have become the first institutions to leave a financial alliance on tackling climate change spearheaded by former Bank Of England governor Mark Carney.
Investors are increasingly impatient with evidence of potential “greenwashing” amid signs net-zero pledges made by some members of the financial industry are not credible, said former US vice president Al Gore. GFANZ has tried to build credibility while remaining a voluntary alliance without binding rules that might scre members. But as it tries to introduce stricter standards, cracks are becoming visible.
. That was followed by a clarification of the GFANZ criteria, giving financial firms scope to set weaker fossil finance targets, and ostensibly easing tensions behind the scenes.GFANZ members appear to be realising that “it requires more than an initial commitment and nice words”, said Rebecca Self, a former HSBC senior banker who runs Seawolf Sustainability Consulting.
Green scammers
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