Ross Kerber and Simon Jessop

BOSTON/GLASGOW – Executives and financial analysts are hopeful that the United Nations’ highly publicized climate conference in Glasgow will result in changes necessary for businesses to take a greater role in tackling global warming.

According to business experts, there are several ways that world leaders can boost sustainability and invest in the huge amounts of money required to get rid fossil fuels.

They include the pledge of financial institutions with $130 trillion combined in assets to put climate change first, the establishment of a global standard body that will scrutinize climate claims by corporations, as well as pledges to reduce methane and save forests.

Aniket Shah, managing director of Jefferies (NYSE) stated that although some steps were not specific and did not promise anything concrete, there was a general consensus emerging to address climate change. This will allow private investors as well as governments to invest more money.

Shah stated that there is a power in signaling intentions and it cannot be ignored here. Shah referred to Narenda Modi’s Nov. 1 goal for India to achieve net-zero carbon emission by 2070.

Shah claimed that although the climate change pledge came two decades late than scientists had predicted, Shah maintained that it was more than India’s previous offer and could still be extended with financial support from other developed countries.

Peter Lacy, Accenture’s global sustainability services lead, said that for investors and companies, the most significant step at the conference was the creation on Nov. 3 of the International Sustainability Standards Board, meant to create a baseline for companies to describe their climate impact.

Lacy described it as a moment of seismic importance for business, in keeping with CEOs Accenture’s (NYSE:) hopes surveyed before the conference.

Lacy stated via email that the new board “will provide investors and stakeholders with a better understanding of associated risks and opportunities, and help guide allocation of large amounts of capital as the world transitions towards net zero.”

FAILURE TO PROVIDE DETAIL

Many of the key announcements at the conference are vague and leave companies with little room for maneuver, according to critics. According to the statement, although banks, insurers, and investors have pledged to lower emissions by net zero by 2050 and each entity has committed to its net zero goals, “with possible overlap across institutions, assets, initiatives,”

Leslie Samuelrich from Green Century Capital Management Boston said that her concern is about larger investment firms signing on to quickly the pledges to reduce carbon emissions at Glasgow. Their terms may be too simple to comply with.

Samuelrich commented, “The speed at which some have adopted it makes me cautious.”

Others in finance believe it’s inevitable that companies will reduce their carbon emissions as a result of customer pressure and to increase profits. Mark Haefele (chief investment officer, UBS Global Wealth Management) said the promising areas are renewable energy and transport.

Now diplomats must agree on rules in areas such as constructing markets for carbon pricing and the amount of assistance that developed countries will provide to poorer nations.[nL8N2RY0GS]

David Waskow (director of the non-profit World Resources Institute) spoke to journalists Friday and said that he is more positive than one week ago about the possibility that attendees will reach meaningful agreements.

“I feel that the beginning of this week laid good foundations. He said that not everything was perfect.