The new Glasgow Financial Alliance for Net Zero (GFANZ)

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Recently the Glasgow Financial Alliance for Net Zero (GFANZ) has been established.

GFANZ Glasgow Financial Alliance for Net Zero was originally introduced in April 2021. It has been established as a platform for leading financial institutions. It aims to accelerate efforts to achieve a net-zero emissions global economy through decarbonization of the economy in line with the Paris Agreement.

  • It was launched by the Climate Action Champions of the United Nations Climate Change Framework Convention (UNFCCC) and the UN Special Envoy for Climate Action and Finance along with the COP26 Presidency.
  • The objective of “Net Zero” is to achieve the goal of net-zero emissions by the year 2050.
  • Its goal is in line with the United Nations’ “Race to Zero” campaign. It unites non-state actors, including companies, cities, regions, financial and educational institutions, to take drastic and immediate action to halve global emissions by 2030.
  • GFANZ includes Net Zero Banking Alliance, Net Zero Asset Managers Initiative, Net Zero Asset Owners Alliance, Net Zero Insurance Alliance, Net Zero Financial Service Providers Alliance etc. as members.
  • The Net-Zero Banking Alliance (NZBA), organized by the United Nations Environment Program Finance Initiative (UNEP FI), is the latest Net Zero alliance.

Other net-zero alliances include-

  • Net Zero Asset Managers Initiative and UN organized Net-Zero Asset Owners Alliance etc.
  • Earlier, in the year 2019, the United Nations General Assembly also launched its “Responsible Banking Principles”. Under this, banks agreed to “work with their customers to encourage sustainable practices and to align business strategies with the UN’s Sustainable Development Goals.”

Source – The Hindu

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