Carney-Led Climate Finance Plan Stirs Criticism as Too Little
- Oxford’s Caldecott calls for focus on ‘integrity of promises’
- SBTi seeks science-based net-zero standard for finance sector
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As the finance industry promises to allocate vast sums of money to the fight against climate change, a growing number of nonprofits, academics and activists are questioning the credibility of those commitments.
A group led by former central banker Mark Carney said Wednesday that financial firms representing $130 trillion have pledged to meet net-zero CO2 targets by the middle of the century. The initiative, unveiled by the Glasgow Financial Alliance for Net Zero, has been dubbed “historic” by the U.K. government, which is hosting the COP26 climate summit.