VIDEO: Coutts CEO Peter Flavel on corporate climate action and achieving a just transition at COP26
EXCLUSIVE: The chief executive of private banking and wealth management firm Coutts has told edie he is "very positive" to see so many businesses present at COP26, but that there's still "a lot to do" when it comes to advancing a just transition to net-zero economies.
Speaking to edie’s content director Luke Nicholls from the top of the Radisson Red hotel opposite the SEC Centre in Glasgow this morning (5 November), Flavel said he was pleased to see so many businesses represented in the various talks and sessions that have taken place at COP26 so far.
“This is the first time business has been at COP,” Flavel said. “All previous COPs have been about NGOs, governments and regulators, and they are definitely part of the solution – but we need to mobilise business; and then the finance sector needs to finance a just transition across all sectors of the economy.
“Aviation, communication, shipping, food, agriculture – all elements of the economy need to move towards a just transition, because this is a systemic issue and the only way we’re going to get to 1.5C is through a concerted effort by everyone.”
Reflecting on a hugely significant Finance Day at COP26 earlier this week, Flavel spoke of the need for a more joined up approach to financing a just transition to net-zero, and for businesses to begin to move from ambition to action with their climate targets.
“There’s a lot to do,” he said. “Governments and regulators need to provide a fertile ground for businesses to address a just transition to net-zero – that’s about ensuring we’ve got common standards and metrics so that we can properly compare how people are progressing.
“Secondly, everyone needs to set their own targets, but those targets can be a long way off. We can’t wait to 2029 – it’s about real action now, and that’s what’s got to come out of COP this week.”
edie at COP26
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View all of edie’s COP26 content here.
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