Financial Hubs Are Far From Net Zero With Heavy Emitting Stocks (Correct)

Stock markets in cities and countries that have pledged to achieve net-zero emissions are including carbon-intensive oil and gas companies capable of overheating the planet, according to a report from UK research nonprofit Carbon Tracker Initiative.

Despite financial centers like New York or London setting goals to transition to a low carbon economy, the report’s authors say that stock exchanges “enable” the ongoing activities of fossil fuel companies by facilitating “primary equity raising and ongoing finance requirements.”

To limit global warming to the Paris Climate Agreement’s stretch goal of 1.5°C, 90% of fossil fuel reserves must remain in the ground as unburnable carbon, according to the ...