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The formation of the TPT was announced last year by then-Chancellor of the Exchequer, and now UK Prime Minister, Rishi Sunak, at COP26 , and officially launched in April 2022.
The UK initially committed to introduce mandatory disclosure of transition plans from financial institutions and listed companies during the COP26 conference in 2021 , and formed a Transition Plan Taskforce (TPT), composed of industry and academic leaders, regulators, and civil society groups, to develop a “gold standard” for transition plans, in order (..)
Suga’s pledge was followed up at COP26 last November when current Prime Minister Fumio Kishida promised US$10 billion over the next five years to support Asia’s migration from fossil-fuel-fired to zero-emission thermal power, such as ammonia and hydrogen. Significant progress.
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.
In May more than 85 investment firms, academic organisations, and environmental groups from across the world including Environmental Defence, which represent nearly three million members, sent a letter to the Canadian administration demanding it “step up and pass policies that align the financial sector with climate action”.
KRISTY DRUTMAN: Mostly it’s people who are not in the climate space, comedians or politicians or entrepreneurs and business people who don’t really understand how to communicate climate science to the public because they don’t fully know the issue because they don’t have the academic background.
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