As business leaders, world leaders, and economists returned to Davos for the World Economic Forum, recent record Alpine temperatures underscored the necessity to rein in carbon emissions.
U.N. figures now show that the number of organizations pledging to get to net-zero emissions by mid-century has soared in recent years, up 60% to more than 11,000. Despite the strong growth in pledges, the world is course to miss its goal of capping global warming at 1.5 degrees Celsius above the pre-industrial average, heading instead towards 2.8 degrees. Consequently, more and more, conversations in C-suites and with financiers center on the risks climate change presents to businesses.
Though there is agreement on the need for change, people remain divided on the pace. Activists are calling for the global energy industry and its financiers to end all fossil fuel investments. Meanwhile, executives from some of the leading U.S. financial firms are facing growing pressure from domestic right-wing politicians to ease up on environmental efforts.