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Carney, the former governor of the Bank of England (and Canada) established GFANZ with billionaire Michael Bloomberg at the COP26 UN climate summit last November in Glasgow. Greenwashing is truly a clear and present danger.”. says Baltej Sidhu, an analyst with National Bank of Canada, in an interview with The Globe and Mail.
A recent surge of differing net zero definitions is overwhelming companies and threatens to distract from real efforts to drive business action on climate change. including many following the recent COP26 UN Climate Change Conference in Glasgow?—?has We cannot afford slow movers, fake movers, or any form of greenwashing.”
Risk of greenwashing. Accurate, comparable data is critical to prevent misallocation of capital away from transitional activities and any exposure of sustainable finance to the risk of greenwashing. Importantly, definitions of ESG-related factors should be clear and aligned with what any rating or score intends to measure.
Levick also noted that the taxonomy could be employed via initiatives such as a net zero test, which the UK might apply to all its public investment decisions, utilising the taxonomy to evaluate whether investments align with the its definition of ‘green’.
It definitely feels like there is a bit of a groundswell at the moment, particularly in the generation below mine that are really, really engaged and really knowledgeable and have grown up with far more sort of education about issues than we would have had growing up in school. And I think that that’s what I bring to the table.
This builds onto the UK’s existing national commitments, such as the Glasgow Climate Pact from COP26, promising the 2020s to be a decade of action. Unfortunately, with less than eight years left to halve emissions and current national commitments consistent with a 2.4 o C remains highly uncertain. C trajectory.
Alignment between JETP countries’ standards and definitions is also necessary to instil private investors with more confidence in prospective JETP-aligned investments, according to CoEPB’s Hillis.
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