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Illustration: Aïda Amer/Axios

The U.S.-hosted climate summit has now begun, ahead of the bigger U.N. climate change conference in Glasgow in November.

The state of play: One major theme has already emerged: Investing in a zero-carbon future has moved from being a contrarian strategy with virtue-signaling upside, to being the central investing thesis for most giant financial institutions.

Driving the news: A new financial coalition calling itself Gfanz is coordinating the deployment of trillions of dollars in quasi-permanent capital — much more than is currently being mooted by President Biden's environmentally disappointing infrastructure plan.

The big picture: Environmentally responsible investing over the past decade or so has in large part been a trade that's long tech and short fossil fuels. That trade has been enormously profitable — and has made it hard for investors to cling to their prior beliefs that constraining one's investment universe means giving up total returns.

  • Instead, the opposite argument has become mainstream among institutional investors — that the only way to avoid catastrophically negative investment returns as a result of climate change is to invest in net-zero resilient projects.
  • That's why the second session this morning is devoted to climate finance and private investment. Senior private-sector financiers like Jane Fraser of Citigroup and Brian Moynihan of Bank of America are appearing alongside heads of state, the heads of the World Bank and the IMF, and a high-profile U.S. delegation led by Treasury Secretary Janet Yellen.

The bottom line: What we're seeing is a pro-climate cartel of the richest and most powerful individuals in the world, led by the president of the United States, saying very clearly that they're going to try their hardest to rig the scales in favor of green investment.

  • The White House is determined to corral "market forces" to meet its emissions targets. That's code for "invest in sustainability, and we'll ensure you make lots of money."

Go deeper

Ben Geman, author of Generate
Jul 30, 2021 - Politics & Policy

Climate and energy takeaways from the bipartisan infrastructure plan

Illustration: Sarah Grillo/Axios

The Senate's on the cusp of debating a big energy and climate package that says plenty about today's political and scientific moment.

Catch up fast: Text of the bipartisan infrastructure plan isn't out yet, but a summary in circulation and releases from lawmakers and the White House offer contours of the proposal.

Updated 59 mins ago - Sports

Experts predict major boom for North American sports stadiums

Rendering of the $375 million Moody Center on the UT-Austin campus. Photo courtesy of Moody Center

Stadium and arena construction in North America will total a relatively tame $5.8 billion this year, a 12% decrease from 2021.

The big picture: What the industry lacks in construction it expects to make up for in design, with experts predicting a sports venue boom over the next half-decade, SBJ reports.

Updated 1 hour ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

The latest: “I can’t comment on specific pieces of intelligence. But we’ve been warning about just this kind of tactic for weeks and we’ve spoken to that publicly," Secretary of State Antony Blinken said Sunday. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

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