Earth day provides a fantastic opportunity to challenge world leaders on their climate change efforts. That must have been the thought of the US President Joe Biden when he invited 40 world leaders to join the Leaders Summit on Climate on April 22nd and 23rd. It will be live-streamed for public viewing, and will represent a pivotal one for global climate action. Citizens around the world can watch the extent to which their governments are truly committed to reversing the current, worryingly high, global warming trends.
President Biden will be announcing the US’ Nationally Determined Contribution (NDC), otherwise known as the US’ emissions reduction target in this summit, a highly anticipated announcement since Biden’s first day in office.
According to the official White House website, the Leaders’ Summit on Climate will underscore the urgency – and the economic benefits – of stronger climate action. “It will be a key milestone on the road to the United Nations Climate Change Conference (COP26) this November in Glasgow.”
The US President did not leave it to chance and has already secured China’s commitment to fight climate change. Special Climate Envoy Kerry met his Chinese counterpart Xie Zhenhua in Shanghai on April 15 and 16, 2021, to discuss aspects of the climate crisis.
Last Saturday both countries, the world’s biggest polluters, released a joint statement that says: “The United States and China are committed to cooperating with each other and with other countries to tackle the climate crisis, which must be addressed with the seriousness and urgency that it demands.” (source)
Depending on the commitments, President Biden is able to secure, the Leaders’ Summit on Climate and the success of COP26 in Glasgow later this year, companies and investors will have to adapt their own strategies and climate scenarios.
At Ortec Finance, we will be monitoring the developments closely and of course will be including all the latest developments in our Climate MAPS & Climate ALIGN updates.
About Climate MAPS
Climate MAPS quantifies your portfolio's exposure to systemic climate-related financial risks & opportunities across different climate scenarios
The Climate MAPS solution equips investors with climate-informed risk-return metrics (mean return, VaR), including in absolute dollar value, that quantify exposure to systemic climate risks & opportunities across asset classes, regions, sectors and holdings. This enables investors to consistently integrate climate risk into risk-management, strategic asset allocation and asset liability management for investment decision-making.
About Climate ALIGN
Climate ALIGN monitors portfolio alignment with net-zero emissions by 2050
Climate ALIGN helps financial institutions assess the temperature alignment of current emissions reduction targets, commitments, investment portfolios, and lending portfolios.
Take a look at all of the Climate & ESG Solutions in our Climate Compass overview.
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