Against this backdrop, the roundtable will explore the relationship between today’s asset-rewarding economy and our alarming levels of income and wealth inequality. As asset ownership becomes more concentrated and financialization spreads throughout a wide array of industries, many fear that monetary and financial institutional arrangements will exacerbate the wide wealth gap already separating asset-holders from wage-earners. Credit flows most abundantly to those who can offer enough collateral to secure their loans concerns about inflation have biased policymakers towards asset-driven growth to the detriment of social spending and wage-increasing measures and an oligopolistic asset management sector exercises disproportionate power to decide firms’ fates and extract large shares of value. Most fundamentally, the panel will ask whether a framework that ultimately rests on voluntary action by financial institutions is consistent with the sense of urgency and level of coordination required to avoid climate catastrophe.ĪBSTRACT: Modern economies increasingly appear tilted in favor of asset holders. The panel will address the day-to-day workings of financial alignment commitments, the risks of greenwashing, and the scalability of the existing framework to close the global emissions gap. In this moment of institutional flux, the panel will discuss the potential of current efforts to achieve the pace required by the Paris Agreement (50% reductions by 2030, and 100% by 2050). In 2021, the UN launched a separate initiative titled Glasgow Financial Alliance for Net Zero to reduce the “financed emissions” associated with financial institutions’ loans and securities. As the sector that impacts all other sectors, finance has a central role to play in this emerging framework. Technical protocols like the Science Based Targets Initiative provide these private actors with detailed guidance on reduction targets, disclosures, and monitoring.
ABSTRACT: From steel mills to fashion houses, an increasing number of companies have recently pledged to align their greenhouse gas emissions with the reduction goals set in the Paris Agreement.
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