Net Zero finance initiatives covering more than 160 investors and banks with more than $70trn in assets have been brought together under the umbrella initiative Glasgow Financial Alliance for Net-Zero (GFANZ).
Launched by Mark Carney, the UN Special Envoy on Climate Action and Finance and former Governor of the Bank of England, GFANZ includes the existing Net-Zero Asset Managers Initiative and Net-Zero Asset Owner Alliance, as well as a new UN-convened Net-Zero Banking Alliance.
Created in partnership with the UNFCCC Climate Action Champions, the UN Race to Zero campaign and the COP26 Presidency, GFANZ - which will be chaired by Carney - aims to accelerate the transition of the global economy to net-zero emissions by 2050 at the latest.
Signatories are required to set science-aligned long-term goals, supplemented by interim targets and action plans. Firms must also advocate for public policy that supports the transition.
The new Net Zero B…