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ALBION DISTRICT LIBRARY BY PERKINS + WILL IS A 2018 COTE TOP TEN RECIPIENT. IMAGE: DOUBLESPACE PHOTOGRAPHY

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The Committee on the Environment (COTE®) is an AIA Knowledge Community working for architects, allied professionals, and the public to achieve climate action and climate justice through design. We believe that design excellence is the foundation of a healthy, sustainable, and equitable future. Our work promotes design strategies that empower all AIA members to realize the best social and environmental outcomes with the clients and the communities they serve.

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post COP26 insight about the action needed from the financial sector

  • 1.  post COP26 insight about the action needed from the financial sector

    Posted 11-17-2021 12:30 PM

    Finance is uniquely positioned to save the planet, but has already financed 1.5֯ C of warming, warns Michael Northrop

    Michael Northrop



    What does it mean that we have already financed 1.5֯ C of warming? In short, that the cumulative impact of the fossil fuel projects banks and investors have financed will be 1.5֯ C degrees of planetary warming. Said another way, we will have financed our way through our remaining 1.5֯ C carbon budget, if all of those projects are completed and operate through their expected lifetimes.

    In fact, according to Carbon Tracker, somewhat more than 1.5֯ C of warming has been financed already. We're already on the way to 2֯ C and beyond.

    This means that if we are serious about keeping planetary warming to 1.5֯ C, we'll need to close down some of these already-financed projects before their projected operational lifetimes are complete.

    It also means we need to stop financing - right away - any additional new oil and gas projects because every bit of it will need to be rolled back too, which obviously becomes harder and harder to do in the real world.

    GFANZ fails to deliver at COP26





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    Kira Gould
    Principal
    Kira Gould CONNECT
    Oakland CA
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