Four years ago today, the UN released its ‘Special Report on Global Warming of 1.5C’. The report made headlines around the world, as it outlined how we have to cut global emissions in half by 2030 if we are to keep global warming below 1.5°C ― a point of warming beyond which countless millions more people will experience extreme heat, drought, floods, storms, and food insecurity.
Since the report was released in 2018, one-third of the time until 2030 has passed us by. And yet, global emissions are barely lower than they were in 2018. By some estimates, they are higher.
There are several reasons why the world is failing to slash emissions in line with what science and justice demand. But a major one is that Wall Street continues to bankroll the expansion of the fossil fuel industry ― and to seriously under-fund the renewable sector.
If US banks, insurers and investors made addressing the climate crisis a priority, it would immediately change the playing field on which the climate fight is playing out. Fossil fuel companies would struggle to fund and insure (and, ultimately build) their new projects.
If Wall Street decided to prioritize renewables and climate solutions for low-cost loans and financing, it would make the massive scaling up of renewables that we need to see that much easier.
Four years ago today, much of the world woke up to the necessity of limiting global warming to 1.5 degrees. But Wall Street is still sleepwalking us into a climate disaster.
Sent via ActionNetwork.org. To update your email address, change your name or address, or to stop receiving emails from Stop The Money Pipeline, please click here.
This website uses cookies to provide and improve its services. By continuing to use this website, you consent to our use of cookies. If you do not consent, please view our Cookie Policy for more information.Dismiss