COP26 Finance Day speech
The Chancellor made a speech at COP26 in Glasgow today (3 November 2021).
Good morning 바카라 사이트“ and welcome to Cop26 finance day.
It바카라 사이트™s easy to feel daunted by the scale of the challenge that we face.
By sea levels rising; droughts and wildfires spreading; people forced out of their homes.
But I look around this hall and I feel optimism.
Why?
Because this is the first COP to bring together so many of the world바카라 사이트™s finance ministers, businesses and investors with such a clear common purpose:
To deliver the promise, made in Paris six years ago, to direct the world바카라 사이트™s wealth to protect our planet.
The good news is that the will is there:
At least 80% of the global economy has committed to net zero or carbon neutrality targets.
Our challenge now is to deploy the investment we need to deliver those targets around the world.
To do so, we are accelerating three actions today.
First, we need increased public investment.
And I want to speak directly to the developing countries of the world:
We know you바카라 사이트™ve been devastated by the double tragedies of coronavirus and climate change.
That바카라 사이트™s why the G20 is stepping up to provide debt treatments more swiftly.
It바카라 사이트™s why the IMF are providing a new, $650bn allocation of special drawing rights 바카라 사이트“ and Kristalina will say more on this later.
And its why we are going to meet the target to provide $100bn of climate finance to developing countries.
And while we know we are not yet meeting it soon enough, we will work closely with developing countries to do more and reach the target sooner.
Over the next five years, we will deliver a total of $500bn investment to the countries that need it most.
And we can do more today:
I can announce that the United Kingdom will commit £100m to the Taskforce on Access to Climate Finance, making it quicker and easier for developing countries to finance they need.
And we바카라 사이트™re supporting a new Capital Markets Mechanism, which will issue billions of new green bonds here in the UK, to fund renewable energy in developing countries.
Two tangible, practical examples of how we바카라 사이트™re delivering our promise of $100bn.
But public investment alone isn바카라 사이트™t enough. Our second action is to mobilise private finance.
Let me pay an enormous tribute to Mark Carney for his leadership 바카라 사이트“ leadership that is delivering results.
The Glasgow Financial Alliance for Net Zero has now brought together financial organisations with assets worth over $130 trillion of capital to be deployed.
This is an historic wall of capital for the net zero transition around the world.
What matters now is action: to invest that capital in our low carbon future.
To do that, investors need to have as much clarity and confidence in the climate impact of their investments as they do in the traditional financial metrics of profit and loss.
So our third action is to rewire the entire global financial system for Net Zero.
Better and more consistent climate data.
Sovereign green bonds.
Mandatory sustainability disclosures.
Proper climate risk surveillance.
Stronger global reporting standards.
All things we need to deliver and I바카라 사이트™m proud that the UK is playing its part.
We바카라 사이트™ve already made it mandatory for businesses to disclose climate-related financial information.
With 35 other countries signing up to do the same.
Today I바카라 사이트™m announcing that the UK will go further and become the first ever 바카라 사이트˜Net Zero Aligned Financial Centre바카라 사이트™.
This means we are going to move towards making it mandatory for firms to publish a clear, deliverable plan바카라 사이트¦
바카라 사이트¦setting out how they will decarbonise and transition to Net Zero 바카라 사이트“ with an independent Taskforce to define what바카라 사이트™s required.
So: a renewed pledge to $100bn a year of public funding;
Over $130 trillion of private capital waiting to be deployed;
And a greener financial system, under way.
Six years ago, Paris set the ambition.
Today, in Glasgow, we바카라 사이트™re providing the investment we need to deliver that ambition.
Now I know that when people hear about global finance it can feel remote and abstract.
But we바카라 사이트™re not simply talking about numbers on a page.
We바카라 사이트™re talking about making a tangible difference to people바카라 사이트™s lives.
About cheap, reliable and clean electricity to power schools and hospitals in rural Africa.
About better coastal defences in the Philippines and the pacific islands to protect people from storm surges.
About everyone, everywhere having fresher water to drink바카라 사이트¦
바카라 사이트¦cleaner air to breathe바카라 사이트¦
바카라 사이트¦better insulated homes in which to live.
That바카라 사이트™s the vision we바카라 사이트™re asking you to commit to.
That바카라 사이트™s the opportunity we바카라 사이트™re asking you to invest in.
And that바카라 사이트™s the work we바카라 사이트™re asking you to begin, today.
Thank you.