Skip to content
#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

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

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.
Nov 3rd 2021, 9:21 AM 6,937 5

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. 

#Open journalism No news is bad news Support The Journal

Your contributions will help us continue to deliver the stories that are important to you

Support us now

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

COP26: Sign up to get daily updates from the most important climate summit in history straight to your inbox


Send a tip to the author

Céimin Burke

COMMENTS (5)

This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
write a comment

    Leave a comment

     
    cancel reply
    Back to top