Good morning, this is Kasmira, and today Amandine Favier, head of sustainable finance at WWF Switzerland, gives a critical account of the finance industry's track record in making the green transition – and why time is running out.
But time is exactly what the European Union is giving asset managers - six more months in fact - to step in line with its sustainable finance rules.
On the trade agenda this week, EU policymakers will unveil the details of a controversial carbon border adjustment mechanism, which the bloc says will be WTO–compatible but has critics worrying that it will create just another trade barrier. Plus, we'll be monitoring the WTO ministerial meeting on fishing subsidies on Thursday could prove crucial in closing a long-awaited deal. |
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Sustainable business & finance news
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Climate activists hold a sign that reads 'Time's Up for Fossil Fuels' outside the White House in the U.S. to protest against fossil fuel projects, 30 June 2021. (Keystone/EPA/Michael Reynolds)
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⏰ Running against the climate clock.
Best known for its environmental activism and conservation efforts, WWF Switzerland also works with banks, insurers, and regulators in raising awareness of how risks like climate change will impact their investments and pressing them to make the green transition. Amandine Favier, head of sustainable finance, says the sector’s attitude towards sustainability is shifting but not fast enough: “Time is running out, and there is still a lot to be done.”
Geneva Solutions (EN)
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🛂 How the EU's climate change mechanism could fall afoul of international trade rules.
On July 14, the European Commission will release details of its proposed ‘carbon border adjustment mechanism’ (CBAM). A few immediate concerns arise. The first is the World Trade Organization (WTO) and how its other members will react. Could the deal prompt other regional blocs to implement similar climate-related trade measures, or could it instead provoke a wide wave of global criticism?
WEF (EN)
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