Mark Carney argues that finance needs to go where the emissions are

IN A WORLD starved of good news on climate, it is welcome that investment in clean energy has grown exponentially and is now running at almost double the rate of investment in all new fossil fuels. This year solar alone will receive more capital than new oil-and-gas production. As a result of these dramatic shifts, global carbon emissions from energy use may peak next year

But even as the arc of global emissions is finally beginning to bend, much more will be required to reach climate justice. First, clean-energy investment must rise from $1.8trn this year to around $4.5trn a year by the early 2030s. And crucially, heavy-emitting industries must begin to make their contributions. These sectors—materials, chemicals, heavy transportation—already generate almost one-third of global emissions. Based on current trajectories those emissions will rise by more than 30% by 2050—putting the world’s climate goals out of reach.