Economic leaders ask finance sector to support COP26
Sunday, 01 March 2020
World economic leaders, including the Bank of England Governor and the President of the European Central Bank, asked the finance sector to increase their ecological efforts on Thursday.
The appeal comes as the COP26 conference is due to be held in Glasgow in November 2020.
“You can all contribute to a successful transition towards a carbon neutral economy,” Bank of England Governor Mark Carney said to a group of investors assembled at the Guildhall, the headquarters of the City of London Corporation. The Corporation is the political heart of the influential London business quarter.
Speaking as a government consultant to the COP26 organisation, the future United Nations special climate envoy highlighted the importance of expanding the evaluation of and publishing businesses’ climate risk.
During Carney’s mandate, which will end in two weeks, the Bank of England has performed climate ‘resistance tests’ to examine the financial sector’s capacity to handle the consequences of planet-wide global warming. The first results are expected to be published in 2021.
During the forum, the President of the European Central Bank Christine Lagarde also called on the financial sector to act, as the sector “will have a crucial role to play in mobilising the resources necessary for the transition and helping other countries deal with climate change.”
The forum was held to encourage commitment before COP26, which be held in Glasgow in Scotland at the end of the year.
Several important financial company leaders spoke about their climate ambitions. These include Philipp Hildebrand, vice-President of BlackRock, one of the biggest asset-managing companies in the world, and David Schwimmer, head of the London Stock Exchange.
“Becoming carbon neutral is the future. There are massive opportunities for those that are ready to act now,” said Alok Sharma, British State Secretary for business.