Meanwhile, big businesses burnish Dominican Republic Email List their green credentials with offset purchases. After all, there are no agreed metrics to ensure portfolio alignment with the PA. Unsurprisingly, the Marshall Islands’ climate envoy urges remaining “vigilant against greenwashing”. Touting market solutions, the World Dominican Republic Email List Bank has noted a recent surge in demand from major financial investors, including Goldman Sachs, Morgan Stanley and Lansdowne Partners. But much goes to profits from arbitrage, speculation or trading for Dominican Republic Email List third parties – not decarbonization or net-zero. Even Larry Fink – CEO of Blackrock, the world’s largest asset manager – is skeptical.

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We are lying to ourselves if we think we Dominican Republic Email List can do it just by conveniently asking banks and financial service companies, public companies, to conform to TCFD reporting. We are creating the biggest capital arbitrage of our lifetimes.” Selling the sky Offset markets have meant new opportunities to create new tradable assets. By aggregating all GHG emissions – from fossil Dominican Republic Email List fuels, deforestation, landfills, agriculture, etc. – profitable new financial products have been engineered for emissions trading and carbon credits. The implicit premise is that market-based approaches always work best to address problems, in this case, to reduce GHG emissions. They do not Dominican Republic Email List distinguish between ‘luxury emissions’ and those due to the poor’s livelihoods.

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Meanwhile, the world’s wealthiest 1% Dominican Republic Email List produces twice the total carbon emissions of the poorest 50%! Worse, emissions from private jets, mega-yachts and space travel of the super-rich greatly exacerbate global warming. As with CDM and voluntary offset Dominican Republic Email List markets, the burden of emissions reduction has been shifted from North to South. While rich countries continue emitting GHGs, developing countries are now expected to ‘come clean’! But no money for poor At the GFANZ launch, Mark Carney claimed, “Make no mistake, the money is here, if the world wants to use it”. But developing countries are still waiting to see the promised US$100bn yearly to help Dominican Republic Email List finance their mitigation and adaptation efforts.

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