The French head of state Emmanuel Macron has invited over 100 heads of government and ministers for Tuesday to a climate summit in Paris. For Germany, Federal Minister of countryside, Barbara Hendricks (SPD), participates. The date is deliberately chosen: two years ago, Paris agreement was set up. This is now followed by all countries except United States. Finally, Syria announced its accession.
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In Paris, it is primarily a question of how to better track down climate risks in financial market. In addition to States, obligation is investors, banks and listed companies. “Climate protection must be transferred to financial markets. Those who direct flow of money can generate real pressure, “Anthony Hobley calls relevance of topic in conversation with Tagesspiegel. Hobley is managing director of Carbon Tracker based in London. The organization became famous 2015 with analysis that up to two thirds of world’s known reserves and resources of oil, coal and gas cannot be burned if dangerous dimensions of climate change are to be avoided.
“That means that fossil industry has to copy Billionenwerte. This endangers global economy as a whole, “says Hobley. US bank Citigroup calculated 2015 that value of climate-damaging investments is estimated at approximately 100 trillion US dollars. This gigantic sum of reallocate is also a political challenge. The G20 countries have already reacted and prepared recommendations with ir own working group on how to better document climate risks in financial sector.
There is still massive investment in fossil energy
Companies in fossil industry are already financially battered today, as a glance at American oil company ExxonMobil shows. “Up to half of group’s planned investments in year 2025 are projects that will not pay off when laws in climate protect and implement clean technologies,” says Hobley. There are also risks in Europe: more than half of all coal-fired power plants in European Union write losses, until 2030 will be almost all, according to a study by Carbon Tracker, which was just published. The study also contains exciting results for Germany: If German energy suppliers separate mselves from ir coal-fired power plants by 2030, y can avoid losses of a total of 12 billion euros.
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Although Federal Republic of Germany has largest coal sector in EU with just under 50 gigawatts, fossil companies do not refuse to leave eir. Although energy company RWE is covered by commentary. Two ors, Eon and EnBW, argue with great dedication for introduction of a high national CO2 price. They call a height of about 25 to 30 euros per tonne. The private sector is also growing. And this Monday, more than 50 international companies from different industries are releasing a statement in which y expect ambitious climate protection from economic-strong G20 countries. They demand that States develop a long-term strategy to 2020 how y want to set up ir economies in a climate-neutral way. Companies are also calling for reduction of fossil fuel subsidies and introduction of a CO2 price. Among signatories of Declaration, which was initiated by foundation two degrees, are companies such as Adidas, Unilever, H M and Puma as well as energy-intensive companies like an aluminium manufacturer from Russia. The German insurer Alliance is also here: it should be welcomed if more information on climate risks of companies would be available for long-term investment decisions, says Allianz CEO Oliver Bäte.
In Paris, Macron could also draw attention of heads of State to article 173 of French Law on energy transition. This article, hirto unique in its nature, obliges listed companies, banks and institutional investors to supplement ir existing information obligations with concrete statements on climate risks. Although re are no penalties for non-disclosure, signal effect of provision cannot be underestimated. “The article changes rules of game in an intelligent way because it increases pressure on players in financial system itself,” says Pascal Canfin, managing director of WWF France.
