COP26 coalition worth US$130 trillion vows to put climate at heart of finance

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GLASGOW: Banks, insurers and investors with around US$130 trillion or 40 per cent of the world\u0027s capital at their disposal pledged on Wednesday (Nov 3) to put limiting climate change at the centre of their work. An announcement made at the COP26 UN climate conference in Scotland commits its signatories to

GLASGOW: Banks, insurers and investors with around US$130 trillion or 40 per cent of the world's capital at their disposal pledged on Wednesday to put limiting climate change at the centre of their work.

UN climate envoy Mark Carney, who assembled the Glasgow Financial Alliance for Net Zero , put the figure at US$100 trillion of investment over the next three decades, and said the finance industry must find ways to raise private money to take the effort far beyond what states alone can do. Kristalina Georgieva, head of the International Monetary Fund, said it was crucial to incorporate climate data into everyday macroeconomic reporting.

And the vice chair of the global Financial Stability Board, Dutch central banker Klaas Knot, said a mandatory global minimum standard for disclosure of climate risks was now needed for both financial stability and the provision of sustainable finance."GREENWASHING"

 

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