GFANZ drops partnership with UN's Race to Zero

Set up by Mark Carney

The Glasgow Financial Alliance for Net Zero, led by former governor of the Bank of England Mark Carney, has dropped the group’s requirement for members to sign up for a United Nations emissions reduction campaign.

The coalition of financial firms, with assets under management of about $153trn, had previously made members partner with Race to Zero, the UN-backed campaign. Race to Zero's members must agree to "phase out development, financing and facilitation of new unabated fossil fuel assets, including coal," in line with science-based scenarios. This commitment, along with others from Race to Zero had pushed many big banks towards considering pulling out of GFANZ in recent weeks, according to reports. Carney's financial alliance for climate change at risk as banks look to pull out GF...