The UK has announced plans to become the world’s first carbon-neutral financial hub, British Finance Minister Rishi Sunak told a conference in Glasgow today.