The Glasgow Financial Alliance for Zero Emissions Commitment (GFANZ), which was created in April of this year, has virtually doubled the amount pledged so far, according to information from the alliance itself, which includes institutions from 45 different countries. .
Participants in the agreement are expected to develop science-based green financing plans and set interim targets for 2030, under the agreement signed today.
The former executive director of the central banks of Canada and the United Kingdom, Mark Carney, who is currently in charge of climate finance at the United Nations, said the commitment marked a milestone in the history of the private sector’s contribution to a carbon dioxide (CO2)-free global economy. ).
He stressed that “the 130 trillion is more than what is required for the global transition towards net zero emissions.”
“What is being heard today is that the money is there, but the money needs zero-emissions projects,” Al-Kindi added during a summit in Glasgow, UK.
Financial institutions such as HSBC, Bank of America and Santander have joined in the commitment to invest in a carbon-neutral economy.
However, the announcement drew criticism from environmental organizations as participants in the initiative last month rejected the International Energy Agency’s proposal to stop funding gas, oil and carbon projects.
The main objective of COP26 is to move forward with the goal of preventing a global temperature rise of more than 1.5 degrees compared to the pre-industrial period, and investment to reach this goal is one of the main challenges of the conference. EFE
