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Former chair of the Committee on Climate Change Lord Deben believes the country can get back on track to netzero and regain its status as a global leader. When Glasgow hosted COP26 in 2021, bringing together 120 world leaders and more than 40,000 participants, the UK was seen as a world leader in the battle against climate change.
Ex-BoE chief calls for “radical new approach” to mobilising investment in emerging and developed markets; also warns of strandedassets. Carney was speaking at the NetZero Delivery Summit, organised by the City of London Corporation, in association with COP26 Presidency UK and GFANZ. C netzero transition.
With only seven years left to halve global emissions and halt and reverse biodiversity loss, we can’t wait for new technologies to step into play – we have to get to netzero with what we have. It’s part of our fiduciary duty to be at the forefront of efforts to scale up and re-allocate capital.
At COP26, IFRS introduced a new International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of sustainability disclosure standards. The World Economic Forum launched the Measuring Stakeholder Capitalism Initiative seeking to accelerate convergence among the major ESG standard setters.
The private sector’s ability to accelerate the pace of netzero transition is open to question. Even so, we were reminded how far the G20 nations are from meeting their COP26 commitment to keep 1.5°C This was a week in which the public realm seemed to make more of the running than those in the private sphere.
Many have set science-based targets aligned with 1.5ºC, others are starting their journey to net-zero. For business, investments in fossil fuels are now far riskier because the market expects them to become strandedassets in the foreseeable future. Nature came to Cop26 like never before.
As an example of the scale we are talking about, t he Glasgow Financial Alliance for NetZero (GFANZ), the world’s largest coalition of financial institutions committed to netzero, represents over $130 trillion of private capital. . There has been significant development on reporting standards since COP26.
This stands in contrast with China’s domestic energy policy, which is prioritizing a transition to renewable energy, peak emissions before 2030 and a net-zero economy by 2060. Of course, China is not the only culprit. The full knowledge brief is available here.
With the transport sector a significant generator of greenhouse gas emissions, electric vehicles are an important element of the netzero transition. In most countries, the transport sector is the largest contributor to greenhouse gas emissions and wide-scale adoption of EVs features in many countries’ netzero transition plans.
SATURDAY 13 NOVEMBER – This statement is the We Mean Business Coalition response to the Glasgow Climate Pact, agreed at COP26. . An updated draft proposal was released by the COP26 Presidency this morning, on the last official day of the conference. READ THE FULL STATEMENT HERE > FRIDAY 12 NOVEMBER – ANALYSIS: .
The solution, the Just Energy Transition Partnership announced at COP26, pledges funding and expertise from western governments including the EU, France, Germany, UK and US, to help South Africa meet its updated nationally determined contribution emissions goals. .
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