A week into the United Nations’ high-profile climate conference in Glasgow, executives and financial analysts said they are optimistic the talks will lead to changes needed for business to play a bigger role in tackling climate change.
These include a pledge by financial firms with a combined US$130 trillion in assets to focus on climate change, the creation of a global standards body to scrutinise corporate climate claims, and pledges to cut methane emissions and to save forests.
“There’s a certain power of signaling of intentions that can’t be dismissed here,” Shah said. He pointed to the goal set by India’s prime minister, Narenda Modi, on 1 November for his country to reach net-zero carbon emissions by 2070.
Peter Lacy, Accenture’s global sustainability services lead, said that for investors and companies, the most significant step at the conference was the creation on Nov. 3 of the International Sustainability Standards Board, meant to create a baseline for companies to describe their climate impact. read more
For instance, banks, insurers and investors pledged to work to cut emissions to net zero by 2050, but each entity has made its own net zero commitments “with potential overlap across initiatives, institutions and assets,” according to the group’s press statement.