Monday 11 October 2021
The global financial services industry is calling on the G20 governments for quicker and greater climate action to build a net zero global financial system to propagate a more sustainable planet.
The Glasgow Financial Alliance for Net Zero (GFANZ), which represents more than $90 trillion (£66tn) assets in 40 countries, has published the ‘Call to Action’.
The report urges the G20 to:
The firms in GFANZ are all members of the UN’s ‘Race to Zero’ campaign and have all set net zero targets for 2050 at the latest.
Mark Carney, UN Special Envoy for Climate Action and Finance and Prime Minister Johnson’s Climate Finance Advisor for COP26, said: “Through GFANZ, the best of the global financial system has committed to net zero. The scale of these commitments – over $90tn of balance sheets – is approaching the enormous financing need for the global transition.
“But financial firms can’t deliver sustainable economies alone – clear, credible and ambitious climate policies are needed from G20 governments.
“The next few weeks in this decisive decade will help determine whether we avoid climate catastrophe. The core of the financial sector is stepping up – it’s time for major economies to do the same.”