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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.

Progressives to file resolution to strip Boebert's committee seats

Rep. Lauren Boebert walking through the Senate side of the U.S. Capitol earlier this month. Photo: Drew Angerer/Getty Images

House progressives are planning to introduce a resolution on Wednesday to strip Rep. Lauren Boebert (R-Colo.) of her committee assignments, according to a Democratic aide familiar with the matter.

Why it matters: The move, which was first reported by the Washington Post, comes as progressives — anxious to see the right-wing firebrand face retribution for her recent comments — have grown frustrated by Democratic leadership's inaction on the issue.

Roger Stone won't cooperate with Jan. 6 panel

Longtime Trump confidante Roger Stone speaking in front of the Supreme Court on Jan. 5 in Washington, D.C. Photo: Tasos Katopodis/Getty Images

Longtime Trump confidante Roger Stone won't cooperate with the House select committee investigating the Jan. 6 Capitol riot and will invoke the Fifth Amendment right not to testify, his attorney said Tuesday evening.

Why it matters: The announcement, first reported by ABC News, came hours after former White House chief of staff Mark Meadows said he wouldn't cooperate with the probe.

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