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Mark Carney, UN Race to Zero campaign and COP26 Presidency launch Net Zero Financial Alliance with world’s biggest banks
The Glasgow Financial Alliance for Net Zero (GFANZ), chaired by Mark Carney, UN Special Envoy on Climate Action and Finance, unites over 160 firms (together responsible for assets in excess of US$70 trillion) from the leading net zero initiatives across the financial system to accelerate the transition to net zero emissions by 2050 at the latest.
All GFANZ member alliances must be accredited by the UN Race to Zero campaign. 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.
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Banks, insurers and fund managers that control US$70-trillion of assets have banded together to use their financial might in efforts to speed up the global transition to a net-zero emissions economy with the aim of preventing the worst effects of climate change.
Led by Mark Carney, former governor of the central banks of Canada and England, and now United Nations Special Envoy on Climate Action and Finance, the 160 companies involved have pledged to “mobilize” the trillions of dollars needed to make the changes that will help countries deliver commitments under the Paris Agreement.
The agreement would limit the global temperature rise to 1.5 C to 2 C by achieving net-zero emissions by 2050. Getting to net zero involves simultaneously reducing greenhouse gas emissions and offsetting those that can’t be cut. The financial institutions announced their group, called the Glasgow Financial Alliance for Net Zero, or GFANZ, ahead of the next UN climate summ
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Finance Firms Join Forum That Unites Green Finance Groups
Law360, London (April 21, 2021, 3:21 PM BST) A global alliance chaired by former Bank of England Governor Mark Carney that unites new and existing environmentally friendly finance initiatives into a single forum was launched on Wednesday with a view to establishing credible climate commitments across the sector.
The Glasgow Financial Alliance for Net Zero brings together existing groups, such as the Net Zero Asset Managers Initiative and the new Net-Zero Banking Alliance, which was also formed on Wednesday, on the eve of U.S. President Joe Biden s heads of state climate summit