Developing countries should have $1 trillion to fight climate change

Carney, a former Bank of England governor, added that Glasgow COP26 “draws a line” on climate finance, as it signals the realization that “government finance must act as a multiplier of private finance”.

Carney said: “In Paris in 2015, there was no awareness in the financial system of the need to act on climate. The goal of COP26 in Glasgow is that all financial decisions in the world have the climate behind them. Green investments can lead to a 2% increase in output. global gross domestic product.

Carney later cited the Glasgow Financial Alliance for Net-Zero (GFan) initiative, which he chairs, as the “finance and climate standard”.

GFan brings about 400 entities, including banks, insurance companies, funds and financial service providers, into a network to promote climate action in the sector.

“All GFan members have committed to significantly reducing their emissions by 2030 and reaching net zero emissions by 2050.”Carney explained.

He added, “Each member must report their progress each year to a monitoring committee made up of NGOs and independent experts. GFan works closely with the public sector.”

According to Carney, for climate finance “you need a radically new approach. You need hybrid financing structures and platforms to bring public and private funds together. These initiatives can give confidence to investment.”

Meanwhile, the UK, the host of COP26, has announced its ambition to decarbonize UK finances, tightening demand for the sector between now and 2023. The goal is to achieve carbon neutrality by 2050.

British Chancellor of the Exchequer, Rishi Sunak, a plan to push big corporations and financial institutions in London to “decarbonize”, but his call was rejected by environmentalists.

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“The United Nations Conference Calls For Real Transformative Action In The Financial Sector, But Your Sunk Came Up With A Marketing Slogan”Greenpeace’s Charlie Kronick said, emphasizing that Sunak “again lacks what the climate emergency requires.”

London plans to require British financial institutions and listed companies to “publish detailed transition plans” and will set new evaluation criteria.

In this way, the City of London will be “the first financial center in the world to respect carbon neutrality”, according to the British Treasury. But there is not much coincidence about the validity of the claim.

“The transition to carbon neutrality is urgent, but at the same time we know that we are relying somewhat on less clean energy,” John Glenn, Secretary of State for the Treasury, said today.

But he stressed that the sector “has the ability to allocate billions of dollars for the transitional period.”

A study by the NGOs WWF and Greenpeace stated that neither the government nor other regulators “have taken sufficient measures to attack the global emissions problem financed by UK private financial institutions”.

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