11.02.21
Carney Unveils $130 Trillion in Climate Finance Commitments
by: Tom Metcalf and Alex Morales
More than 450 firms representing $130 trillion of assets now belong to the Glasgow Financial Alliance for Net Zero (GFANZ), almost double the roughly $70 trillion when GFANZ was launched in April, according to a progress report published by the coalition on Wednesday, designated as finance day at the COP26 summit. The group also announced that Michael R. Bloomberg, the owner and founder of Bloomberg LP, will co-chair GFANZ together with Mark Carney, the former Bank of England governor. In a joint op-ed published by Bloomberg Opinion, the two underscored the need for private-sector contributions if the world is to successfully fight climate change. The Wall Street Journal reports that to deliver, financial executives say they will need more global government cohesion on regulations. “It’s going to be hard to achieve those commitments without governments in a meaningful way,” said Joseph Amato, the president and chief investment officer at Neuberger Berman, which is part of the Net-Zero group. “There’s going to be a lot of local politics that are going to affect the pace.” Related coverage: New York Times
Read the full article on Bloomberg Green