Global finance urged to step up climate fight at COP26 summit


7:00 a.m .: Carbon emissions could be part of company annual reports

A coal-fired power plant in Jiayuguan, Gansu province, China.

Qilai Shen | Bloomberg | Getty Images

The amount of carbon emissions that each company produces each year should be part of their annual corporate reports, experts told CNBC, calling for the business world to adopt emission targets based on the science.

“[This would be] for transparency, ”Andrew Steer, President and CEO of Bezos Earth Fund, told CNBC’s Steve Sedgwick. “We now know how to measure greenhouse gas emissions, so if you’re a business that wants to be part of the solution, you have to be transparent.”

Per Hegges, CEO of the IKEA Foundation, added that if companies do not adopt emission reduction targets, “they should be discriminated against.”

“I think in the end you will see these companies lose their reputation because it’s about reputation, it’s not about financial litigation or penalties or anything like that, it’s about reputation of the company. “

Holly ellyatt

5:40 am: What the development of a Covid vaccine can teach the world about climate change

A paramedic prepares doses of AstraZeneca vaccine for patients at a walk-in COVID-19 clinic inside a Buddhist temple in the Sydney suburb of Smithfield on August 4, 2021.

Said Khan | AFP | Getty Images

Collaboration between the public and private sectors when it comes to developing life-saving Covid vaccines during the global health pandemic can be used as a model to fight climate change, AstraZeneca chief executive told CNBC.

“The Covid vaccination program has really shown us the power of public-private partnerships and the power of collaboration between private companies,” said Pascal Soriot.

“We in the pharmaceutical industry are working with other companies and the NHS (Britain’s National Health Service) and other health sectors to really work together and address this climate change issue.”

Soriot noted that the entire healthcare sector accounts for around 4% of the world’s carbon emissions and that it is crucial to work together to manage the way healthcare is delivered.

Soriot said the industry is looking to treat people in a different way, using digital means to allow individuals to see their doctors, for example, in an effort to reduce the number of people who have to travel to a clinic. clinic or hospital to see a doctor.

Holly ellyatt

5:35 am: Insurance industry sees huge opportunity to support transition to greener world, CEO says

John Neal, chief executive of insurer Lloyd’s, said the insurance industry is part of the solution to tackling climate change.

“We are part of the money [that can be directed to tackling climate change]. The insurance industry manages $ 35 trillion, so we are part of the solution of putting our assets on the line to support the transition, ”he said.

“We can take the risk and we can also help finance some of the financing of the transition … I really, really think the climate is the greatest opportunity the insurance industry has ever seen,” he said. he adds.

Holly ellyatt

5:20 am: US backs green bond initiative

U.S. Treasury Secretary Janet Yellen speaks during a press conference with Irish Finance Minister Paschal Donohoe at government buildings in Dublin, Ireland on November 1, 2021.

Clodagh Kilcoyne | Reuters

US Treasury Secretary Janet Yellen told the COP26 summit on Wednesday that the US will join the UK and other European countries in supporting the issuance of investment grade green bonds aimed at helping developing countries to stimulate investment in sustainable infrastructure.

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5:05 am: “Business has woken up” to the importance of the COP summits, according to the head of EY

The business world has “woken up” to the COP climate summit, Carmine Di Sibio, EY’s global chief executive officer, Carmine Di Sibio told CNBC on Wednesday, saying the industry is increasingly aware and present. at UN climate meetings.

“They’re serious,” Di Sibio told CNBC’s Steve Sedgwick. “They are serious, they are there to make sure that the private sector is really involved in the climate issue. If the private sector is not involved, we will not go to 1.5 degrees, we will not go. we are approaching 1.5 degrees, “he said, referring to the 2015 Paris Agreement target of limiting global temperature rise to 1.5 ° C above levels pre-industrial.

“Today these will be announcements in terms of how much money the financial sector will invest, and all of these things are essential, and they run into the hundreds of millions of dollars,” Di Sibio added.
COP26 on Wednesday focuses on negotiations aimed at mobilizing public and private funding flows to enable the world to better tackle climate change.

Holly ellyatt

4:45 am: CNBC’s COP26 special arrives, here’s what to expect

Coverage of CNBC International’s COP26 summit continues as we have a special show at 9:00 a.m. London time (5:00 a.m. ET) with guests including Lloyds CEO John Neal, EY Global CEO Carmine Di Sibio and Pascal Soriot, the executive chef of Astrazeneca.

Mark Napier, CEO of FSD AFRICA and Greg Barker, Executive Chairman of EN + and Co-Chair of the Carbon Pricing Leadership Coalition also join Julianna Tatelbaum and Steve Sedgwick from CNBC in Glasgow.

Holly ellyatt

4:20 am: Countries should not blame each other for climate change failures

Countries need to work together to tackle climate change rather than blaming each other for each other’s failures, Feike Sijbesma, CEO Climate Alliance co-chair of the World Economic Forum, told CNBC on Wednesday.

“I don’t think it helps if different countries blame each other and I think they have to work together to come to deals,” he said, adding that businesses are ready to change and await government leadership.

“Businesses are telling them now … ‘listen, we are committed to reducing our emissions … can this be an incentive for you collective governments to take the next step? “We have to see this now,” he said.

The comments by Sijbesma, who is also chairman of the supervisory board of Royal Philips and honorary chairman of Royal DSM, come after President Biden accused Russia and China, whose presidents did not attend the summit, of failing to attend the summit. not to have “presented” to the COP26.

He said there had not been enough progress since the 2015 Paris Agreement. “It’s sad that six years after Paris we have to say and conclude that we are not on the right track, already in the first six years. “

– Holly Ellyatt

4:00 am: Larry Fink of BlackRock warned of “massive market arbitrage”

BlackRock’s Fink told CNBC at COP26 on Tuesday that “we can’t just ask SOEs to move forward without the rest of society.”

“We need to be open-minded about what it’s going to take. We’re going to have to be brutally honest, beyond just showing off big commitments, we need to focus on how to build a plan with granularity and continuity across the board. – beyond those two weeks and have a platform, a plan for the public and private world to work together to find solutions, ”he told CNBC’s Julianna Tatelbaum.

Watch the video of Larry Fink’s interview with CNBC below:

3:30 a.m .: President Biden hits China, Russia before leaving summit

US President Joe Biden speaks during a press conference at the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 2, 2021.

Kevin Lamarque | Reuters

Before US President Biden left the COP26 summit on Tuesday evening, he told reporters it was a “big mistake” for Chinese President Xi Jinping and Russian President Vladimir Putin not to attend the global rally on the climate.

“I indicated that China and Russia did not show up, and Saudi Arabia was a problem. We introduced ourselves, we introduced ourselves. And by presenting ourselves, we had a profound impact on how which I think the rest of the world is looking at is the United States and their leadership role, ”he said.

“I think it was a mistake, quite frankly, as far as China is concerned, not to show up. The rest of the world is going to look to China and say what added value it has brought. ability to influence people around the world and all the people here at the COP. Similarly, I would say about Russia. “

Although Chinese President Xi Jinping was not present at the COP summit, Beijing has pledged to reduce the consumption of coal in the country’s power plants by 2025.

Biden’s remarks came as he wrapped up his visit to Glasgow, after signing landmark agreements to end global deforestation, reduce methane emissions and provide climate finance to developing countries.

Holly ellyatt


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