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Canada’s Environment and Climate Change Minister Steven Guilbeault said: “By eliminating inefficient fossil fuel subsidies, we are encouraging smart and efficient government investment decisions that can increase Canada’s competitiveness in a decarbonizing globaleconomy, while avoiding creation of strandedassets.
Financial organisations thus have a major role to play in the decarbonisation of the globaleconomy, yet it is estimated that since the Paris Agreement in 2015, the 60 largest banks have instead invested $5.5 Financial institutions have a major role to play in decarbonising the economy toward net zero over the coming three decades.
Jennifer Laidlaw, accessed June 2024, < [link] > What does non-financial reporting cover? In April 2024, CDP rolled out a dedicated SME corporate questionnaire , which is a simplified version of their corporate questionnaire and allows SMEs to report voluntarily.
With the globaleconomy heavily reliant on ocean health, a sustainable future is paramount. To date, the ocean and its ecosystems have provided significant benefits to the global community, including climate regulation, coastal protection, food, employment, recreation and cultural well-being.
iii Transporting 80% of world trade, shipping is the engine room of the globaleconomy. However, despite being the most efficient and environmental way to transport goods, it emits 2% of global emissions, equivalent to the annual emissions of Japan. Without action, this could increase by more than 45% by 2050.
Impact assessments for the fuel standard and emissions pricing will be carried out over the course of 2024. Some companies will start acting and some won’t; there’s more risk of strandedassets.” What role should investors play? The EU’s FuelEU Maritime initiative is also set to apply from 1 January 2025.
It makes no long-term sense to continue pumping money into an asset that is already destined to eventually have no value — a strandedasset. With around 70% of the globaleconomy now committed to net-zero greenhouse gas emissions, the urgency of exiting coal and completely phasing out fossil fuel subsidies is clear.
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