A larger percentage of big banks, its major investors and insurers, and their regulators have signed up a coordinated pledge that will integrate carbon emissions into their key decisions.
- The lenders and investors stated that they will fund a shift that will reduce carbon emissions by businesses and promote the growth of industries that will control climate change.
- The United Nations’ Glasgow Financial Alliance for Net Zero stated that financial groups with assets of $130 trillion have pledged to its programs to cut emissions.
- That figure is enough to generate $100 trillion through 2050 to finance investments required for new technologies and enough reach to create channels for corporations and financial institutions to restructure themselves.
- The funding can take the form of bank loans and investments by venture capitalists, mutual funds, endowments, private-equity companies, and other big investors that purchase stocks and bonds.
Financial regulators have agreed to expand their own oversight of the system through reviews and disclosure standards.
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Source: WSJ.
