Next week, the world’s leaders will gather for what’s being considered a pivotal point for the world’s climate crisis.
They have presented 4 goals to achieve by the end of the summit:
1. Secure global net-zero by mid-century and keep 1.5 degrees within reach
Countries are being asked to come forward with ambitious 2030 emissions reductions targets (NDCs) that align with reaching net zero by the middle of the century. To deliver on these stretching targets, countries will need to accelerate the phaseout of coal, encourage investment in renewables, curtail deforestation and speed up the switch to electric vehicles.
2. Adapt to protect communities and natural habitats
The climate is already changing and it will continue to change even as we reduce emissions, with devastating effects. At COP26 we need to work together to enable and encourage countries affected by climate change to protect and restore ecosystems, build defences, put warning systems in place and make infrastructure and agriculture more resilient to avoid loss of homes, livelihoods and lives.
3. Mobilise finance
To realise our first two goals, developed countries must deliver on their promise to raise at least $100bn in climate finance per year. International financial institutions must play their part and we need to work towards unleashing the trillions in private and public sector finance required to secure global net zero.
4. Work together to deliver
We can only rise to the challenges of climate change by working together. At COP26 we must finalise the Paris Rulebook (the rules needed to implement the Paris Agreement). And, we have to turn our ambitions into action by accelerating collaboration between governments, businesses and civil society to deliver on our climate goals faster.
Concerns around climate change have never been greater
The buzz around COP26 brings more awareness of the repercussions of climate change. Not only are people demanding change from their governments, but they are also looking for ways to make an impact as individuals.
Our carbon footprint tracking solution, Carbon Insight, has been designed for digital banks in mind. It is cloud-based and can work on top of any PFM. It can be implemented quickly and efficiently — leading bank Islandsbanki recently launched Carbon Insight and it took 3 months from decision to go-live.
The solution itself gives the customers awareness around their own footprint, helps them understand what their footprint means, and provides them with the power to act by either reducing or offsetting the footprint.
While the biggest impact on our future will come from governments, your banking customers are looking for ways to act. Be the bank that provides the solution.