England: Carney calls on the world’s businesses to publish strategies for reducing carbon emission by Nov 2020

World Yen Doran 17-Feb-2020
cut CO2 emission
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Bank of England Governor, Mark Carney called on the world’s businesses to publish strategies for cutting carbon emissions and adopting cleaner power sources by November 2020, when world leaders meet in Scotland for UN-led climate talks.

Carney left his nearly seven-year posting at the helm of the UK’s central bank to take a new role as the UN envoy for climate.

Carney in 2015 warned British insurance industry their exposure to climate-related events, has been one of the most vocal public figures to push for better supervision and disclosure of climate risk.

The Task Force on Climate-related Financial Disclosures (TCFD), which he launched in 2015, has become a global standard that more than 1,000 companies, financial firms, governments and other organisations have adhered to.

Carney said November’s COP26 climate talks would also be a good deadline for regulators to map out how to make the TCFD framework compulsory.

The EU recently announced a 1 trillion euro ($1.08 trillion) effort become carbon neutral by 2050, a strategy that includes introducing a new climate law by next month.

BlackRock, the world’s largest money manager with nearly $7 trillion in assets under management, said this month that it would take a tougher view of companies that were not properly disclosing their climate risk.

This week, BP set out one of the oil sector’s most ambitious targets for curbing carbon emissions, saying it would reduce its greenhouse gas emissions to net zero by 2050. The fossil fuel giant plans to give more details about the plan later on this year.