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Daniel Fujir, chief and chief advisor to defend non -profit shareholders while you are planning, said that the disclosure is a prerequisite for banks’ contract for their climatic goals. She said, “We want to understand what they are doing.” Laws such as California illuminate the financial instability caused by changing climate moved by fossil fuels-and in theory, at least-financing that would exacerbate it.
Of course, it does not require merely that banks reveal their emissions and climate risks is unlikely to prevent the worst effects of global warming. According to Landmark 2021 report From the International Energy Agency, no of the oil, gas and coal infrastructure can be built if the world limits global warming to 1.5 ° C (2.7 ° F). This is why Patrick McCole, a great analyst in the transmission of energy in the field of non -profit restoration, which calls for a more sustainable banking sector, told the legislators, “They are pushing banks to reduce their financing for fossil fuel.”
“These companies act against the interests of humanity, and we need to stop them.”
However, Fajans Turner said that such a policy will be difficult to write in the law, and it is likely to face legal challenges even in the most advanced states, as the ban on natural gas was on the new construction. It was beaten by industry groups.
Anne Lipton, Professor of Business Law at Toulin University, said that there is a better way for policy makers to reduce new fossil fuel projects is to look beyond the banking sector. For example, legislators can ask insurance companies to deal with climate-related financial risks when designing their policies-which may make it difficult for fossil fuel projects to obtain coverage. She said: “We would like the banks to stop financing risky activities, but at the end of the day, the bank’s mission is to finance things that are expected to be expected.” “It is the task of the rest of society to make this (the thing) unborn.”
Another strategy is to claim banking to publish a clear carbon removal plan, which, in theory, can be a kind of rear doors to prohibit new fossil fuel investments. “Implicitly in the presence of a goal is that the bank takes a kind of action to ensure that this goal is met,” said Fujir. If the “Net-Zero” plan is mentioned by a specific date, it must be reliable, it must include a kind of scaling fossil fuel financing. If you claim to be in line with a path to reduce global warming to 1.5 ° C, it should not be able to expand fossil fuels.
