Rishi Sunak reveals plans for UK as first 'net zero' financial centre

Britain called Wednesday for the world’s financial industry to channel its vast funds towards greener investments to ensure that global efforts to curb global warming succeed. The measure is part of a plan that aims to create “the world’s first net-zero aligned financial centre” to meet the demands of those seeking to profit from the drive toward a low-carbon economy, Sunak said.
 

Treasury chief Rishi Sunak  pledged to “rewire” the global financial system for net zero, saying London will also commit 100 million pounds ($136.19 million) to make climate finance more accessible to developing countries.
 

Outlining Britain’s strategy over the next five years to the United Nations COP26 climate summit, he said in addition to the 100 million pounds, London would also support a new capital markets mechanism to issue billions of new green bonds.
 

“Six years ago Paris set the ambition, today in Glasgow we are provided the investment we need to deliver that ambition,” he told an audience in Glasgow.  Sunak said UK financial institutions and publicly traded companies will be required to publish plans detailing how green their investments and their own businesses are — in order to ensure they’re actually contributing to reductions in global warming.

As home to the City of London, one of the world’s major financial centres, the UK “has a responsibility to lead the way” in financing those and other efforts to fight global warming, he said.

Kerry: 60% chance of capping temp at 1.5° C

US climate envoy John Kerry said that current commitments on cutting carbon emissions meant the world had a 60 per cent chance of capping a rise in the average temperature at 1.5° Celsius. He said with the commitments made at COP26, around 65 per cent of global GDP was now covered by implementable climate change plans.

China absence at COP a mistake, says BidenUS President Joe Biden said that Russia, Saudi Arabia and especially China were mistaken to skip the Group of 20 and UN climate conferences in Europe this week, noting that Beijing missed an opportunity to participate in global leadership. They’ve lost an ability to influence people around the world and the people here at COP,” he said at Glasgow.

‘Lack of progress at summit frightening’
The chairman of the group of the poorest countries said COP26 climate talks have so far been disappointing, and frightening. “The progress made here is disappointing and in a way also frightening,” said Sonam Phuntsho Wangdi, who chairs the Least Developed Countries group.