$130trn net-zero pledge a 'hot air' commitment, experts warn

Two problems with GFANZ’s numbers

The Glasgow Financial Alliance for Net Zero’s (GFANZ) pledge to achieve net zero by 2050 is a “hot air commitment”, according to some industry experts, who warn that “now is the time for action, not words”.

Last Wednesday (3 November), it was announced the Mark Carney-led cohort of financial firms had committed $130trn of capital to reach net zero emission targets by 2050, and can deliver $100trn of investment needed to reach net zero. Investors urge fund managers to sell shares in firms with poor ESG records However, Jeanne Martin, senior manager at ShareAction, warned "there are two problems with GFANZ's numbers". "Firstly, the $130trn figure is simply wrong," she said. "It counts the total financial assets of all the members of the various GFANZ groups and adds them up to $130trn. ...