Carney and Kerry launch global financial plan to drive climate action

Carney and Kerry launch global financial plan to drive climate action

Kerry’s support for the project follows a series of meetings with different chief executives from the financial sector over the last few months. “Ultimately, their commitment of capital and assets, as well as adherence to high standards and reporting, will accelerate the transition to this new economy, create a massive number of new jobs, and increase our collective ability to tackle the climate crisis.” So far, more than 160 firms with assets of at least $70 trillion have signed up, of which 43 are banks – as part of the Net-Zero Banking Alliance (NZBA) – including Barclays, Morgan Stanley and HSBC and Citi.

“Most fundamentally, GFANZ will act as the strategic forum to ensure the financial system works together to broaden, deepen, and accelerate the transition to a net zero economy.” “This is the breakthrough in mainstreaming climate finance the world needs,” Carney said in a statement.

Launching the plan on the eve of U.S. President Joe Biden’s Head of State Climate Summit alongside Carney and Treasury Secretary Janet Yellen, Kerry – the U.S. Special Presidential Envoy for Climate – said the world’s biggest financial firms recognised energy transition was a “vast” commercial opportunity. To help fix the problem, the new group – Glasgow Financial Alliance for Net Zero (GFANZ) – will bring existing net zero initiatives together under one umbrella to help ensure all sub-sector efforts are consistent and ambitious.

Source www.reuters.com Additional reporting by Valerie Volcovici; Editing by Marguerita Choy

For the banks joining GFANZ, all will need to set an interim target of 2030 or sooner within 18 months that focuses on those parts of its financing business responsible for the largest share of greenhouse gas emissions. All members will need to have their climate plans in line with the UN’s Race to Zero campaign, which ensures they are science-based, cover all types of emissions, have 2030 interim targets and commit to transparent reporting and accounting.

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