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By Susanna Rust2021-04-21T11:52:00+01:00
A global alliance bringing together existing and new net-zero finance initiatives into a single sector-wide strategic form was launched today by high-level UK, UN and US figures.
Mark Carney, the UK prime minister’s finance advisor for COP26 and UN special envoy for climate action and finance, plus US presidential climate envoy John Kerry and Janet Yellen, Treasury Secretary, are among those named as involved in the launch, which comes on the eve of US president Joe Biden’s climate leaders summit.
The new forum, dubbed the Glasgow Financial Alliance for Net Zero (GFANZ), unites the UN-convened Net-Zero Asset Owner Alliance and the newer Net-Zero Asset Managers initiative.
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Mark Carney, UN Race to Zero campaign and COP26 Presidency launch Net Zero Financial Alliance with world’s biggest banks
The Glasgow Financial Alliance for Net Zero (GFANZ), chaired by Mark Carney, UN Special Envoy on Climate Action and Finance, unites over 160 firms (together responsible for assets in excess of US$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.
All GFANZ member alliances must be accredited by the UN Race to Zero campaign. They must use science-based guidelines to reach net zero emissions, cover all emission scopes, include 2030 interim target setting, and commit to transparent reporting and accounting in line with the UN Race to Zero criteria.
Church Commissioners set 25% emissions reduction target by 2025
Church Commissioners set 25% emissions reduction target by 2025
Bloomberg
Church Commissioners for England, London, is targeting a 25% reduction in the carbon intensity of its investment portfolio by 2025.
The target is a realistic goal in our mission to create real world change to transition to a net-zero global economy, a news release said.
The reduction will apply to Church Commissioners public equities and real estate portfolios. Other classes will be included in carbon emission reductions as methodologies and reliable data develop. The asset allocation was not available.
To reach its goal, executives will increase engagement activity with the highest-emitting companies in its portfolio, as well as with money managers across all asset classes.