Among this group were major business players such as Avivia, Allianz, Amundi, BNP Paribas & HSBC. Experts believe that this is the largest group of investors by assets ever to join a concerted call for climate action. The letter stated, “We stand at the beginning of a pivotal decade in which institutional investors and government leaders worldwide have the power to raise ambition and accelerate action to tackle the climate crisis.” The joint letter came ahead of the G7 Summit in Cornwall this week and the Cop26 United Nations climate conference, to be hosted in November in Glasgow. Climate Action is expected to be at the main forefront of the G7 talks.
A separate study suggests that little progress has been made since the Paris climate agreement. It further indicated that none of the G7’s biggest stock market indices were on a path towards the necessary carbon cuts. US and UK stock markets have heavy exposure to oil, gas and coal companies, many of which intended to keep drilling despite warnings from the IEA.
€7Bn Oil Pipeline in North America Cancelled:
TC Energy has halted its controversial oil pipeline across Canada and the US following longstanding opposition from climate campaigners and after US president Joe Biden revoked their permit to build. The Keystone XL pipeline was proposed in 2008 to bring oil from Canada’s western tar sands to US refiners. This pipeline was expected to carry 830,000 barrels per day, but the project has been delayed for the past 12 due to opposition from US landowners, Native American tribes and environmentalists.