During the inaugural London Climate Action Week – Carbon Tracker co-hosted the Climate Risk and the Capital Domino Effect event held at Allen and Overy in Spitalfields on 03 July with MSCI and PRI. Targeted at the mainstream investment community to explore the political, technological and financial opportunities and challenges necessary to transform the global energy system.
London Climate Action Week: MSCI's Marion de Marcillac explores how investors can build climate resilient portfolios and drive the transition to a low carbon economy with @PRI_News, @CarbonBubble, @Zurich, @blackrock and @WHEBsustainable https://t.co/5HgM7XEdsT pic.twitter.com/yVXhpIJ7tW
— MSCI (@MSCI_Inc) July 3, 2019
Introducing the event – Alison Gowman, Alderman of the City of London announced a new Green Finance Initiative
https://twitter.com/PRI_News/status/1146408066969198592
Mark Fulton spoke to the Principles of Responsible Investment (PRI’s) ‘Inevitable Policy Response’ to climate change as a forceful policy ratchet takes effect to achieve Paris
https://twitter.com/PRI_News/status/1148237048798679041
Our New Energy Analyst Kingsmill Bond outlined the role of technology in the Energy Transition – driving a peaking of fossil fuel demand in the early 2020’s which will enable a strong policy response to deliver the Paris Agreement.
https://twitter.com/PRI_News/status/1146411019981545472
"What gives me hope is how useless the other side has been at predicting renewable energy growth"
Kingsmill Bond from @CarbonBubble saying it like it is
Graph comparing IEA predictions of annual solar additions (flat) w actual additions (exponential increase)#LDNClimateAction pic.twitter.com/bBkRW6A7Wj
— Jeanne Martin (@JeanneMartin25) July 3, 2019
Bond criticised International Energy Association (IEA) forecasting, which consistently underplays the growth of renewable energy and points to stable future demand for fossil fuels.
MSCI’s Marion de Marcillac said:
https://twitter.com/PRI_News/status/1146767421874851840
Following these presentations was our investor panel, moderated by Mark Campanale. Alongside Mark was Alison Martin (Zurich), Marta Janovic (BlackRock) and Seb Beloe (Wheb Asset Management).
.@CampanaleMark points out – for the benefit of those who don’t follow him on Twitter! that the FTSE has today effectively split #LSX energy listings into two: #renewables & oil & gas https://t.co/YYC7kTlHjX #LCAW2019 pic.twitter.com/gbiN6R4MFf
— Carbon Tracker (@CarbonBubble) July 3, 2019
Seb Beloe @WHEBsustainable: “we have no negative screens, we just don’t invest in sectors of the economy that we think don’t add value. I spend a lot of time thinking about how #EnergyTransition plays out” #LDNClimateAction pic.twitter.com/nzBCGGhzo5
— Carbon Tracker (@CarbonBubble) July 3, 2019
Alison Martin – Group Chief Risk Officer @Zurich says insurance sector is responsible for around 1/3 of $600bn price tag of global climate related losses in 2017/18. #ClimateRisk #LDNClimateActionWeek pic.twitter.com/r3d7RAGJsh
— Carbon Tracker (@CarbonBubble) July 3, 2019
PRI’s Sagarika Chatterjee followed the panel with some closing remarks before introducing the final speaker.
Sagarika Chatterjee @PRI_News points out the #EnergyTransition is becoming very real in the UK – @CommonsTreasury now thinking about policies for #NetZero implementation. #LDNClimateAction #LCAW2019 pic.twitter.com/pUAvf0xTk0
— Carbon Tracker (@CarbonBubble) July 3, 2019
To close the event, Mike Thompson from the UK’s Committee on Climate Change explained how the UK can deliver on it’s commitment to Net Zero 2050.
Mike Thompson @theCCCuk: telling other countries on decarbonisation & #NetZero we are already doing this, we went 18 days without coal and the lights didn’t go out is a huge benefit” #LDNClimateAction pic.twitter.com/TLIpd6hX5x
— Carbon Tracker (@CarbonBubble) July 3, 2019
https://twitter.com/PRI_News/status/1148946724901101568
Thanks again to our co-hosts PRI and MSCI.
For a summary of the 1st London Climate Action Week click here to read E3G’s blog.