A study from the University of Waterloo finds the biggest polluters in the world.
The study found that the top 10 most influential actors, including investment advisors, governments, and sovereign wealth funds from around the world, own 49.5 per cent of potential emissions from the world's largest energy firms.
"If they're serious, capital markets can enable a low-carbon transition within the top coal, oil and gas reserve owners in the world," said Dordi. "Recent pledges to reduce carbon exposure in investment portfolios and engagement with the fossil fuel industry indicate we may already be moving in that direction."
The paper outlines specific ways these 10 governments and private investment advisors can make changes that will have a transformative impact in the fight against climate change. Some recommendations include public disclosure of a scheduled phase-out of fossil fuel financing, an assessment of a portfolio's exposure to climate risk in a 2°C world, and an alignment of investment portfolios with a 1.5°C scenario.
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