Glasgow Financial Alliance for Net Zero
Bringing together the financial sector to accelerate the transition to a net-zero economy.
Achieving the objective of the Paris Agreement to limit global temperature increases to 1.5°C from pre-industrial levels requires a whole economy transition.
Every company, bank, insurer and investor will need to adjust their business models, develop credible plans for the transition to a low-carbon, climate resilient future and then implement those plans. Private finance can help fund private sector initiatives and turn billions committed to climate investment through public channels into trillions of total climate investment. But unlocking systemic change will require collaborative, ambitious commitments and near-term action across the entire financial system.
GFANZ is a global coalition of leading financial institutions committed to accelerating the decarbonization of the economy. Our members currently include nearly 300 financial firms responsible for assets of roughly $90 trillion. GFANZ is a whole financial sector umbrella that unites for the first time leading sub-sectoral net-zero initiatives that are in the UN’s Race to Zero campaign: the Net-Zero Banking Alliance (NZBA), the Net Zero Asset Managers initiative (NZAM), the Net-Zero Asset Owner Alliance (NZAOA), the Paris Aligned Investment Initiative (PAII) and the Net-Zero Insurance Alliance (NZIA).
We’re focused on broadening, deepening and raising net-zero ambitions across the financial system and demonstrating firms’ collective commitments to supporting companies and countries to achieve the goals of the Paris Agreement. We also support collaboration on steps firms need to take to align with a net-zero future.
Entry to GFANZ is grounded in the UN’s Race to Zero campaign to ensure credibility. Members must use science-based guidelines to reach net-zero emissions, cover all emission scopes, include 2030 interim targets and commit to transparent reporting and accounting.
GFANZ Call to Action
World’s Financial Leaders to the G20: More Action Needed Now On Climate
GFANZ’s Call to Action recognises the critical role financial services firms must play to support the transition to a green economy, which requires annual clean energy investment to more than triple by 2030 to around $4 trillion. However, if the world is to achieve an orderly transition to Net Zero – and so avoid the massive human, social, economic loss and financial instability associated with failing to meet the objectives of the Paris Agreement – more governments must follow through on the commitments of the Paris Agreement and ensure a Just Transition to a net zero global economy.
How to get involved
We encourage financial firms to demonstrate their credible commitment to achieving global net-zero goals, and to collaboratively drive this forward, by joining the Glasgow Financial Alliance for Net Zero and the Race to Zero.