French nonprofit Reclaim Finance says none of the alliances that make up GFANZ requires signatories to stop financing fossil-fuel expansion. This year alone they’ve arranged about US$460 billion of bonds and loans for the oil, gas and coal sectors.Ĭritics say Carney’s net-zero alliance has yet to prove it can stop the finance industry plowing cash into fossil fuels. This advertisement has not loaded yet, but your article continues below. Since the 2015 Paris Agreement, banks have facilitated almost US$4 trillion of fossil-fuel financing, according to data compiled by Bloomberg. He’s also likely to flesh out the mechanics of entwining every financial decision with climate considerations and how banks can support the energy transition in emerging economies.īut as finance remains the great enabler of global warming, Carney’s net-zero vision still has a lot of skeptics.

The plan, Carney told Bloomberg Television, is “to reveal” which financial firms are “stepping up.”Ĭarney is expected to lay out progress that GFANZ has made on a number of its goals, including its US$100 trillion target. The 56-year-old, who stepped down as governor of the Bank of England last year to embark on his new career, will be among the most prominent speakers present. Photo by Michael Nagle/BloombergĬarney’s big moment at the COP26 climate talks in Glasgow, Scotland, comes on Wednesday, when the summit turns its attention to the finance industry. Article content JPMorgan Chase & Co., the world’s biggest provider of fossil-fuel finance, only signed on to GFANZ last month.

Merge live paint button