Will November economic recovery and sustainability summits deliver?

https://www.fxstreet.com/analysis/will-november-economic-recovery-and-sustainability-summits-deliver-202209190230November is a pivotal month for sustainably as the Climate Summit COP27 brings over 150 heads of states to Egypt to advance decarbonization. COP27 will be followed by the G20 summit bringing the 20 most industrialized economies to Indonesia to promote economic recovery and Green-Growth transition.

Before we talk about November, let’s look at what happened in 2021 at the same summits. In 2021, the G20 met in Italy followed by the COP26 Climate summit in the UK. While the Italian summit did not accomplish much in terms of sustainability and economic recovery, given also that some key members did not show up, the COP26 secured commitment from most countries to reach net-zero emission by 2050.

COP26 was instrumental in galvanizing more private sector and capital markets investments towards green growth, climate risk and decarbonization technologies. A few key milestones reached in 2022 to keep in mind were: a) the launch of the Davos First Mover Coalition (FMC); b) the US approval of $500 billion climate bill; and c) Wall Street intense M&A activities around climate risk. Here below are more details.

The FMC is a partnership of 55 Members from top global corporations, international organizations, and governments. Each of the FMC members has summitted to purchase green cement, steel, and coal to accelerate the green transition. These companies have a combined market cap of $ 8.5 trillion and are playing a massive role to commercialize clean technologies. The Biden Administration passed the largest climate investment package ever. This was a $500 billion package of investments which will focus on…