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The private financial sector is a crucial component of achieving our global climate and sustainability goals, from the power of directing its own assets and investments, to its leverage in evaluating “counterparties,” in other words the clients and assets in its portfolios.
The last few years have seen financial institutions making headlines with bold net zero announcements, which is a key steps towards achieving needed investments. As of the release of this report, overall assets committed to net zero now exceed USD 93 trillion. This is tremendous progress compared to several years ago. In 2019, when the Net Zero Asset Owner Alliance launched, it represented less than USD 4 trillion of assets and further progress is expected in the run-up to COP26.
Innovative financing solutions for a climate-friendly economic recovery This report assesses the potential for Results-based Finance (RBF) to expand post-COVID recovery funds while improving sustainability efforts. By linking financial rewards to climate objectives, RBF enables innovative financing arrangements that can accelerate funding from the private sector. The idea that results-based finance can contribute to achieving long-term climate objectives is not new.
Comment: Incentives for long-term sustainability, an end to fossil fuel subsidies, more telework are all needed to make the global economy resilient to shocks like Covid-19 The $16 trillion wipeout in global stock markets over the past month highlights the serious vulnerabilities of our economic system to shocks. Around the world, millions became unemployed practically overnight and millions lost a huge portion of their savings.
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