HONG KONG (Reuters) – Businesses should not rely on governments to reach an agreement at a global summit on climate change this year, but should take more action themselves, the chief executive of Standard Chartered (OTC) said on Tuesday. :), Bill Winters.
The United Nations Conference on Climate Change (COP26) will take place in Scotland in November, with the aim of getting much more ambitious climate action from nations.
“Governments have not fixed this problem,” Winters said at an online industry event.
He added that although he was optimistic about COP26, “we have to prepare for the eventuality or there is no agreement or there is agreement, but the enforcement mechanisms are weak.”
His comments come on the heels of a UN scientific report that warned that global warming is dangerously close to spiraling out of control.
Winters is chair of a private sector initiative called Taskforce on Scaling Voluntary Carbon Markets, which aims to set standards and encourage the development of carbon trading schemes outside of those run by governments like the EU.
He said such schemes would help projects that can reduce carbon emissions obtain financing, and would also influence companies to make more environmentally sustainable decisions by putting a price on carbon.
StanChart has said it aims to achieve net zero carbon emissions from its operations by 2030 and for the companies it finances to achieve net zero carbon emissions by 2050.
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