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Carney-led finance coalition has up to $130tn funding committed to hitting net zero

Led by Mark Carney Coalition of international financial companies Private capital, signed up to tackle climate change, will amount to up to $ 130 trillion, promising to reach its net zero emissions target by 2050.

Glasgow’s Net Zero Financial Alliance (Gfanz), made up of more than 450 banks, insurance companies and asset managers in 45 countries, has $ 100 trillion to help the economy move to the next Net Zero. He said he could provide some funding. 30 years.

“We are now moving climate change from the periphery to the financial front, and all financial decisions are in place to take climate change into account,” said the Bank of England, chaired by Gfanz. Former Governor Carney said. Since its launch in April.

Investment managers accounted for $ 57 trillion in assets, of which $ 63 trillion came from banks and $ 10 trillion from asset owners such as pension funds. Financial groups that have signed up for Gfanz include HSBC, Bank of America and Santander.

However, the total capital advocated by Gfanz has expressed skepticism from some climate change activists who are tracking the financial services industry. The climate change effort was “1 mile wide and 1 inch deep.” Our future bank The campaign network said.

She said the asset managers who signed up for Gfanz had so far set only 35% of their total assets to a net zero target. “It’s not green finance, and as long as financial firms are very interested in expanding fossil fuels, they’re not even a little devoted to tackling climate change,” she added.

Mark Campanale, founder of the carbon tracker initiative for financial think tanks and a member of Gfanz’s advisory board, said $ 130 trillion in assets was “ambition” rather than “in line with today’s net zero.” [was] To adjust assets in the future. “

He added that the groups involved in the expansion of fossil fuel projects cannot claim that it is on the road to Net Zero.

Gfanz has been criticized by climate change activists for allowing financial groups to continue to support fossil fuel companies in the short term.

“This announcement again ignores the largest elephant in the room,” said Richard Brooks, Chief Financial Officer of Stand.earth. “There is no mention of the F word in this new declaration from the Net Zero Club. It cannot be kept below 1.5 degrees. [warming] Financial institutions must stop funding coal, oil and gas companies. “

Last month, the Financial Times revealed that the bank that signed up for Gfanz had it. Pushed back Contrary to the clearest roadmap for reducing greenhouse gas emissions advocated by the International Energy Agency, funding for all new oil, gas and coal exploration projects had to be stopped this year.

Kearney urged financial institutions to phase out coal finance and promise to address the “impact of the IEA’s Net Zero analysis,” which is essential for the signatories of the Gfants Compact. is not.

Also on Wednesday, British Prime Minister Rishi Sunak called on a plan announced in October to publish a net zero emission roadmap showing plans for decarbonization of British companies from 2023 to 2050. Was reconfirmed.

A task force consisting of industry representatives, scholars, regulators and civil society groups will be established to develop the “Gold Standard”.

Gfantz also said Wednesday that former New York City Mayor Michael Bloomberg would join Kearney as Co-Chair. The group regularly reports on its work to the G20 Financial Stability Board. Mary Schapiro, the former chairman of the US Securities and Exchange Commission, will be the vice-chairman.

Bloomberg and Shapiro are already involved in another Kearney initiative. This is a task force aimed at establishing a voluntary structure for Climate Change Financial Disclosure (TCFD).

In this regard, the International Financial Reporting Standards Foundation, a global accounting institution, has set up the International Sustainability Standards Commission to establish globally consistent climate disclosure standards for financial markets.

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Carney-led finance coalition has up to $130tn funding committed to hitting net zero Source link Carney-led finance coalition has up to $130tn funding committed to hitting net zero

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