MEDIA: Climate summit leaders hope to catalyze a key ingredient: Cash

World leaders looking for ways to slow climate change are zeroing in on a key element to actually help make that happen: the private sector and the vast amount of money it can invest to transform the global economy.

Steven Mufson and Brady Dennis, The Washington Post

“World leaders looking for ways to slow climate change are zeroing in on a key element to actually help make that happen: the private sector and the vast amount of money it can invest to transform the global economy.

During a climate summit being convened by President Biden on Thursday and Friday, dozens of companies are expected to announce increased investment in renewable energy, electric vehicles and forestry as part of a push to decarbonize the global economy by 2050. At the same time, the corporate community is facing heightened pressure to turn off the lending and investing spigot for fossil fuels and other sources of greenhouse gases.”

“Success on climate change requires transforming the entire global economy,” said Nigel Purvis, the chief executive of Climate Advisers, a nonprofit firm involved in marshaling private capital to combat the problem. “That task is too big for governments to do alone. The private sector is the engine of global change, and action and success will depend on harnessing the power of private enterprise.”

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