A key component of the latest Cancun Accord from the United Nations Framework on Climate Change (UNFCCC) was finance. A Green Climate Fund has been set up to kick start US$100 billion of financing from the developed world to developing countries.
Furthermore, the International Energy Agency (IEA) estimates that it will cost US$46 trillion to scale up low carbon technologies by 2050.
But what role is the private sector playing now? To what extent will financial institutions have to speed up their work with governments and policy makers to help make the move to a low carbon economy?
For the second year, on behalf of The Climate Group, PwC reviewed the extent to which the adopting institutions, HSBC, Standard Chartered, Swiss Re, F&C Asset Management, BNP Paribas and Credit Agricole, are addressing the risks and opportunities of climate change to their business.
The report looks at how the adopting institutions are integrating climate change issues in the context of research, asset management, retail banking, insurance and reinsurance, corporate banking, investment banking, and project finance.
The report illustrates year on year progress and offers focus areas for action against each of the business activities identified.