Global Financial Firms Vow to Back Climate Fight at COP26

Economy Politics

Glasgow, Scotland, Nov. 3 (Jiji Press)--Some 450 global private financial institutions, including Japanese entities, said Wednesday that they will support moves for decarbonization through investments and loans.

They announced the commitment at a financial meeting of the 26th Conference of the Parties to the U.N. Framework Convention on Climate Change, or COP26, in Glasgow, Scotland.

The financial institutions, including Japan's Mitsubishi UFJ Financial Group Inc. <8306> and Nomura Holdings Inc. <8604>, are members of the Glasgow Financial Alliance for Net Zero. They have a combined 130 trillion dollars of assets, or about 40 pct of all financial assets around the world.

The planned investments and loans will be used for projects such as those aimed at ending coal-fired thermal power generation and promoting electric vehicles.

"This is a historic wall of capital for the net zero transition around the world," British Chancellor of the Exchequer Rishi Sunak, chair of the meeting, said. "What matters now is action: to invest that capital in our low-carbon future," he said.

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