There's an earthquake underway in climate politics, says Ben Pile. Several major U.S. banks, including Morgan Stanley, Citigroup and Goldman Sachs, have fled the Net Zero Banking Alliance. The implications are immense.
Tony Blair has emerged as something of a Net Zero sceptic, suggesting the U.K. focus on finance and tech to fund the global energy transition rather than cutting emissions.
In 2015, the world's richest countries agreed to devote $100 billion a year to 'climate finance' in the Global South. So far, this includes a power station in Bangladesh, an airport in Egypt and ice cream parlours in Asia.
