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The joke is a good reminder of the limitations of the climate-scenario exercise about to be conducted by Canada’s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI). The post Canada isn't challenging banks enough to prepare for climate chaos appeared first on Corporate Knights.
Renewable energy sources, such as solar or wind power, are critical cogs in the world’s transition to netzero carbon emission. The popular index has also been deployed by businesses—for example, the banking industry and those who manage municipal bond ratings. Renewables Reliability: How Steadily Will the Wind Blow?
Just as more than 95% of climatescientists accept the truth of climate change, most corporate leaders recognize that their role in society has changed. degrees 38* 42 Agnico Eagle Mines Ltd Metal and coal mining C 38* 31 Bank of Montreal Banks C NZAM, NZBA 39** 45 Manulife Financial Corp Insurance companies C 1.5°C
Some actuaries are arguing that “narrative scenarios” – qualitative information to accompany the quantitative data to provide context around climate-related metrics – would help.
Sticking point – The G20 failed to agree on the phasing down of fossil fuels, leaving climatescientists and environmental campaigners frustrated amid weeks of extreme weather events around the globe demonstrating the escalating climate crisis.
By continuing to follow predictions from central banks and other established sources of economic wisdom, companies and investors are making the wrong calls on their sustainable investment policies and climate transition plans, Keen argued.
Climatescientists have unambiguously told us how to avoid the grimmest consequences of climate change: achieve net-zero emissions by 2050. President Biden has outlined an ambitious strategy to transition the United States to net-zero emissions and has mobilized the entire government to achieve it.
Yet despite these pledges, banks and other financial institutions – sectors crucial to funding the low-carbon transition – stood by their traditional borrowers and investees in the fossil fuel business. Several years ago, the oil and gas industry at least paid lip service to the need to become net-zero by 2050. to 1 in 2021.
In its climate marketing guide called Talk Like a Human, Potential Energy lays out tips and traps the latter of which this article has already fallen victim to. Words including decarbonization, net-zero, anthropogenic or carbon footprint dont work. Slow-walking on climate action is really the new climate denialism, he says.
Hes certainly a key contributing factor to the exodus of major US financial institutions from sector alliances mapping a route to netzero emissions by 2050. This week, JP Morgan followed five peers out of the NetZeroBanking Alliance (NZBA) , while BlackRock exited the parallel coalition for asset managers.
This includes sanctions against Russian banks (access to SWIFT), and bans on exports (electronics, refining equipment, military supplies etc.). Both climate change and Putin’s invasion are directly tied to fossil fuels. The free world has come together to condemn Russia and impose far reaching penalties.
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