Global finance urged to step up climate fight at COP26 summit

4:00 am: Larry Fink of BlackRock warned of “massive market arbitrage”

BlackRock’s Fink told CNBC at COP26 on Tuesday that “we can’t just ask SOEs to move forward without the rest of society.”

“We have to be open-minded about what it’s going to take. We’re going to have to be brutally honest, beyond just showing off big commitments, we have to focus on how to build a plan with granularity and continuity across the board. – beyond these two weeks and have a platform, a plan to make the public and private world work together to find solutions, “he told CNBC’s Julianna Tatelbaum.

Watch the video of Larry Fink’s interview with CNBC below:

3:30 a.m .: President Biden hits China, Russia before leaving summit

US President Joe Biden speaks during a press conference at the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Britain November 2, 2021.

Kevin Lamarque | Reuters

Before US President Biden left the COP26 summit on Tuesday evening, he told reporters it was a “big mistake” for Chinese President Xi Jinping and Russian President Vladimir Putin not to attend the global rally on the climate.

“I indicated that China and Russia did not show up, and Saudi Arabia was a problem. We introduced ourselves, we introduced ourselves. And by presenting ourselves, we had a profound impact on how which I think the rest of the world is looking at is the United States and their leadership role, ”he said.

“I think it was a mistake, quite frankly, as far as China is concerned not to show up. The rest of the world is going to look to China and say what added value it has brought. ability to influence people around the world and all the people here at the COP. Similarly, I would say about Russia. “

Although Chinese President Xi Jinping was not present at the COP summit, Beijing has pledged to reduce the consumption of coal in the country’s power plants by 2025.

Biden’s remarks came as he wrapped up his visit to Glasgow, after signing landmark agreements to end global deforestation, reduce methane emissions and provide climate finance to developing countries.

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