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Response to cprise (Reply #8)

Wed Mar 23, 2016, 08:04 PM

12. Climate Change 2016: Investors Vow To Pour Trillions Of Dollars Into Clean Energy Transition

Climate Change 2016: Investors Vow To Pour Trillions Of Dollars Into Clean Energy Transition


The financial sector’s participation is considered critical for ensuring the goals of the Paris climate conference are actually achieved. Last December, the leaders of nearly 200 nations agreed to limit the rise of global average temperatures to “well below” 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-Industrial levels.

To hit that target, the world must invest at least $12.1 trillion in renewable electricity — including solar and wind power, battery storage and energy efficiency — within the next 25 years, analysts at Bloomberg New Energy Finance said in a new report. So far, countries are on track to spend $6.9 trillion by 2040, resulting in an investment gap of $5.2 billion, by BNEF’s estimate. Investments in emissions-free vehicles, alternative fuels and sustainable-agriculture practices will add trillions more to the total.

Investors and fund managers at the event pledged to plug that funding hole by backing more renewable energy projects and revisiting their investments in fossil fuel companies or energy-intensive sectors.

“We want to be part of closing that gap,” Thomas DiNapoli, the New York State comptroller, told reporters at the U.N. headquarters. He noted the state this month launched a 10-year, $5 billion Clean Energy Fund to install more solar and wind power in New York. “Investors have put the word out that we’re looking to put more money into these kinds of opportunities, so the opportunities are coming to us,” he said.

The financial industry has transformed from a reluctant bystander on the topic of climate change to an active participant in the past few years...


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