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Big finance is signed up to the 1.5C goal – but will that mean big money for the green economy?
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Add up the assets of 450 of the biggest financial companies spread across 45 countries and what do you get? A very big number for Rishi Sunak to boast about, that’s what. About $130tn (£95tn) to be precise.
The chancellor, who is kicking off tomorrow’s finance day at the Cop26 conference, will say that 40% of the world’s financial assets is now owned by institutions aligned with the Paris 2015 goal of limiting the increase in global temperature to no more than 1.5C of pre-industrial levels.
That may sound as if $130tn, equivalent to one-and-a-half times annual global output, is going to be unleashed to green the economy, but that is not remotely the case.
What Sunak will be saying is that the 450 firms, including investment managers such as
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