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Financial leaders have given up on “anything meaningful” being achieved at COP26

GWPF International

The Independent on Sunday is reporting that some of the world’s top financial figures are resigned to what we have been predicting for some time — the likely failure of the UN climate summit in Glasgow (COP26) to achieve ‘anything meaningful.’

Boris Johnson, of course, is being blamed for the likely debacle, paying the price for surrounding himself with green ideologues who are unwilling to listen to any second opinion or political realists who have been warning about a likely COP26 flop repeatedly.

It is almost certain that on the last day of the UN climate summit, after days of deadlock, the delegates will finally agree a communiqué and celebrate the habitual breakthrough at the last minute. The only real question now is whether this agreement will be drafted by the UK and the US or by China and its BRICS allies — repeating their Copenhagen feat.

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[…] The evidence of wargaming has underlined criticism from other groups, including Senior figures at several of the world’s largest asset-management companies told The Independent that they had effectively given up on “anything meaningful” being achieved in Glasgow this year.

Instead, they were looking ahead to Cop27 in Egypt in 2022, where they believe that rather than just some relatively limited agreements on coal divestment – which are expected to be reached in Glasgow – they are likely to secure action on limiting the level of finance available for all fossil-fuel-linked ventures.

Leading figures in the City said that meetings had been haphazardly planned, lacked clear demands, and had left them unsure what was expected of them. And while coal use was an obvious target, after it became a focus at the G7 summit and the G20, they said they had hoped measures would go further, with clear goals set for divestment from gas-linked investments too.

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