Opinion By Mathew Carr
Oct. 5-11, 2021 — (LONDON) Cooperation between the U.S., China and Italy on green finance is more evidence the tension about climate change — and the supposed inaction surrounding it — is a bit overdone.
I’m reading the tealeaves a bit, but this slide published yesterday on the Japan government’s website indicates that behind the scenes, there’s progress.
A “common taxonomy” will be published as early as this month by a sustainable finance study group led by the U.S., China and Italy (to be confirmed) — it says. (The timing is a little unclear)
UN envoys are meeting later this month in Glasgow, Scotland for the COP26 climate conference, with the G20 meeting before that.
The Asia Transition Finance (ATF) Study Group is a private-led initiative –
core members include Asian and global commercial banks
There are too many ESG standards around the world and a global system would be better.
Progress on climate action remains insufficient because the systems are too diverse, said Mathias Cormann, the sixth Secretary-General of the OECD, speaking Oct. 5.
“This diversity hinders the effective pricing of capital and slows the necessary alignment of markets to net-zero pathways,” Cormann said.
More-effective carbon pricing, AI and taxation — with a global flavor — can boost the fairness of trade, officials said.
(Updates headline again to hopefully from probably)