![]() However, others were not convinced by progress at COP26. It is an economic, development and market-destabilizing issue, and I would not be doing my job if I did not treat it with the seriousness warranted," Yellen said. "The reason I am here is because climate change is not just an environmental issue. ![]() Treasury Secretary Janet Yellen said the United States would join Britain in backing the Climate Investment Funds' (CIF) new Capital Market Mechanism, which would help attract significant new private climate funds and provide $500 million per year for the CIF's Clean Technology Fund, as well as its new Accelerating Coal Transition investment program. "Some of the key interlocking pieces of the finance puzzle are now coming together," said Nick Robins of the Grantham Research Institute on Climate Change and the Environment.Īnother piece of the jigsaw is where the public money to assist the transition from carbon intensive energy and industry will come from, and on Wednesday the United States said it would support a mechanism to raise new finance for clean energy and sustainable infrastructure in emerging markets. "The money is here - but that money needs net zero-aligned projects and (then) there's a way to turn this into a very, very powerful virtuous circle - and that's the challenge," the former Bank of England governor told the summit.Ĭarney's comments reflect a problem often cited by investors who, in the face of a myriad of climate-related risks, need to be sure that they are being accounted for in a transparent and preferably standardised way globally. climate envoy Mark Carney, who assembled the Glasgow Financial Alliance for Net Zero (GFANZ), put the figure at $100 trillion over the next three decades, and said the finance industry must find ways to raise private money to take the effort far beyond what states alone can do. In an earlier announcement at the meeting in Scotland, financial institutions accounting for around 40% of the world's capital committed to assuming a "fair share" of the effort to wean the world off fossil fuels.Ī main aim of the COP26 talks is to secure enough national promises to cut greenhouse gas emissions - mostly from coal, oil and gas - to keep the rise in the average global temperature to 1.5 degrees Celsius.īut how to meet those pledges, particularly in the developing world, is still being worked out, and it will require a lot of money. ![]() climate conference, at least 19 countries are expected to commit on Thursday to ending public financing for fossil fuel projects abroad by the end of 2022, two sources said. GLASGOW, Nov 3 (Reuters) - Banks, insurers and investors with $130 trillion at their disposal pledged on Wednesday to put combating climate change at the centre of their work, and gained support in the form of efforts to put green investing on a firmer footing.Īnd in another development at the COP26 U.N.
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