COP26 Agreement Promises $130 Trillion for a Zero Carbon Economy – 11/03/2021

Johnson Warns India Substitute Threatens to Reopen in UK - 14/05/2021
Glasgow (UK), November 3 (EFE). The world’s leading financial institutions have pledged to invest 130 trillion US dollars (736.9 trillion Brazilian reais) in the transition to a carbon-neutral economy, according to a declaration made at the 26th United Nations Climate Change Conference (COP26).

The Glasgow Financial Alliance for Zero Emissions Commitment (GFANZ), which was created in April of this year, has virtually doubled the amount pledged so far, according to information from the alliance itself, which includes institutions from 45 different countries. .

Participants in the agreement are expected to develop science-based green financing plans and set interim targets for 2030, under the agreement signed today.

The former executive director of the central banks of Canada and the United Kingdom, Mark Carney, who is currently in charge of climate finance at the United Nations, said the commitment marked a milestone in the history of the private sector’s contribution to a carbon dioxide (CO2)-free global economy. ).

He stressed that “the 130 trillion is more than what is required for the global transition towards net zero emissions.”

“What is being heard today is that the money is there, but the money needs zero-emissions projects,” Al-Kindi added during a summit in Glasgow, UK.

Financial institutions such as HSBC, Bank of America and Santander have joined in the commitment to invest in a carbon-neutral economy.

However, the announcement drew criticism from environmental organizations as participants in the initiative last month rejected the International Energy Agency’s proposal to stop funding gas, oil and carbon projects.

The main objective of COP26 is to move forward with the goal of preventing a global temperature rise of more than 1.5 degrees compared to the pre-industrial period, and investment to reach this goal is one of the main challenges of the conference. EFE

See also  Goldman Sachs offers free lunch and ice cream to beat the resistance around working head-to-head

You May Also Like

About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

Leave a Reply

Your email address will not be published. Required fields are marked *