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BANCO SANTANDER, S.A.

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Banco Santander S A : Financial groups seek 'clear, credible and ambitious' climate action from G20

10/11/2021 | 11:40am EST

* Carney-led GFANZ issues call to action ahead of COP26

* Group seeks wide-ranging policy change to accelerate action

* Requests include phase out of fossil fuel subsidies

LONDON, Oct 11 (Reuters) - Financial services groups responsible for more than $90 trillion in assets on Monday called for the leaders of the world's largest economies to push through "clear, credible and ambitious" policies to battle climate change.

The Glasgow Financial Alliance for Net Zero, chaired by United Nations climate envoy Mark Carney, said the policies, taken together, would restructure the global financial system and accelerate the world's transition to a low-carbon economy.

The call to action from GFANZ members is the latest in a string of requests from big business for government action and comes ahead of the next round of global climate talks in Glasgow in November.

Among the specific requests, GFANZ called for governments to set economy-wide net-zero targets aligned to the global target of capping global warming at no more than 1.5 degrees Celsius above pre-industrial norms by mid-century.

They also called for financial regulations to explicitly support the transition, for fossil fuel subsidies to be phased out and for carbon emissions to be priced. Public and private enterprises should also be forced to disclose net zero transition plans and climate reporting by 2024.

As well as unlocking the trillions of dollars needed to fund the transition, including in emerging markets, governments needed to support small and medium-sized businesses and communities to ensure a "Just Transition", they added.

"Through GFANZ, the best of the global financial system has committed to net zero... But financial firms can’t deliver sustainable economies alone – clear, credible and ambitious climate policies are needed from G20 governments," Carney said.

"The next few weeks in this decisive decade will help determine whether we avoid climate catastrophe. The core of the financial sector is stepping up – it’s time for major economies to do the same.”

Intended as a policy advocacy document for use by policymakers from the Group of 20 industrialised nations, GFANZ said it will be discussed with political leaders at the COP26 climate talks.

Ana Botín, Group Executive Chairman, Banco Santander, said: “If we are to prevent a potentially catastrophic increase in global temperatures we need an immediate and coordinated global response.

"To maximise our impact, governments and regulators need to work urgently together to set out clear pathways to net zero and reset global financial regulations to support a just transition."

Amanda Blanc, chief executive of British insurer Aviva , said private finance would only flow "at scale" when the cost of polluting was built into market prices.

"We need to unlock trillions of private finance to speed up the transition to net zero. It starts with policies that genuinely drive technology, innovation and finance in the right direction, including carbon pricing schemes and credible net zero plans." (Reporting by Simon Jessop; Editing by Nick Macfie)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AVIVA PLC 2.44% 394.4 Delayed Quote.21.28%
BANCO SANTANDER, S.A. 2.62% 2.822 Delayed Quote.11.19%
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Sales 2021 46 082 M 52 146 M 52 146 M
Net income 2021 7 719 M 8 735 M 8 735 M
Net Debt 2021 - - -
P/E ratio 2021 6,26x
Yield 2021 4,71%
Capitalization 48 175 M 54 558 M 54 514 M
Capi. / Sales 2021 1,05x
Capi. / Sales 2022 1,02x
Nbr of Employees 193 303
Free-Float 99,2%
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José Antonio Álvarez Álvarez Vice Chairman & Chief Executive Officer
José Antonio Garcia Cantera Chief Financial Officer & Senior Vice President
Ana Patricia Botín-Sanz de Sautuola O'Shea Executive Chairman
Dirk Ludwig Marzluf Group Head-Technology & Operations
Marjolein van Hellemondt-Gerdingh Group Chief Compliance Officer
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