Financial firms commit €112tn for carbon 'net zero' commitments 

Alok Sharma, president for Cop26, speaking at the summit at the Scottish Event Campus in Glasgow. Picture: Stefan Rousseau/PA Wire

The financial sector has committed €112tn in striving for so-called "net zero" emissions by 2050, as Cop26 president Alok Sharma denied claims the involvement of banks and investment firms would lead to high-level "greenwashing".

On the third day of the UN climate change summit, which had finance as its theme, Cop26 announced there would be $130tn (€112tn) of private finance "to science-based net zero targets and near-term milestones".