8 August 2021 | Immediate Release

Mark Campanale, founder and executive chair, said:

“The bedrock of our understanding, the science, couldn’t be more stark: We have little over eight years to act; the carbon budget, the room for global emissions we have left, is perilously depleted. The world must urgently wind down fossil fuel supply in an orderly and transparent way and halt high-risk high-cost oil and gas exploration today.

“That, or face physical catastrophe, stranded assets costs in the hundreds of billions and a shock to the world economy a thousand times greater than the Covid pandemic.

“The undented and seemingly clandestine financing of fossil fuels globally, of coal power in Asia, China, the Pacific Rim and beyond has to stop, new slated coal projects scrapped, and funnelling of funds via the world’s big exchanges checked.

“Global financial markets can be the vehicle for success but huge leaps in technological innovation and the new competitive realities of renewables won’t be enough. Strong policy and leadership are needed now to champion the plethora of opportunities the transition holds before it’s too late.”