According to Lucie Pinson, director of the NGO Reclaim Finance, financial players, public and private, are not breaking away from fossil fuels fast enough or hard enough.
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Two weeks of negotiations and, finally, “a missed opportunity“For Lucie Pinson, director of the NGO Reclaim Finance, the Glasgow climate conference, which ended on Saturday, November 13, failed to transform finance in favor of the climate. “Bmany promises made risk becoming empty promises“, she believes, regretting the lack of precision of the commitments made in Glasgow. According to her, the final text is not up to the climate emergency.
Dominant finance, both on the side of private and public players, unfortunately continues to support fossil fuels.
Lucie Pinson, Director of Reclaim Financeon franceinfo
The founder of Reclaim Finance notes, however, a progress: the mention of fossil fuels, for the first time in the conclusion of a COP: “This is a step forward … “ But the final text speaks of ceasing the “inefficient subsidies “to these energies, and Lucie Pinson is skeptical:”Expect that many states will find their fossil fuel subsidies very effective, when they are leading us into the wall. “
In recent weeks, many financial players – banks, insurers, investors – have made commitments in favor of the climate. Has a step been taken? Not enough, according to Lucie Pinson: “Carbon neutrality by 2050 requires immediate action, and in particular an end to finances and insurance coverage for new fossil energy projects. In recent weeks, French banks and Axa have made commitments on oil or coal which unfortunately still allow them to support more than half of the new oil and gas projects on the table today.“