Mark Carney, left, and Britain's chancellor of the exchequer Rishi Sunak attend a photocall with world finance ministers during COP26 in Glasgow, Scotland, Britain, on November 3 2021. Picture: POOL via REUTERS/CHRISTOPHER FURLONG
GFANZ was created in April. Convened by the UN, the alliance comprises six groups spanning all corners of the financial industry. On Wednesday, the group announced that Michael Bloomberg, the owner and founder of Bloomberg News parent Bloomberg LP, would co-chair GFANZ together with Carney. For Carney, the announcement marks a milestone moment after he managed to get some of the world’s biggest financial firms to sign up at the eleventh hour. UK Chancellor Rishi Sunak called the commitments “historic” in a separate statement. He also used the opportunity to announce plans to make Britain, which is hosting the COP26 climate summit, “the world’s first net zero aligned financial centre”.
For that reason, Guterres said he plans to establish an expert panel “to propose clear standards to measure and analyse net zero commitments from nonstate actors”. Carney said in a recent interview that he’ll be “ruthlessly, relentlessly” monitoring signatories to make sure they live up to their promises. And GFANZ members themselves also addressed the seriousness of the task ahead.
For the British government, COP has been an opportunity for the country to try to reinvent itself as a climate leader in a post-Brexit world. Sunak says the goal of becoming a net-zero aligned financial centre will entail a new rule book to ensure that companies follow well-defined standards when reporting their transition plans.
Source: Energy Industry News (energyindustrynews.net)
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