Following a bi-lateral meeting at the Elysée Palace today, President Emmanuel Macron and Michael R. Bloomberg, UN Special Envoy for Climate Ambition and Solutions, announced a global effort to enhance transparency to monitor business climate actions and commitments in the global fight against climate change.

Today UN Special Envoy for Climate Ambition and Solutions and Global Ambassador for the UN’s Race to Zero Campaign Michael R. Bloomberg announced he will join Mark Carney as co-chair for the Glasgow Financial Alliance for Net Zero (GFANZ), a private sector-led initiative anchored in the UNFCCC’s Race to Zero framework. Mary Schapiro, former SEC Chairman and Head of the Secretariat for the Task Force on Climate-related Financial Disclosures (TCFD), will serve as the Vice Chair of the initiative and oversee its secretariat.

Today, through the Glasgow Financial Alliance for Net Zero (GFANZ), over $130 trillion of private capital is committed to transforming the economy for net zero.

The COP26 Presidency, Mark Carney’s COP26 Private Finance Hub and the High Level Climate Action Champions are calling for private financial institutions to announce new ambitious actions at COP26.

A technical report requested by the TCFD that sets out emerging best practice in building portfolio alignment metrics to make these more robust, transparent and consistent.

Global financial services industry call on G20 governments to help build a net zero economy and meet the goals of the Paris agreement head of COP26.

“I was honoured to chair today’s second meeting of the Glasgow Financial Alliance for Net Zero (GFANZ) CEO Principals Group. The Group discussed the progress being made on GFANZ’s priorities, workstreams and deliverables for COP26 and beyond.

“I was honoured to chair today’s first meeting of the Glasgow Financial Alliance for Net Zero (GFANZ) CEO Principals Group. The Group discussed GFANZ’s priorities, workstreams and deliverables for COP26 and beyond. We will meet periodically through the year to help unlock the systemic change needed to finance the global transition to net zero.”

The Glasgow Financial Alliance for Net Zero (GFANZ), chaired by Mark Carney, UN Special Envoy on Climate Action and Finance, brings together over 160 firms (together responsible for assets in excess of $70 trillion) from the leading net zero initiatives across the financial system to accelerate the transition to net zero emissions by 2050 at the latest.