13a. Uphold the right of everyone to receive clear and timely information on environmental matters and all development plans and activities which are likely to affect them or in which they have an interest.
Photo: Fig. 4 from Unburnable Carbon, Carbon Tracker 2011
I think the system is broken and
it needs root to branch reform.
Jeremy Leggett, Chairman, Carbon Tracker Initiative
At least one-half of fossil fuel
assets will have to be left
in the ground.
Nick Robins, Head, Climate Change Centre of Excellence, HSBC, London
At least one-half of fossil fuel assets will have to be left in the ground
Carbon Tracker’s goal is to prevent a carbon crash by exposing contradictions between capital markets and climate policy, and advocating their alignment. The global nature of capital markets means that the ownership of fossil fuel reserves is distributed very differently to their physical location, with western investors financing the exploitation of fossil fuel reserves in industrialising countries.
Asset owners typically invest large amounts in passive funds which track the market, or active funds which are benchmarked against market indices. This means many investors are backing huge fossil fuel reserves purely as a result of the structure of the financial products they invest in.
Carbon Tracker's analysis has revealed that to manage the transition to a low-carbon economy, financial regulation and practice need to be reformed: carbon risks inherent in fossil fuel assets must be recognised and action to reduce these risks taken on the timeline needed to avoid catastrophic climate change.
13. Strengthen democratic institutions at all levels, and provide transparency and accountability in governance, inclusive participation in decision making, and access to justice.