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Banks, insurers and fund managers that control US$70-trillion of assets have banded together to use their financial might in efforts to speed up the global transition to a net-zero emissions economy with the aim of preventing the worst effects of climate change.
Led by Mark Carney, former governor of the central banks of Canada and England, and now United Nations Special Envoy on Climate Action and Finance, the 160 companies involved have pledged to “mobilize” the trillions of dollars needed to make the changes that will help countries deliver commitments under the Paris Agreement.
The agreement would limit the global temperature rise to 1.5 C to 2 C by achieving net-zero emissions by 2050. Getting to net zero involves simultaneously reducing greenhouse gas emissions and offsetting those that can’t be cut. The financial institutions announced their group, called the Glasgow Financial Alliance for Net Zero, or GFANZ, ahead of the next UN climate summ
BreakingviewsGuest view: Getting finance in shape for COP26
Reuters
7 minutes read
Mark Carney makes a keynote address to launch the private finance agenda for the 2020 United Nations Climate Change Conference (COP26) at Guildhall in London, Britain February 27, 2020.
Achieving a net-zero economy will require changing every part of it. If this sounds like a huge task, thatâs because it is. Net-zero means leaving behind the factor that has been both the engine of the global economy and is now the biggest threat to its stability: carbon.
Can it be done? Yes. But to get there, every company, bank, insurer and investor will have to adjust their business models, develop plans for the transition and implement them. And they will need finance, a lot of it. We wonât get to net-zero with niche efforts: only mainstream private finance can shape the incentives we require, scale the solutions we have and fund the breakthrough technologies we need. Moreover, it can turn billions c
Education Cannot Wait calls for US$116 million in expanded support for refugee children and youth impacted by the Venezuela Regional Crisis
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ECW announces an additional US$1.5 million grant to accelerate the impact of the Fund’s US$27.2 million multi-year education in emergency response for refugee, migrant and host-community children and youth in Colombia, Ecuador and Peru
1 April 2021, New York – In response to the Western Hemisphere’s largest humanitarian crisis, Education Cannot Wait (ECW) announced today a US$1.5 million regional grant to advance resource mobilization, policy support, data collection and advocacy to accelerate the impact of the Fund’s multi-year investments in Colombia, Ecuador and Peru.
UN envoy: diplomatic unity key to help end Yemen war
More than 200 people were killed or injured in Yemen in March, the deadliest so far this year. The world’s biggest humanitarian crisis has exacerbated with a second wave of Covid-19 infections. The UN is urging for a ceasefire and eventual end to the war.
By Robin Gomes
The United Nations Special Envoy for Yemen appealed on Thursday to warring parties to implement a nationwide ceasefire and agree on a date for peace talks, in line with a plan to end their conflict. Briefing the UN Security Council, Martin Griffiths highlighted international unity in support of ending six years of fighting between Yemeni Government forces, backed by a Saudi-led coalition, and the Houthi rebels.
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