Investors warn against carbon removal
UN-convened alliance of financial institutions demands focus on carbon mitigation rather than removal
Eighty-four financial institutions with more than $11tn in assets under management have jointly warned companies in their investment portfolios against the use of carbon dioxide removal (CDR) technologies such as direct air capture to meet emission reduction targets. The guidance is contained in an updated protocol published this week by the Net-Zero Asset Owner Alliance, a group convened by the UN and whose members include Aviva, Societe General, Allianz and Credit Agricole. The alliance’s members are committed to transitioning their investment portfolios to net-zero greenhouse gas emissions by 2050. “With carbon removal technologies yet to impact at scale, the alliance guides members to en
Also in this section
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach
29 April 2024
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
29 April 2024
Canada’s oil sands producers need policy certainty to make the multibillion-dollar investments needed to achieve net zero, Pathways Alliance president Kendall Dilling tells Carbon Economist