Daily Management Review

Companies Can’t Depend On Governments And Need To Act Themselves On Climate Change: StanChart CEO


Companies should take action themselves to address climate change issues and should not depend on wide ranging agreements being reached between various governments when they get together at a global summit on climate change later this year, commented Standard Chartered CEO Bill Winters in an event on Tuesday.
Countries from all over the world are scheduled to meet at the United Nations' Climate Change Conference (COP26) which is due to take place in Scotland in November. The summit is aimed at reaching an agreement for adopting much more ambitious climate action pledges by nations.
"Governments have not nailed this problem," Winters said at an online industry event.
While he was quite optimistic about the outcome of the COP26, he added: "We have to prepare for the eventuality either there isn't agreement or there is agreement but the enforcement mechanisms are weak."
The comments were made a day after the release of a science report by the United Nations in which the global agency issued a stark warning global warming and its resultant impacts such as extreme weather events are close to getting out of control.
Winters is the chairman of a private-sector initiative called the Taskforce on Scaling Voluntary Carbon Markets. The aim of this organization is to set standards on carbon trading and encourage members to develop carbon trading schemes in addition to those that are managed by governments such as the EU.
Projects that have the ability to reduce carbon emissions will be aided in obtaining requisite funding through such schemes, he said. These efforts would also exert an influence on companies and prompt them to take more environmentally sustainable decisions by imposing a price on carbon.
StanChart has pledged to achieve net zero carbon emissions from its operations by 2030 while encouraging the companies that its finances to reach net zero carbon emissions by 2050.