Reclaim Finance published a comprehensive report at COP26 in Glasgow revealing the extensive shortcomings in the finance sector’s rapidly growing “net-zero” alliances. If these shortcomings are not fixed, the alliances will very likely fall far short of their ambitious but necessary goal of halving the emissions from the clients of investors, banks and insurance companies by 2030.
The report analyses the six “net-zero” finance sector alliances covering asset management and ownership, banking, insurance, investment advice and provision of data. These alliances are grouped together under the umbrella of the Glasgow Financial Alliance for Net Zero (GFANZ), headed jointly by Mark Carney, the former Governor of the Bank of England, and US financial data billionaire Michael Bloomberg.
At COP26 GFANZ announced that more than 450 financial firms with assets supposedly exceeding $130 trillion — equal to more than half of the world’s investable private capital — had joined at least one of the GFANZ alliances.