US climate envoy John Kerry said COP26 would be the world’s last chance to avoid climate catastrophe. Will massive financial outlays help combat the environmental crisis, or is there a need for other drastic actions?
The day after the COP26 climate summit focuses on finance. During Wednesday’s talks, politicians and policymakers focused on the opportunities for the financial sector to use in the fight against global warming. Banks and asset managers have pledged huge sums of money to fight the global environmental crisis.
To achieve the climate goals, every financial company, bank, insurance company and investor will have to change their current policy.
Individual countries must devote public financial resources to infrastructure development, and they must transition to a greener, climate-resilient economy. Private financial resources must be spent on technology development and innovation to stem the crisis.
Priorities: in need and protection of biodiversity
Even before the Glasgow Summit, the multilateral development banks (MDBs) weremultilateral development banks) We are committed to taking specific forms and targets for financing.
Public banks, development finance institutions, climate funds and mobilized private actors play an important role. Of particular importance, as emphasized in the statement, is Support the most vulnerable people and allocate funding to conserve nature and biodiversity. There was also a topic Mainstreaming a gender perspective in climate finance
The declaration was signed by several entities, including the Asian Development Bank, African Development Bank, Asian Infrastructure Investment Bank, Caribbean Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, IDB Invest and Islamic Bank development and the World Bank Group.
Overall, the signatories are committed to protecting biodiversity, human health and well-being, water, air and soil by making informed decisions and contributing to environmental sustainability.
UK: ‘We’ll be first’
Former British Chancellor of the Exchequer, Rishi Sunak, has admitted Britain’s plan is to be “the world’s first zero-emissions finance hub” with increased funding to combat climate change.
– So far, the former British Chancellor of the Exchequer said during one of the sessions, there was not enough money to fund the transformation. Today is hack – He spoke.
In addition, Rishi Sunak opened “Finance Day” with a promise to increase international climate aid, mobilize private sector finance, and rebuild the global financial system.
Atmospheric green washing
British Prime Minister Boris Johnson has called on countries to take real action to deliver on their promises to tackle climate change.
In turn, US Treasury Secretary Janet Yellen said that climate change must be dealt with immediately, and that it is also an opportunity to revive the economy.
Jean Le Maire, president of BNP Paribas, raised concerns about structured financing. He said he was concerned that the banks providing this type of financing could eventually be used to pay off carbon dioxide emissions and would exacerbate the global greenwashing problem.
Source: ukcop26.org, bloomberg.com
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