‘Net zero’ pensions have not yet committed to ending deforestation
Pension providers are yet to establish clear policies against deforestation, despite their commitments to global net zero initiatives.
Glasgow Financial Alliance for Net Zero GFANZ
All Glasgow Financial Alliance for Net Zero GFANZ Posts
UN investor alliance bans carbon removals to meet interim targets
The UN-convened Net-Zero Asset Owner Alliance (NZAOA), whose members collectively hold $11 trillion in assets under management, has banned the use of carbon removals to meet interim CO2 targets.
GFANZ members under fire over fossil fuel financing
A new report highlights that banks and financial institutions part of the Glasgow Financial Alliance for Net Zero (GFANZ) are still heavily invested in fossil fuels despite their climate pledges.
COP Day 2: Divergence is the challenge at the heart of today’s climate negotiations
There is global consensus on the need to target 1.5°, despite UN warnings that there is no credible pathway to achieve that goal. The challenge facing COP27 is the lack of agreement on how to get there.
GFANZ issues voluntary net zero transition guidance for members
The Glasgow Financial Alliance for Net Zero (GFANZ) has issued voluntary net zero transition guidance to its members ahead of COP27, days after a progress report suggested a more relaxed commitment to the UN’s Race to Zero campaign.
GFANZ relaxes Race to Zero commitment as reality bites
In its latest progress report, the Glasgow Financial Alliance for Net Zero (GFANZ) seems to be easing net zero commitments for its members amid rising global challenges.
UBS signs 10-year agreement carbon removal deal with Climeworks
The financial services sector can significantly impact net zero transition through capital allocation, stakeholder involvement and client engagement. Through its deal with Climeworks, UBS is also demonstrating its role as a catalyst for emissions reductions and removals.
States pushback against Blackrock reflects wider resistance to ESG
Allegations of a dereliction of fiduciary duty and anti-trust complaints against Blackrock by 19 US states reflects a wider resistance to enacting regulation in support of sustainability. Major concessions to the fossil fuel industry were necessary to pass the climate change measures in the Inflation Reduction Act, demonstrating the power of anti-sustainability lobbies, especially in Republican states.
GFANZ wants to enhance and converge on PAMs ahead of COP27
GFANZ opens public consultation on guidance document assessing portfolio alignment with net zero targets for the financial sector, but accurate measurement of climate risks remains an obstacle for the sector. That makes agreement on, and standardisation of, portfolio alignment metrics (PAMs) critical to achieving net zero.
Aligning financial portfolios to net zero: what, how, and why
Portfolio alignment metrics (PAMs) are measurement systems that financial firms can use in order to assess the progress of their investments to decarbonise, as well as inform new investment activities to decarbonise their own portfolio and meet net zero targets.