HSBC might be breaking European Union rules on working with Russian banks by funding a new 1,200 megawatt coal-fired power station in Vietnam. The bank, which recently announced a US$100 billion fund to fight climate change, denies this.
Climate change was again placed at the centre of global diplomacy over the past two weeks as diplomats and ministers gathered in Bonn, Germany, for the latest annual round of United Nations climate talks.
Rhys Gerholdt and Joe ThwaitesEliza NorthropPaula CaballeroDavid Waskow
and Christina Chan,Kathleen Mogelgaard, and Yamide Dagnet –
COP 23 was a mix of encouraging commitments, helpful momentum on climate action, and a reminder the need to accelerate progress towards the goal of capping global temperature increase at safe levels
The only way to keep the rise in global temperatures well below 2°C” higher than pre-industrial levels is to shift capital away from fossil fuels and toward zero-carbon projects. The way energy investments are governed needs to change.