Season 2: Ep24 - Export Credit Agencies and Fossil Finance with Perspectives Climate Research

This week we discuss the need to update meteorological models, fashion’s dependency on fossil fuels and the latest Science Based Targets initiative (SBTi) controversy.

We kick off the episode with the worrying news that temperatures in Antarctica climbed up to 50°F last month. We are basing our weather predictions on models from a decade ago and we need to update them as the climate changes to ensure we are prepared for extreme weather events.

Equally startling news was the extent to which the fashion industry is still extremely dependent on fossil fuels, even for energy use, suggesting that all the talk about making the sector more sustainable is indeed just talk.

Then we explore the SBTi's announcement regarding the risk of carbon offsets, and its reiteration that the priority remains direct decarbonisation of Scope 3 emissions. This is in contrast with the idea floated in April to allow the purchase of carbon credits to offset a company's supply chain footprint. The organisation will take a final decision in 2025, suggesting internal conflict on the matter, however this creates further confusion for companies that need leadership in the middle of a crucial decade to mitigate climate change.

Finally, Felicia talks to Max Schmidt at Perspectives Climate Research about Export Credit Agencies, their role in financing fossil fuels and how they could be a tool for supporting a shift towards green industry, green growth and green export markets.

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