Take big finance’s vow to self-regulate over climate rules with a pinch of salt

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

Financial disclosures taskforce has had a limited effect because it relies on voluntary reporting

14 March 2021 - 16:44The six biggest Wall Street banks have now promised to get to net-zero emissions, after Citigroup, Goldman Sachs and Wells Fargo joined the club this month.

The space in between is vast, and there’s no global oversight of how the term “net zero” is used in the private sector. For years, drawing up such definitions was left to business friendly non-governmental organisations and the more progressive industry groups. The Greenhouse Gas Protocol, for example, was launched in 1997 by the World Resources Institute and the World Business Council for Sustainable Development.

Another influential framework is the Taskforce on Climate-Related Financial Disclosures . Established by former Bank of England governor Mark Carney and Bloomberg’s founder, Michael R Bloomberg, it is the closest to a unifying standard in the industry for reporting climate risks. Carney himself had to walk back comments claiming that Canada’s Brookfield Asset Management, where he now works, is net-zero because of emissions it avoided by investing in renewable energy. The remarks prompted a backlash from experts because they do not require a company to actually cut pollution, or, in Brookfield’s case, actually stop funding fossil fuels.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I've been investing with clawleach apparently over 2months and I can tell you that It's worth trying If you're new to trading. clawleach is a God sent to help you out.

United States United States Latest News, United States United States Headlines