© Reuters. FILE PHOTO: A woman walks down the stairs of the Standard Chartered headquarters in Hong Kong, October 13, 2010. REUTERS/Bobby Yip
HONG KONG (Reuters) – Companies should not rely on governments to reach agreement at a global summit on climate change this year, but rather take more action themselves, Standard Chartered (LON:) CEO Bill Winters said on Tuesday.
The United Nations’ Climate Change Conference (COP26) is due to take place in Scotland in November, aiming to wring much more ambitious climate action from nations.
“Governments have not nailed this problem,” Winters said at an online industry event.
He added that while he was optimistic going into COP26, “we have to prepare for the eventuality either there isn’t agreement or there is agreement but the enforcement mechanisms are weak.”
His comments come on the heels of a U.N. science report which has warned that global warming is dangerously close to spiralling out of control.
Winters is chair of a private-sector initiative called the Taskforce on Scaling Voluntary Carbon Markets, which aims to set standards and encourage the developments of carbon trading schemes outside those managed by governments like the EU.
He said such schemes would help projects that can reduce carbon emissions to get funding, and also influence companies to make more environmentally sustainable decisions by putting a price on carbon.
StanChart has said it aims to reach net zero carbon emissions from its operations by 2030 and have the companies it finances reach net zero carbon emissions by 2050.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.