The drivers of this initiative — called Climate Action 100 — have developed a list of hundreds of companies that consider planet's most greenhouse gas stations. They take into account ir direct and indirect emissions and those associated with products y produce. There are of course large oil companies — like ExxonMobil, BP, Imperial oil, Gazprom, Shell or Total. Also, electrical companies — such as ENEL or General Electric Company — and car manufacturers — such as Fiat, General Motors, Ford, Nissan, or Volkswagen — or aircraft — such as Airbus and Boeing —. But y also include giants from or sectors such as Nestlé, Panasonic or PepsiCo. In list of that hundred companies are Spanish Repsol and Natural Gas.Learn More
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The energy and industrial sector is responsible for more than 85% of emissions generated by human being of CO2, main greenhouse gas.
To this one hundred multinationals investment funds presented this Tuesday initiative ask m to take measures to reduce greenhouse gases y generate and that se plans are consistent with aim of Paris agreement to limit to end From this century rise of global average temperature at two degrees Celsius compared to pre-industrial levels.
They also demand that y improve information y offer ir investors about how climate change can affect ir business plans. The latter claim is already being taken by shareholders to each of companies. For example, ExxonMobil's majority vote in May in favor of company reporting on implications of climate change and policies against warming for its business. And this Tuesday AFP reported that oil giant will finally evaluate se risks as his investors had demanded.
Among drivers of initiative presented on Tuesday are HSBC bank or California Public Workers Pension Fund (CalPERS), largest of its kind in United States. The latter case is paradigmatic of a silent movement that is occurring in financial world. In 2015 California passed a law so that this pension fund would stop investing in coal-fired rmal power plants because of its impact on climate change. This year CalPERS has concluded this disinvestment process and has delinked from coal despite Donald Trump's proclamations in favor of this fossil fuel.
The investment funds initiative was joined this Tuesday specific disinvestment announcements, such as AXA insurance Company or ING Bank. Both entities said y will withdraw ir money from companies that are mainly devoted to coal business. At same time, se companies announced ir intention to increase ir investments in renewable energies, which do not emit greenhouse gases.America's Hole in funding
The Paris meeting served to show private sector support for fight against climate change. But what happens to public sector? The Paris agreement includes commitment that, as of 2020, $100 billion per year was mobilize to finance fight against warming. This figure includes measures to enable poorest countries to adapt to effects of climate change and greenhouse gas reduction. Among least developed countries re is a fear that US withdrawal from agreement may affect that commitment.
The last major assessment of climate finance was OECD's projection in 2016. The international agency noted that for 2020, public funds against climate change were expected to be in 67 billion dollars. The rest, until reaching 100,000, was expected to arrive from private sector. But, according to OECD sources, this assessment was made before announcement of pact's US withdrawal. The OECD does not quantify impact of that exit and, at moment, UN has not asked it to undertake a new assessment. During last climate summit, European Commissioner Miguel Arias Cañete encrypted in 2.3 billion dollars amount that US will stop contributing only to one of instruments of climate finance, Green Fund.