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For the leaders of the divestment movement, which encourages institutional investors to sell off their shares in fossil fuel companies, winning isn’t everything. But after a decade of determined lobbying, the divest side is suddenly doing a lot of winning. That tally, they noted, is bigger than the combined GDP of the U.S.
DESCRIPTION: Last year marked a global shift in corporations adopting low-carbon and net-zero pledges as experts at the United Nations Climate Change Conference , COP26, declared that the climate crisis is at a critical inflection point. SOURCE: Antea Group. C commitment and 7,126 companies have joined the Race to Zero.
Head of Sustainability at CDPQ Bertrand Millot highlights the pension fund’s focus on decarbonising the real economy, as well as comprehensively divesting from the oil industry. In addition to divesting from oil, CDPQ plans to deepen its practice in the biodiversity space and expand the scope of its commitments in nature-positive themes.
Climate-focused investors welcomed the change from the coal-wielding Scott Morrison, calling for an “investment grade 2030 emissions target”, and accompanying policy changes, including a National Transition Authority. Even so, we were reminded how far the G20 nations are from meeting their COP26 commitment to keep 1.5°C
C increase over pre-industrial temperatures was hanging by a thread at the end of COP26, subsequent economic and geopolitical events appear to have dealt a blow to those ambitions – at least in the short term. The sense of optimism at COP26 turned out to be short lived. “We Beast from the east.
Reclaim Finance notes a “growing trend” within the investor community to condemn exclusion and divestment from heavy emitters as both “unrealistic and ineffective” tools to decarbonise the economy. Reclaim Finance argues that the most effective investors use the threat of future divestment as a cudgel to enhance their engagement efforts.
But by the end of 2023, the climate issue will loom again for investor CEOs and CIOs, pushing up on board agendas previously crammed with Covid-19, Ukraine and macro-economic debates.
These goals include net-zero GHG emissions economywide by 2045 and net-negative emissions thereafter, along with a 40% reduction in statewide GHG emissions from 1990 levels by 2030 and 80% by 2050. climate goal of at least a 50% reduction in GHG emissions by 2030. Department of Energy and the Los Angeles Department of Water and Power.
Australia adopted an economy-wide target of net zero emissions by 2050 in the run-up to COP26. Its interim target is to reduce greenhouse gas (GHG) emissions to 26-28% below 2005 levels by 2030. The country says based on 2021 emissions projections it is on track to reduce emissions by up to 35% below 2005 levels by 2030.
On Earth Day, President Biden pledged to reduce global warming emissions by 50 percent by 2030 compared to 2005 levels. The letter also seeks a net-zero electricity grid by 2035, a 50 percent target for electric vehicle sales by 2030, and a renewed commitment to international climate finance.
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