I’m energized by the non-government players making moves to get us to a low carbon future. Government can lead the way and ensure accountability – but we also need the private sector to join us and do more. #LeadersClimateSummit
On the road to net-zero by 2050, six U.S. banks agreed to mobilize $4.1+ trillion in low carbon financing in the coming decade. Three leading US asset managers also committed to making all their assets under management ($19 trillion+) net-zero compliant by 2050.
Collectively, these commitments send a powerful signal and signify a marked increase in financial commitments to climate solutions. They also signal the United States is a global leader in helping the world meet the climate challenge.
The largest financial players in the world recognize the energy transition represents a vast commercial opportunity as well as a planetary imperative. We need them to do even more – but this is an important step forward.
As countries around the world move to decarbonize, the large sums that these institutions are dedicating to climate finance also reflect a growing understanding of how critical a low-carbon global economy is to their business models.
Coupled with government commitments under the International Climate Finance Plan, private-sector financial sector commitments have the potential to accelerate the transition to a low-carbon global economy and increase our collective ability to tackle climate change.
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