The London Accord
Encyclopedia
The London Accord is a collaboration between investment banks, research houses, academics and NGOs to produce free research on climate change
for financial investors.
It is intended as a reference guide for investors in the climate change sector.
The London Accord is significant in that it is the largest cooperative project in the world on investment opportunities in avoiding climate change (about 7 million UK pounds). (It is also significant in being a non government-funded initiative).
in London. These findings are freely available from its website.
Its main summary of December 2007 said:
said:
Climate change
Climate change is a significant and lasting change in the statistical distribution of weather patterns over periods ranging from decades to millions of years. It may be a change in average weather conditions or the distribution of events around that average...
for financial investors.
It is intended as a reference guide for investors in the climate change sector.
The London Accord is significant in that it is the largest cooperative project in the world on investment opportunities in avoiding climate change (about 7 million UK pounds). (It is also significant in being a non government-funded initiative).
History
The London Accord was launched in March 2007 and published its results on 19 December 2007 launching them at a roll out meeting at Mansion HouseMansion House, London
Mansion House is the official residence of the Lord Mayor of the City of London in London, England. It is used for some of the City of London's official functions, including an annual dinner, hosted by the Lord Mayor, at which the Chancellor of the Exchequer customarily gives a speech – his...
in London. These findings are freely available from its website.
Its main summary of December 2007 said:
- The IPCCIntergovernmental Panel on Climate ChangeThe Intergovernmental Panel on Climate Change is a scientific intergovernmental body which provides comprehensive assessments of current scientific, technical and socio-economic information worldwide about the risk of climate change caused by human activity, its potential environmental and...
shows that the world needs to act to avoid disastrous climate changeAvoiding Dangerous Climate ChangeThe related terms "avoiding dangerous climate change" and "preventing dangerous anthropogenic interference with the climate system" date to 1995 and earlier, in the Second Assesment Report of the International Panel on Climate Change and previous science it cites.In 2002, the United Nations...
, and act now. - The Stern Report shows that the overall cost of strong early action is much less than the cost of inaction.
- The International Energy AgencyInternational Energy AgencyThe International Energy Agency is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development in 1974 in the wake of the 1973 oil crisis...
shows the changes in fuel mix and energy usage that are necessary to stabilise greenhouse gas concentrations at a safe level. - The UN Framework Convention on Climate Change shows how much money is required by region and by technology to realise a scenario that achieves stabilisation.
- The UNFCCC report shows further that 86% of that investment has to come from the private sector. That equates to private sector investment through 2030 in excess of $600bn per year.
- The London Accord report shows investors and policy makers by technology how attractive that private investment is, at the end of 2007.
Findings
The findings of the research carried out show that:- energy investment is going to become much, much riskier
- key governmental focus should be on establishing cap-and-trade markets, then international carbon standards, then regulation; not taxation
- forestryForestryForestry is the interdisciplinary profession embracing the science, art, and craft of creating, managing, using, and conserving forests and associated resources in a sustainable manner to meet desired goals, needs, and values for human benefit. Forestry is practiced in plantations and natural stands...
is a big unknown – governments should fund research into the real extent of abatement potential and the real costs of forestation - carbon capture and sequestration/storage (CCS) seems an unrealistic investment
Quotes about the London Accord
David Lewis (Lord Mayor)David Lewis (Lord Mayor)
Sir David Thomas Rowell Lewis was the Lord Mayor of the City of London for 2007–08.Lewis was born in Hong Kong. He is the grandson of a sheep-farmer from Carmarthenshire, Wales and regards himself as Welsh. He was educated at the Dragon School and St Edward's School, Oxford before studying...
said:
External links
- London Accord website
- http://www.gresham.ac.uk/event.asp?PageId=45&EventId=739 Gresham College Symposium transcript and video - "The London Accord: Sustainable Finance And Climate Change"
- City of London News report on London Accord
- http://unfccc.meta-fusion.com/kongresse/workshop01_07/templ/ply_unfccc.php?id_kongresssession=733&player_mode=isdn_real Video about London accord at UNFCCC
- Barclays report on its work with the London Accord
- Gresham College study/lecture/discussion day on the findings of the London Accord
- Extract from the Gresham College day (keynote speaker only)