COVID-19 relief for fossil fuel industries risks green recovery plans

(EurActiv, 8 Jun 2020) The failure of governments and central banks to set out a green recovery from the coronavirus crisis is threatening to derail vital UN climate talks aimed at staving off global catastrophe, campaigners have warned. EURACTIV’s media partner, The Guardian, reports.

On Friday, the UK and the UN attempted to revive the stalled COP26 climate talks, with a coalition of businesses committing to a Race for Zero, signing up to reduce their emissions to net zero by mid-century. Close to 1,000 businesses have joined the campaign, including household names such as Rolls-Royce and the food and drink majors Nestlé and Diageo.

Mark Carney, former governor of the Bank of England and UN special envoy for climate and finance, said: “The transition to net zero is creating the greatest commercial opportunity of our time. Net zero targets must be underpinned by transition plans so that investors can assess which companies will seize the opportunities in the transition and which will cease to exist.”

But rhetoric is not enough while central banks are still pouring money into propping up “business as usual”, according to campaigners.

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EurActiv, 8 Jun 2020: COVID-19 relief for fossil fuel industries risks green recovery plans