Green Finance

The defining moment of COP26, environmental pushback on NFTs, Visa shows environmental impact of purchases

  • COP26 was a seminal moment in the emergence of green finance.
  • Discord users pushback on NFTs, Visa shows environmental impact of purchases, and more.
close

Email a Friend

The defining moment of COP26, environmental pushback on NFTs, Visa shows environmental impact of purchases

Tearsheet’s Green Finance newsletter is about the intersection of money and the environment. We’ll be in your inbox every other week, and share what we’re currently thinking about, and what’s been happening at three key areas in the intersection: corporate responsibility, blockchain, and green products and services.

To sign up for the Green Finance newsletter, subscribe here

COP26 is now over, and it concluded with a few agreements and a lot of hopes for the following COP next year. The summit’s outcome included commitments to halt deforestation, “phase down” coal power plants, and $130 trillion in private capital funding. Meanwhile, banks pledged to focus more on sustainable investments, but some remain skeptical on the progress actually achieved.

What happened at COP26? Follow the money.

green finance

The COP26 summit’s main outcome document was The Glasgow Climate Pact, which calls on 197 countries to accelerate climate-friendly actions and report their progress on the green agenda at COP27, which is set to take place in Egypt in November 2022. 

One of the key focuses at the summit was the financial sector. 

Mark Carney, the UN Special Envoy for Climate Action and Finance at COP26, assembled the Glasgow Financial Alliance for Net Zero, whichagreed to devote $130 trillion in private capital funding to hit net zero emission targets by 2050 and report yearly on their lending practices.

  • Its members represent over 450 financial institutions from 45 countries.
  • From the US, banks that participated included Bank of America, Citi, JPMorgan Chase, Morgan Stanley, Goldman Sachs and Wells Fargo.
  • Activists argued that the pledges were insufficient and demanded more immediate climate action, especially given the large financial support the banking industry has offered to fossil-fuel industries

JPMorgan Chase was the world’s top banker of fossil fuels, lending $317 billion between 2016 – 2020. The next three top fossil fuel financiers were also US banks, namely Citi, Wells Fargo and Bank of America, according to a report

Even if COP26 didn’t provide the solutions that green finance enthusiasts hoped for, it did push forward the climate agenda in the financial space. The need for more transparent banking and enhanced disclosures is now being addressed, even if through new alliances or promises. 

Read more

What we’re reading

Corporate responsibility

European financial platform Tink forges green finance partnership with Sustainability as a Service provider ecolytic (Finextra)

The uses and abuses of green finance (The Economist)

John Kerry: Companies that quickly embrace green tech will clean up (Financial Times)

Green finance does little to prevent global warming, report says (Bloomberg Law)

Blockchain

Top five environmentally sustainable cryptocurrencies to invest in for 2022 (CoinTelegraph)

Discord drops Ethereum and NFT integration plans after backlash from users citing environmental costs (CoinTelegraph)

How crypto-owning climate activists balance saving the planet with supporting energy-hungry Bitcoin mines (Fortune)

Cambridge University to build carbon credit marketplace on blockchain (CoinDesk)

Green products and services

Visa Eco Benefits allows consumers to see environmental impact of purchases (PYMNTS)

Saving the planet: how green bonds can help younger people invest in the future (The Guardian)

0 comments on “The defining moment of COP26, environmental pushback on NFTs, Visa shows environmental impact of purchases”

Green Finance

Green Finance Briefing: Sustainability is now a top 5 corporate priority

  • Board members and investors are demanding greater accountability around sustainability, and CEOs are feeling pressured to start employing sustainable strategies.
  • The past year has seen a dramatic increase in interest in environment-related issues – it is now the third-most important external factor that executives are taking into account.
Iulia Ciutina | May 13, 2022
Green Finance

Green Finance Briefing: US banks continue fossil fuel financing

  • Proposals to stop fossil fuel financing at major US banks were rejected by the majority of shareholders, but the initiatives hope to gain more ground next year.
  • The war in Ukraine is pressuring global central banks and the energy sector, causing a slowdown in green financing during the first quarter of 2022.
Iulia Ciutina | April 29, 2022
Green Finance

The ESG mirage: More about the hype than values

  • ESG is growing increasingly popular, but the unregulated world of sustainable investments is not always what it's cracked up to be.
  • Moreover, the Russia-Ukraine conflict has also surfaced some uncomfortable truths about the current ESG landscape, as Russian state-owned assets are found in ESG funds.
Iulia Ciutina | April 19, 2022
Green Finance, Member Exclusive

Green Finance Briefing: Tech’s newfound interest in carbon capture

  • The carbon removal market has been attracting a lot of interest lately, and now it seems that there’s a strong wave of capital coming in as well, with big tech companies paving the way.
  • The latest IPCC report suggests that people’s lifestyle changes can also contribute to reducing carbon emissions, but there are concerns that this narrative could backfire into a new greenwashing strategy.
Iulia Ciutina | April 15, 2022
Green Finance, Payments

CarbonPay launches payment card to help businesses automatically offset their carbon footprint

  • Sustainability-focused fintech CarbonPay has launched its first product, a prepaid corporate card offering.
  • CarbonPay wants to create products that enable organizations of all sizes to reach their climate goals.
Subboh Jaffery | April 15, 2022
More Articles