The COP26 climate conference announced that 450 large financial firms from 45 countries have pledged to invest US $ 130 trillion (112 trillion euros) in the transition to a decarbonized economy by 2050.
The Glasgow Financial Alliance’s commitment to Zero Net Emissions, created last April, doubles the US $ 70 billion (60 billion euros) committed so far, according to that platform.
Participants will have to design science-based green financing plans and set milestones for 2030.
The former Governor of the Central Bank of England and head of UN climate finance, Mark Carney, noted that the commitment marks “un hito”In the history of the private contribution towards a global economy without CO2.
“The US $ 130 trillion is more than what is needed for the global transition to net zero emissions”, Carney stated at the climate conference in Glasgow, adding that “What you hear today is that the money is here, but the money needs projects aligned with zero emissions.”
COP26 seeks to keep alive the objective that temperatures at the end of the century do not rise more than 1.5º centigrade with respect to pre-industrial values, and the financing of that goal is one of the great challenges of the conference.
The commitment of US $ 130 billion has been joined by financial institutions such as HSBC, Bank of America o Santander.
The announcement has been criticized by environmental organizations because the banks that have joined the initiative last month rejected a roadmap designed by the International Energy Agency to stop financing new gas, oil and coal projects.
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