Davos: climate change back on international agenda
This year’s Davos World Economic Forum has put climate change firmly back on the international agenda. Ever stronger scientific evidence demonstrates the link between society’s carbon emissions and rising global temperatures and the drastic consequences if further action is not taken to reduce emissions.
Major public panel sessions discussed global food security, resilience to natural disasters, turning waste into sources of wealth and the future of resource extraction in a sustainable world.
All governments have agreed to the intention to reach a new international agreement for post-2020 carbon emission reduction targets by December 2015. 2014 will be decisive in whether or not a new climate agreement can be reached. Countries also aim to formulate new goals for ending extreme poverty and replacing the Millennium Development Goals. The UN Secretary-General Ban Ki-Moon has called a Leaders’ Summit in September to give impetus to these discussions and the official climate change negotiations. He participated in discussions with many CEOs about how the private sector can contribute in terms of leadership.
For instance, the UN Secretary General led a panel discussion that included World Bank President Jim Yong Kim, Unilever CEO Paul Polman, Bill Gates, the Prime Minister of Norway, Erna Solberg, Nigeria’s Minister of Finance, Ngozi Okonjo-Iweala, and former US Vice President Al Gore. The question in focus was: how can government and business work together to ensure that the extraordinary effort of forming agreements towards climate change and ending extreme poverty globally leads to action?
Davos featured a full day of climate change specific events, in which Deutsche Bank Vice Chairman Caio Koch-Weser participated. One event focused discussion on how the financial sector is starting to help consumer goods companies reduce deforestation in their supply chains. Other Davos events discussed how investment levels in green infrastructure can be increased, energy efficiency and the oil and gas industry’s efforts to reduce methane emissions.
Our work in the field of climate change demonstrates how Deutsche Bank applies financial innovation to address a major societal issue. Deutsche Bank is a leading financier of renewable energy projects and recently supported the publication of a set of principles for Green Bonds. Asset Wealth Management is working to deepen its commitment to responsible investment as well as operating a number of specific green funds like the Global Climate Partnership Fund, European Energy Efficiency Fund and the DB-Masdar cleantech fund.
Caio Koch-Weser said “The Davos discussions on climate change had high levels of energy and commitment to concrete actions, particularly from the private sector. Deutsche Bank’s business strength in this area should position us well for new opportunities as well as illustrating our values in action.”
New carbon emission reduction targets
will be decisive in whether or not a new climate agreement can be reached.
“The Davos discussions on climate change had high levels of energy and commitment to concrete actions, particularly from the private sector.”