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Banks were hit by a double salvo for continued financing of fossil fuel firms in the face of widely accepted net zero roadmaps and the commitments made at COP26. Campaign groups led by Urgewald and Reclaim Finance reported that commercial banks channelled US$1.5 Pension funds were under fire too.
Carney was speaking at the Net Zero Delivery Summit, organised by the City of London Corporation, in association with COP26 Presidency UK and GFANZ. The summit marked the halfway point between COP26 and COP27 in Sharm El-Sheikh, and addressed progress on key priorities of financial players agreed in Glasgow in November.
Helle Bank Jorgensen CEO and founder of Competent Boards, the world's first globally accessible board training program, Helle is a leading global expert on governance and sustainable business practices, with a 30-year record of turning environmental, social, and governance risks into innovative and profitable business opportunities.
At COP26, the Glasgow Financial Alliance for Net Zero ( GFANZ ) declared a sector-wide commitment of US$130 trillion – a number that has increased over the year to US$150 trillion – of private capital to transition the global economy to net-zero greenhouse gas emissions. On this critical issue, there has been no absence of good intent.
Industry collectives, with the assistance of academics and other experts, can help asset owners develop a common understanding of what best practices are and help move companies in the right direction,” he added.
Examples include Bank of Canada and Canada Pension Plan Investment Board. The report says that plan should “formalise, standardise, and extend commitments that many Canadian financial institutions have already voluntarily made”, including through the Glasgow Financial Alliance for Net Zero initiatives born out of last year’s COP26 Summit.
SDSN also worked closely with Monash University, ClimateWorks Centre, and a globally representative Academic Advisory Panel on a Net Zero Campus Guide, to be formally launched in early 2023. The team continues to work closely with governments, Multilateral Development Banks and private financial organizations.
THE EMPOWERERS Leïla Cantave & Tyjana Connolly 27, 26, Montreal & Calgary Co-founders, Black Eco Bloom After meeting while interning at COP26 in 2021, Leïla Cantave and Tyjana Connolly couldn’t ignore the reality that they saw no other Black youth at the summit.
The first report of the SPA, launched at the COP26 in Glasgow, is the most in-depth and holistic report of its kind on the Amazon. Working with the SPA team, the consultant will support the development and implementation of an engagement strategy for dialogues with key development banks and financial institutions.
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