Global financial institutions seem to be tumbling over each other in the race to make their net-zero announcements. But scratch the surface and you will find they are grossly underestimating their climate risks. A CDP report revealed that half of these financial institutions are failing to report their climate risks. According to the report, they do not conduct any analysis to find out how their portfolios impact the climate. Only half of them were willing to disclose a low-carbon transition plan, while a quarter of them reported their financed emissions.
India, UK chalk out roadmap to fight climate change by 2030
India and the UK committed further to combat the effects of climate change by 2030 this week. In a virtual meet, the leaders of the two countries agreed to collaborate on clean energy transition and forest protection. They also agreed to work together on creating climate resilient infrastructure. The UK-India roadmap also includes arriving at an ambitious outcome at the Cop26 to be held in the UK later this year.
After Supreme Court rap, Germany pledges to become carbon neutral by 2045
Germany increased its climate targets significantly this week. It moved net zero targets forward by five years, by pledging to be climate neutral by 2045. The country raised 2030 emissions cut targets up from 55% to 65%, and pledged to reduce emissions by 88% by 2040.
The announcement comes after Germany’s top court ruled the country must update and tighten its climate law by next year in order to lay the groundwork on how it plans to achieve its net-zero by 2050 target. The court was hearing a case by a woman who argued that her family farm would be destroyed as a result of rising sea levels. The court opined that the 2019 law did not look beyond 2030 when it came to emission cuts.