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An international summit Tuesday to mark the second anniversary of the Paris climate agreement has drawn world leaders, celebrities, companies and environmental groups to the French capital, all aiming to keep up momentum on efforts to curb global warming.
Financial institutions are using the meeting to highlight the need to ensure that their investments don’t suffer from, or contribute to, the effects of climate change, such as rising sea levels and more extreme weather around the world.
Here are some of the major announcements made at the Paris summit:
A group of institutional investors calling themselves Climate Action 100 said it would use its financial clout to raise the issue of climate-related risk with companies.
The group, which comprises 225 investment funds managing more than $26 trillion in assets, said it will focus its efforts on 100 of the world’s largest corporate greenhouse gas emitters.
The idea is that companies will heed the concerns of major funds because they don’t want to be considered a bad investment due to the financial risks that climate change might pose for their business.
Over 200 companies have pledged greater transparency on reporting climate-related risks in their businesses as part of a voluntary program led by U.S. billionaire Michael Bloomberg.
The former New York mayor and Mike Carney, the governor of the Bank of England and chairman of the Financial Stability Board, said Tuesday that the number of companies supporting the program had more than doubled in the five months since its recommendations were first published in June.
The 237 companies, with a combined value of over $6.3 trillion, include construction firms, energy companies and financial institutions from 29 countries.
Carney said the Task Force on Climate-related Financial Disclosures plans to report on its efforts when leaders of the Group of 20 leading industrialized and emerging economies meet in Argentina in a year.
Dutch bank ING plans to have zero investments in coal power generation by 2025.
The company said Tuesday it expects fossil fuels to remain a key source of energy in the coming decades but wants to see the most polluting kind — coal — phased out.
ING said that rather than walk away from clients…