The former governor of the banks of Canada (2008-2013) and England (2013-2020) has made a request to the international community, demanding that big capital jointly finance a total of 100 billion dollars to combat climate change . “This is the minimum amount of external financing needed to boost sustainable energy over the next three decades if it is to be effective,” he said.
In an article published in the Financial Times , Carney calls to pay attention to the citizens who are going to commit to financing this far-reaching revolution reaching during the next week in Glasgow, at COP26. “Does it include your bank, insurer, mutual fund manager or pension fund? Your money is important,” he says.
In addition, he asks citizens to judge all these institutions in the coming years ” not by what they say but by their numbers : the total dollars dedicated to financing the transition, the amount of pollutants, the stranded assets removed, the emissions eliminated. and the timelines to reach net zero (emissions). ”
Carney, who is currently the United Nations special envoy for climate action and finance and advisor to COP26, emphasizes that the organization of this international meeting “has devised 24 major initiatives to build a financial system in which each decision taken takes into account climate change “, for which the ‘Glasgow Financial Alliance for net zero emissions’ (GFANZ) has been created.
Among the ideas managed by this alliance is financing decarbonization in emerging countries or betting on the energy transition supported by science. In addition, he urges nations to do their part with measures such as banning internal combustion vehicles, eliminating fossil fuel subsidies and “mandatory disclosure of climate-related financial information.”
G20: 1.5 degree ceiling for global warming
Meanwhile, the G20 reached an agreement this Sunday on the maximum ceiling of 1.5 degrees for global warming.
This agreement represents a victory over the failed negotiations in July during the meeting of the ministers of Energy and Environment of the G20, in the face of opposition from China and India.