UN urges Mark Carney-led climate initiative to meet higher standards
Former central banker Mark Carney’s “net zero” coalition of more than 500 financial institutions is among the private sector climate initiatives that must maintain tighter standards, according to a UN report into corporate greenwashing.
Companies could not claim to be net zero while they continue to build or invest in new fossil fuel assets and decarbonisation plans must not support new coal, oil and gas supplies, the High-Level Expert Group said.
“Net zero is entirely incompatible with continued investment in fossil fuels,” the report concluded.
ShareAction, a charity group that promotes responsible investment, said on Tuesday that many banks that were Gfanz members had left heavy-emitting sectors, such as agriculture, out of their climate targets.
The majority had set emissions-intensity targets — a measurement based on pollution relative to economic output, which McKenna’s report said was not appropriate — and many had not included underwriting activities in their goals, ShareAction said.
Where climate change meets business, markets and politics. Explore the FT’s coverage here.
Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here
This story originally appeared on: Financial Times - Author:Camilla Hodgson
