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, The Green Finance Podcast

The Green Finance Podcast Ep. 14: COP27 – is finance ready to move from pledges to implementation?

  • COP27 ended around a week ago, and by now we've all probably seen the headlines – an agreement was finally reached to create a loss and damage fund. But what about GFANZ?
  • To help us get a better sense of what happened at the conference, today we're chatting with Lubomila Jordanova, the founder and CEO of PlanA.
Iulia Ciutina | November 30, 2022
Green Finance, Member Exclusive

Green Finance Briefing: The stroll to zero – finance has a long way to go

  • At COP27, there were no commitments to phase down or reduce fossil fuel use in the final overarching deal, and there was no breakthrough in the rules of finance either.
  • GFANZ faces a serious question: what is the purpose of a net-zero alliance when members are allowed to continue investing in fossil fuel expansion?
Iulia Ciutina | November 30, 2022
Green Finance, Where Credit's Due Podcast

The Green Finance Podcast Ep. 13: Debunking carbon credits and voluntary carbon markets, with BeZero Carbon CEO Tommy Ricketts

  • We need more funds to flow towards climate solutions, and carbon markets can facilitate this by creating investable carbon assets. But we need to ensure that carbon credits are of the highest quality and that they are used mindfully.
  • My guest today is Tommy Ricketts, CEO of BeZero Carbon, a company that provides carbon credit ratings and research tools to support buyers, intermediaries, investors, and carbon project developers.
Iulia Ciutina | November 11, 2022
Green Finance, Member Exclusive

Green Finance Briefing: COP27 moves the conversation from pledges to implementation

  • As the COP27 climate conference unfolds, the narrative is moving from pledges towards implementation – all eyes are on the developed world to take the lead and finance the transition.
  • While the financial sector took center stage at COP26, now it is being pressured to build upon the pledges made last year and start its journey to decarbonize lending and investment operations.
Iulia Ciutina | November 11, 2022
Green Finance, Member Exclusive, Modern Marketing

Green Finance Briefing: Marketing sustainability efforts is a tricky game for banks

  • The image banks sell to the end customer on the subject of climate change will come under close scrutiny from consumers and regulators, given their current reputation.
  • Elsewhere, we look at which climate tech sectors attracted the most capital in H1 2022, and who took the lion's share in the US.
Iulia Ciutina | October 28, 2022
More Articles