Financial System Makes Big Promises on Climate Change at COP26 Summit

This article from Wall Street Journal is written by David Benoit

Most of the world’s big banks, its major investors and insurers, and its financial regulators have for the first time signed up to a coordinated pledge that will incorporate carbon emissions into their most fundamental decisions.

The lenders and investors say they will help fund a shift that will reduce carbon emissions by businesses and spur the growth of industries that can help limit climate change. Regulators are putting in place new rules to oversee the shift.

The United Nations’ Glasgow Financial Alliance for Net Zero says financial groups with assets of $130 trillion have committed to its program to cut emissions. That is enough scale to generate $100 trillion through 2050 to fund investments needed for new technologies, and enough reach to impose pathways for corporations and financial institutions to restructure themselves, the group said.

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