More than 40 of the world’s leading banks have formed an alliance agreeing to achieve net-zero emissions by 2050 or sooner. The banks – which include Barclays, Lloyds, NatWest and Santander – are spread across 23 different countries and control assets totalling $28.5 trillion (£20.45tn). Mark Carney , the prime minister’s finance adviser for COP26 and former Bank of England governor, said now is a “critical moment” for the financial sector to adapt to tackling climate change . Speaking on the eve of US President Joe Biden ‘s climate summit, he told Sky News: “It’s great having national commitments, but in the end it’s companies and real estate and businesses that are going to make the difference. And so they need the financial sector to back them up. “The point is for them to put that money to work to help our economy decarbonise and not just the UK economy, but economies around the world because these are the largest players in the financial system.” Advertisement Banks joining the Net-Zero Banking Alliance (NZBA) are agreeing to set emissions targets for 2030 or sooner as well as a 2050 target. They will also publish their annual emissions and report back on… Read full this story
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