At the launch of a roadmap for financial institutions and businesses to achieve net zero at COP27 Tuesday, United Nations Secretary-General António Guterres called current pledges “bogus,” calling for them to be aligned with the new guidance.
“I have a message to fossil fuel companies and their financial enablers,” he said.
“So-called ‘net-zero pledges’ that exclude core products and activities are poisoning our planet. They must thoroughly review their pledges and align them with this new guidance. Using bogus ‘net-zero’ pledges to cover up massive fossil fuel expansion is reprehensible.”
He was speaking today in Sharm el-Sheikh at the launch of the report, Integrity Matters: Net Zero Commitments by Business, Financial Institutions, Cities and Regions, by the expert group Guterres set up at COP26 last year that is chaired by Catherine McKenna.
The report sets out a roadmap for firms but also stricter guidelines than other voluntary groups have, such as requiring firms to not invest in new fossil fuel supply or deforestation, a limited use of carbon credits, the inclusion of Scope 3 emissions and the exclusion of lobbying.
“Targets must cover all greenhouse gas emissions and all scopes of emissions,” Guterres said. “For financial institutions, this means all financed activities.”
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
