Finance took the stage today in Glasgow as discussions remain underway by hundreds of world leaders at the COP26 summit.
The main focus today is to discuss how private funding can be leveraged to assist with tackling global warming.
Some of the world’s largest financial firms are expected to align over $130 trillion worth of assets with a target of being net-zero by the year 2050.
Consisting of 450 financial firms, this commitment will be in line with the climate goals that were set out in the 2015 Paris Agreement.
UK Chancellor Rishi Sunak revealed plans to make the UK financial centre net-zero by 2050, specifying that it would not be mandatory for firms to commit to being net-zero and that they could have other targets.
The proposal also allowed investments in carbon-intensive activities to still be allowed.
Former Bank of England governor Mark Carney will be addressing the conference today in an attempt to persuade financial firms to invest in tackling climate change.
The summit has so far made some noteworthy pledges with world leaders agreeing to end deforestation as well as US Joe Biden vowing to cut methane emissions by 30% by the year 2030.
The US has also rejoined the High Ambition Coalition which aims to limit temperature rises to 1.5C which was a key part of the Paris Agreement.
IMAGE – Gage Skidmore/”PM Boris Johnson speaking at the opening of the UK-Africa Investment Summit in London, 20 January 2020″ by DFID – UK