{"id":27207,"date":"2022-09-02T10:42:50","date_gmt":"2022-09-02T09:42:50","guid":{"rendered":"https:\/\/sarasinandpartners.com\/ie\/?p=27207"},"modified":"2022-09-02T10:44:45","modified_gmt":"2022-09-02T09:44:45","slug":"governments-companies-must-act-on-climate-change","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/ie\/think\/governments-companies-must-act-on-climate-change\/","title":{"rendered":"Governments &#038; companies: act now on climate change"},"content":{"rendered":"<h3><strong>It is one thing to hear dire predictions of global warming from scientists. It is quite another to feel the heat and see its consequences. <\/strong><\/h3>\n<p>As temperature records were broken across Europe this summer, the public\u2019s gaze is inevitably turning to what global leaders are doing to solve the problem.<\/p>\n<p>A scan of the media suggests that most of the action right now is coming from companies, who are falling over themselves to commit to net zero. Entities representing US$130tn of assets made net-zero pledges via the Glasgow Finance Alliance for Net Zero at last year\u2019s COP26 global climate gathering.<\/p>\n<p>However, a closer look shows that virtually all these promises rest on one critical assumption: \"<em>We make this Commitment with the expectation that governments will follow through on their own commitments to ensure that the objectives of the Paris Agreement are met.<\/em>\u201d In other words, we are committed to net zero but can only deliver if governments come good on their promises.<\/p>\n<p>This disclaimer, taken from the Net Zero Banking Alliance commitment, is replicated in the Net Zero Asset Managers\u2019 commitment, the Net Zero Insurers\u2019 commitment, the Net Zero Asset Owners\u2019 commitment and the Net Zero Financial Service Provider commitment - all the core partners under the Glasgow Finance Alliance.<\/p>\n<h3><strong>More evidence of corporate greenwash? Perhaps, but the companies have a point.<\/strong><\/h3>\n<p>Until governments deliver their climate commitments, our collective future rests with <em>ad hoc<\/em> private initiatives. This cannot be a substitute for clear government policy that delivers system-wide incentives to enable Adam Smith\u2019s invisible hand to work its magic.<\/p>\n<blockquote><p>Put simply, government greenwashing sets the tone; it fuels its private sector equivalent.<\/p><\/blockquote>\n<p>Government inaction is no secret. Ant\u00f3nio Guterres, Secretary General to the United Nations, noted bluntly that<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a>: \u201c<em>Nearly half of humanity is living in the danger zone \u2013 now. Many ecosystems are at the point of no return \u2013 now. Unchecked carbon pollution is forcing the world\u2019s most vulnerable on a frog march to destruction \u2013 now.\u00a0The facts are undeniable. This abdication of leadership is criminal<\/em>.\u201d<\/p>\n<p>Even supposed leaders on climate action are falling short. The UK government\u2019s Climate Change Committee, for instance, has highlighted shortfalls against statutory targets, describing the government\u2019s approach as <em>\u201c\u2026a high-wire approach to Net Zero.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is one thing to hear dire predictions of global warming from scientists. It is quite another to feel the heat and see its consequences. As temperature records were broken across Europe this summer, the public\u2019s gaze is inevitably turning to what global leaders are doing to solve the problem. A scan of the media...<\/p>\n","protected":false},"author":30,"featured_media":13076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"coauthors":[88],"class_list":["post-27207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stewardship-thoughts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Governments &amp; companies: act now on climate change - Sarasin &amp; Partners Ireland<\/title>\n<meta name=\"description\" content=\"As temperature records were broken across Europe this summer, the public\u2019s gaze is inevitably turning to what global leaders are doing to solve the problem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sarasinandpartners.com\/ie\/think\/governments-companies-must-act-on-climate-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Governments &amp; companies: act now on climate change - Sarasin &amp; Partners Ireland\" \/>\n<meta property=\"og:description\" content=\"As temperature records were broken across Europe this summer, the public\u2019s gaze is inevitably turning to what global leaders are doing to solve the problem.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sarasinandpartners.com\/ie\/think\/governments-companies-must-act-on-climate-change\/\" \/>\n<meta property=\"og:site_name\" content=\"Sarasin &amp; Partners Ireland\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-02T09:42:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-02T09:44:45+00:00\" \/>\n<meta name=\"author\" content=\"Natasha Landell-Mills, CFA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@sarasinpartners\" \/>\n<meta name=\"twitter:site\" content=\"@sarasinpartners\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Natasha Landell-Mills, CFA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/governments-companies-must-act-on-climate-change\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/think\\\/governments-companies-must-act-on-climate-change\\\/\"},\"author\":{\"name\":\"Natasha Landell-Mills, CFA\",\"@id\":\"https:\\\/\\\/sarasinandpartners.com\\\/ie\\\/#\\\/schema\\\/person\\\/3073d70a66631d873b71e76e9f76804e\"},\"headline\":\"Governments &#038; 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