London’s financial center emits twice as much CO2 emissions as the entire UK

London's financial center emits twice as much CO2 emissions as the entire UK

The WWF and Greenpeace claim that CO2 emissions from projects funded by banks and property managers in the UK are more than double those released by the country. The findings come from a May 25 study of the city’s financial institutions. Some charities are calling for more efforts as London and the department are due to issue COP26 on climate change in a few months.

The financial sector will play a key role in determining whether the world will succeed for a sustainable carbon economy“, Highlight A study published by the WWF and Greenpeace. Or, “To date, neither the government nor any regulator has taken adequate measures to address the problem of global emissions funded by private financial institutions in the UK and to ensure that their operations are aligned with the objectives.“The country is carbon neutral by 2050,” he added.

This is condemned by two voluntary organizations in their study. They explain: “Our results show that we have analyzed 805 million tons of CO2 emissions associated with financial institutions.“More than half of the banks, the remaining asset managers, refer to the WWF and Greenpeace, according to data released since 2019.

This is “Emissions produced in the UK are almost 1.8 times“This is more than emissions from Germany and Canada, look at voluntary organizations, slightly less than Iran, the 8th country emits the most CO2 on the planet.

The financial center is committed

There is no insurance in this study, so the carbon track of the British fund is often underestimated and, accordingly, should be considered a high carbon sector such as oil, mining or wind. “Instead some banks and financial institutions are doing voluntary work to reduce their CO2 emissions, many of which have become greenwashed.“And not enough, the study continues.

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Planning to switch to carbon neutrality without considering the financial sector is like putting a bandage on a patient who needs surgery To the heart orVertical“WWF Managing Director Tanya Steele argues she is calling on the UK government”Show the way“At the time of hosting the next large international environmental conference, COP26, in Glasgow in November.”Financial institutions need to have a plan to achieve carbon neutrality, including their investments“.

The Professional Association of the Financial Sector operates: “Lenders take their responsibilities to society more seriously, and in collaboration with the government and the Bank of England play a key role in switching to carbon neutral funds.A spokesman for the AFP recalled that key players had registered for the fund Their ambition is to achieve carbon neutrality by 2050, Formed the Net Zero Bank Alliance led by Mark Carney, former Governor of the Bank of England, who became the UN Special Envoy for Climate and one of the organizers of COP26.

Ludovic Dupin with AFP

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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