The Glasgow Financial Alliance for Net Zero’s (GFANZ) pledge to achieve net zero by 2050 is a “hot air commitment”, according to some industry experts, who warn that “now is the time for action, not words”.
Last Wednesday (3 November), it was announced the Mark Carney-led cohort of financial firms had committed $130trn of capital to reach net zero emission targets by 2050, and can deliver $100trn of investment needed to reach net zero. However, Jeanne Martin, senior manager at ShareAction, warned "there are two problems with GFANZ's numbers". "Firstly, the $130trn figure is simply wrong," she said. "It counts the total financial assets of all the members of the various GFANZ groups and adds them up to $130tn. "It is true these financial institutions have all committed to reach net zer...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
