Finance sector will not drive global net zero push

Significance The declaration, which does not involve commitments to specific actions, is a statement of support for the ambition of scaling up the use of (relatively clean) nuclear power expressed at last year's COP28 climate summit. It does not, however, indicate a strengthened commitment by the financial sector to drive the global economy towards net zero emissions. Impacts Higher carbon prices would do more than ESG policies to drive investment in the green transition. More industry-specific regulation would also help, but at the risk of a political backlash. Developing global crises will continue to divert corporate focus away from climate investment.