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UN launches climate finance campaign

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160 companies with a combined capital of $ 70 trillion have launched a massive climate finance campaign.

UN launches climate finance campaign

Yesterday, the UN launched a large-scale campaign to finance measures to combat climate change, bringing together 160 enterprises from around the world with a total capital of $ 70 trillion.

The association was named the Glasgow Financial Alliance after the British city where the next climate conference will take place. The goal of the alliance will be to join forces to fund measures that will achieve carbon neutrality by 2050.

“This is a breakthrough in climate finance,” said Mark Carney, UN Special Envoy for Climate Change and former Governor of the Bank of England. "The Alliance will act as a strategic forum for financial systems to work together to broaden, deepen and accelerate the transition to a zero emissions economy."

Zero emissions or carbon neutrality is understood as a situation when the entire volume of carbon dioxide emissions does not exceed its volumes absorbed by forests and oceans, that is, harmful emissions do not pollute the atmosphere.

Another association, the Alliance of Banks, which pledges to achieve a transition to an environmentally friendly economy, includes 43 financial institutions from 23 countries of the world. The total capital of member banks of this Alliance is estimated at $ 28.5 trillion.

Overall, 509 cities, 23 regions of the planet, 2,162 private companies, 127 large investors and 571 higher education institutions are already participating in efforts to achieve "zero emissions". Together, the members of this Alliance, called Race to Zero, generate a quarter of all atmospheric emissions and account for half of global GDP.

The main goal of these associations on the eve of the climate conference in Glasgow is to give additional impetus to programs to decarbonize the economy, as well as to convince the governments of the world to expand their national contributions to the implementation of the Paris Climate Agreement.

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