Investors Worth $5 Trillion Set Major Emissions Reduction Targets
Thirty of the world's largest investors, who together control $5 trillion in assets, have pledged to cut the greenhouse gas emissions of their portfolios by as much as 29 percent in five years.
The investors, who include Allianz, the Church of England and the California Public Employees' Retirement System, are all part of the UN convened Net-Zero Asset Owner Alliance. The group formed in 2019 with the goal of reducing the emissions of their investment portfolios to net zero by 2050 and limiting global warming to 1.5 degrees Celsius above pre-industrial levels. On the road to that goal, the group announced their 2025 Target Setting Protocol Tuesday, which includes the goal to reduce emissions across members' portfolios by 16 to 29 percent of 2019 levels by 2025.
"According to the UNEP Emissions Gap Report, every year of postponed emissions peak means that deeper and faster cuts will be required," UN Environment Programme Finance Initiative leader Eric Usher said in a press release. "The Target-Setting Protocol represents world-leading progress on the required emissions reductions from some of the biggest investors in the world."
To reach their goal, the investors will pinpoint the 20 companies most responsible for their portfolios' emissions, The Guardian explained. They will also set specific targets for highly emitting sectors like oil and gas, transport and utilities.
Some financial institutions have acted on the climate crisis by divesting entirely from certain companies or refusing to fund certain ventures. For example, Norway's largest private asset manager divested in August from companies that lobby against climate action or make more than five percent of their revenue from coal or oil sands. The Net-Zero Asset Owners Alliance, however, takes a different approach, seeking instead to engage with the companies it invests in in order to push the overall economy towards a just transition to renewable energy.
"Although decarbonization of portfolios could be easily achieved by selling carbon intensive investments, it is highly questionable if such actions alone would have a positive impact on the real economy," the group explained in the press release. "Additionally, it might undermine Alliance members ability to engage with these [companies] to effect reductions in the real economy."
Part of that engagement means encouraging companies to share regular reports on their climate actions and to craft plans to green their business, according to The Guardian. The alliance itself will also release yearly reports, and plans to grow its membership to 200 or the assets under its control to $25 trillion.
"Alliance members start out by changing themselves and then reach out to various companies to work on the change of their businesses," Alliance Chair Günther Thallinger, who serves on the board of management for Allianz SE, said in the press release. "Reaching net-zero is not simply reducing emissions and carrying on with the business models of today. There are profound changes and opportunities that will come from the net-zero economy, we see new business opportunities and strong wins for those who are ready to lead."
The alliance is part of the United Nations Framework Convention on Climate Change's (UNFCCC's) broader Race to Zero campaign, in which cities, companies and investors work to increase the number of entities that have committed to net-zero emissions by 2050 or earlier, Business Green reported. The plan is to have as many as possible commit before the next major UN climate summit, the delayed COP26.
Correction: An earlier version of this article said that Norway's largest hedge fund divested from companies that lobby against climate action. The article has been updated to identify the fund as Norway's largest private asset manager.
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By Teri Schultz
Europe is in a panic over the second wave of COVID-19, with infection rates sky-rocketing and GDP plummeting. Belgium has just announced it will no longer test asymptomatic people, even if they've been in contact with someone who has the disease, because the backlog in processing is overwhelming. Other European countries are also struggling to keep up testing and tracing.
Meanwhile in a small cabin in Helsinki airport, for his preferred payment of a morsel of cat food, rescue dog Kossi needs just a few seconds to tell whether someone has coronavirus.
