GFANZ co-chair Mark Carney and UK chancellor Rishi Sunak arrive at Cop26
Private capital committed to transition tops $130tn
Transition finance has hit levels needed to deliver net zero in 2050, Glasgow Financial Alliance for Net Zero tells Cop26
The amount of private capital committed to the transition has exceeded $130tn and reached the scale needed to deliver net-zero emissions by 2050, according to the Glasgow Financial Alliance for Net Zero (GFANZ), a global coalition of leading financial institutions. Transition capital has been committed by 450 firms across 45 countries, GFANZ says. “The architecture of the global financial system has been transformed to deliver net zero,” GFANZ co-chair Mark Carney told the Cop26 climate conference in Glasgow today. “We now have the essential plumbing in place to move climate change from the fringes to the forefront of finance so that every financial decision takes climate change into account
Also in this section
19 December 2024
The utility-scale battery energy storage system market is evolving rapidly, with diverse offtake models emerging to offer bespoke, flexible contracting solutions
13 December 2024
Prices in world’s largest compliance market have risen this year but remain below those seen in the EU
11 December 2024
Policymakers need to step up with a long-term, global strategy if the energy transition is ever to be a success
11 December 2024
CCUS and other carbon management technologies are gaining traction around the world, but heightened policy risk and other pressures will make 2025 a challenging year in some regions
