Of Special Interest
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
5th July 2019
Banks can save the world from climate change, says former UN climate chief
Banks and investors can do more to support the world’s shift to a low-carbon economy and help avert a climate emergency that threatens every living person on Earth, the former UN climate chief Mary Robinson has said.
Ms Robinson, who also served as President of Ireland, said that the financial services industry must help finance the “just transition” to an economic model that reduces net carbon emissions and slows global warning.
She made the comments in a collection of essays published by the Social Market Foundation think-tank and the Chartered Banker Institute about green finance and the role that financial services can play in delivering environmental goals.
In her essay, she argues that better public records about energy companies and their uses of fossil fuels would make it easier for investment firms to steer pensions and other funds away from activities that contribute to climate change.
The proposed “comprehensive, transparent database of all existing fossil fuel assets and reserves” should include data on future carbon emissions from those reserves, she said. “A publicly-accessible registry, whether state- or investor-owned, would enable all stakeholders to organise a new plan for an orderly wind-down of pending or proposed projects –a just transition, in other words. It would give clarity to investors, who hold an extraordinary latent power to further the sustainability agenda, and thus secure a long-term future for their own assets and investment strategies.
“I am under no illusion about the challenges the energy and finance industry faces in managing a just transition. But I am also under no illusion about the risks posed to every living person on Earth if these challenges are not faced head on, with honesty, seriousness and integrity.
“Let us listen to our children and grandchildren, and act to prevent the grave act of intergenerational injustice they fear will deprive them of a future. If we fail today, it will be an unconscionable betrayal for which our successors will pay an intolerably high price.”
The SMF and Chartered Banker Institute are publishing the collection of essays, titled “How Sustainable Finance Can Tackle the Climate Emergency”, in the week of the Green Finance Summit in London. The collection explores the way financial services firms can help provide the money needed to fund the transformation of the economy that scientists say is necessary to reduce carbon emissions to net zero.
Simon Thompson, Chief Executive, Chartered Banker Institute, said: “This collection of essays by leading experts and practitioners in the field of green finance is an important contribution to the debate about how sustainable finance can tackle our climate emergency. The opportunity green finance provides for our finance sector and finance professionals should not be underestimated. By doing what we do best – connecting capital and savings with the investments and projects needed for the transition to a sustainable, low carbon world – we can not only trade profitably but play a key role in solving our greatest global challenge.
“It is very telling that the Paris Agreement singles out the critical role of finance in one of its three main objectives. Underpinning the transition to a sustainable, low-carbon world demonstrates a positive social purpose for financial services, helps reconnect banks and society, and contributes to the process of rebuilding trust in the financial sector overall. To put it crudely: banks and bankers can help save the world – and we should grasp this opportunity.”