A coalition of financial firms led by former Bank of England governor Mark Carney that aims to tackle climate change said on Thursday it has dropped a requirement for its members to sign up to a United Nations emissions reduction campaign.
The move drew criticism from climate activists worried it would ease pressure to act on the banks, insurers and asset managers signed up to the Glasgow Financial Alliance for Net Zero , a group which in total accounts for assets worth some $153 trillion.partner with Race to ZeroRace to Zero members agree to "phase out development, financing and facilitation of new unabated fossil fuel assets, including coal," in line with science-based scenarios.
"Clearly they are giving in to their Wall Street members who have been reported as threatening to quit the alliance if they are expected to actually pull back on their finance for fossil fuels," said Paddy McCully, senior analyst at non-governmental organization Reclaim Finance. GFANZ said in a statement that from now, "member alliances are encouraged, but not required, to partner with the Race to Zero".
The decision was driven by a need to be more flexible in highly-regulated financial industries in 50 jurisdictions, it said. GFANZ said its affiliation with the United Nations will continue. United Nations climate chief Simon Stiell will join a group responsible for setting its strategy and priorities, and monitoring progress, GFANZ added.Our Standards:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man charged with robbing Evanston bank; accused of several other bank heists and liquor theftsHaris Matchalovas is accused of robbing several banks at knifepoint over the past year.
Read more »
Bank of Canada surprises with 50 bps hike, says slight recession possibleThe Bank of Canada announced a smaller-than-expected interest rate hike on Wednesday and made clear more increases were still needed, even as it forecast the economy could soon slip into a slight recession.
Read more »
Deutsche Bank beats forecasts, as higher rates help overcome headwindsThe company confirmed its full-year guidance of revenue between EUR26 billion and EUR27 billion.
Read more »
Swiss-Based Crypto Bank SEBA Offers Custody for 'Blue Chip' NFTsSwiss-based crypto bank SEBA has extended its digital asset custody services to blue-chip NFTs such as Bored Apes and CryptoPunks. By JamieCrawleyCD
Read more »
'Zombie' middle schoolers perform to benefit SA Food BankHoards of teenagers in slashed clothes and torn and bloodied prom dresses shambled onto the field in the culmination of a two-year curriculum collaboration between theater and dance.
Read more »