The COP26 climate conference announced on November 3 that 450 large financial firms from 45 countries have committed to investing 130 trillion dollars (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 70 trillion dollars (60 trillion euros) committed so far, according to that platform.
Participants will have to design science-based green financing plans and set milestones for 2030.
Former Governor of the Central Bank of England and UN head of climate finance, Mark Carney, noted that the commitment marks “a milestone” in the history of private contribution towards a global economy without CO₂.
“The 130 trillion … is more than what is needed for the global transition to net zero emissions,” Carney told the climate conference in Glasgow, adding that “what you hear today is that the money is here, but 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 1.5 ºC with respect to pre-industrial values, and the financing of that goal is one of the great challenges of the conference.
Financial institutions such as HSBC, Bank of America and Santander have joined the commitment of the 130 billion dollars.
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.
Other economic initiatives were presented at the Summit on November 3. Thus, the United Kingdom – which is home to one of the main financial centers in the world: the “City”, in London – has announced that it will force listed companies and financial institutions to design and implement decarbonisation plans.
Also sport, through nearly 300 clubs and organizations -from FIFA to the IOC-, has opted for net zero emissions by 2040, while the UNEP (UN Environment Program) warned of the rapid increase in temperatures in cities around the world, and WWF called for recognition of the work of indigenous tribes in protecting forests and habitats.
There have been no celebrities committed to green: Cher, Cindy Lauper, Quincy Jones, Camilla Cabello or Pitbull are some of the signatories of Right here, right now (Right here, right now), campaign to ask for more effort from the participants in the summit. (I)
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