COP26: Finance sector report gives 'essential plumbing' to tackle climate change

Capital committed to net zero over $130trn

The Glasgow Financial Alliance for Net Zero (GFANZ) has released a progress report on private capital committed toward net zero along with standards and tools to deploy that capital, which Mark Carney, UN special envoy for climate action, said is the “essential plumbing” necessary for the sector to achieve its goals.

The financial sector has now committed $130trn towards net zero, which comes from 450 firms across 45 countries, according to the report - which was released on the COP26 Finance Day. Firms across the entire financial spectrum - banks, insurers, pension funds, asset managers, export credit agencies, stock exchanges, credit rating agencies, index providers and audit firms - have committed to achieving net zero emissions by 2050 at the latest, delivering their fair share of 50% emission reductions this decade, and reviewing their targets towards this every five years. All firms will als...