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Mark Carney is expected to launch a "Glasgow Finance Alliance for Net-Zero" on Earth Day
Notwithstanding the fact that we already have *enough* net-zero alliances thank you very much, this alliance has the potential to be a lot of greenwash
Thread
https://bloom.bg/3uCzC1M
Notwithstanding the fact that we already have *enough* net-zero alliances thank you very much, this alliance has the potential to be a lot of greenwash
Thread
https://bloom.bg/3uCzC1M
The alliance is expected to host 30 banks pledging to reach net-zero by 2050 & might include @Barclays @Citi & @HSBC
But but but
1/ These 3 banks have *already* made net-zero pledges
2/ Net-zero has already become the baseline in the banking industry
Hardly groundbreaking
But but but
1/ These 3 banks have *already* made net-zero pledges
2/ Net-zero has already become the baseline in the banking industry
Hardly groundbreaking
These pledges might not even cover essential activities such as underwriting
I mean... seriously?!
Your daily reminder that in 2019 and 2020, @HSBC provided almost as much financing to the power & energy sectors in the form of underwriting than as it did in the form of loans
I mean... seriously?!
Your daily reminder that in 2019 and 2020, @HSBC provided almost as much financing to the power & energy sectors in the form of underwriting than as it did in the form of loans
Even @Barclays - Europe's largest fossil fuel financier - has recognised the need for underwriting activities to be covered in net-zero strategies https://home.barclays/society/our-position-on-climate-change/net-zero-update/
Another sticking point is - surpriiise - how to account for oil & gas emissions
If the Alliance doesn't require banks to publish fossil fuel phase out plans - the way banks such as @UniCredit_PR @CreditAgricole have done with coal - it will amount to nothing more than greenwash
If the Alliance doesn't require banks to publish fossil fuel phase out plans - the way banks such as @UniCredit_PR @CreditAgricole have done with coal - it will amount to nothing more than greenwash
Given Mark Carney's recent faux pas with avoided emissions, there is a risk we will be severely disappointed on that front too
Avoided emissions *should not* be used to justify the continued financing of dirty projects and companies https://www.ft.com/content/2d96502f-c34d-4150-aa36-9dc16ffdcad2
Avoided emissions *should not* be used to justify the continued financing of dirty projects and companies https://www.ft.com/content/2d96502f-c34d-4150-aa36-9dc16ffdcad2
Despite Carney's important climate legacy as ex-Governor of the BoE, he now faces conflicts of interest that could influence his actions as chair of a taskforce on offsets & COP26 rep
The Alliance presents an opportunity to stay clear of the flawed concept of avoided emissions
The Alliance presents an opportunity to stay clear of the flawed concept of avoided emissions
#COP26 is an extremely important moment for international climate action
The Finance Alliance for Net-Zero needs to set stretching goals for its signatories if it is to have any impact
This should include taking ambitious action on fossil fuels and biodiversity loss
The Finance Alliance for Net-Zero needs to set stretching goals for its signatories if it is to have any impact
This should include taking ambitious action on fossil fuels and biodiversity loss
This should include mandating the use of 1.5C scenario with no or little overshoot in banks' climate strategies
This should include covering all financial services
This should include setting stretching emission reduction targets by 2022 at the latest
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This should include covering all financial services
This should include setting stretching emission reduction targets by 2022 at the latest
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