Renewity, the world’s first multi-manager platform devoted solely to investing in renewable energy, has today launched a worldwide petition to encourage media organisations to present the carbon price alongside the main stock market indices in news broadcasts.
Renewity believes that arming investors and consumers with the knowledge of the carbon price, and thereby accelerating collective awareness of the cost of carbon, could be a key step in helping transition to a net-zero world.
It is therefore calling for major media outlets to include a reference to the latest market “price” of carbon in their “financial markets review” slot at the end of news bulletins, alongside for example the latest FTSE 100 and S&P 500 numbers currently quoted.
To help facilitate market-based solutions to the climate challenge, carbon emission trading systems have been developed which effectively deliver a market price for emitting carbon dioxide.
Systems such as the EU’s Emission Trading system (ETS)* now enable businesses, governments and other organisations that emit carbon dioxide to place an independent value on that activity, encouraging them to offset their carbon-dioxide emissions and to operate more sustainably. For participants in some higher carbon-emitting sectors of the economy the incentives to act more swiftly are stronger still.
To support its campaign and assist in building political and industry awareness, the firm has brought in ex-Government Minister and former City of London special representative, Jeremy Browne.
Renewity CIO and co-founder David Hunter said, “the carbon price and the related carbon “footprint” are set to become the financial and consumer metrics of the coming decades, ultimately permeating most aspects of society.”
Hunter believes that 2021 is a watershed year for accelerating action, fuelled in the UK by both the hosting of the UN’s COP26 conference in November and the recent launch of the UK’s own carbon emissions trading system. In line with Renewity’s petition, he also noted the UN-convened Net-Zero Asset Owner Alliance’s recent call for governments to adopt global benchmark prices for carbon.
“Arming investors and consumers with the market price of carbon, just as we do with other market indices, could be a key enabler in transitioning us to a carbon-neutral world. From an investor’s perspective, a high carbon price promotes investment into alternative energy sources as well as innovative lower-carbon technologies. As consumers, we are becoming increasingly aware of our carbon footprints and those of the products we consume. We believe that understanding what that footprint means from a monetary perspective can help us all make more conscious and sustainable lifestyle choices.”
He added, “We believe media organisations have an opportunity to lead the charge. Highlighting the key carbon market price statistic in news bulletins would be a positive step forward in furthering peoples’ understanding and awareness of the challenges that lie ahead. This in turn will likely encourage and support more rapid and impactful actions to help us address the critical climate challenge soonest, for our and our children’s collective benefit.
“As we look to pursue this agenda, we are also delighted to welcome Jeremy on board. His experience in bridging the investment and public policy arenas across multiple jurisdictions should prove valuable to the cause.”
Joining Renewity this month, Jeremy Browne most recently acted as International Business Ambassador to Aberdeen Standard Investments, following a period as Special Representative for the City of London Corporation in the European Union. During the Conservative / Liberal Democrat coalition government Browne was Minister of State with responsibility for South-East Asia & the Far East, the Caribbean, Central & South America, Australasia & Pacific within the Foreign Office.
People can show their support for Renewity’s petition at https://www.change.org/p/abc-media-organizations-must-present-the-carbon-price-alongside-the-main-stock-market-indices (or http://chng.it/w2PYjygs) and follow the campaign online via #showthecarbon