• Mark Carney says the money is there, but mechanisms are needed
  • Investors want scale, transparency and public commitment

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Banks, insurers and investors with $130 trillion at their disposal agreed at COP26 to put combating climate change at the centre of their work.

It comes as COP26 delegates debate not only the extent of global pledges to cut emissions but also how to meet these goals, particularly in the developing world – and where the money will come from.

UN climate envoy Mark Carney, who assembled the Glasgow Financial Alliance for Net Zero (GFANZ), put the figure needed at $100 trillion over the next three decades, and said the finance industry must find ways to raise private money to take the effort far beyond what states alone can do.

“The money is here – but that money needs net zero-aligned projects and (then) there’s a way to turn this into a very, very powerful virtuous circle – and that’s the challenge,” the former Bank of England governor told the summit.

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