A year ago, at the United Nations Annual Climate Summit in Glasgow, Scotland, there was

a big announcement.

Good morning and welcome to COP26 Finance Day.

Hundreds of financial institutions said they were joining in alliance to fight climate change.

It was pretty monumental, people were pretty excited about it.

That's our colleague David Benoit.

We need $150 trillion in order to finance the transition to clean energy.

And that's a huge number and no one quite knew where that was going to come from.

And suddenly, there was a potential pathway to get to that money.

I look around this hall and I feel optimism.

Why?

Because this is the first COP to bring together so many of the world's finance ministers,

businesses and investors with such a clear common purpose.

We got for the first time really the financial world coming together.

We got the banks and the asset managers and the insurance companies.

And they all said, look, we are ready to finance the fight against climate change.

But a year later, as the world gathers for this year's UN Climate Summit in Egypt, that

unprecedented alliance?

It is not going smoothly.

There are a lot of questions about whether the banks are doing enough and care enough about

this. There are major schisms going on within the group that raise serious questions about

if they're going to be able to get there.

...