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CCSI AND EDF COLLABORATION CCSI & EDF (Columbia Center for Sustainable Investment and Environmental Defense Fund) Announce Project to Assess Net Zero Financial Sector Initiatives Original article: Peter Burgess COMMENTARY Peter Burgess | ||
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CCSI & EDF (Columbia Center for Sustainable Investment and Environmental Defense Fund) Announce Project to Assess Net Zero Financial Sector Initiatives
Dear Colleagues, The Columbia Center on Sustainable Investment (CCSI) is pleased to announce a new project with Environmental Defense Fund (EDF) to critically evaluate net zero financial sector initiatives and opportunities for enhanced alignment with the objectives of the Paris Agreement. “EDF is thrilled to partner with CCSI, a leading academic institution known for its rigorous research capabilities, powerful thought leadership, and focus on finding practical approaches to sustainability challenges in global finance. Through this collaboration, we intend to understand and guide the work of the world’s financial institutions, bringing more clarity to the ecosystem of players, their alliances and commitments, and what should define climate leadership in the sector,” said Jake Hiller, Senior Manager for Investor Influence initiatives. Over the past decade, initiatives aiming to align finance and investment with the Paris Agreement have proliferated, creating a web of interconnected efforts representing trillions of dollars of assets under management. These include the Partnership for Carbon Accounting Financials, the Portfolio Decarbonization Coalition, and a group of alliances under the umbrella of the Glasgow Financial Alliance for Net Zero including those focused on banks, asset owners, asset managers, insurers, financial service providers, and investment consultants. Realigning financial sector activities is critical to limit global warming and achieve climate justice. Financial sector decisions drive corporate action and capital flows, and they provide significant input into the public sector policies that shape the world’s economic systems. The rapid growth of such initiatives demonstrates the interest of finance sector actors to meaningfully engage in this space. However, there is little clarity or consensus around whether and to what extent their varied commitments will provide the transparency, credibility, and accountability needed to achieve their stated goals. “Meeting the Paris Agreement target of 1.5°C degree warming requires an urgent and fundamental realignment of global finance. Climate financing remains woefully inadequate, especially in developing countries, while financing for fossil fuels continues globally,” said Lisa Sachs, Director of the Columbia Center on Sustainable Investment. “The growing interest and commitment of financial actors to support the energy transition will benefit from clear, credible, and robust standards, including processes for verification and accountability.” “Just in the last year, hundreds of financial institutions have signed onto net-zero-aligned initiatives. CCSI’s work to map out these initiatives and the commitments they entail will enable the all-important next step: action by firms to meet their own climate objectives,“ said Andrew Howell, EDF’s Director of Investor Influence. Together, CCSI and EDF will:
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