Governments and large investors on Wednesday unveiled new plans.
Numerous countries, including the UK, have announced plans to cut their greenhouse gas emissions to net zero over the next few decades in order to help stem human-caused climate change.
For example, some categorized as “fossil fuel restricted” owned holdings in oil refineries and traders.
There is a growing consensus that the private sector needs to be involved if the globe is to prevent catastrophic climate change.
“public investment alone isn’t enough.”Treasury chief
At the UN Climate Summit in the Scottish city of Glasgow, UK Finance Minister Rishi Sunak said that countries like United Kingdom were contributing fresh cash to help poor countries overcome climate change, but that “public investment alone isn’t enough.”
As part of the initiative, UK financial institutions and stock exchange-listed businesses will be required to publish plans setting out in detail how they will reduce their contribution to global warming, as the UK aims to cut net CO2 emissions to zero by 2050.
As the home of the City of London, one of the world’s most important financial centres, Britain has “a responsibility to lead the way” in funding attempts to fight global warming, Sunak said, potentially becoming ‘the world’s first net-zero aligned financial center.’