Climate change could potentially derail the Asian century. As global warming is projected to go beyond 1.5 degree Celsius Asia’s most economically dynamic and densely populated places will be heavily affected. In search of the one thing influential enough to bring about the necessary system-wide correction, most turn to governments. In the world of investment, the vital player in curbing carbon emissions are financial institutions. Following the global trend, major institutions in Asia including Korea’s Dongbu Insurance, the Korean Teachers’ Credit Union and Public Officials Benefit Association, Japan’s Sumitomo Mitsui and Mizuho financial groups, and one of China’s largest state investment companies announced plans to stop plowing money into coal-fired plants.
Why do financial institutions play such a key role in climate action? And what are the risks of passive versus active investment funds? What triggered the most recent developments in East Asia’s banking and insurance sectors – and how can they be scaled for the rest of Asia’s financial institutions to move away from fossil fuels? And what roles do Europe’s most influential financial actors play in all of this?
This Talk at the Library features the Natural Resources Defense Council's (NRDC) Han Chen in discussion with Martina Fuchs, business journalist and expert on China and the Middle East. Han shares her in-depth knowledge on the central role of financial institutions in climate action, building on our first webcast on energy investments in South-East Asia.
This event is for members only. You will be able to ask questions using Zoom's Q&A and hand-raising functions.
Photo: Coal-fired power plant. Coal is still one of the drivers behind climate change. Photo on Canva.