"Even as financial institutions vowed to mobilize trillions in capital toward clean energy, developing countries say they are still struggling to pay the costs of adapting to the dangers of global warming."
"GLASGOW — Some of the world’s biggest financial institutions on Wednesday vowed to mobilize trillions of dollars to help shift the global economy toward cleaner energy as negotiators at the United Nations climate summit struggled with the question of how to pay for the enormous costs of climate change.
At the global climate summit here, a coalition of banks, investors and insurers that collectively control $130 trillion in assets said it would commit to reaching net-zero emissions across its investments by 2050. It was essentially a pledge to make climate change a central focus of major financial decisions for decades to come.
“We now have the essential plumbing in place to move climate change from the fringes to the forefront of finance so that every financial decision takes climate change into account,” said Mark Carney, the former head of the Bank of England who is leading the coalition, along with the billionaire and former New York mayor Michael Bloomberg."
Brad Plumer, Lisa Friedman, and Eshe Nelson report for the New York Times November 4, 2021.
SEE ALSO:
"A New $10.5 Billion Fund Aims To Spur Green Energy Projects In Poor Countries" (New York Times)
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