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Building on previous commitments that increase greeninvestments or restrict financing to certain high-emitting activities, recent pledges add to growing evidence that banks are taking a more holistic approach to the climate emergency. Barclays’ accounting additionally covers the capital markets activity it supports.
Not only have global oil producers generally failed to invest substantially in renewable-energy technologies; now they’re reneging on their green commitments. When you look at the oil industry’s efforts to decarbonize, the results are lacklustre. Suncor invested 10.4% of its capital on green projects in 2022.
Many people are cautious about the intentions of companies that have committed to decarbonization and with some reason. But that is a very simplistic view of the activities and vast challenges facing businesses today that are trying to transition to green models, especially when technology and policy often need to catch up.
This article was first published in Forbes Today 100 CEOs announced a push for governments to boost the business case for greeninvestment, in the run-up to COP29 in Azerbaijan. Beating the ParisAgreement’ is a huge statement to make. C global warming target. C, or “well below” 2°C, by the end of the century.
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