Over 450 companies with a total market capitalization of $130 trillion have joined the Glasgow Financial Alliance for Net Zero, a group of financial firms committed to achieving net-zero greenhouse gas emissions by midcentury.
Despite that pledge, campaigners for “climate justice” at the United Nations Climate Change Conference assert that a number of unsolved challenges remain unaddressed by private-sector commitments.
We had Finance Day yesterday. Unfortunately, we did not receive the assurances, the signals, that poor nation sought from affluent countries, Mohamed Adow, director of Power Shift Africa, a climate and energy think tank, stated Thursday morning during a press briefing.
The term “Finance Day” relates to the official focus of Wednesday’s meeting, also known as COP26.
Adow concluded that the announcements amounted to “dismal progress”
To entice developing countries to sign up to the Copenhagen Accord in 2009, affluent countries agreed to provide $100 billion by 2020 to battle and adapt to climate change.
However, 12 years later, that $100 billion goal remains unachieved.