NEW YORK – Over the last few years, an ecosystem of climate pledges, groups and models has expanded on Wall Street in a bid to cut–or appear to cut–the financial industry’s role in global warming.
Almost US$200 trillion of investment is needed by 2050 to reach net-zero emissions, researchers at BloombergNEF estimate. Under pressure from environmentalists and investors, Wall Street has developed ways to ostensibly measure its carbon footprint and joined groups pledging emissions cuts. Climate activists say those efforts fall short of addressing climate change, while Republicans have attacked them for allegedly going too far.
“Of the assets controlled by member institutions, few were in any way redirected, leveraged, or otherwise used to advance climate action,” the researchers wrote in their report. A spokeswoman for Gfanz said the alliance can’t comment on a report it hasn’t seen. The Columbia report criticised banks’ continuing efforts to calculate emissions associated with their financing. So-called financed emissions are plagued by different methodologies which make it difficult to compare data. Measurements can also be warped by things like inflation or recessions, resulting in inconsistent results, the report said.
Source: Energy Industry News (energyindustrynews.net)
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