London Thanasis Gavos
Dedicated to financing the transition to a global economy with zero net emissions (‘net zero’) is the first day of the COP26 conference on climate change in Glasgow after a two-day summit of leaders.
The host of most of today’s events, UK Treasury Secretary Risi Sunak, told delegates this morning that leaders were “changing the wiring” of the global financial system to help tackle climate change.
He announced that the United Kingdom was becoming the world’s first “zero-emission financial center”. In this context, the British government will make it mandatory for British financial institutions and companies listed in the UK to disclose plans for carbon sequestration and transition to zero emissions in their activities.
An independent working group will determine within the next year what will be required of the companies, which will start publishing their “green” credentials from 2023.
According to Mr. Sunak, moreover, companies that control 40% of the world’s assets will be in line with the limit on global warming to 1.5 degrees Celsius, which is the goal of COP26 based on the commitments of the Paris Agreement in 2015.
This means that “$ 130 trillion in private capital is being raised, waiting for a greener financial system to develop.” Mr Sunak added: “This is a historic wall of capital for the transition to net zero around the world.”
COO26’s big financial goal is to achieve the goal of committing $ 100 billion a year from developed countries to developing country governments to make the net zero transition.
.
