Five global firms have joined a facility that seeks to forward purchase one million carbon removal credits at a targeted average price of $200 a tonne of CO2e through 2030, aiming to drive nascent technologies to scale.
The new financing from the Global Environment Facility, totaling $43 million, will give developing countries the means to quickly put the anticipated Post-2020 Global Biodiversity Framework into practice and make headway towards the goal of halting and reversing species loss this decade.
HSBC regards climate change as one of the most serious emergencies facing the planet, and is committed to supporting its customers in their transition to net zero and a sustainable future and, like HSBC Asset Management, is committed to achieving net zero by 2050.
The challenge of capturing carbon is gigantic: the latest models from the Intergovernmental Panel on Climate Change suggest that as the global economy decarbonizes, the world will also need to remove around six billion tons of CO2 per year by 2050 to avoid the worst impacts of climate change.
With a global push to achieve sanitation and hygiene for all by 2030, and whole countries strategising national campaigns to end open defecation, it can be easy to forget that there are still people in high-income countries like the UK who have little to no access to sanitation.