Big finance firms are pledging green targets thanks to former BoE governor Mark Carney. That’s good, but his job is only half-done while JPMorgan and co decide detailed goals. If he heads off to run Canada, the momentum might get lost, writes gfhay
were happy to ignore GFANZ, the umbrella term for a series of net-zero alliances which also includes asset managers and insurers. Carney’s credibility in both public and private sectors was integral to turning this around. It’s important, too. Private capital is needed to provide most of the $100 trillion required over the next three decades to lift clean energy investment to $4 trillion annually and limit global warming to 1.5 degrees Celsius.
The Doomsday outcome would be if Dimon and other bank chiefs, irked by the underwhelming national emissions-cut plans emanating from COP26, pledged only a desultory 2030 reduction. Green lobbyists have already pushed for GFANZ to be more explicit on fossil fuel phase-outs and commit to the International Energy Agency’s relatively hair-shirt net-zero pathway. A slew of underwhelming bank 2030 pledges would leave the alliance looking decidedly non-exclusive.
- Mark Carney, UN Special Envoy for Climate Action and Finance and COP26 Private Finance Advisor to Prime Minister Boris Johnson said that the architecture of the global financial system had been “transformed” to deliver net zero.
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