drought and human loss across much of the northern hemisphere, there's fresh evidence that the financial pledges needed to protect the environment might not be fit for purpose.
But with the latest bout of extreme weather underscoring the need for urgent action, there's little time for the finance industry to experiment with different models for calculating their carbon footprint. The world has already warmed more than 1.1 degrees Celsius since the mid-19th century, according to the United Nations Intergovernmental Panel on Climate Change. At the current pace,the level at which global warming becomes extra dangerous, in the view of climate scientists - as soon as the 2030s. From there, the intensity of extreme weather grows exponentially, doubling if global warming reaches 2 degrees and quadrupling at 3 degrees, the IPCC says.
BlackRock, the world's biggest money manager, uses a different gauge and says it expects"at least" 75 per cent of corporate and sovereign assets to be invested"in issuers with science-based targets or equivalent" by the end of the decade, according to an NZAM report in May. "For this reason, membership of the initiative alone shouldn't be interpreted as proof of a credible pledge," said Katie Stewart, senior research officer at ShareAction, in an email.
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