COP27 — Private sector off-course on road to “climate hell”
- Oliver Wise
COP27 closed as an event high in rhetoric and low in action, with finance itself held up as an example of a sector lagging behind. Positive takeaways for sustainable finance were few and far between, making it clear that the next decade will be crucial for the development of an industry that is free from greenwashing and allows asset owners to make impactful climate-related investments.
This does not mean no news for issuers and investors, with new carbon trading rules outlined; the debate around fossil fuel investments reignited; the quality of corporate emissions data questioned; and suggestions that companies in sectors such as air travel and shipping to help finance a “loss and damage” fund — a historic agreement to financially support vulnerable countries hit hard by climate disasters.