The Glasgow Financial Alliance for Net Zero, launched in April 2021, states that it is “committed to accelerating and mainstreaming the decarbonization of the world economy and reaching net zero emissions by 2050.” A key early step in decarbonizing the world economy, as has been repeatedly emphasized in policy and scientific studies in recent years, is to stop the expansion of the fossil fuel industry.

Yet this report shows that GFANZ members have continued pouring hundreds of billions of dollars into the companies most involved in developing new coal mining, power and transport projects, as well as those most involved in exploring and extracting oil and fossil gas and building pipelines and LNG terminals.