Membership
We encourage financial firms to demonstrate and accelerate their commitment to decarbonizing the global economy by joining the Glasgow Financial Alliance for Net Zero.
Financial institutions can join GFANZ by joining one of the following financial sub-sector net-zero initiatives: the Net-Zero Banking Alliance, the Net Zero Asset Managers initiative, the Net-Zero Asset Owner Alliance, the Paris Aligned Investment Initiative, the Net-Zero Insurance Alliance, the Net Zero Financial Service Providers Alliance, and the Net Zero Investment Consultants Initiative.
Learn more about the net-zero initiatives that are part of GFANZ below.
For banks
Launched in April 2021, the Net-Zero Banking Alliance (NZBA) is the banking element of GFANZ and Race to Zero. The Net-Zero Banking Alliance is industry-led and convened by the UN Environment Programme Finance Initiative.
It brings together 53 banks from 27 countries representing more than $37 trillion in assets – almost a quarter of banking assets globally – that are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. Combining near-term action with accountability, this ambitious commitment sees banks setting an intermediate target for 2030 or sooner, using robust, science-based guidelines.
The Net-Zero Banking Alliance works to reinforce, accelerate and support the implementation of decarbonization strategies, providing an internationally coherent framework and guidelines in which to operate, supported by peer learning from pioneering banks. It recognizes the vital role of banks in supporting the global transition of the real economy to net-zero emissions.
For asset managers
The Net Zero Asset Managers initiative (NZAM) is an international group of asset managers committed to supporting the goal of net-zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5°C, and investing aligned with net-zero emissions by 2050 or sooner. The Net Zero Asset Managers initiative has 128 signatories with $43 trillion in assets under management.
The Net Zero Asset Managers initiative launched in December 2020 and aims to galvanize the asset management industry to commit to a goal of net-zero emissions.
The initiative is endorsed by Investor Agenda and governed by six investor networks, also known as the Network Partners. The Steering Committee of the Network Partners’ CEOs is responsible for the coordination and implementation of the initiative, which includes ensuring that relevant support is provided to signatories to enable best practice implementation of the commitment.
For asset owners
Representing $7 trillion in assets under management, the UN-convened Net-Zero Asset Owner Alliance (the Alliance) shows united investor action to align portfolios with a 1.5°C scenario, taking into account best available scientific knowledge including the finding of the IPCC based on no/low overshoot scenarios, addressing Article 2.1c of the Paris Agreement.
The Alliance is an international group of close to 50 institutional investors delivering on a bold commitment to transition their investment portfolios to net-zero greenhouse gas emissions by 2050.
Learn more about the Net-Zero Asset Owner Alliance
The Paris Aligned Investment Initiative (PAII) is a collaborative investor-led global forum enabling investors to align their portfolios and activities to the goals of the Paris Agreement.
The Paris Aligned Investment Initiative was established in May 2019 by the Institutional Investors Group on Climate Change (IIGCC). The initiative has grown into a global collaboration supported by four regional investor networks – AIGCC (Asia), Ceres (North America), IIGCC (Europe) and IGCC (Australasia).
Through the Paris Aligned Investment Initiative, 118 investors representing $34 trillion in assets have engaged in the development of the Net Zero Investment Framework, which provides a comprehensive blueprint for asset owners and asset managers to set net-zero targets and implement their investment strategies.
The PAII also provides an opportunity for asset owners to become accredited to Race to Zero through the Paris Aligned Asset Owners net-zero commitment.
For insurers
The UN-convened Net-Zero Insurance Alliance (NZIA) brings together the world’s leading insurers and reinsurers to play their part in accelerating the transition to net-zero emissions economies. They are committed to individually transitioning their underwriting portfolios to net-zero greenhouse gas emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100.
As risk managers, insurers and investors, the insurance industry has a key role in supporting the transition to a net-zero economy. NZIA members will individually set science-based intermediate targets every five years and independently report on their progress publicly on an annual basis.
The NZIA will build on the pioneering work that its founding signatories have already begun as investors through their membership in the Net-Zero Asset Owner Alliance where all NZIA founding members are already individually setting science-based 2025 decarbonization targets for their respective investment portfolios in line with a net-zero transition pathway.
The founding members of the NZIA are: AXA (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich. It is convened by the UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI) and chaired by AXA’s Group Chief Risk Officer, Renaud Guidée.
For financial service providers
The Net Zero Financial Service Providers Alliance (NZFSPA) was launched during Climate Week NYC 2021 by 17 founding organisations. The NZFSPA brings together investment advisors, rating agencies, auditors, exchanges, index providers, ESG research and data providers, and proxy research providers.
NZFSPA members have committed to aligning all relevant services and products to achieving net zero greenhouse gas emissions by 2050, or sooner, and will develop a ground-breaking target setting framework for how the services and products they offer will transform over time to support the transition to a net zero global economy.
The NZFSPA is supported and advised by the Principles for Responsible Investment (PRI) and the Sustainable Stock Exchanges Initiative.
The founding members of the NZFSPA are: BDO, Bloomberg LP, Campbell Lutyens, Deloitte, De Vere, EY, Grant Thornton, KPMG, London Stock Exchange Group (LSEG), Minerva Analytics, Moody’s Corporation, Morningstar, MSCI, PwC, Singapore Exchange (SGX), Solactive, S&P Global.
Learn more about the Net-Zero Financial Service Providers Alliance
For investment consultants
The Net Zero Investment Consultants Initiative (NZICI) was launched during Climate Week NYC 2021. It is an international group of 12 founding investment consultants.
The NZICI sets out nine actions that investment consultants will take to support the goal of global net zero greenhouse gas emissions by 2050 or sooner, in the context of legal and fiduciary duties and specific client mandates. First among these actions: integrating advice on net zero alignment into investment consulting services as soon as possible, and within two years of making this commitment.
The commitments developed for the NZICI have been designed to facilitate alignment with the UN-convened Net-Zero Asset Owner Alliance, the Net Zero Asset Managers Initiative and other signatories of the Race to Zero campaign. They will work together with other signatories of net zero initiatives as a member of GFANZ.
The founding members of the NZICI are: Barnett Waddingham, bfinance, Cambridge Associates, Cardano, Frontier, Hymans Robertson, JANA, LCP, Meketa, Redington, Willis Towers Watson and Wilshire.
Learn more about the Net-Zero Investment Consultants Initiative