Climate protection

Climate protection: Angela Merkel takes on the financial industry

In the discussion on climate protection, German Chancellor Angela Merkel at the “7. Petersberg climate dialogue” banks and hedge funds attacked. She wants a stronger involvement of the industry in order to achieve the climate goals.

Opposing power producers: The coal-fired power plant Mehrum and wind turbines in lower Saxony, Germany

“As the global financial system has left us with so many burdens, it would also be nice, the global financial system would play to the point of climate protection, a positive role during the financial crisis of the years 2008 and 2009”, the Chancellor had strong words to the address of the banks and hedge funds. The basis for improved implementation in the field of climate, a shift in the financial industry, according to Merkel’s view of climate-damaging industries.

Criticism of Climate scientists

How this can be achieved, but needs to be fleshed out. The Treaty of Paris and the sick in mind that it is based on voluntary commitments without sanctions, said the climate researcher Mojib Latif of the “Passauer Neue Presse”. “What is now on voluntary commitments on the table, it is not enough in the front and the back,” warned Latif. Merkel pointed to the German climate protection plan 2050, to be decided this Wednesday by the Cabinet.

German Chancellor Angela Merkel wants to take the financial industry in the area of climate protection

The implementation of the objectives is also cost-intensive. The success of the Paris climate agreement will be to decide very strongly in mind, what investments will be made in the next few years, Merkel said.

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With the agreement, a new stage, start in the area of climate protection, Merkel said. She acknowledged that the implementation of many of the actors will still require a whole lot. The Chancellor also pointed out the difficult debates in Germany about the climate protection plan 2050, which is currently being coordinated with the government internally. There were also conflicts of interest. Also the previous decisions, see Merkel distanced. At the UN conference in Paris end of 2015, measures taken, the self-obligations of the States were not sufficient to achieve the goal to limit the warming of the average temperature of the earth to a maximum of two degrees, said Merkel. The agreed Review every five years will therefore be “painful,” she warned. Additional efforts need to be made. This applies also for the air traffic. “We want to adopt a global market-based measure to be binding,” Merkel said, with a view to the meeting of the civil aviation authority in the autumn.

Merkel calls for improvement

“Co2 emissions already looks a threat,” said the Chancellor to the development of the last years. Germany and the EU would be to the Paris target. “We are willing to be better,” said Merkel. The EU has committed, by 2030, at least 40 percent of their greenhouse gas emissions compared to 1990 levels, saving. Now the EU must propose a Commission, as this obligation is on the 28 EU member States will be distributed.

Additional Investment

The goal should still be to create wealth, but on a sustainable path, Merkel said. Ultimately, only limited additional expenses for the conversion to more climate-friendly investments that would pay off in the long term. “Let us climate-protection agreement with life”, called on the Chancellor of the participants in the conference.

Support for developing countries

The two-day climate Meeting of Ministers from 35 States in the preparation of the next UN climate conference in Morocco in November. Developing countries should be relieved, and receive technical and financial support. The agreement enters into force, if it is to have at least ratified the 55 countries that account for 55 percent of global emissions.

cgn/cr (afp, dpa, epd, rtr)