Climate/Emissions – Finance
Mark Carney, UN Race to Zero campaign and COP26 Presidency launch Net Zero Financial Alliance with world’s biggest banks, Asset Owners,
21 Apr 2021 Press release
Industry-led and UN-convened Net Zero Banking Alliance also announced today, co-launched by the UNEP Finance Initiative and the Financial Services Taskforce of the Sustainable Markets Initiative
:: 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.
:: 43 banks from 23 countries (with assets of US$28.5 trillion) form the Net-Zero Banking Alliance (NZBA) today – which joins GFANZ – with its members committing to align operational and attributable emissions from their portfolios with pathways to net-zero by 2050 or sooner.
:: The Net-Zero Banking Alliance is convened by the United Nations Environment Programme Finance Initiative and co-launched by the Prince of Wales’ Sustainable Markets Initiative Financial Services Taskforce (FSTF).
…U.S. Special Presidential Envoy for Climate John Kerry said: “The largest financial players in the world recognize energy transition represents a vast commercial opportunity as well as a planetary imperative. As countries around the world move to decarbonize, the large sums these institutions are dedicating to climate solutions reflect a growing understanding that the transition to a low-carbon global economy will be critical for their business models. To be credible and effective as market signals, these financial commitments should adhere to clear definitions, metrics, and reporting. Ultimately, the transition to this new economy will create a massive number of new jobs and increase our collective ability to tackle climate change.”…