The ECB is warning climate change costs could be 5x the cost of transition. As climate risk goes mainstream, could investor concern drive climate action as international diplomacy struggles to reach agreement?
Boris Johnson is expected to urge US President Joe Biden to increase his country's climate commitments in a meeting at the White House. This week, the PM had said he was "frustrated" that richer countries were failing to financially support poorer ones fighting climate change.
Europe's 25 largest banks are still failing to present comprehensive plans that address both the climate crisis and biodiversity loss, putting their sustainability pledges in doubt, campaigners have warned.
With central banks now picking winners and losers, citizens should legitimately ask what criteria they use to do so, and call on bankers to establish responsible investing standards that contribute to a greater social good.
"The climate is f'd. Even worse than it seems." That's from the opening page of a 12-page letter sent by venture capitalist Chris Sacca to potential investors in Lowercarbon Capital, the climate-focused firm he launched last year after a brief retirement.
With the IPCC's latest report warning that time is running out to avoid climate catastrophe, the world's reliance on fossil fuels is increasingly untenable. Investors are starting to look for green alternatives.