At the U.N. COP27 climate conference in Egypt, the onus will be on governments to help unlock more of the $3.5 trillion a year in investments that may be required to finance the energy transition, writes huwsteenis in a Breakingviews guest view
for renewable energy and clean technologies over the decade. According to one leading firm, a third of new venture capital deals have a climate angle.
Then there’s the question of squaring carbon reduction with honouring money managers’ fiduciary duty to investors. This helps explain the conscious decoupling of GFANZ from the United Nations’ “Race to Zero” campaign. The U.N. group recently announced tougher requirements for accredited organisations, including clearer plans for phasing out fossil fuels, that plans be consistent with global warming of at most 1.
Policymakers can also help when it comes to striking the right balance between cutting emissions and strengthening energy security. Taxonomies developed by the European Union are often too binary. Take the EU’s Green Asset Ratio for banks, which attempts to classify each loan as either green or brown. Leaving aside the complexity of the rules, this framing may inadvertently discourage investment in the necessary transition.
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