GLASGOW / COP26 FINANCING OUR FUTURE

British Chancellor Rishi Sunak at COP26 announced that nearly 500 financial services firms from across the world have agreed to align $130 trillion of their assets to the climate goals in the Paris Agreement - including limiting global warming to 1.5C. UNIFEED

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:27
• Production Date: 3 November 2021
• Asset Language: English
• Personal Subject: MARK CARNEY
• Corporate Name: UNITED NATIONS FRAMEWORK CONVENTION ON CLIMATE CHANGE - UNFCCC
• Subject Topical: CLIMATE CHANGE; FINANCING
• Geographic Subject: UNITED KINGDOM
• MAMS Id: 2680686
• Parent Id: 2680686
• Alternate Title: unifeed211103g

Description

STORY: GLASGOW / COP26 FINANCING OUR FUTURE
TRT: 02:27
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 03 NOVEMBER 2021, GLASGOW, SCOTLAND

Shotlist

1. Wide shot, COP26 banners on Buchanan Street
2. Wide shot, attendees wait in line to access the COP26 event venue
4. Wide shot, plenary room
5. SOUNDBITE (English) Rishi Sunak, UK Chancellor, United Kingdom:
“This is the first COP to bring together so many of the world’s finance ministers businesses and investors with such a clear, common purpose: to deliver the promise made in Paris six years ago to direct the world’s wealth to protect our planet.”
6. Various shots, plenary
7. SOUNDBITE (English) UK Chancellor Rishi Sunak: “The Glasgow Financial Alliance for Net Zero has now brought together financial organizations with assets over a hundred and thirty trillion dollars of capital to be deployed. This is a historic wall of capital for the net zero transition around the world.”
8. Wide shot, Sunak at the podium
9. SOUNDBITE (English) Mark Carney, Special Envoy on Climate Action and Finance, United Nations:
“I was there in the room two years ago in the General Assembly- I think you were there as well- Presidents, Prime Ministers, dignitaries, business leaders, and Greta Thunberg rightly blasted everyone, words to the effect of you’ve stolen my dreams, and my childhood. And right here, right now, is where we draw the line. Right here, right now, is where finance draws the line. Private finance draws the line. The hundred and thirty trillion that the Chancellor announced is more than is needed for the net transition globally.”
10. Close up, Chancellor Rishi Sunak seated in audience
11. SOUNDBITE (English) Mark Carney, Special Envoy on Climate Action and Finance, United Nations:
“A pool of that capital is being carved out for the transition in emerging and developing economies. And not in some distant point in the future, but in this decade. Up until today there was not enough money in the world to fund the transition, and this is a watershed.”
12. Close up, Indonesia Finance Minister Sri Mulyani Indriwati seated in audience.
13. SOUNDBITE (English) Mark Carney, Special Envoy on Climate Action and Finance, United Nations:
“We need blended finance facilities that don’t mobilize fractions of private capital for the public dollar, but multiples, and multiples in double digits for the public money. There are facilities that are being developed that can do this. We need to scale them dramatically. Quite frankly, facilities that do not scale up to a hundred billion a year in additional flows, aren’t relevant to the scale of the problem.”
14. Wide shot, plenary room

Storyline

British Chancellor Rishi Sunak today (3 Nov) at COP26 announced that nearly 500 financial services firms from across the world have agreed to align $130 trillion of their assets to the climate goals in the Paris Agreement - including limiting global warming to 1.5C.

SOUNDBITE (English) Rishi Sunak, UK Chancellor, United Kingdom:
“This is the first COP to bring together so many of the world’s finance ministers businesses and investors with such a clear, common purpose: to deliver the promise made in Paris six years ago to direct the world’s wealth to protect our planet.”

SOUNDBITE (English) UK Chancellor Rishi Sunak: “The Glasgow Financial Alliance for Net Zero has now brought together financial organizations with assets over a hundred and thirty trillion dollars of capital to be deployed. This is a historic wall of capital for the net zero transition around the world.”

UN Special Envoy on Climate Action and Finance Mark Carney described it as a “watershed” moment. He said, “right here, right now is where we draw the line.”

SOUNDBITE (English) Mark Carney, Special Envoy on Climate Action and Finance, United Nations:
“I was there in the room two years ago in the General Assembly- I think you were there as well- Presidents, Prime Ministers, dignitaries, business leaders, and Greta Thunberg rightly blasted everyone, words to the effect of you’ve stolen my dreams, and my childhood. And right here, right now, is where we draw the line. Right here, right now, is where finance draws the line. Private finance draws the line. The hundred and thirty trillion that the Chancellor announced is more than is needed for the net transition globally.”

Carney, who leads the Glasgow Financial Alliance for Net Zero, called for more blended finance facilities to support the developing world’s access to climate funds, telling the UN climate summit the money was there.

SOUNDBITE (English) Mark Carney, Special Envoy on Climate Action and Finance, United Nations:
“A pool of that capital is being carved out for the transition in emerging and developing economies. And not in some distant point in the future, but in this decade. Up until today there was not enough money in the world to fund the transition, and this is a watershed.”

SOUNDBITE (English) Mark Carney, Special Envoy on Climate Action and Finance, United Nations:
“We need blended finance facilities that don’t mobilize fractions of private capital for the public dollar, but multiples, and multiples in double digits for the public money. There are facilities that are being developed that can do this. We need to scale them dramatically. Quite frankly, facilities that do not scale up to a hundred billion a year in additional flows, aren’t relevant to the scale of the problem.”