GFANZ calls for greater and faster climate action from G20 leaders
The Glasgow Financial Alliance for Net Zero (GFANZ) – a net zero alliance responsible for more than $90 TN in assets in 40 countries across the financial sector, chaired by UN Special Envoy Mark Carney – today publishes a call for greater and faster climate action from G20 leaders to build a net zero global financial system and meet the goals of the Paris Agreement.
GFANZ’s Call to Action recognises the critical role financial services firms must play to support the transition to a green economy, which requires annual clean energy investment to more than triple by 2030 to around $4 trillion. However, if the world is to achieve an orderly transition to Net Zero – and so avoid the massive human, social, economic loss and financial instability associated with failing to meet the objectives of the Paris Agreement – more governments must follow through on the commitments of the Paris Agreement and ensure a Just Transition to a net zero global economy.
Many of the world’s largest companies are among hundreds of business leaders appealing to the G20 to collectively agree to strengthen their national climate targets at the pivotal G20 and COP26 talks.
Following recent research that shows fewer than one in four of the world’s largest companies are on track to meet basic climate change targets and Europe will miss its 2030 climate goal by 21 years, the new London Declaration commits signatories to embed key climate considerations into every new standard that is created.