At COP26 in Glasgow, big investors and government announced fresh initiatives involving pumping trillion of dollars into combating the issue of global warming.
The news reflects the financial world’s increasing support for attempts to tackle the problem both as a business opportunity and necessity. The Senior Climate Expert for the World Resources Institute, Helen Mountford, commented:
“It is huge that financial institutions managing $130 trillion in assets are now leading the charge to a net-zero future.”
A growing opinion is forming that the private sector must act for the world to avert the catastrophic impact of global warming. At the recent summit, UK Chancellor Rishi Sunak spoke out on the subject. He stated that while nations like the United Kingdom are providing more funding to help with the cost of the move to low carbon-based economies across the world, he believed that public investment on its own was not enough.
The British Treasury Chief praised more than 450 financial institutions that made a pledge to align the investments they make with the 2015 Paris Agreement, an accord that called for the reduction of emissions of carbon dioxide, among other endeavours, to cap global warming at 1.5 degrees above levels that are pre-industrial. At the summit, Sunak commented:
“This is a historic wall of capital for the net-zero transition around the world.”
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