Financial sector calls for faster action

The Glasgow Financial Alliance for Net Zero (GFANZ) – a net-zero alliance responsible for more than $90tr in assets in 40 countries across the financial sector, chaired by UN Special Envoy Mark Carney has published a call for greater and faster climate action from G20 leaders to build a net-zero global financial system and meet the goals of the Paris Agreement.

The GFANZ Call to Action makes a series of recommendations to G20 governments, which taken together would restructure the global financial system and ensure that public and private capital flows are working hand in hand with public policy to accelerate the global transition to net-zero, while ensuring a just transition for all.

The firms in GFANZ are all members of the UN’s Race to Zero, and so have committed to transition their own investments and businesses to be net zero by 2050 at the latest. They must use science-based guidelines to reach net-zero emissions, cover all emission scopes, include 2030 interim target setting, and commit to transparent reporting and accounting in line with the UN Race to Zero criteria. The firms in GFANZ are diverse in geography, sector, size, and business model and include the largest banks, insurers, asset managers, asset owners, and financial services providers in the world.

    Share Story:

Recent Stories