GFANZ: Banks' Net-Zero Pledges Ignore Most Fossil Fuel Financing

GFANZ: Banks' Net-Zero Pledges Ignore Most Fossil Fuel Financing

Leaving powerful banks, insurers, asset managers, lobbyists and financiers alone in a room to talk about climate is never a very good idea...

At COP26, big finance committed to aligning their businesses to net-zero by 2050 – finally doing its bit for the planet.

But surprise surprise, today this club of CEOs known as GFANZ (for Glasgow Financial Alliance for Net Zero), has done little but pay lip service to climate action. Worse, they're even listening to fossil fuels lobbyists who are intent on watering down any new climate policies.

As we speak, the leaders of GFANZ, Mark Carney and Mike Bloomberg, are holding an important summit with their members – and this time, we won't let them gab behind closed doors.

Together with a coalition of climate campaigners and NGOs, we are preparing public actions to shine a spotlight on their wrongdoings, and force them to do their job: come up with a clear and detailed action plan to cut out fossil fuel finance and support a transition to clean energy, now!

We need your help! Send the Carney, Bloomberg and the GFANZ gang an email laying out your outrage and support our actions happening today during this meeting!

GFANZ has over 450 financial firms from 45 countries, is responsible for assets of over $130 trillion and represents over 40% of total global private financial assets. In short, it is an enormous financial alliance with almost unprecedented power over financial markets.

As such, it can be an enormous force for change - it can point a way forward for climate finance, peer pressuring laggards and really change the way major financial institutions invest.

But with great power comes great responsibility. And in the wrong hands, this enormous conglomerate could just serve as a nice coat of paint, greenwashing the most polluting investors, banks and insurers and enabling them to carry on their climate destruction business as usual.

Today, by refusing to call an end to its members' financial support for fossil fuel projects and using the war in Ukraine as an excuse to pump more money into oil and gas infrastructures, Carney and Bloomberg are failing to live up to even their most basic responsibilities.

Help us disrupt their cozy tête-à-tête and send the GFANZ cabal an email calling for an end to their greenwash and a serious action plan towards real net zero emissions.

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