<div id="bfda0" class="rm-shortcode" data-rm-shortcode-id="c60b1a0dedbedbe5e0ce44284aff852f"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1308390775328251906" data-partner="rebelmouse"><div style="margin:1em 0">Covid-19 dogs started their work today at the Helsinki Airport at arrival hall 2B. Dogs have been trained to detect… https://t.co/nw4mrw6eJM</div> — Helsinki Airport (@Helsinki Airport)<a href="https://twitter.com/HelsinkiAirport/statuses/1308390775328251906">1600779644.0</a></blockquote></div><p>If it were left to Kossi and his pals, crowds of potential virus carriers could be cleared in a fraction of the time for a fraction of the cost with none of the physical discomfort that accompanies the current nasal swab test based on the polymerase chain reaction (PCR) method.</p>
No Human Nose Needed<p>A dog can sniff a cloth wiped on a wrist or neck and immediately identify if it comes from someone who has contracted the virus as much as five days before any symptoms appear which would lead a person to go into isolation. "A dog could easily save so so, so many lives," University of Helsinki veterinary researcher Anna Hielm-Bjorkman told DW, who says their testing has shown an accuracy level of nearly 100%.</p><p>It was originally her idea to see whether Kossi, a talented disease-detection dog, could redirect his skills in sniffing out mold, bedbugs and cancer to detecting the new virus just as it started to spread in Europe. "It took him seven minutes to figure out 'okay, this is what you want me to look out for," Hielm-Bjorkman said. "So that totally blew our minds."</p><p>Susanna Paavilainen, the executive director of the Wise Nose scent-detection foundation and the woman who saved Kossi from euthanasia in a Spanish shelter eight years ago, immediately started retraining her dogs to find the coronavirus.</p><p>Miina, who used to track a young girl's blood sugar levels by scent, quickly came on board, along with two others already working in disease detection. In all, they hope to train 15 dogs in the first phase.</p><p>Hielm-Bjorkman said once they discovered the new capabilities, while the normal academic procedure would be to test, publish and get peer-reviewed, their first instinct was to get the dogs into service. "[Researchers] who are actually publishing," she noted wryly, "are not at the airports."</p>
Wags, Not Wages<p>But for that, they needed permission and ideally, some funding. Vantaa Deputy Mayor Timo Aronkyto, who is also responsible for airport security, saw the benefit straight away. "It took me two minutes," he told DW.</p><p>However, his funding options were limited to about $390,000 total for the four-month pilot project aiming to prove that results from the dog tests are at least as accurate as the PCR test. Anyone who tests positive at the voluntary canine site is requested to go to the medical unit for confirmation.</p><p>The interest of Aronkyto, a trained physician, is rooted in both health and wealth. "Our testing at the airport costs more than 1 million [euros] (USD $1.2 million) a month at the moment," he said, explaining he expects that to go up to €3 million (USD. $3.5 million) per month in winter. "These dogs would be much cheaper," he pointed out.</p><p>He's optimistic support will grow as data from the current pilot project accumulates, explaining there is already work underway to change Finnish legislation so eventually sniffer dogs would have the same "authority" as customs dogs.</p><p>Aronkyto anticipates one animal performing both functions in the near future. He plans to continue this level of funding from his city budget into next year but that doesn't train new dogs nor expand the capacity beyond the four that split shifts currently at the airport, even as infection rates rise.</p>
Helsinki Hesitates<p>Notably, however, the Finnish government has not signaled it would like to pick up the program itself, despite a huge surge in publicity and, as Hielm-Bjorkman and Paavilainen emphasize, interest from other countries. Travelers have been eager to participate, waiting in line more than an hour at times.</p><p>Finnish ambassador in Ramallah, Palestine, Paivi Peltokoski, praised the experience after a recent trip but, apparently, her enthusiasm is not overly contagious.</p>
<div id="d9823" class="rm-shortcode" data-rm-shortcode-id="61d382f115fe66a44eb793d9ebee3d94"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1318564228450615299" data-partner="rebelmouse"><div style="margin:1em 0">I was tested negative by two #coronadogs upon arrival at the #Helsinki airport in #Finland. Later a medical test ve… https://t.co/cGlWQn8DJb</div> — Päivi Peltokoski (@Päivi Peltokoski)<a href="https://twitter.com/PaiviPeltokoski/statuses/1318564228450615299">1603205184.0</a></blockquote></div><p>"If the government would see this already as something that they would believe in," Hielm-Bjorkman said, she could envision training hundreds of dogs, stationing sniffers at concert halls or sports matches or elderly care homes. She adds there's a need for a "paradigm shift" for both medical professionals and the public.</p><p>Usually it's doctors telling patients if they're sick, she explained, and "here it's a dog handler."</p>
Little Political Will on German Project<p>This situation is not limited to Finland. In Germany researchers also <a href="https://www.dw.com/en/german-sniffer-dogs-show-promise-at-detecting-coronavirus/a-54300863" target="_blank" rel="noopener noreferrer">announced promising results</a> with canines <a href="https://www.dw.com/en/coronavirus-german-military-training-sniffer-dogs/a-54062180" target="_blank" rel="noopener noreferrer">detecting COVID-19</a>, but no dogs have been used anywhere so far. And then, says Professor Holger Volk of the University of Veterinary Medicine Hanover, there has been insufficient political will or funding to move the project forward, something he called "very troubling" especially with a resurgent infection rate.</p><p>"When we started this whole project, we we did it because we wanted to help to stop the pandemic," Volk told DW. "It's really has been a very frustrating ride. I have had a lot of naysayers in the whole process. If I wasn't a very determined person, having done a lot of research, I would have probably stopped it."</p><p>He agrees with Hielm-Bjorkman's assessment that "it's just not in the perception of doctors that dogs are able to do this precise work." But he also echoes her faith in the vast potential of their discovery. "If you had a dog who could sniff every day quickly your cohort of workers, for example," he said, "think about the impact. You could continue having a workplace."</p><p>Speaking of workplaces, Susanna Paavilainen is starting to think if Finland doesn't want to unleash the dogs' potential at home, she and Kossi might accept one of the many requests from all over the world to provide training. "We can move because Kossi likes warm weather," she says, petting her star sniffer.</p>
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