FT News Briefing Financing the fight against climate change
Nov 3, 2021
Major banks, such as BNY Mellon and Barclays, face criticism for softening climate commitments while continuing fossil fuel financing. Gulf states are caught between net-zero goals and the need to sustain oil revenues for funding green transitions. The podcast highlights a $130 trillion pledge from private sectors to combat climate change and discusses the pressing regulatory needs to mobilize these funds. It also delves into Gulf nations' strategies to shift towards renewable energy amid public and economic challenges.
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Banks' Climate Pledges
- Banks have been watering down climate pledges despite net-zero commitments.
- They continue financing fossil fuels, contradicting the IEA's recommendations.
Private Capital's Role
- Private capital plays a crucial role in funding the transition to net zero.
- Around $130 trillion in private capital is committed, potentially covering 70% of transition costs.
Accountability in Climate Finance
- Increased scrutiny and transparency are crucial for holding institutions accountable.
- Governments and auditors are increasing pressure to enforce climate pledges.