Carney's financial alliance for climate change at risk as banks look to pull out

Review of standards

The Glasgow Financial Alliance for Net Zero, the group co-founded by former Bank of England governor Mark Carney, is at risk as major banks are looking to pull out, according to reports.

Banks in the US including JP Morgan Chase, Bank of America and Morgan Stanley are reported by the Financial Times and Bloomberg to be considering leaving the group, as they are nervous about breaching antitrust laws in the US if they take guidance on investment decisions from a UN campaign. GFANZ commented last week that it had "received no indication from any of [its] members that they intend to leave." Rapid growth of sustainable investment poses challenges for fund boards When it was established, GFANZ said adhering to UN strictures was necessary and the UN body, Race to Zer...