Large environmental organizations have been skeptical of the new promises. Greenpeace has criticized banks last month rejecting a roadmap to stop funding new gas, oil and coal projects.
Large private credit institutions in 45 states have pledged to massively finance the decarbonization world by mid-century, although the presidency of the COP26 It has warned that this promise does not replace the funds that large economies owe to developing countries.
The commitment signed by 450 entities such as HSBC, Banco Santander, Deutsche Bank, Morgan Stanley, BVVA, JP Morgan, Grupo Financiero Banorte, Mitsubishi UFJ, Bancolombia or Bank of America It amounts to 112 billion euros, which “is more than what is needed for the global transition”, according to the head of climate finance at the UN, Mark Carney.
“The money is here. But the money needs projects aligned with zero emissions,” added Carney, noting that it is now necessary for sustainable projects to proliferate to channel those investments announced through the Glasgow Financial Alliance towards Zero Emissions. Net.
In addition, that promise will have to be accompanied by mechanisms to measure and verify that this money actually meets its objective.
“The money is here. But the money needs projects aligned with zero emissions.”
This huge amount of private capital that aims to help prevent temperatures from not rising more than 1.5 ºC at the end of the century compared to pre-industrial values does not suture the $ 20 billion gap that rich states owe developing countries, according to commitments made in the 2015 Paris Agreement.
At that great climate event, the governments of the world’s great economies pledged to allocate 100 billion dollars annually to developing countries between 2020 and 2025 to help them undertake the energy transition.
But in 2020, only 79.6 billion were reached, according to the OECD, and that hole is not expected to close before 2023, the president of COP26 has recognized, Alok Sharma.
Large environmental organizations have been skeptical of the new promises. Greenpeace, for example, has criticized the banks that have joined the initiative last month rejecting a roadmap designed by the International Energy Agency to stop financing new gas, oil and coal projects.
The world of sport is also committed to reducing its emissions
On the other hand, the world of sport has agreed to commit to climate action and has pledged to cut its greenhouse gas emissions by half by 2030 at the latest and to achieve climate neutrality ten years later, as announced by the ‘ Ambition for new goals for climate action in sport ‘.
Members who are part of SC4A (Sport’s Commitment for Ambition) and that have signed the agreement amount to 280 sports organizations including the International Olympic Committee, FIFA, Athletics Kenya, BBC Sport, the Premier League, Formula E and Munster Rugby.
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
