GFANZ announces restructuring (2025)
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The Glasgow Financial Alliance for Net-Zero (GFANZ) has announced restructuring plans, including an initiative to expand participation to all financial institutions seeking guidance on climate-related plans and goals. Previously, the group limited participation to institutions that joined one of its subsidiary initiatives (such as the Net-Zero Banking Alliance) and signed a net zero commitment.
GFANZ is the United Nations-backed umbrella organization for many industry-specific climate alliances—including the Net-Zero Banking Alliance (NZBA)—which have faced recent high-profile exits. GFANZ and its members have also faced congressional anti-trust investigations over climate commitments in recent years. The changes may allow recent departures (including those mentioned later in this newsletter) to continue participating.
For more on GFANZ and Congress, see here.
According to ESG Today:
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GFANZ is led by co-chairs former Bank of England and Bank of Canada Governor Mark Carney, and Bloomberg LP founder Michael Bloomberg, and Vice Chair Mary Schapiro, formerly Chair of the U.S. SEC. Membership in the coalitions typically involves a commitment to a net zero goal, such as the NZAM commitment to set targets for assets under management to be aligned with net zero emissions by 2050, and the NZBA commitment to transition greenhouse gas emissions in lending and investment portfolios to align with pathways to net zero by 2050. … Among the key changes announced by GFANZ is a shift from participation in the group through one of the net zero coalitions, instead opening it up to 'any financial institution working to mobilize capital and lower the barriers to financing energy transition.' In addition to widening the scope of direct participation, the change effectively eliminates a need for participants to have a net zero finance or investment commitment in place.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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