UN, US climate envoys launch global finance industry push

Mark Carney, John Kerry say large banks, other financial institutions can help transition to a low-carbon economy.

United Nations climate envoy Mark Carney and his United States peer John Kerry have announced a new plan to boost efforts by the financial system to help move the global economy to net zero greenhouse gas emissions. While many large banks, insurers and asset managers have started to commit to some form of action, the frameworks used can differ and some are not rooted in climate science or backed up by interim targets between now and 2050. To help fix the problem, the new group – the Glasgow Financial Alliance for Net Zero (GFANZ) – will bring existing net zero initiatives together under one umbrella to help ensure all sub-sector efforts are consistent and ambitious.