Around 40 per cent of global finance to sign up to Paris targets

London: Institutions that control around 40 per cent of global financial assets have aligned themselves to limit global warming to 1.5 degress C above pre-industrial levels. Chancellor Rishi Sunak is set to reveal that 450 firms from the financial industry that control 130 trillion dollars in assets have made the commitments in a speech on Wednesday. They will align their climate goals to the Paris Agreement, including the 1.5 degree C target. As finance ministers meet in Glasgow for the COP26 climate conference, the Chancellor will also reveal plans to make the UK a net-zero financial centre. The plans will force UK financial institutions and listed companies to publish their plans on how to transition to net zero. These plans will be held to what the Chancellor hopes will be a greenwashing-proof new “gold standard.” The rules will be drawn up by a new taskforce with members from universities, civil society groups, industry and regulators. (DPA)