Chaired by Mark Carney, Glasgow Financial Alliance for Net Zero (GFANZ) brings together over 160 firms from across the financial system to accelerate the transition to net zero emissions by 2050. A global alliance, it will provide a sector-wide forum for strategic coordination of net zero finance initiatives.

Acknowledging the financial sector’s growing ambition and action, GFANZ provides the means for members to coordinate initiatives, as well as the technical steps required for implementation, ensuring consistency across the sector as a whole. Members will include banks, asset owners, asset managers and insurance underwriters.

GFANZ member firms must satisfy the entry criteria of the Race to Zero campaign. This requirement is aimed at establishing the credibility, consistency and accountability of those firms, their initiatives and their output.

GFANZ will:

1. Broaden the Race to Zero’s existing finance sector campaign;
2. Raise ambition by ensuring that commitments are backed by robust targets and transition plans, including the interim targets to be achieved by 2030, in line with the Race to Zero campaign;
3. Coordinate commitments and actions across the financial sector, including providers of key financial infrastructure such as credit rating agencies and stock exchanges;
4. Support technical collaboration; and
5. Showcase the collective efforts and achievements of the sector.

While the catalyst for GFANZ is clearly COP26, with the steering group expected to meet several times in advance of the summit in November, GFANZ is designed as a long-term alliance as the sector works towards 2050.

The background document can be found here : COP26 and GFANZ.