Terence Corcoran: The ‘Avatars’ of banking and climate crises — via fpcomment
We apologize, but this video has failed to load.Guterres’ new line was delivered on Monday to hype the latest report from the Intergovernmental Panel on Climate Change , a 36-pageof a massive document to be released later this year. The summary contained nothing that has not been said before about the risks of climate change.
This do-everything-at-once science fiction will require what the IPCC report refers to as finance, technology and international co-operation. “If climate goals are to be achieved, both adaptation and mitigation financing would need to increase many-fold,” it reads, claiming that “sufficient global capital” is available “to close the global investment gaps, but there are barriers” that need to be broken down to “redirect” that capital to climate action.
“There is sufficient global capital and liquidity to close global investment gaps, given the size of the global financial system, but there are barriers to redirect capital to climate action.” At the same time, “financial actors, including investors, financial intermediaries, central banks and financial regulators can shift the systemic underpricing of climate-related risks, and reduce sectoral and regional mismatches between available capital and investment needs.”Article content
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