Bankers trying to get their net-zero carbon dioxide targets certified now face hard deadlines to reduce capital flows to fossil fuels.
“We are in a situation now where you’ve got some of these net-zero initiatives that aren’t taking a very rigorous approach here, and it is starting to become a credibility issue,” Aden said in an interview. Mark Carney, co-chair of GFANZ, said investments in clean energy are running at a third the pace that’s required to meet climate goals. The world isn’t “going far enough or fast enough” to shift to low-carbon fuels, he said on Thursday in an interview on Bloomberg TV. “We need to up our game.”
“There is still ongoing confusion, I think, and a lot of it comes down to the role of offsets in any sort of target or climate ambition formulation,” he said. “This is something that is consistently varying, for example, with the net-zero initiatives where they allow offsets in a way that SBTi does not.”
The deadlines proposed by SBTi would give asset managers and bankers time to first use their influence to try to force oil and gas companies to change, in part to avoid the sale of assets to new owners that aren’t likely to reduce emissions.
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