According to Mark Carney of the United Nations, ‘massive’ frozen assets show the need for rapid energy transfer

Former Governor of the Bank of England (BOE) Mark Carney spoke at a news conference in London on March 11, 2020.

Peter Sumers | AFP | Getty Images

Mark Carney, UN Special Envoy for Climate Change and Finance, emphasized the importance of fossil fuels highlighting the need to carbon off the world economy as soon as possible.

His comments come as far as COP26, which is one of the most important climate meetings ever held. The United Kingdom will host a United Nations conference in Glasgow, Scotland from October 31 to November 12.

Carney, a former governor of the Bank of England, told CNBC’s Steve Sedegwick that in the long run, it was important to “reorganize” financial markets and that every financial decision should take into account climate change. This includes borrowing from fossil fuels and renewable energy sources.

In an interview on Thursday, Carney said: “If we want to get where the world wants us to go, we have to make this transition from zero to zero.

A.D. As part of this effort to achieve net zero carbon emissions by 2050, Carney wants to accelerate the transition to a low-carbon economy, citing the United Nations Glasgow Financial Alliance for Net Zero or Gifanz.

Carney-led global financial institutions are responsible for more than $ 90 trillion in assets.

The bulldozer was standing near a coal mine in Pibodi Energy Francisco on Thursday, September 23, 2021 in Francisco, Indiana USA.

Luke Sharrett | Bloomberg | Getty Images

Asked if he had to compromise his views on fossil fuels to find more companies with GFANZ, Carney replied: “No, no. What we are doing is verifying those who are close to the action. [Celsius] Transition. “

“We now have a combination of things in the world and we see him playing in the UK and playing in Europe in a big way,” he continued. “We both have a lot of hydrocarbons, a lot of frozen assets, even in coal, three-quarters of coal, half-gas, approximately the same oil, a lot of fossil fuels. And we don’t necessarily have enough fossils. Fuel is in the right place.”

“All of this calls for a transition. It’s clear about the transition.

The term “fragmented assets” refers to assets associated with fossil fuels, which are not economically viable due to changes in carbon emissions.

Carney, the governor of the Bank of England, warned that in 2015, large amounts of coal, oil and gas could be “non-combustible.”

‘It’s about energy at the right time’

Politicians and business leaders are fulfilling the promises made as part of the 2015 Paris Agreement to meet the needs of the climate crisis.

It is advisable to limit the international temperature to “below freezing” above 2 ° C before industry and to set the temperature limit to 1.5 ° C.

Achieving these goals is expected to be a key issue in COP26.

The United Nations Environment Program’s annual production gap report, published Wednesday, confirms that governments are working together to produce twice as much fossil fuels as 2030 compliant with global climate targets. He described the production of fossil fuels as “dangerously out of agreement” with the goals set out in the Paris Agreement.

Certainly the main cause of the climate crisis is the burning of fossil fuels such as coal, oil and gas. Yet, while many countries are setting higher net-zero emissions goals than ever before, some major oil, gas, and coal producers have not yet announced plans to significantly reduce fossil fuels.

According to the International Atomic Energy Agency (IAEA), there will be no new oil, gas and coal development if the world reaches zero zero oil production by 2050.

Asked if he disagrees with IEA’s claim that there is no room for further fossil fuels, Carney said: We have to constantly reduce it. “

“But to get people out of coal for a while, finding a different gas from a certain area can be part of the transition. This is to create a map that fits from that of the international statement to the environmental measures,” he said.

Carney said this is one of the reasons why the financial sector should be involved in setting clear climate targets.

“If it pushes me, I’ll be clear. It’s about seeing the net. What is the net contribution from fossils?” [it] It must clearly go down, and eventually, it must be wounded. And that’s the key, but these are complex energy systems, ”Carney said.

“We were running the banking system without adequate backups. We found that this was not very good. It is not a good idea to run the power system with very limited storage and some adjustments have to be made for that. That is a broad and crucial direction to reduce fossil fuels.”

.

Leave a Comment