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COVID-19 may have reduced emissions in the short-term, but much more needs to happen to slash fossil fuel use to meet climate targets
FOSSIL FINANCE
The world’s largest investment funds have provided $713.3 billion in loans, equity issuances and debt underwriting services to fossil fuel projects from 2016 to mid-2019, all of it since the 2015 Paris Agreement
MARKET SHIFT
Driven by fears of stranded assets and catastrophic climate change, the investment industry is starting to step away from fossil fuels and other environmentally damaging activities. One of the most notable announcements in the first months of 2020 was a declaration by New York-based BlackRock, the world’s largest investor in fossil fuels, that it will start aligning its $7 trillion fund with the Paris Agreement
KEY QUOTE
Greenhouse gas emissions will determine where capital is flowing, influenced by public opinion, pressure and government policy. As climate concern moves from the periphery of investor thinking to the mainstream it will drive the transition and associated jobs ...
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The concept of transition bonds began as an idea to sell bonds that were difficult to market as green bonds, mainly natural gas bonds, but has evolved into an opportunity to accelerate decarbonisation efforts
Many believe the ECB and other central banks should bring climate considerations into the rulebook governing what they support and how
China has pledged to peak carbon emissions by 2030 at the latest, but its economic plan for 2021-2025 is expected to approve the building of more coal-powered plants
Despite the constant flood of bad news related to Covid-19, there are signs we are also witnessing unprecedented global dialogue, innovation and collaboration, offering hope that climate change and clean energy can be at the forefront of post-pandemic plans, says Mark Watts, Executive Director of C40 Cities
Politically there is broad support in Denmark for financing the green transition through taxes and a carbon emissions tax proposal has been welcomed by parties across the political spectrum, but industry opposition could ultimately quash the idea
The world’s development banks are funnelling ever-greater volumes of finance into clean energy — but the challenge of shifting entire economies away from climate-wrecking activity and towards actions that align investment goals with those of the Paris Agreement requires a more holistic approach
An EU taxonomy to define green investments is expected to enter into force in 2021, but some experts want it to be used immediately to inform stimulus packages aimed at dealing with the social and economic fallout from the Covid-19 pandemic
To create demand for sustainable finance, governments should integrate climate criteria into their procurement and in how they draft policies and regulations
Recent Eurelectric analysis reveals the need to reconsider and improve a number of policies and priorities as part of the European Green Deal — the EU Emissions Trading System and an effective carbon pricing for non-ETS require careful consideration, says Petar Georgiev, Eurelectric Policy Advisor climate & e-mobility
With strong leadership from government, the world can achieve a 100% clean energy economy and get out of the recession caused by Covid-19 measures, argues Solomon Goldstein-Rose, a US climate activist and author
The UK is often cited as a leader in the transition to a clean energy economy, even though some British public money still flows to oil and fossil gas projects overseas
Europe is considering taking the bold step of introducing a border carbon adjustment tariff on goods imported from regions where carbon pricing is lacking, placing trade right in the middle of its climate ambitions
