![]() “Even before the revelations that some banks may leave GFANZ in opposition to real climate action, there were plenty of doubts that the alliance could really deliver on net zero,” Lucie Pinson, executive director at environmental nonprofit Reclaim Finance in Paris, told Bloomberg on Saturday. ![]() Letting the finance groups set their own terms is risky, climate-sector observers said. “Any updates to the nature of their commitments rest with the alliances as outlined by their respective governance processes,” the GFANZ statement read. ![]() campaign in favor of a more tailored decarbonization strategy.Ī GFANZ spokesperson said the seven subgroups are independent organizations with their own governance structures, and they “are responsible for managing accountability of their members.” Jakob Thomae, an advisory board member of GFANZ, told the wire service he expects some subgroups of GFANZ will sever ties with the U.N. Mark Carney, co-chair of GFANZ and the former governor of the Bank of England, publicly chided Race to Zero for going “too far,” according to Bloomberg. Race to Zero had said it could oust financial institutions if they didn’t comply with a June directive to “restrict the development, financing and facilitation of new fossil fuel assets.” That language, however, was softened last month to exclude an explicit reference to barring financing and investment in new coal projects. ![]()
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