Expand / Collapse search
Watch TV
Menu

This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

ENVIRONMENT

UN lauds launch of market tool assessing firms' climate risk

Associated Press
Published | Updated

BERLIN – The United Nations is applauding the launch of a financial tool to track companies' efforts to prepare for climate change.

Thirteen funds and five firms managing over 2 trillion pounds ($2.4 trillion) launched the online tool at the London Stock Exchange on Wednesday.

Called the Transition Pathway Initiative , it allows asset managers to check what companies have done to prepare for a low-carbon economy.

Burning fossil fuels, which releases carbon into the atmosphere, is considered one of the main drivers of man-made climate change.

U.N. climate chief Patricia Espinosa said the new tool could help ensure financial investments support efforts to limit and prepare for climate change.

A G-20-led task force recommended last month that companies should provide investors with more information about the risks companies face from global warming.