COP Presidency Calls for Ambitious Climate Commitments

Private financial institutions are encouraged to join a net zero alliance, publish transition plans, phase out of coal, and commit to nature-positive finance.

The COP26 Presidency, Mark Carney’s Private Finance Hub and the High Level Climate Action Champions are calling for private financial institutions to make ambitious commitments around key events in the remaining six months leading up to COP26.

The call for Climate Action Announcements seeks the following commitments from private finance institutions:

  • Join a Net Zero Alliance, as part of the GFANZ (Glasgow Financial Alliance for Net Zero), and publish robust transition plans that set interim targets for 2025 and 2030 and explain the steps that will be taken to help achieve them.
  • Provide new finance and investment in net-zero carbon and resilience projects, technologies and markets, and contributions to initiatives to develop investment pipelines and mobilise investment capital
  • Phase out of coal, sign up to the Powering Past Coal Alliance Finance Principles, and encourage others to come forward and do the same
  • Provide high quality disclosures in line with the full set of recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
  • Commit to nature-positive finance, including to achieve zero deforestation impacts across investment and lending portfolios by 2025, reverse biodiversity loss, and invest in nature-based solutions

The call for Climate Action Announcements sets out a calendar of events leading up to Cop26 for finance institutions to use to align their commitment announcements.

Organisations planning to make a relevant pledge can email [email protected].

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