British companies need to announce plans for decarbonization and the transition to Net Zero, Finance Minister Rishi Sunak told COP26 Wednesday.
At the Global Climate Summit in Glasgow, Snack said the new mission is part of Britain’s plans to become “the first ever Net Zero Adjusted Financial Center.”
“This requires companies to publish a clear deliverable plan and moves in the direction of setting how to decarbonize and move to Net Zero with an independent task force that defines what they need. Means, “he said.
The Task Force is understood to consist of members of universities, civil society groups, industries and regulatory agencies.
Financial institutions and listed companies plan to begin publishing their plans in 2023, which include high-level goals for reducing greenhouse gas emissions, the steps companies plan to reach them, and Must include milestones for 2050.
However, publishing the plan is mandatory, but execution is not.
The purpose of this policy is to increase transparency. The government leaves it up to the market to decide whether the transition plan proposed by the company is appropriate or reliable.
Sunak has vowed to “rewire the entire global financial system to Net Zero.” This includes “better, more consistent climate data, sovereign green bonds, mandatory sustainability disclosure, proper climate risk monitoring,” [and] Stronger global reporting standards. “
The Prime Minister also promised public and private funding for developed countries.
“We will provide a total of $ 500 billion over the next five years. [£366 billion] Investing in the countries that need it most, “he said.
Snacks have promised £ 100 million ($ 136.6 million) to the Task Force on Access to Climate Funds to make it “faster and easier” for developing countries to access the Climate Fund.
He also announced that Glasgow Financial Alliance Fornet Zero “brought together financial institutions with assets of over $ 130 trillion.” [£95 trillion] Of the capital to be deployed. “
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On the same day, 12 major media brands, including the BBC, ITV, Channel 4, Sky and Ireland’s national broadcaster RTÉ, signed the Climate Content Pledge, promising to increase the amount and quality of climate change. .. Storytelling.
Together, signatories account for more than 70% of the time UK viewers spend watching television and movies.
This pledge was put together by Albert, an organization in the screen industry on environmental sustainability, and started in time for COP26.
BBC Secretary Tim Davey believes that the promise does not violate the fairness of public broadcasting because “there is an overwhelming consensus that we humans are causing global warming,” but various He said he dismissed his opinion as a “voice of the surroundings.”
PA contributed to this report.