Glasgow Financial Alliance for Net Zero tells institutions they can set their own terms after spat
Heavyweight banks said to be unhappy with the potential addition of binding restrictions on fossil financeWith about a month before COP27, GFANZ says its sub-alliances can set their own rules, with no interference from UN-backed science-based group. Picture: BLOOMBERG
The GFANZ, which brings together more than 500 finance firms managing more than $135-trillion of assets, has faced possible defections from firms including JPMorgan Chase, Morgan Stanley and Bank of America, according to people familiar with the process. The heavyweights were unhappy with the potential addition of binding restrictions on fossil finance, the people said.
But concerns are already being raised in some corners that the ostensible sidelining of science represents a worrying development. Al Gore, the former US vice-president turned climate activist, last month warned that investors are growing increasingly impatient with evidence of potential “greenwashing” amid signs that net-zero pledges made by some members of the financial industry aren’t credible.
One banker close to the situation said putting out a statement to calm the market should be viewed as a necessary concession to Wall St to keep the banks onside. Members of the finance industry have warned they will only be able to achieve their net-zero goals if the governments of the countries in which they are based provide adequate frameworks that ultimately encourage their clients to step up.
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