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COP26: Finance takes centre stage on day three of climate conference

450 financial firms will commit to align over $130 trillion worth of assets with a net zero target by 2050.

UK Chancellor Rishi Sunak at the Cop26 summit today.
UK Chancellor Rishi Sunak at the Cop26 summit today.
Image: PA

IT’S MONEY DAY at the COP26 climate summit in Glasgow where efforts will focus on how public and private finance can be leveraged to help tackle global warming.

It’s expected to be announced that hundreds of the world’s largest financial institutions have committed to align over $130 trillion worth of assets with a net zero target by 2050.

This will bring the 450 firms in line with the climate goals set out in the 2015 Paris Agreement.

UK chancellor Rishi Sunak is also set to reveal plans to make the UK a net-zero financial centre.

A fact sheet on Sunak’s proposals specified that it would not be mandatory for firms to commit to net zero and they could have different targets.

It also said that investments in carbon-intensive activities would still be allowed.

Former Bank of England governor Mark Carney will address the conference today as part of efforts to get financial institutions to shift capital towards climate-conscious investments.

Yesterday at the conference world leaders agreed a deal to end deforestation. US President Joe Biden announced a pledge to cut global methane emissions by 30% by 2030. 

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The US also rejoined the High Ambition Coalition, which has the aim of limiting temperature rises to 1.5 degrees Celsius. The goal was a key part of the Paris agreement.

With reporting by AFP

About the author:

Céimin Burke

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