Commenting on the financial sector’s continuing addiction to oil and gas ahead of COP 28, CEO of ShareAction Catherine Howarth OBE said:
“As world leaders meet in Dubai for COP 28, they do so in the shadow of growing evidence that the previous decisions have had little impact on achieving net zero. Oil and gas production is increasing, and scientists agree that the internationally agreed target of 1.5 degrees on the present trajectory is unlikely to be met.
Key to the failure in achieving the ambitions of past COPs is the increasing levels of fossil fuel exploitation funded by banks, pension funds, and asset managers.
At this COP, heads of state must address how they can wean the financial sector off their addiction to climate changing investments and incentivise them towards the transition people, nature, and the planet need to avoid the looming climate crisis.”
Notes to editors