Today Emine Isciel Isciel Head of Climate and Environment at Storebrand Asset Management is attending World Leaders Summit, the high-level segment for Head of State and Government in Glasgow.
"For the summit to be effective, the investment industry needs to play its part. Together with 30 leading financial institutions, representing more than US$ 8.7 trn AUM, we are sending a strong signal on deforestation by jointly committing to eliminate agricultural commodity-driven deforestation from our portfolios by 2025.
We welcome the commitment announced late last night that Biden, Bolsonaro, Xi and many other leaders have agreed to put an end to deforestation.
The need to act on deforestation is urgent. Halting deforestation can make a dramatic contribution to mitigating and adapting to climate change while helping to achieve biodiversity targets. Deforestation is not only a risk to climate and biodiversity but pose financial risks to our portfolios. A large number of economic sectors are exposed to increasing physical and regulatory risks associated with deforestation.
Despite the growth in awareness of many climate-related issues, financial institutions are some ways behind when it comes to action on deforestation. That is why this industry-wide commitment is so crucial. The climate case for such a shift is self-evident: there is no pathway to honoring the 1.5C commitment in the Paris agreement which does not involve the urgent protection and restoration of the world’s remaining tropical forests.
Only by working together can we bring about the scale of change needed. This is a great first step, now we need even more financial institutions to commit and turn the pledge into concrete actions." , comments Emine Isciel from Glasgow.
More on the commitment:
https://racetozero.unfccc.int/leading-financial-institutions-commit-to-actively-tackle-deforestation/
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Agree. Subsidies for deforestation are 20-50 times greater than funding for conservation. This ratio must be reversed, and natural forest legally protected.