This year’s climate summit in Glasgow has been an embarrassing flop for the green brigades, with one baleful exception. World leaders can’t agree on costly binding CO2 emissions targets that they’d have to explain to taxpayers back home. So they’ve decided instead to dip into your pension savings on the sly.
That’s the real story of the $130 trillion (yes, with a “t”) in green finance that officials claim to have mobilized last week. The sum comes via the Glasgow Financial Alliance for Net Zero, an outfit run by former Bank of England chief Mark Carney that counts 450 financial firms from 45 countries with $130 trillion in assets under management. The group’s members committed to investing their capital in greener ways—while the world’s leading financial regulators committed to making sure that they do.