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Contents
What is the News?
At the COP26 UN Climate Change Conference, around 450 financial firms have become members of the Glasgow Financial Alliance for Net Zero(GFANZ).
What is Glasgow Financial Alliance for Net Zero(GFANZ)?
GFANZ was launched in April 2021 by UN Special Envoy for Climate Action and Finance and UK Prime Minister’s Finance Adviser for COP26 in partnership with the Race to Zero campaign.
Purpose: To provide a forum for leading financial institutions to accelerate the transition to a net-zero global economy.
Members: Its members currently include over 450 financial firms across 45 countries responsible for assets of over $130 trillion.
Annual Reporting: The financial firms have pledged to report annually on the carbon emissions linked to the projects they lend to.
What is the Race to Zero campaign?
Race to Zero is the UN-backed global campaign rallying non-state actors – including companies, cities, regions, financial and educational institutions – to take rigorous and immediate action to halve global emissions by 2030.
Source: This post is based on the article “Green lending: World’s biggest banks’ latest initiative at COP26 is a step backwards” published in “Down To Earth” on 8th November 2021.
